PMI Gold (CVE:PMC) (ASX:PVM) said Friday continues to confirm the resource model at its wholly owned Obotan gold project in Ghana with the receipt of assays from another 24 diamond drill holes.
To date, the company has completed 267 drill holes over 68,375 metres at the four deposits at Obotan. Three drill rigs remain active at the site to continue resource definition drilling and feasibility drilling.
On the larger Nkran deposit, assays returned 16.0 metres grading 7.45 grams per tonne (g/t) gold, including 13.12 g/t gold over 7.0 metres, in hole NKR11-076. NKR11-077 intersected 37.0 metres grading 3.08 g/t gold, including 4.57 g/t gold over 7.0 metres, and 8.58 g/t gold over 6.0 metres.
NKR11-079, also on the Nkran deposit, returned 68.0 metres grading 1.88 g/t gold, including 3.0 metres at 8.69 g/t gold, 12.0 metres at 2.15 g/t gold, and 19.0 metres at 2.26 g/t gold.
The drill holes at Nkran are infill holes that were designed to provide improved confidence to resources at the deposit.
At the Adubiaso satellite deposit, assays returned 4.0 metres grading 3.47 g/t gold, including 1.0 metres at 11.08 g/t gold in hole ADP11-012.
Meanwhile, hole ADP11-021 intersected 3.0 metres at 47.79 g/t gold, including 1.0 metre at 133.5 g/t gold, and hole ADP11-023 hit 8.0 metres at 2.69 g/t gold, including 2.0 metres at 5.54 g/t gold.
Mineralization at Adubiaso remains open to the north along strike, PMI said, providing potential to boost resources.
ABP11-038 on the Abore deposit found 23.0 metres at 5.40 g/t gold, including 4.0 metres at 22.91 g/t gold, while ABP11-056 hit 5.0 metres at 20.27 g/t gold, including 53.33 g/t gold over 1.0 metre.
Only one hole was drilled on the fourth deposit, Asudai, which returned low grades, PMI said.
PMI said it will include all the latest results in a new resource estimate for the property, due for completion in early 2012. It will also use the data for a prefeasibility study for Obotan, which it expects to complete by the end of calendar 2011.
The company said the latest results confirm the strong continuity of the gold mineralization at the project, which remains open along strike and at depth.
The current resource estimate for the property, which was released in October, included 14.67 million tonnes grading 2.66 g/t gold for 1.22 million ounces of contained gold in the measured category; 27.5 million tonnes grading 2.32 g/t gold for 2.0 million ounces of contained gold in the indicated category; and 17.54 million tonnes at 2.35 g/t gold for 1.29 million ounces of contained gold in the inferred category.
In other news, PMI also announced that a new sample preparation facility has been set up at Obotan for use exclusively by the company. Delays in assay turn-around time at the contract laboratories in Ghana led PMI to contract AMS/MinAnalytical Laboratory Services Australia to supply and operate a sample preparation facility at the Nkran deposit.
The first sample was processed in November, and PMI said it expects to see an improvement in turn-around time for results.
On the TSX-Venture Exchange, PMI shares closed Thursday at $0.99. So far this year, the Ghana-based company's stock has gained 54.69 percent.
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