Birimian Gold: drilling unfurls 12km gold anomaly in West Africa, economic possibilities

Birimian Gold (ASX: BGS), (formally Eagle Eye Metals (ASX: EYE)), is focused on exploration in the highly prospective and resource rich West Africa region, with the company discovering a 12 kilometre long gold trend in Mali - which the company considers could be economic.

What makes this gold trend so interesting is that it was defined simply from shallow aircore and auger drilling, with mineralisation intersected in wide-spaced, first pass drilling.

Results include the broad 46 metres at 0.48 grams per tonne (g/t) gold from 8 metres, which includes the higher grade zone of 12 metres at 1.00 g/t gold.

Other highlights were; 8 metres at 1.29g/t gold from 16 metres; and 16 metres at 0.56g/t gold from 28 metres.

Birimian Gold is set to move exploration of this major gold anomaly forward quickly, with a follow-up aircore drilling program planned to begin next month.


Economic potential of the Dankassa strike

Birimian Gold believes that there is considerable potential to discover economic thicknesses and grades of primary gold mineralisation along the 12 kilometre long trend, as the results to date confirms the presence of significant bedrock gold mineralisation.

The company's drilling strategy has been very successful, as the technique facilitates the rapid and efficient delineation of bedrock mineralisation, and therefore the definition of high-priority drill targets, which is undertaken in a cost effective manner.


Future work programs

Birimian Gold will not just focus on the exploration of this very promising gold anomaly at Dankassa, but will also begin testing other anomalies within the project over the coming months - providing a solid news flow of exploration results.

The company will also focus on two more projects, being the Korindji Gold Project which is also in Mali, and strategically positioned between the 13 million gold ounce Sadiola mine and the 4.5 million gold ounce Yatela mine, and the Basawa Gold Project in Liberia.

Work programs are currently being developed by the company.


Comment - cash in bank and low market cap.

Birimian Gold has a company focus of gold exploration in a region which has historically produced over 250 million ounces of gold from large, low cost mines.

The company currently has a market capitalisation of $5 million, with around $1 million in cash plus a 8.9% shareholding in Aphrodite Gold (ASX: AQQ), which on the current price is valued at over $800,000.

This places a current valuation of Birimian Gold's highly prospective assets in a gold rich region of the world at a little over $3 million - which appears light.

Some major shareholders have already identified the potential of Birimian Gold, with Macquarie Bank (ASX: MQG) holding a 4.4% stake in the company, with Citicorp Nominees 4.1%.

Directors hold almost a third of all shares, highlighting the very tight register of Birimian Gold.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24320/birimian-gold-drilling-unfurls-12km-gold-anomaly-in-west-africa-economic-possibilities-24320.html