Buffalo Gold Updates Progress of Exploration at Mt. Kare
VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 17, 2007) -
Buffalo Gold Ltd. (TSX VENTURE: BUF)(OTCBB: BYBUF)(FRANKFURT: B4K) is
pleased to report on the progress of its on-going exploration program
at the Mt. Kare gold project in Papua New Guinea. In addition to
continued work at the Mt. Kare joint venture license, (EL1093)
Buffalo is exploring targets on its 100% owned license area (EL1427).
The drill results reported in Table 1 below are the last of the holes
from the program completed in early summer, and include infill holes
and holes that were drilled to test new targets based on geological
interpretation, magnetic survey results and surface sampling. As with
the Porgera Deposit, gold mineralization at Mt. Kare is closely
associated with specific alteration and mineralization, therefore
where neither was encountered in drill core the core was not sampled
for assay. For a map of drill hole locations and zones of
mineralization, please refer to the Mt. Kare page on the Buffalo
website: http://www.buffalogold.ca/s/MtKareProject.asp.
Details of Drill Hole Locations and Targets
Hole MK07-104 is an infill hole in the southern Western Roscoelite
Zone (SWRZ) and returned two significant intersections of gold,
including 14.5 metres of 2.27 g/t. Holes MK07-105 and 106 tested
continuations of mineralization between the C9 and Black zones and
did not return any significant intersections. MK07-107 tested the
upper portion of the C9 Zone, encountering a strongly limonitic
sandstone breccia that returned one intersection of 9.1 metres of
1.39 g/t gold. MK07-108 was drilled to explore for deep ENE to NE
trending structures as potential hosts to mineralization. Results
indicate patchy weak mineralization to 180 metres with an 18 metre,
near-surface zone averaging 1.17 g/t Au. From 180-409 metres, the
sandstone and sandstone-siltstone sequence returned a series of gold
mineralized zones coinciding with local base metal veining. MK07-109,
drilled on the Black Zone, returned 18.6 metres averaging 3.11 g/t
gold for the base metal veined breccia intersected at 90 metre depth.
This zone forms the western extension to the historic high grade
MK98-130 intercept (70.85m at 8.65 g/t gold) and suggests a possible
flatter plunge to the southern shoot of the Black Zone. Drillhole
MK07-110 was aimed to test for deep ENE to NE trending structures as
potential hosts to mineralization. The hole encountered a succession
of weakly mineralized siltstones, calcareous siltstones and minor
intrusive bodies, and included one significant intersection of 10
metres grading 2.47 g/t gold. MK07-111 drilled to explore a gap in
the Central Zone drill pattern, and returned one significant
intersection of 9.0 metres averaging 1.12 g/t gold. Hole MK07-112 was
drilled for potentially mineralized dilational features but showed no
alteration or mineralization and was not sampled. MK07-113 tested the
southwesterly strike extension of the shallow gold mineralization
from historical holes MK99-220 and 221 but did not return any
significant intersections. A steep, shallow hole, MK07-114 was aimed
at tracing a manganiferous-realgar zone down dip. Only one shallow
low-grade intersection was returned. MK07-115 was drilled to test the
upper portion of the C9 Zone and the possible extension of the
incomplete, well mineralized zone in MK07-92 (22.5m @ 3.30 g/t gold).
A significant shallow intersection was returned, with 38 metres
averaging 1.06 g/t gold including 7 metres of 2.43 g/t gold. MK07-117
was drilled to explore for the southwesterly down-plunge continuation
of the south shoot of the Black Zone and test for a possible
extension of mineralization intersected in MK07-109 (18.6 metres @
3.11 g/t Au). The hole did not return significant intersections.
Holes MK07-116 and 118 through 120 were drilled to test the Pinuni
Valley Structure. No alteration or mineralization was seen in the
holes and therefore no sampling was done. MK07-121 was drilled 450
metres east of Red Hill, targeting an IP anomaly but no alteration or
mineralization was found and the hole was not sampled.
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Table 1. Summary of Mt. Kare Drill Hole Intersections Received
from April 18th 2007 to October 15th 2007
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From To Intercept Gold Silver
Drill Hole No. (m) (m) (m) (g/t) (g/t)
-----------------------------------------------------------------
MK07-104 186.0 200.5 14.5 2.27 6.82
428.0 440.0 12.0 1.25 2.63
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MK07-105 No significant intersections
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MK07-106 No significant intersections
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MK07-107 16.9 26.0 9.1 1.39 4.38
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MK07-108 13.0 31.0 18.0 1.17 5.44
Including 13.0 18.6 5.6 2.25 5.06
289.5 305.0 15.5 1.82 8.42
398.0 408.5 10.5 1.64 24.46
Including 398.0 404.0 6.0 2.30 39.70
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MK07-109 90.0 108.6 18.6 3.11 48.88
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MK07-110 5.0 15.0 10.0 2.47 16.85
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MK07-111 104.0 113.0 9.0 1.12 2.97
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MK07-112 Not sampled
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MK07-113 No significant intersections
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MK07-114 15.3 23.6 8.3 0.66 3.68
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MK07-115 0.0 38.0 38.0 1.06 7.43
Including 31.0 38.0 7.0 2.43 15.89
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MK07-116 Not sampled
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MK07-117 No significant intersections
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MK07-118 to MK07-121 Not sampled
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Buffalo has modelled the available results and believes the drill
widths reported represent true widths. All samples were analysed for
gold by PT Intertek Utama Services in Jakarta, part of an
internationally recognized lab testing group with ISO 17025
accreditation at the Jakarta facility. Samples were analysed using a
50g fire assay with AA finish for gold and an aqua regia digestion,
ICP-OES finish for silver.
SURFACE EXPLORATION PROGRAM
Buffalo is evaluating 18 exploration targets defined this year from
magnetic surveys over the EL1093 and EL1427 licenses. Exploration
programs include geological mapping as well as pan concentrate,
stream sediment and soil sampling programs (For a map of these
targets please refer to the Mt. Kare page of the Buffalo website
http://www.buffalogold.ca/s/MtKareProject.asp). Some analytical
results are still awaited, and the sampling program is on-going, but
Buffalo is pleased with the results to date.
"We are doing grassroots exploration in steep, covered terrain where
there is little to no outcrop and access is not easy," commented
Buffalo President and CEO, Brian McEwen. "So it takes some time to
conduct a methodical and diligent sampling program. We are seeing it
pay off though as the results are building evidence of significant
anomalies at several targets. Once the final data is in and our team
in PNG, Australia and Canada are able to evaluate all the data, we
believe we will have some excellent targets for follow-up drilling."
Targets were tested both for gold and trace elements, as often gold
is not seen in surface samples, but other specific minerals, such as
Roscoelite, which are closely associated with high grade gold at Mt.
Kare and Porgera, result in other trace element signatures.
On EL1093 the exploration team has collected nearly 600 surface
samples. Pan concentrate, soil and stream sediment results outline a
number of anomalous gold and zinc values in the northern and southern
portions of Target 15, six kilometres north-northeast of Mt Kare.
Further sampling and geomorphological studies are in progress on
these targets. Follow-up sampling and field work will also be carried
out to the south and west of Targets 8 and 9, near the boundary with
Barrick's Porgera property, where similar anomalies were outlined. On
Targets 10 and 11, the Buffalo team has identified anomalies in gold,
zinc and arsenic, as well as low-level silver. Buffalo has engaged in
follow-up sampling for BLEG analysis, as well as ridge and spur
sampling. Target 13 returned only trace gold values but pan
concentrates show anomalous and coincident anomalies for strontium,
zinc and vanadium.
On the EL1427 license the team collected approximately 250 samples.
Targets 2 and 16 are the highest priority at this time, as they
returned multiple element anomalies, including elevated zinc,
vanadium, arsenic, strontium, manganese and chromium, as well as
low-level silver. Follow-up sampling for BLEG analysis, as well as
ridge and spur sampling, will be undertaken. Targets 1 and 7 were
variously locally elevated in zinc, arsenic, vanadium, iron, gold and
strontium. Target 6 returned strongly anomalous strontium in pan
concentrates, as well as arsenic, vanadium and zinc. Buffalo is still
waiting for results from Targets 3 and 5.
Buffalo expects to complete the surface exploration program by the
end of October of this year. Line cutting and other preparations are
complete in anticipation of an Induced Polarization (IP) survey in
the Mt. Kare area, but Buffalo is waiting for the delivery of
equipment which has been delayed by the supplier.
Buffalo would also like to clarify its land position in Papua New
Guinea. The Mt. Kare Joint Venture license area is 220 square
kilometres. The recently acquired, 100% owned EL 1427 license package
is 142 square kilometres, not 220 as stated in the Buffalo news
release dated August 1st, 2007. Buffalo has applied for an additional
license, EL 1575, which is 222 square kilometres and when granted
will increase the total land package under exploration to 584 square
kilometres.
Mr. Brian McEwen, P.Geol., President and CEO of Buffalo is the
qualified person for the Mt. Kare project and has approved the
contents of this news release.
Buffalo Gold Ltd. is dedicated to maximizing shareholder value
through growth strategies that emphasize careful opportunity
assessment and vigilant project management. Buffalo is aggressively
exploring the Mt. Kare gold project in Papua New Guinea and a
portfolio of gold exploration projects in producing and
past-producing regions of Australia. In July 2007, Buffalo announced
a merger with Sargold Resource Corporation (TSX VENTURE: SRG), a
junior gold miner with mining and exploration projects in Sardinia,
Italy.
To find out more about Buffalo Gold Ltd. (TSX VENTURE: BUF), please
visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This news release may contain information about adjacent properties
on which we have no right to explore or mine. We advise U.S.
Investors that the S.E.C.'S mining guidelines strictly prohibit
information of this type in documents filed with the S.E.C. U.S.
Investors are cautioned that mineral deposits on adjacent properties
are not indicative of mineral deposits on our properties.
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including without limitation, statements as to management's beliefs,
strategies, plans, expectations or opinions in connection with the
company's performance, which are based on a number of assumptions
concerning future conditions that may ultimately prove to be
inaccurate and may differ materially from actual future events or
results. Readers are referred to the documents filed by the company
with the pertinent security exchange commissions, specifically the
most recent quarterly reports, annual report and material change
reports, each as it may be amended from time to time, which identify
important risk factors that could cause actual results to differ from
those contained in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy of this press release.
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: www.buffalogold.ca