UPDATE 1-Semafo says strike rate doubles at new gold area in Africa

Tue Jun 28, 2011 4:26pm GMT
 

* Follow-up drilling ups Yaho zone area in Burkina Faso

* Assay results pending for 3 core drill holes

* Co to set up lab at Mana mine to expedite assay results (Follows alerts)

June 28 (Reuters) - Canadian miner Semafo Inc said follow-up drilling has more than doubled the strike length of gold on its recently discovered Yaho gold zone in Burkina Faso.

The company, which operates the Mana mine in Burkina Faso, the Samira Hill mine in Niger and the Kiniero mine in Guinea, said follow-up drilling extended the strike length to about 1.5 kilometers from 600 meters, identified earlier.

Semafo also said three core drill holes have been completed to characterize the nature of the mineralization, but the assay results are yet to be received.

The company said it expects drilling results from its properties in Massala and Saoura areas, also in Burkina Faso, in July.

Semafo said it was seeing delays in obtaining drill results as there was a backlog at the independent assays laboratories in Ouagadougou, the capital of Burkina Faso.

To reduce the time for getting assay results, Semafo will build an exploration laboratory on its Mana property, it said in a statement.

Quebec-based Semafo's shares were trading up slightly at C$7.12 on Tuesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Joyjeet Das)

 
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