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Parallel Mining acquires Mane II Exploration Property in Burkina Faso

Mining News - Published on Thu, 21 Jun 2018

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Parallel Mining Corp announced that the Company has entered into an option agreement to acquire a 100% interest in the 163-square kilometre Mane II Property in Burkina Faso. The Mane property is located in the Kaya-Goren greenstone belt, approximately 20 kilometers south of Nordgold’s Bissa Gold Mine and approximately 40 kilometers north-northeast of the capital city, Ouagadougou.

Artisanal mining is active in several areas on the Property, with the most active group covering a strike length of over 200 metres, and some shafts exceeding 50 meters in depth. Historical results from artisanal reject material, sampled and reported by High River Gold, include gold grades of 20.0 grams per tonne and 11.2 gpt. In 2017, Parallel Mining conducted a small grab sample program (27 samples) on the artisanal reject material and results included 16.7 gpt, 12.5 gpt, 7.9gpt, 6.3 gpt, and 6.0 gpt.

The vein being exploited by the artisanal workers is hosted in a felsic intrusive and bears similar characteristics to the vein type which hosts Roxgold’s high grade Yaramoko mine.

To acquire a 100% interest in the Mane Property, Parallel must pay the owner an initial payment of CAD 5,000 USD, a further CAD 15,000 USD 90 days after signing, a further CAD 25,000 USD twelve months after signing, a further CAD 50,000 USD twenty-four months after signing, a further CAD 125,000 USD thirty-six months after signing, and a final payment of CAD 250,000 USD forty-eight months after signing. The owner will retain a 2% royalty on commercial mineral production from the property, subject to a 50% buyback provision.

Samples obtained by Parallel Mining mentioned in this release were transported directly to Actlabs in Ouagadougou, Burkina Faso by Company personnel for sample preparation. Samples were sorted, dried, crushed and prepared for final chemical analysis using the Fire Assay AA method for Au. Samples that assayed above the 10.0 gpt over limit were further analyzed by Au Gravimetrics Field duplicates were used for the grab sampling.

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Posted By : Rabi Wangkhem on Thu, 21 Jun 2018
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