Toronto, Ontario - September 6, 2017 (Newsfile Corp.) (Investorideas.com Newswire) RosCan Minerals Corporation (TSXV: ROS) ("RosCan" or the "Company") is pleased to provide an update on the geochemical sampling activity at the Dormaa Gold Project in Ghana, West Africa. RosCan is earning a 50% interest in the Dormaa Gold Project from Pelangio Exploration Inc. ('Pelangio').
GEOCHEMICAL SURVEYS COMPLETED ON THE DORMAA GOLD PROJECT
The recently completed in-fill soils and termite mound geochemical sampling program covered a 9 km by 2 km area and followed-up on the most prominent group of previously identified gold anomalies. The program consisted of taking almost 2,000 samples over a total of 75 lineal kilometers of the project area. All samples have been sent for assay analysis and the results will be released once they are received, validated and compiled.
The geochemical program results, together with prior geochemical results and geological mapping, will be used to plan the next phase, consisting of air core, reverse circulation and RAB drilling as warranted. For further details about the Dormaa Project and the joint venture with Pelangio, refer to RosCan's press release dated March 6, 2017.
"I was favourably impressed with the Dormaa property and the Pelangio team," commented RosCan President Greg Isenor, following his first site inspection since his appointment as President. "I had the opportunity to inspect both the overall property area as well as the substantial gold anomalies that are of immediate interest. I reviewed a detailed report on all the exploration results to date as well as the plans for future drill programs on the identified targets and I'm eagerly looking forward to the future drilling results."
"In addition to the Dormaa Project," Mr. Isenor said, "RosCan is also evaluating further high-potential projects in Ghana, and other areas of West Africa. During my stay in the region, I renewed acquaintances with other gold companies, had a number of meetings with government officials and met with private exploration permit owners. We are currently reviewing a growing list of potential gold projects for possible acquisition and joint venture. As with the other West African gold producing countries, Ghana also has extensive exploration potential. Given the favourable geology, the potential for new gold discoveries is substantial and presents RosCan with a clear opportunity for accretive acquisitions."
"I am very excited to be working in West Africa and I look forward to building RosCan into a successful West African gold company", stated Mr. Isenor.
ABOUT THE DORMAA GOLD PROJECT
In November 2016, RosCan acquired an option to earn a 50% interest in the 86.44 square kilometer Dormaa Project, an early-stage gold exploration project located in western Ghana, for $160,000 cash and $2,000,000 of exploration expenditures over three years.
The Dormaa Project is underlain by Birimian metavolcanic and metasediment units of the Sunyani Basin which is parallel to the prolific Sefwi-Bibiani Belt - host to Newmont's Ahafo and Kinross' Chirano gold deposits. The geology of southwestern Ghana is dominated by Birimian Supergroup sedimentary and volcanic rocks. The Birimiam of the Dormaa region is characterised by hydrothermal deposits associated with NW-SE trending shear zones. The region represents one of the most significant Proterozic greenstone gold belts in the world hosting a number of significant deposits as shown on Map 1 below.
Newly released satellite imagery indicates that extensive unregulated artisanal and mechanized alluvial mining operations have been operating in the drainage systems in the eastern portion of the Dormaa permit area. These alluvial operations appear to be sourced by large gold-in-soil anomalies on or around the Dormaa permit.
Between 2011 and 2013 broad spaced geochemical sampling over the entire property area, followed by closer spaced sampling over the northern one-third of the property area, revealed 21 significant gold-in-soil anomalies with the largest measuring up to 4 kilometres long and 500 metres wide.
The technical content of this press release has been reviewed and approved by Mr. Greg Isenor, P.Geo. (PGO #0074), a Qualified Person as defined in NI 43-101, and Mr. Warren Bates, P.Geo. (APGO #0211), who is also a qualified person, as defined by NI 43-101, and has reviewed and approved the technical contents of this press release.
RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West Africa. The Company is currently exploring the promising gold potential of the early exploration stage Dormaa Gold Project in Ghana.
For further information, please contact:
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Forward Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that relate to the Dormaa Project. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the option to earn an interest in the Dormaa Project, the Company's proposed financing activities and its ability to satisfy its project financing and working capital needs, planned use of any proceeds or available funds, objectives, goals or future exploration plans at the Dormaa Project, the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure of Pelangio to obtain the authorizations for the assignment to it of the Prospecting License; the Company's inability to obtain financing to satisfy the payments necessary for it to earn an interest in the Dormaa Project when due; political and economic risks related to Ghana, title risks, liquidity risks related to the Company and Pelangio, general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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