AMN - NIGER: Vital hits bonanza grade gold at Bouli

Vital Metals has intersected bonanza grade gold during its maiden reverse circulation (RC) drilling program at Bella Tondi prospect within the Bouli Gold Project in Niger. Results of up to 4 metres at 157 grams/tonne gold from 76 metres have been returned.

The hole is in the southern zone at Bella Tondi, 200 metres south along strike from the high-grade result of 2 metres at 36.5 g/t from 62 metres returned in early March.

Vital will now aggressively target along strike, down-dip and down-plunge extensions at Bella Tondi to identify more high-grade shoots.

Additional assays from seven more holes are expected within three weeks. The 3000 metres maiden RC program has intersected gold mineralisation below extensive hard rock artisanal mining activity.

The 157 g/t intersection was within a broader intersection of 10 metres from 74 metres at 63.5 g/t.

Other results were 2 metres from 83 metres at 13.1 g/t; 8 metres at 10.3 g/t from 62 metres, including 2 metres at 36.5 g/t from 62 metres; 2 metres at 9.9 g/t from 64 metres; 15 metres at 3.1 g/t from 56 metres; 2 metres at 4.7 g/t from 40 metres; And 4 metres at 3.3 g/t from 44 metres.

The average depth of the drilling program is very shallow. The deepest intersections reported below artisanal workings lie between 50 to 70 metres below surface. Mineralisation remains open at depth and along strike.

Vital managing director Mark Strizek said the bonanza result was from a zone where visible gold was observed in RC cuttings.

“This is an exceptional result that builds the grade profile of Bella Tondi from the previous best result 200 metres to the north.

“”We are planning to drill deeper and test the depth potential of these high-grade shoots that have been shown to have a greater depth extent than their strike.

“These latest results from Bella Tondi indicate why so many artisanal miners were focused chasing the gold mineralisation along the Bella Tondi structure.”

Vital is planning further drilling along strike and at depth with a large RC rig or diamond rig to allow depth extensions to be tested. This is expected to begin within six weeks.

The company has received commitments for a 2-tranche placement to raise up to $3.8 million through the issue of 422.2 million shares to sophisticated and institutional investors.

Company directors plan to participate in the placement by subscribing for around 11.1 million shares.

Funds will be used to advance the Bouli project and to progress the Watershed Tungsten Project in Queensland, Australia.

www.vitalmetals.com.au