Cassidy Gold Corp. - Press Release - Secular Bull

2005-11-04 16:04 ET - News Release
Mr. James Gillis reports
CASSIDY GOLD CORP.: NEW GOLD ZONE, KOUROUSSA GOLD PROJECT

Cassidy Gold Corp. has released initial results from recently commenced reverse circulation drilling on its 100-per-cent-owned Kouroussa gold project in Guinea. As of Nov. 1, 2005, 21 reverse circulation holes totalling 2,092 metres have been completed on the Sodyanfe zone, nine reverse circulation holes totalling 1,069 metres on the KD-1 zone and two reverse circulation holes totalling 130 metres in the Koekoe Creek area. Four-metre composites were made from one-metre samples. All four-metre composites assaying greater than 0.1 gram per tonne gold will be resplit in one-metre intervals and assayed.

KRC669 intersected 60 metres of 3.28 grams per tonne Au 100 metres south of KRC380 (0.6 gram per tonne Au over 66 metres). The reverse circulation rig has returned to this newly identified zone to further define the mineralization.

In another zone developing to the southeast, KRC688 returned an interval of 24 metres assaying 0.83 gram per tonne Au within a broad zone assaying 0.47 gram per tonne Au over 116 metres. This mineralization is part of a broad, northwest-trending zone of mineralization which includes mineralized intervals in KRC672, KRC673, KRC683, KRC684 and KRC685. Indicated strike length is 450 metres and remains open to the northwest and southeast.

The Sodyanfe zones, located about three kilometres northwest of the Sanu Filanan zone, represent large, near-surface targets characterized by strongly anomalous soil geochemistry. Three fences of shallow reverse circulation holes, completed in April and May, 2005, highlighted the potential for multiple mineralized zones. Mineralized zones returned grades such as 0.6 gram per tonne Au over 66 metres in KRC380, 2.51 grams per tonne Au over six metres in KRC385, 2.42 grams per tonne Au over seven metres in KRC388, and 2.79 grams per tonne Au over six metres in KRC393. Both KRC385 and KRC393 terminated in mineralization.

Reverse circulation drilling is following up targets identified in earlier phases of drilling and will continue resource definition. RAB drilling has begun to assess the numerous untested geochemical targets on the Kouroussa property. The Marie zone, south of Sodyanfe, is the first such target. Other immediate targets include X-Vein, Sidafa Hill, Kinkine and Mani. Soil geochemical sampling has resumed in areas requiring tighter sample spacing and in areas not yet sampled.

Fugro Airborne Surveys is scheduled to begin a magnetics and radiometrics survey over the Kouroussa and Siguiri properties in mid-November.

Reverse circulation drilling was temporarily suspended following the rainy season. The move was made because the on-site drill was incapable of delivering samples that meet minimum standards for resource work. A reverse circulation rig capable of delivering samples that meet minimum standards for resource work is now on site.

Despite the lack of drilling, RSG Global has recently completed a National Instrument 43-101 compliant resource update on the Sanu Filanan, JJ and Sanu Folo gold zones. Inferred resources now stand at 433,000 ounces in 4,933,000 tonnes averaging 2.7 grams per tonne gold. This represents an increase of 118,000 ounces, or 37 per cent, over the March, 2005, resource, with 50,000 ounces added at Sanu Filanan, 51,000 ounces at JJ and 18,000 at Sanu Folo. A 0.7-gram-per-tonne gold cut-off grade was used.

Sampling and assay procedures

Reverse circulation samples were collected from the cyclone and split or pipe sampled to one kilogram size. All samples were sent to the SGS analytical laboratory in Siguiri, Guinea, for fire assay using a 50-gram subsample. Repeat assays are made on every 25th sample and duplicates and blanks are submitted, one each in every 20 samples. Quality control/quality assurance is closely monitored by RSG Global personnel.

The exploration team in Guinea is headed by project manager Nick Hewson of RSG Global. Christopher J. Wild, PEng, vice-president of exploration for Cassidy Gold, is currently on site and is the qualified person for this release

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