Cassidy Gold drills 5.10 g/t Au in 14 m at Kouroussa

2006-07-20 13:09 ET - News Release

Mr. James Gillis reports

CASSIDY GOLD EXPANDS KINKINE ZONE, KOUROUSSA GOLD PROJECT, GUINEA

Cassidy Gold Corp. has provided results from reverse circulation (RC) and aircore drilling on its 100-per-cent-owned Kouroussa gold project, located in Guinea, West Africa. Resource drilling continued at Kinkine, adding 23 RC holes totalling 3,080 metres. Highlights include 5.10 grams per tonne Au over 14 metres in KRC941, 1.55 g/t Au over 30 metres in KRC948, 7.73 g/t Au over 11 metres in KRC951 and 15.65 g/t over three metres in KRC957. True widths have not been calculated because mineralization is controlled in at least two orientations.

The Kinkine Zone, located four kilometres north of Cassidy's Sanu Filanan deposit, consists of near-surface, potentially open-pittable, oxide mineralization, defined over an area 375 metres by 200 metres. Latest drilling demonstrates that a hard rock source of the oxide mineralization has been identified. Mineralization remains open to the north, south, east and to depth. These latest holes follow up on highly favourable results of drilling completed earlier this year (see Stockwatch on May 25, 2006).

Kinkine zone -- south section

RC drilling stepped 80 metres to the southwest of previous drilling, with nine holes on three sections. KRC940 and KRC941 scissored mineralization outlined in KRC886 (1.17 g/t Au over six metres), KRC887 (1.10 g/t Au over 10 metres), KRC910 (47.08 g/t Au over four metres and 4.20 g/t Au over six metres), and KRC911 (0.92 g/t Au over nine metres). KRC940 intersected several zones of lower grade mineralization (see table 1), but ended in 3.97 g/t Au over five metres. Similarly, KRC941 intersected several lower grade intervals before hitting 5.10 g/t Au over 14 metres near the bottom of the hole. KRC942 to KRC944 and KRC957 stepped 40 metres southwest, intersecting 2.18 g/t Au over 12 metres in KRC943, 15.65 g/t Au over three metres, 3.03 g/t Au over five metres and 8.59 g/t Au over two metres in KRC957. A section of three holes drilled another 40 metres to the southwest, failed to intersect significant mineralization but the zone may trend immediately east of this fence of holes.

 TABLE 1 KINKINE ZONE -- SOUTH SECTION RC RESULTS

Hole ID  From (m)   To (m)   Length (m)   Au (g/t)

KRC940      19.0     28.0          9.0       0.56

and        100.0    108.0          8.0       0.96

and        114.0    132.0         18.0       0.63

and        136.0    140.0          4.0       1.06

and        145.0    150.0          5.0       3.97

KRC941       6.0      7.0          1.0       2.80

and         39.0     52.0         13.0       0.88

and        112.0    116.0          4.0       0.83

and        121.0    135.0         14.0       5.10

KRC942      60.0     61.0          1.0      12.20

and        144.0    146.0          2.0       1.97

KRC943      24.0     36.0         12.0       2.18

and         98.0    100.0          2.0       1.60

KRC944     121.0    122.0          1.0       1.04

KRC947      65.0     67.0          2.0       1.03

KRC957      17.0     20.0          3.0      15.65

and         61.0     66.0          5.0       3.03

and         70.0     72.0          2.0       8.59

and        113.0    115.0          2.0       2.06

and        139.0    141.0          2.0       1.29

Kinkine zone -- east section

A series of nine RC holes tested mineralization along the east side of the Kinkine gabbro intrusion, generally from south to north. KRC948 intersected 1.55 g/t Au over 30 metres down dip of previous intersections. KRC949 intersected several zones of lower grade mineralization in addition to 1.64 g/t Au over eight metres. KRC950 hit 0.59 g/t Au over 10 metres, and KRC951 intersected 7.73 g/t Au over 11 metres and 1.68 g/t Au over nine metres on section and west of KRC950. Stepping to the north, holes tested a few zones of mineralization by drilling to the northwest (KRC952 and KRC956) and northeast-southwest (KRC953 to KRC955). Highlights include 1.18 g/t Au over 17 metres in KRC952, 0.74 g/t Au over 17 metres in KRC953 and 2.09 g/t Au over 15 metres in KRC955.

 TABLE 2 KINKINE ZONE -- EAST SECTION RC RESULTS

Hole ID  From (m)   To (m)   Length (m)   Au (g/t)

KRC948      98.0    128.0         30.0       1.55

KRC949      53.0     54.0          1.0       6.18

and         64.0     72.0          8.0       1.64

and         93.0     99.0          6.0       0.89

and        105.0    111.0          6.0       0.67

KRC950      65.0     66.0          1.0       2.51

and         89.0     99.0         10.0       0.59

KRC951      11.0     22.0         11.0       0.70

and         44.0     55.0         11.0       7.73

and         66.0     75.0          9.0       0.91

and         97.0    106.0          9.0       1.68

and        125.0    130.0          5.0       1.54

KRC952      32.0     35.0          3.0       1.09

and         54.0     56.0          2.0       1.55

and         69.0     72.0          3.0       0.98

and         99.0    100.0          1.0       2.59

and        111.0    128.0         17.0       1.18

and        133.0    137.0          4.0       1.47

KRC953      17.0     21.0          4.0       0.80

and         25.0     31.0          6.0       0.96

and         75.0     92.0         17.0       0.74

KRC954      16.0     18.0          2.0       3.08

and         33.0     41.0          8.0       0.67

KRC955       4.0     19.0         15.0       2.09

and         34.0     44.0         10.0       0.55

and         49.0     54.0          5.0       0.72

and         58.0     66.0          8.0       0.54

and         93.0    102.0          9.0       0.69

KRC956      51.0     54.0          3.0       2.37

and        103.0    106.0          3.0       1.21

Kinkine zone -- north section

KRC959 to KRC962 form a fence of holes that steps out 40 metres to the north-northeast. At least three zones of significant mineralization were intersected. The northernmost zone includes 0.97 g/t Au over nine metres and 2.82 g/t Au over nine metres intersected at the top of KRC959 and KRC962, respectively. A second zone of 4.14 g/t Au over four metres in KRC960 was intersected 50 metres to the southeast. Another 50 metres to the southeast, KRC961 intersected a third zone assaying 2.10 g/t Au over six metres.

 TABLE 3 KINKINE ZONE -- NORTH SECTION RC RESULTS

Hole ID  From (m)   To (m)   Length (m)   Au (g/t)

KRC959       2.0      9.0          7.0       0.97

and         37.0     44.0          7.0       0.83

and         51.0     52.0          1.0       2.81

KRC960      37.0     41.0          4.0       4.13

and         47.0     49.0          2.0       0.84

KRC961      49.0     58.0          9.0       0.92

and         64.0     70.0          6.0       2.10

KRC962       0.0      9.0          9.0       2.82

and         24.0     26.0          2.0       1.49

Daouda zone

At the recently discovered Daouda zone, 300 metres south of the main Kinkine zone, aircore drilling (KRAB1498-KRAB1527) intersected mineralization associated with artisanal diggings along the interpreted eastern margin of the Kinkine gabbro. KRAB1525 returned 1.50 g/t Au over 32 metres and KRAB1526 intersected 2.02 g/t Au over the bottom five metres of the hole, 35 metres farther east (see table 4).

Kinkine regional

Three fences of aircore holes, KRAB1528 to KRAB1589, tested targets west, northwest and southwest of the Kinkine zone. Almost 1.5 kilometres west-northwest of Kinkine, KRAB1570 intersected 1.20 g/t Au over nine metres at the bottom of the hole. Significant intervals in KRAB1546 and KRAB1555 (see table 4) are located 1.5 kilometres southwest of Kinkine. These results highlight the prospectivity of the Kinkine gabbro and associated structures in hosting multiple zones of gold mineralization. Regionally, 6,009 metres in 92 holes were completed.

Table 4 Kinkine Regional - Aircore Drill Results

Hole ID   From (m)   To (m)   Length (m)   Au (g/t)

KRAB1510     24.0     32.0          8.0       1.53

KRAB1516      0.0      4.0          4.0       3.94

KRAB1517     64.0     72.0          8.0       4.61

KRAB1525     64.0     96.0         32.0       1.50

KRAB1526     36.0     41.0          5.0       2.02

KRAB1527     60.0     68.0          8.0       0.86

KRAB1546     44.0     48.0          4.0       1.58

KRAB1555     24.0     28.0          4.0       1.70

KRAB1570     48.0     57.0          9.0       1.20

Exploration program

Both the RC and aircore drills have been shut down for the remainder of the wet season. The crew is currently compiling and interpreting drill results for an anticipated resource calculation slated for completion in September. In addition, composite samples have been shipped out for metallurgical testwork, as an initial component of scoping-scale studies aimed at assessing the economic viability of establishing a mining operation at Kouroussa.

Sampling and assay procedures

RC drill samples were collected from the cyclone and split or pipe sampled to one-kilogram size. Aircore drill samples were collected from the cyclone for each metre drilled, and a one-kilogram sample composited for each four-metre interval. All samples were sent to the SGS analytical laboratory in Siguiri, Guinea, for fire assay using a 50-gram subsample. Samples assaying greater than five g/t gold are reassayed using a metallics screen technique. 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.

Personnel

Project manager Nick Hewson of RSG Global heads the exploration team in Guinea. Christopher J. Wild, PEng, vice-president, exploration, for Cassidy, is the qualified person for this release.

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