Parallel Mining Corp. (TSXV:PAL) (the “Company” or “Parallel”) is pleased to announce that the Company has entered into an option agreement (“Option Agreement”) to acquire a 100% interest in the 163-square kilometre Mane II Property (“Mane”) 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 (“gpt”) 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 (granite) 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 $5,000 USD, a further $15,000 USD 90 days after signing, a further $25,000 USD twelve months after signing, a further $50,000 USD twenty-four months after signing, a further $125,000 USD thirty-six months after signing, and a final payment of $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.
Qualified Person: Julia Singh, P.Geo, an independent Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
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.
Sebedougou
The Company has elected to discontinue its previously announced option to acquire the Sebedougou exploration permit (see news release dated April 6, 2017) to focus on Mane as well as the continued acquisition of high-potential projects in West Africa.
Parallel Mining Corp.
John Anderson
President & Chief Executive Officer
T: +1-604-218-7400
E: janderson@parallelmining.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. This news release contains historical technical information. The Company believes the technical information to be relevant and reliable, and there are no more recent estimates or data available to the Company. While the Qualified Person has reviewed the data included in this news release, a 43-101 compliant technical report has not been completed on the Mane property and the quality assurance/quality control process of the historical data could not be verified by the Qualified Person.
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