Progress Minerals Announces Start of Drilling in Côte d'Ivoire

VANCOUVER, Oct. 22, 2018 /CNW/ - Progress Minerals Inc. ("Progress" or the "Company") is pleased to announce the start of exploration activities for the 2018/2019 field season in Côte d'Ivoire. Progress has commenced a 7,500m reverse-circulation ("RC") drill program on the Wendene permit within the Bobosso project located in central Côte d'Ivoire.

Drilling will follow-up on positive drill results reported from the 17 diamond drill-holes (1,537.6m) 45 RC drill-holes (4,244m) completed in 2017 (news release dated February 20, 2018).

Highlights from the 2017 diamond-drill program include:

Highlights from the 2017 RC program include:

In July 2018 Progress conducted a 20 line-kilometre pole-dipole induced polarization ("IP") survey over most of the drill target areas within the gold-in-soil anomaly. The interpretation of the IP survey identified an E-W, near-vertical zone of elevated chargeability, about twice background, more than 30 metres in thickness (Figure 1). This will be the first target drilled, near the centre of the anomaly where the gold-in-soil anomaly is the strongest and historic drilling intersected economic mineralization. Equigold drilled a core hole (BDD009) in 2000 that reported a 7m intersection from 16m at 1.4g/t and 5m from 25m at 1.4g/t including 1m at 3.7g/t in the immediate area.

Drilling of the first RC hole for the 2018/2019 program (BOBRC063) began on October 7^th and was drilled to 150m depth. The hole reportedly intersected mafic to felsic volcanoclastic rocks which had been intensely sheared with extensive carbonate alteration, quartz-veining and abundant pyrite (up to 5% estimated). Assays are pending.

Additionally, during September a field visit was made to the Wabon target, north of Wendene Village which represents a second, significant gold-in-soil anomaly (Figure 2) that has received only cursory attention. Outcrop located on the crest of a hill displayed intense carbonate alteration, a strong east-west foliation, quartz veinlets and oxidized pyrite (Figure 3).

About Progress Minerals Inc.

Progress is an exploration company, focused on the West African Birimian Greenstone Belts, targeting large, low-cost, high-quality, gold deposits.  Progress is currently earning into a portfolio of permits in both Burkina Faso and Côte d'Ivoire, covering approximately 2,000km² including anchor projects in each jurisdiction; the Bira Trend Project (Burkina Faso) and the Bobosso Project (Côte d'Ivoire).

On the Bira Trend Project, Progress has completed a district-wide power auger program targeting over 24km of a geochemical anomaly and recently completed a concurrent follow-on 5,129m (49 hole) reverse-circulation ("RC") drill program to test priority targets within an area of known mineralization. Progress has identified ten drill-ready targets for follow-on RC drilling to commence in the fall of 2018. Progress is earning into a 70% interest in a large property package in Burkina Faso in partnership with Predictive Discovery Ltd. (ASX:PDI), whereby Progress is sole-funding US$5 million in expenditures by October 2021 to earn a 70% interest, after which time a joint-venture will be formed. Progress is finalizing its initial earn-in of 51% with Predictive after having spent the first US$1 million in eligible expenditures in Burkina Faso.

On the Bobosso Project, Progress has released final assays from its 2017 reverse-circulation drill program which have generated a number of targets for further follow-up within a large 7km² gold-in-soil anomaly. A 7,500m reverse-circulation drill program is underway for the 2018/2019 field season. Progress has signed a memorandum of understanding with its partners on the Bobosso Project (which includes Predictive Discovery Ltd.), pursuant to which Progress will consolidate a 100% interest in the property.  

K. Kirk Woodman, P. Geo, Vice President Exploration is a Qualified Person overseeing Progress' exploration projects in Burkina Faso and Côte d'Ivoire and has reviewed and approved this press release.

A Quality Assurance/Quality Control program is part of the sampling program on the Bobosso prospect. This program includes the systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling.

Samples will be prepared at Bureau Veritas in Abidjan and assayed using a 50-gram fire-assay.

SOURCE Progress Minerals Inc.