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GoviEx Uranium starts sampling program to follow up on significant gold-in-soil anomalies at Falea project in Mali

GoviEx chairman Govind Friedland told shareholders that the July sampling program highlighted the potential for gold at the Falea project to be present “stratigraphically below” the uranium deposit

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Results from a recent assay program revealed anomalous intercepts ranging from 0.2 gram per tonne (g/t) to 1 g/t gold over up to 2-metre thickness

GoviEx Uranium Inc (CVE:GXU) (OTCQB:GVXXF) said Monday it has started a new sampling program at its Falea project in Mali after recent exploration work highlighted the potential for gold.

The diamond drill core assay program will look at the polymetallic and precious metal potential of the deposit underneath the uranium-bearing sandstone uncormformity, the company said in a statement.

In July, Vancouver-based GoviEx announced that it saw significant gold-in-soil anomalies at Falea that could indicate that the nearby Sirabaya West and the Siribaya-Bambadinka gold trends extend through the property.

READ: GoviEX Uranium closes first tranche of fully subscribed non-brokered private placement offering for gross proceeds of approximately $5M

GoviEx chairman Govind Friedland told shareholders that the July sampling program highlighted the potential for gold at the Falea project to be present “stratigraphically below” the uranium deposit.

“The core sampling program we are announcing today is focused on advancing and proving this theory,” Friedland said in a statement.

“GoviEx's team of geologists are excited by the initial visual assessment of the 96 diamond drill cores logged that display intervals of quartz veining, chalcopyrite and pyrite in many of the core, which appears to add further support and evidence that the gold anomalies associated with the Birimian greenstones apparently underlays the known uranium-copper-silver mineralization of the Falea Project.”

GoviEx said it reviewed the limited number of diamond drill holes that were assayed in the Birimian, with results revealing anomalous intercepts ranging from 0.2 gram per tonne (g/t) to 1 g/t gold over up to 2-metre thickness. A visual inspection of the core during sampling by GoviEx geologists also revealed the presence of visible chalcopyrite and pyrite mineralisation, and abundant evidence of shearing and quartz veining, according to the company.

Friedland told investors that the firm’s Madaouela uranium project in Niger remains its primary focus, but “creating shareholder value on all of our projects remains a core driver to our strategy".

Results from the current core sampling program are expected before the end of the year.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 0.15 CAD

TSX-V:GXU
Market: TSX-V
Market Cap: $71.23 m
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GoviEx Uranium CEO talks new gold anomalies in Mali and updates on eagerly...

GoviEx Uranium Inc's (CVE:GXU) (OTCQB:GVXXF) Daniel Major discusses with Proactive's Andrew Scott new gold in soil anomalies at its Falea project in Mali. He says it indicates potential extensions of the Sirabaya West and Siribaya-Bambadinka gold trends and may intersect within the Falea...

on 10/7/20

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