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The Karma Project
The Karma project is currently the most advanced of Riverstone's projects and comprises four contiguous permits - Goulagou, Rounga, Kao and Rambo - in the north-central region of Burkina Faso, approximately 100 km north-northwest of Ouagadougou.
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In May 2009 Wardrop Engineering, a division of Tetra Tech Inc., completed an initial independent resource estimate for the Karma Project with a combined indicated resource of 820,500 ounces of gold and a further inferred resource of 320,300 ounces of gold with additional gold exploration potential. The gold resources are shallow and near-surface with the bulk in oxide material above a depth of 100 metres.
The resources are located in four nearby deposits and future operations would envisage a centralized processing facility treating material from all nearby deposits. The deposits are open to expansion and there are also additional attractive gold targets close to the existing resources.
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The Goulagou Property
The Goulagou property was acquired in October of 2007 under an Option to Purchase agreement with Golden Star Resources Ltd. The Goulagou property consists of the Goulagou and Rounga permits which collectively comprise an area of 487 square kilometres.
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Riverstone's May 2009 independent resource estimate shows an indicated resource of 390,500 ounces of gold at a grade of 1.83 g/t in the GG2 deposit and a further 48,600 ounces of inferred resource at a grade of 1.10 g/t. On the nearby GG1 deposit there is an inferred resource of 140,400 ounces of gold at a grade of 0.63 g/t.
Historically, the property was explored by Channel Resources from 1994-1999 and St. Jude Resources in 2002-2005. Together, the two companies drilled 51,000 metres in 717 holes and initial gold resources were established at Goulagou. Golden Star Resources acquired the Goulagou property when it completed acquisition of St. Jude Resources in 2005. Riverstone has undertaken additional drilling at Goulagou and will undertake further drilling to further expand the resource and test new targets on the permits.
Significant drill intersections on Goulagou are presented in the table below.
| HOLE # |
FROM |
TO |
INTERVAL |
ASSAY |
|
(metres) |
(metres) |
(metres) |
(g/t) |
|
| GLG-08-RC-001 |
42 |
44 |
2 |
6.02 |
|
| GLG-08-RC-003 |
90 |
150 |
60 |
2.45 |
| including |
116 |
148 |
32 |
3.81 |
|
| GLG-08-RC-004 |
38 |
48 |
10 |
3.62 |
|
| GLG-08-RC-011 |
80 |
90 |
10 |
3.62 |
|
| GLG-08-RC-013 |
64 |
90 |
26 |
3.34 |
|
| GLG-08-RC-014 |
116 |
144 |
28 |
4.21 |
|
| GLG-08-RC-015 |
102 |
138 |
36 |
1.18 |
| including |
102 |
110 |
8 |
2.25 |
| and |
124 |
130 |
6 |
2.95 |
|
| GLG-08-RC-016 |
82 |
92 |
10 |
1.01 |
| and |
120 |
140 |
20 |
1.99 |
|
| GLG-08-RC-019 |
2 |
52 |
50 |
2.24 |
| including |
8 |
24 |
16 |
3.88 |
|
| GLG-08-RC-020 |
26 |
110 |
84 |
2.00 |
| including |
26 |
62 |
36 |
3.70 |
| including |
36 |
50 |
14 |
6.29 |
| and |
90 |
110 |
20 |
1.02 |
|
| GLG-08-RC-025 |
142 |
150 |
8 |
3.14 |
|
| GLG-08-RC-026 |
118 |
134 |
16 |
1.56 |
| including |
124 |
132 |
8 |
2.51 |
| and |
158 |
160 |
42 |
1.55 |
| (hole stopped at 160 metres;
last sample 1.19 g/t) |
|
| GLG-08-RC-027 |
18 |
60 |
42 |
1.55 |
| including |
30 |
42 |
12 |
3.13 |
|
| GLG-08-RC-028 |
146 |
160 |
14 |
1.05 |
|
| GLG-08-RC-034 |
16 |
42 |
26 |
0.42 |
| and |
42 |
70 |
28 |
2.30 |
Rambo and Kao Permits
The Rambo and Kao permits are contiguous and cover a combined area of 400 square kilometres. They are also contiguous with the Goulagou property. The Kao permit hosts a separate gold zone at least 1100 m long by 350 m wide defined by RC (Reverse Circulation) drilling, within a much larger geochemical gold anomaly.
At Kao, Riverstone's initial independent resource estimate in May 2009 showed an indicated resource of 430,000 ounces of gold at a grade of 0.91 g/t with a further inferred resource of 76,400 ounces of gold at a grade of 0.65 g/t.
Both Kao and Rambo also show many coincident geochemical and geophysical targets that warrant further testing and there is significant potential for expanding the gold resources.
The Kao permit has undergone soil geochemistry, geological mapping and sampling and limited ground geophysics since 2005 plus 7,058 m of RAB and over 17,000 m of RC drilling in 166 holes.
Most of the drilling to date has been concentrated at the Kao Main Zone, an area of flat lying, near surface mineralization that has been traced over a 800 m by 400 m area so far. Shallow 100 m RC holes, together with a few deeper holes, were drilled on a grid at 60 degrees and an initial resource estimate prepared in May 2009. The gold mineralized zone remains open in all directions, and limited additional drilling has traced this zone along an 1100 m strike length as shown in the figures.
The RC drill results to date are shown in the table.
| HOLE NO. |
FROM |
TO |
CORE INTERVAL |
GRADE |
|
(metres) |
(metres) |
(metres) |
(g/t gold) |
|
| KAO-07-RC-001 |
0 |
126 |
126 |
0.33 |
| including |
40 |
42 |
2 |
1.10 |
| and |
58 |
66 |
8 |
1.20 |
| and |
82 |
88 |
6 |
1.08 |
|
| KAO-07-RC-002 |
0 |
102 |
102 |
0.54 |
| including |
2 |
6 |
4 |
1.52 |
| and |
18 |
30 |
12 |
1.69 |
| and |
36 |
42 |
6 |
0.90 |
| and |
72 |
74 |
2 |
1.11 |
| and |
82 |
84 |
2 |
1.08 |
|
| KAO-07-RC-003 |
No significant intercepts |
|
| KAO-07-RC-004 |
0 |
96 |
96 |
0.59 |
| including |
14 |
38 |
24 |
1.36 |
| and |
54 |
64 |
10 |
1.26 |
|
| KAO-07-RC-005 |
0 |
138 |
138 |
0.29 |
| including |
14 |
26 |
12 |
0.86 |
| and |
14 |
16 |
2 |
1.30 |
| and |
22 |
26 |
4 |
1.09 |
| and |
62 |
64 |
2 |
1.30 |
|
| KAO-07-RC-006 |
0 |
102 |
102 |
0.45 |
| including |
0 |
30 |
30 |
1.22 |
| or |
2 |
18 |
16 |
1.62 |
|
| KAO-07-RC-007 |
0 |
108 |
108 |
0.38 |
| including |
10 |
12 |
2 |
1.14 |
| and |
28 |
30 |
2 |
1.48 |
| and |
84 |
92 |
8 |
1.26 |
|
| KAO-07-RC-008 |
10 |
12 |
2 |
21.46 |
|
| KAO-07-RC-009 |
50 |
70 |
20 |
0.55 |
|
| KAO-07-RC-012 |
0 |
138 |
138 |
0.50 |
| including |
56 |
66 |
10 |
3.55 |
| and including |
96 |
98 |
2 |
1.11 |
| and including |
126 |
132 |
6 |
1.05 |
|
| KAO-07-RC-013 |
14 |
16 |
2 |
1.13 |
|
| KAO-07-RC-014 |
30 |
32 |
2 |
2.83 |
| and |
54 |
66 |
12 |
1.03 |
| or |
60 |
66 |
6 |
1.53 |
| and |
78 |
80 |
2 |
1.90 |
|
| KAO-07-RC-016 |
32 |
40 |
8 |
2.20 |
|
| KAO-07-RC-017 |
16 |
18 |
2 |
1.01 |
| and |
60 |
64 |
4 |
6.77 |
|
| KAO-07-RC-019 |
48 |
56 |
8 |
1.07 |
| and |
116 |
118 |
2 |
1.18 |
|
| KAO-07-RC-020 |
58 |
60 |
2 |
1.28 |
|
| KAO-07-RC-027 |
18 |
36 |
18 |
0.92 |
| including |
34 |
36 |
2 |
30.1 |
| and |
68 |
70 |
2 |
1.13 |
|
| KAO-07-RC-028 |
52 |
54 |
2 |
1.63 |
| and |
76 |
88 |
12 |
0.78 |
| including |
78 |
80 |
2 |
1.95 |
|
| KAO-07-RC-029 |
24 |
44 |
20 |
0.95 |
| including |
30 |
44 |
14 |
1.18 |
| and |
56 |
62 |
6 |
1.27 |
| and |
70 |
72 |
2 |
1.87 |
|
| KAO-07-RC-030 |
48 |
50 |
2 |
1.68 |
| and |
72 |
106 |
34 |
1.08 |
| including |
72 |
80 |
8 |
1.60 |
| and including |
96 |
104 |
8 |
2.20 |
|
| KAO-07-RC-031 |
48 |
82 |
34 |
1.08 |
| including |
52 |
72 |
20 |
2.23 |
|
| KAO-07-RC-032 |
22 |
70 |
48 |
1.18 |
| including |
22 |
28 |
6 |
2.53 |
|
| KAO-07-RC-033 |
0 |
50 |
50 |
1.47 |
| including |
10 |
32 |
22 |
2.61 |
| and including |
42 |
48 |
6 |
1.36 |
|
| KAO-07-RC-034 |
34 |
36 |
2 |
1.05 |
|
| KAO-07-RC-035 |
122 |
124 |
2 |
1.78 |
|
| KAO-07-RC-037 |
22 |
40 |
18 |
0.45 |
|
| KAO-07-RC-039 |
0 |
2 |
2 |
2.24 |
|
| KAO-07-RC-042 |
34 |
44 |
10 |
0.55 |
| including |
40 |
42 |
2 |
1.56 |
|
| KAO-07-RC-044 |
48 |
56 |
8 |
1.25 |
|
| KAO-07-RC-047 |
2 |
26 |
26 |
0.58 |
| or including |
12 |
24 |
12 |
1.04 |
| or including |
20 |
22 |
2 |
2.74 |
|
| KAO-07-RC-049 |
0 |
32 |
32 |
0.62 |
| or including |
8 |
14 |
6 |
1.38 |
|
| KAO-07-RC-050 |
4 |
6 |
2 |
1.03 |
| and |
24 |
34 |
10 |
0.58 |
| including |
24 |
26 |
2 |
1.17 |
|
| KAO-07-RC-051 |
26 |
28 |
2 |
1.67 |
|
| KAO-07-RC-052 |
64 |
70 |
6 |
1.03 |
|
| KAO-07-RC-053 |
56 |
58 |
2 |
2.17 |
| and |
66 |
74 |
8 |
0.54 |
| and |
86 |
100 |
14 |
0.69 |
|
| KAO-07-RC-054 |
42 |
44 |
2 |
1.40 |
|
| KAO-07-RC-055 |
62 |
96 |
32 |
0.48 |
| including |
64 |
70 |
6 |
1.29 |
|
| KAO-07-RC-056 |
40 |
62 |
22 |
0.83 |
| including |
42 |
44 |
2 |
1.12 |
| and including |
54 |
62 |
8 |
1.34 |
|
| KAO-07-RC-057 |
26 |
28 |
2 |
1.81 |
| and |
34 |
44 |
10 |
1.30 |
|
| KAO-07-RC-059 |
8 |
16 |
8 |
1.06 |
|
| KAO-07-RC-061 |
0 |
96 |
96 |
0.52 |
| including |
14 |
32 |
18 |
0.91 |
| and including |
46 |
56 |
10 |
1.04 |
|
| KAO-07-RC-062 |
0 |
100 |
100 |
1.36 |
| including |
6 |
70 |
64 |
2.00 |
| including |
8 |
18 |
10 |
2.86 |
| or including |
26 |
56 |
30 |
2.26 |
|
| KAO-07-RC-063 |
0 |
108 |
108 |
0.55 |
| including |
44 |
70 |
26 |
1.77 |
| including |
52 |
70 |
18 |
2.35 |
|
| KAO-07-RC-068 |
0 |
102 |
102 |
0.72 |
| including |
50 |
96 |
46 |
1.45 |
| including |
70 |
96 |
26 |
2.05 |
| including |
72 |
86 |
14 |
2.68 |
|
| KAO-07-RC-069 |
0 |
96 |
96 |
0.60 |
| including |
38 |
74 |
36 |
1.33 |
| including |
46 |
68 |
22 |
1.79 |
|
| KAO-07-RC-070 |
0 |
96 |
96 |
0.75 |
| including |
14 |
38 |
24 |
1.73 |
| and including |
74 |
92 |
18 |
1.02 |
|
| KAO-07-RC-071 |
76 |
94 |
18 |
1.04 |
| including |
78 |
84 |
6 |
1.93 |
|
| KAO-07-RC-072 |
2 |
6 |
4 |
1.14 |
| and |
18 |
22 |
4 |
1.32 |
| and |
44 |
48 |
4 |
1.89 |
|
| KAO-07-RC-075 |
12 |
22 |
10 |
2.80 |
| and |
56 |
64 |
8 |
2.23 |
|
| KAO-07-RC-076 |
18 |
42 |
24 |
1.84 |
| including |
22 |
40 |
18 |
2.22 |
|
| KAO-07-RC-077 |
26 |
54 |
28 |
1.51 |
| including |
40 |
54 |
14 |
2.03 |
|
| KAO-07-RC-078 |
64 |
78 |
14 |
1.39 |
|
| KAO-07-RC-079 |
88 |
98 |
10 |
7.82 |
| including |
94 |
96 |
2 |
31.86 |
|
| KAO-07-RC-080 |
24 |
28 |
4 |
1.25 |
| and |
48 |
50 |
2 |
1.37 |
| and |
60 |
72 |
12 |
0.93 |
| including |
66 |
70 |
4 |
1.37 |
|
| KAO-07-RC-081 |
40 |
52 |
12 |
0.96 |
| including |
46 |
52 |
6 |
1.24 |
|
| KAO-07-RC-082 |
58 |
64 |
6 |
1.29 |
|
| KAO-07-RC-083 |
20 |
26 |
6 |
1.49 |
|
| KAO-07-RC-084 |
72 |
86 |
14 |
1.04 |
|
| KAO-07-RC-087 |
30 |
38 |
8 |
1.13 |
| and |
82 |
86 |
4 |
1.13 |
|
| KAO-07-RC-088 |
54 |
64 |
10 |
1.93 |
| and |
68 |
70 |
2 |
1.57 |
|
| KAO-07-RC-089 |
16 |
22 |
6 |
1.07 |
|
| KAO-07-RC-090 |
88 |
90 |
2 |
1.42 |
|
| KAO-07-RC-092 |
12 |
40 |
28 |
1.42 |
| or including |
24 |
28 |
4 |
2.78 |
|
| KAO-07-RC-093 |
24 |
28 |
4 |
1.29 |
| and |
46 |
50 |
4 |
2.07 |
|
| KAO-07-RC-094 |
24 |
34 |
10 |
1.62 |
| and |
50 |
68 |
18 |
1.15 |
| or including |
62 |
68 |
6 |
1.61 |
|
| KAO-07-RC-095 |
60 |
68 |
8 |
1.51 |
|
| KAO-07-RC-098 |
60 |
66 |
6 |
1.19 |
|
| KAO-07-RC-099 |
34 |
36 |
2 |
1.08 |
|
| KAO-08-RC-100 |
8 |
10 |
2 |
2.58 |
|
| KAO-08-RC-101 |
0 |
2 |
2 |
1.69 |
|
| KAO-08-RC-108 |
64 |
70 |
6 |
0.96 |
|
| KAO-08-RC-112 |
28 |
30 |
2 |
1.85 |
| and |
48 |
56 |
8 |
1.05 |
|
| KAO-08-RC-113 |
6 |
40 |
34 |
1.01 |
| including |
16 |
28 |
12 |
2.00 |
|
| KAO-08-RC-114 |
18 |
28 |
10 |
0.62 |
| and |
60 |
82 |
22 |
0.78 |
| including |
60 |
68 |
8 |
1.05 |
|
| KAO-08-RC-115 |
32 |
46 |
14 |
0.69 |
| and |
52 |
58 |
6 |
1.05 |
|
| KAO-08-RC-116 |
16 |
36 |
20 |
0.86 |
| including |
16 |
24 |
8 |
1.07 |
| or including |
30 |
36 |
6 |
1.36 |
| and |
72 |
92 |
20 |
0.71 |
|
| KAO-08-RC-118 |
0 |
100 |
100 |
0.70 |
| including |
0 |
22 |
22 |
2.75 |
| or including |
8 |
18 |
10 |
5.47 |
|
| KAO-08-RC-120 |
0 |
10 |
10 |
0.92 |
| and |
56 |
76 |
20 |
1.28 |
|
| KAO-08-RC-121 |
10 |
14 |
4 |
1.74 |
| and |
34 |
38 |
4 |
1.08 |
| and |
72 |
98 |
26 |
1.18 |
| including |
72 |
78 |
6 |
2.35 |
|
| KAO-08-RC-122 |
66 |
68 |
2 |
1.03 |
| and |
84 |
88 |
4 |
2.04 |
|
| KAO-08-RC-123 |
94 |
106 |
12 |
1.88 |
|
| KAO-08-RC-124 |
100 |
114 |
14 |
2.22 |
|
| KAO-08-RC-125 |
92 |
103 |
11 |
1.30 |
|
| KAO-08-RC-127 |
88 |
90 |
2 |
1.11 |
|
| KAO-08-RC-129 |
98 |
104 |
6 |
1.02 |
|
| KAO-08-RC-131 |
80 |
82 |
2 |
1.01 |
|
| KAO-08-RC-136 |
38 |
42 |
4 |
2.30 |
| and |
92 |
104 |
12 |
16.70 |
|
| KAO-08-RC-137 |
106 |
108 |
2 |
2.94 |
|
| KAO-08-RC-138 |
54 |
90 |
36 |
1.52 |
| including |
74 |
90 |
16 |
2.15 |
|
| KAO-08-RC-142 |
14 |
18 |
4 |
1.22 |
|
| KAO-08-RC-144 |
20 |
26 |
6 |
1.31 |
|
| KAO-08-RC-145 |
72 |
86 |
14 |
0.98 |
|
| KAO-08-RC-146 |
20 |
22 |
2 |
1.05 |
|
| KAO-08-RC-147 |
12 |
14 |
2 |
1.05 |
| and |
34 |
44 |
10 |
1.31 |
| and |
58 |
64 |
6 |
1.06 |
|
| KAO-08-RC-148 |
20 |
22 |
2 |
1.05 |
| and |
76 |
82 |
6 |
1.20 |
| and |
88 |
90 |
2 |
1.39 |
| and |
98 |
108 |
10 |
0.73 |
|
| KAO-08-RC-150 |
36 |
44 |
8 |
0.83 |
|
| KAO-08-RC-151 |
96 |
124 |
28 |
1.48 |
|
| KAO-08-RC-152 |
64 |
74 |
10 |
1.06 |
|
| KAO-08-RC-153 |
118 |
138 |
20 |
1.36 |
|
KAO-08-RC-154
including
or including |
86
86
102 |
108
90
108 |
22
4
6 |
0.66
1.20
1.32 |
|
| KAO-08-RC-155 |
80 |
112 |
32 |
0.86 |
|
KAO-08-RC-158
including
and
including |
16
22
116
116 |
34
26
126
120 |
18
4
10
4 |
0.83
1.97
2.56
5.67 |
|
KAO-08-RC-160
and
including |
6
18
34 |
8
44
40 |
2
26
6 |
1.99
1.04
2.37 |
|
KAO-08-RC-161
and
and |
18
38
94 |
22
46
108 |
4
8
14 |
1.17
11.18
1.51 |
|
| KAO-08-RC-162 |
76 |
84 |
8 |
1.43 |
|
KAO-08-RC-163
and |
32
76 |
36
78 |
4
2 |
1.21
1.05 |
|
KAO-08-RC-165
and |
10
52 |
18
62 |
8
10 |
1.16
0.85 |
|
| KAO-08-RC-173 |
58 |
68 |
10 |
1.99 |
| and including |
92 |
98 |
6 |
1.01 |
The gold zones delineated by drilling remain open in all directions. They occur within a larger gold-in-soils geochemical anomaly, which can be traced along strike for over 4 kilometres.
Rambo was the first permit acquired in the country by Riverstone, partly due to of a number of artisanal workings, the largest of which measures 60 m by 40 m by 15 m deep. Riverstone has completed soil geochemistry, geological mapping and sampling, limited ground geophysics and 2,089 m of RC and 2,003 m of diamond drilling since 2004 with very encouraging results.
Drilling on Rambo has defined a 350 m long gold zone, which has been traced for 170 m down dip and which remains open in all directions. Riverstone's 2009 initial independent resource estimate for Karma included 56,900 ounces of gold at Rambo with a grade of 7.02 ounces of gold.
Significant drill intersections on Rambo are presented in the table below. Two holes (97-01 and 97-11), which were drilled oblique to the zone by a previous operator, are also included.
| HOLE # |
FROM |
TO |
INTERVAL |
ASSAY |
|
(metres) |
(metres) |
(metres) |
(g/t) |
|
| RA-04-01 |
48.0 |
64.5 |
16.5 |
4.5 |
| Including |
60.0 |
63.0 |
3.0 |
11.1 |
| And |
73.5 |
75.0 |
1.5 |
13.9 |
|
| RA-04-02 |
63.0 |
84.0 |
21.0 |
1.2 |
| Including |
99.0 |
114.0 |
15.0 |
1.0 |
|
| RA-04-04 |
63.0 |
70.5 |
7.5 |
4.2 |
| Including |
67.5 |
70.5 |
3.0 |
7.7 |
|
| RA-04-05 |
87.0 |
99.0 |
12.0 |
7.0 |
| Including |
87.0 |
93.0 |
6.0 |
13.3 |
| And |
123.0 |
132.0 |
9.0 |
1.7 |
|
| RA-04-06 |
13.5 |
18.0 |
4.5 |
1.2 |
| Including |
36.0 |
37.5 |
1.5 |
1.0 |
|
| RA-04-07 |
73.5 |
79.5 |
6.0 |
16.4 |
| Including |
73.5 |
75.0 |
1.5 |
62.3 |
|
| RA-04-08 |
46.5 |
48.0 |
1.5 |
7.1 |
|
| 97-01 |
91.0 |
130.48 |
39.46 |
9.1 |
|
| 97-11 |
123.5 |
141.5 |
18.0 |
4.29 |
|
| RA-08-17 |
106 |
120 |
14 |
3.02 |
|
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