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 TSX; VTR
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Company Statement
Volta Resources Inc. (TSX: VTR) is the result of a merger of two experienced West African explorers, Birim Goldfields Inc. and Goldcrest Resources Ltd. This newly enriched and expanded company will maximize its mandate to become the leader in identification, acquisition and exploration of gold-rich properties in West Africa. Volta Resources already has an enviable portfolio of 20 properties in Ghana and Burkina Faso; both mining-friendly countries that have proven world-class gold deposits.
Volta Resources has the financial strength and flexibility to take advantage of consolidation and acquisition opportunities in West Africa. It has an exceptional team of dedicated professionals operating in the field as well as a highly experienced and respected Management and Board of Directors at the corporate level. Volta Resources Inc. is Canadian-based with its head office in Toronto, Ontario and its operations offices in Accra, Ghana and in Ouagadougou, Burkina Faso. The Company trades on the Toronto Stock Exchange under the symbol VTR.
Volta's primary focus is to become the leader in the identification, acquisition and exploration of gold properties in West Africa.
- Since 1994, Birim Goldfields focussed its exploration attention on Ghana, West Africa where its 'early mover' status allowed it to accumulate over 7,000 km2 - an enviable property portfolio in one of the world's highly prospective gold exploration regions. With over 14 years of dedication, Birim's commitment to Ghana remains strong.
- Goldcrest Resources entered Burkina Faso in 2000 and secured several prospective exploration properties including the Gaoua copper-gold porphyry project, which is subject to an earn-in agreement with Freeport McMoRan Exploration Corporation. With the successful sale of its Youanmi gold project in Western Australia for a substantial sum in cash and marketable securities, Goldcrest enabled its expansion efforts in West Africa from its base in Burkina Faso.
The newly formed Volta Resources Inc. offers shareholders significant synergies and exposure to an exploration company that now includes:
- A combined portfolio totaling 20 properties in Ghana and Burkina Faso. All of these properties are located on highly prospective Birimian gold belts, similar to those that have delivered several world-class gold mines in West Africa over the last 15 years.
- Multiple first class exploration targets, including a NI43-101 compliant gold resource in northwestern Ghana, six advanced drill defined prospects, nine drill-ready targets and over 40 first class anomalies with the potential to be advanced to a drill-ready stage.
- An aggregate of over $9.1 Million in cash and marketable securities (as at January 15, 2009) giving Volta the financial strength and flexibility to take advantage of consolidation and acquisition opportunities in West Africa.
- An enhanced team with expertise in West African exploration. A combined management and exploration team that has the skills and regional experience to ensure systematic progress on all projects and the ability to identify and secure new opportunities in the region.
- Market Capitalization. Increased share trading liquidity and market capitalization that is attractive to a wider range of investors than that offered by the individual companies.
- Exceptional property portfolio with numerous first class targets:
> 28 properties / > 5,400 km2 in Ghana & Burkina Faso
> NI 43-101 gold resource (Far East deposit) on Tinga Property/remains open
> NI 43-101 copper/gold resource on Gaoua Property/remains open
>6 advanced drill prospects/ 9 drill ready targets/>30 gold anomalies ready - Well-funded for aggressive exploration & development
> $7.8 million in cash & marketable securities - Proven technical team with West African expertise
- Reputable directors & management team
> Over 75 years of combined African experience
Current Operations
GHANA
The Bui Belt
The Bui Belt is a 10-25 km-wide, 150 km-long gold belt located on the western border of Ghana where it extends to the SW into Côte d'Ivoire. It is located north of, and parallel to, the larger Sefwi Gold Belt, which currently hosts 28 million ounces of gold. The Bui Belt is sandwiched between the sedimentary Maluwe Basin to the north and the Sunyani Basin to the south.
Geology
The Bui Belt is defined by a NE-SW trending syncline of Tarkwaian metasediments. These have a maximum width of 17km in the north and narrow to 5km in the south of the belt. The eastern and western limbs of the syncline could be defined as the principal geological features of the belt and these comprise of mostly vertically-dipping silicified conglomerates, grits and quartzite packages which are expressed as prominent elongated ridges. The Tarkwaian metasediments can be stratigraphically correlated for hundreds of kilometres and can be correlated favourably with portions of the Tarkwaian stratigraphy defined at Tarkwa Mine in southern Ghana. The total thickness is estimated to be 9,000 meters, which is more than 3 times thicker than the comparable units observed in the Tarkwa District.
The margins of the Tarkwaian syncline with the enveloping Birimian rocks of the Sunyani and Maluwe Basins have been thrusted and sheared. The Birimian stratigraphy comprises of lightly metamorphosed argillites, wackes, volcaniclastics and volcanics through which trend multiple, large and parallel, NE-oriented sheared corridors of deformation.
The area covered by the Bui Belt has a low population density, making it conducive to mining exploration. Power lines crisscross the region and recently in September 2007 the President of Ghana opened construction of the Bui Hydroelectric Dam. This will see 400 Megawatts of power being generated in the region by 2012.
Birim Goldfields was drawn to the region by the potential of the Tarkwaian sediments and has over time undertaken regional and systematic exploration across the entire Bui Belt with specific attention being given to both Tarkwaian and Birimian gold targets.
The Sefwi Belt
The Sefwi Belt is a 40-60km wide typical Birimian volcanic belt, striking 220 km in Ghana and extends SW to the coast in Côte d'Ivoire. It is located north of, and parallel to, the prolific Ashanti Gold Belt, which hosts many of Ghana's active producing gold mines.
Geology
The Sefwi Belt is dominated by mafic volcanics, metasediments and intrusive granitoids. The belt is sandwiched between adjacent sedimentary basins (Sunyani Basin to the west and the Kumasi Basin to the east) and the shared margins are highly faulted and sheared. These northeast trending marginal faults are traceable along the full length of the belt. In addition, there are major prospective faults within the interior of the belt that splay off and link the marginal fault structures that are associated with gold mineralization. Late east-northeast trending crosscutting oblique lineaments are seen in regional data sets and are seen to be represented by similarly oriented structures at the deposit level which are also associated with gold mineralization.The overall structural fabric of the belt is NE.
Birim Goldfields was drawn to the potential of the region by the significant gold discoveries that led to the successful development of Newmont's world-class Ahafo Mine and Redback's Chirano Mine, both of which highlight the under appreciated exploration potential of this gold belt.
The Ashanti Belt
The Ashanti Belt has the longest history of gold mining and is consequently the most understood of Ghana's gold belts. The area was the focus for gold exploitation in pre-colonial times when small scale artisanal mining extracted gold for traditional authorities whose culture attached great significance and value to the metal.
There are two styles of gold mineralization encountered on the Ashanti Belt. Typical shear zone hosted deposits are focussed on the aforementioned marginal structures and on splays of these structures. Deposits of this type on the Ashanti Belt include Obuasi, Konongo, Prestea, Bogosu, Damang, Akyem, Salman, Anwia, Wassa, Mampon, Sian and Konongo. The other deposit type is the Witwatersrand-style conglomerate hosted deposits. Examples of this deposit type on the Ashanti Belt include Tarkwa, Abosso, Teberebie and Iduapriem.
The belt has been extensively explored over the last 15 years and could arguably be considered a mature exploration area. However major, mid-tier and junior companies continue to extend known resources and discover new deposits, which have the potential to develop into new standalone operations or supplementary resources for the many infrastructure hubs that are spread along the length and breadth of the Ashanti Belt.
BURKINA FASO
The Hounde Belt
The Hounde Belt is one of several Birimian greenstone belts flanked by granitoids of various ages and basement gneisses covering most of Burkina Faso. It is located approximately 260km west of Ouagadougou and 160km east of the Mali border. This north trending belt extends for over 320km from northwestern Burkina Faso to the Cote d'Ivoire border and then for a further 205km in Cote d'Ivoire.
Virtually the entire belt is under exploration or exploitation license with a number of Canadian and Australian companies very actively carrying out exploration programs which have already delivered significant gold resources. These include Semafo, Orezone, Birim, Goldrush, Goldbelt, Riverstone and several local Burkinabi companies. Semafo is currently constructing the Mana mine, which is expected to commence production in Quarter 1 of 2008. The Mana mine has total gold reserves and resources of approximately 1,650,000 ounces. Orezone have defined a 200,000 ounce gold resource for the Bondi Project.
The Boromo
The Boromo Greenstone Belt is part of the prolific Paleoproterozoic (Birimian) greenstone belts of the West African craton. It trends roughly north to northeast from the southernmost border of the country through to central Burkina Faso, over about 400km length. It extends into northwestern Ghana, where it is known as the Wa-Lawra belt. Lithologies in the belt are dominated by mafic to intermediate lavas, tuffs and volcanoclastic sediments, which have in places been intruded by dioritic and gabbroic stocks.
The Boromo greentone belt hosts a large number of significant gold and base metal deposits. This includes the Poura gold deposit, the Bonga lateritic nickel occurrence and the Perkoa volcanogenic zinc massive sulphide deposit. The Poura underground gold mine, the first industrial gold exploitation in the country, produced in excess of 0.7million ounces of gold until its closure in the late 1990s. AIM Resources is currently developing the Perkoa zinc VMS deposit in the northern half of the belt, with a JORC compliant reserve of 6.3Mt at 14.5% zinc. Recent work by Azumah Resources Ltd at their Kunche Deposit, in the Ghanaian branch of the belt, has returned positive results with a recent resource reported of 8.5Mt grading 1.9g/t Au for 516Kozs Au.
The Boromo belt is presently the scene of intensive mineral exploration carried out by a multitude of foreign and local companies.
Geographical Spread
Accra, Ghana and Ouagadougou, Burkina Faso
Board of Directors and Key Management
| Denis Simoneau | Chairman, Director |
| Kevin Bullock | President & CEO and Director |
| Victor King | Chief Operations Officer and Director |
| Rob Whittall | Chief Financial Officer, Secretary and Director |
| Guy Franceschi | Vice President Exploration |
| Dylan Pillay | Controller |
| Gordon Bogden | Director |
| Lew Lawrick | Director |
| Bob Francis | Director |
| Richard Zongo | Senior Project Geologist |
| Raphaël Goama Zoungrana | Country Manager, Burkina Faso |
Company AddressSuite 602 - 67 Yonge Street
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Additional Address/Key ContactGHANA OFFICE |
CapitalShares Outstanding; 53,247,812
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Annual General MeetingAugust | Year EndMarch 31st |
Related News
20/01/10 - Volta’s Share Price Has Doubled In The Past Month, As Drilling At The Kiaka Gold Project In Burkina Faso Has Come Up Trumps09/09/09 - Volta Resources Acquires Randgold’s 2.65 Million Ounce Kiaka Project For C$7 Million In Cash And Shares
30/07/09 - Volta Resources Bangs Its Head Up Against Ghanaian Bureaucracy, But It’s Full Steam Ahead In Burkina Faso
30/06/09 - Volta Resources Is Starting To Get A Good Handle On The Geology Down On Its Burkina Faso Projects
17/03/09 - Volta Resources Looks To Expand Its West African Resource Base By Means Of The Drill-Bit And Through Acquisitions
27/11/08 - Volta Resources Positions Itself As The West African Gold Consolidator Of Choice
Most Recent Statement
08/03/10 - Volta Drilling Extends The Mineralization At Its Gongondy Copper-Gold Porphyry Deposit At Its Gaoua Project In Southwestern Burkina Faso02/03/10 - Volta Intersects 82.10 Meters At 2.27 g/t Gold From Its Kiaka Gold Project In Burkina Faso
26/02/10 - Volta Drilling Confirms A New Porphyry Copper Target At Its Gaoua Project In Southwestern Burkina Faso
11/02/10 - Volta Reports Additional Positive Results from Target Zone B at the Mamena-Fofora Prospect at Kampti in SW Burkina Faso
04/02/10 - Volta Resources Intersects 191 Meters At 1.31 G/T Gold At Its Kiaka Gold Project In Burkina Faso
28/01/10 - Volta Intersects 15 Metres @ 4.45g/t Gold At Its Nassara Gold Prospect In Southwestern Burkina Faso