TORONTO, May 23 /PRNewswire-FirstCall/ -- Goldbelt Resources Ltd. (TSXV: GLD) is pleased to announce results from surface grab samples at Gassel Garafo in the Belahouro tenement and Mandiasso and Diosso in the Bougouriba region, south of Goldbelt's Hounde tenements. These samples have returned encouraging gold (Au) results, confirming surface sampling from previous work programs and providing new resource targets for Goldbelt's 2006 exploration drilling campaign.
New Exploration Area in Belahouro: Gassel Garafo
------------------------------------------------
Gassel Garafo is located approximately 25km east of the Inata Project and 3km northwest of the Fete Kole project.
Grab rock samples have been undertaken in the vicinity of an active artisanal gold mining area where carbonate alteration with silicification and pyrite alteration is seen in volcanic sediment. Analysis of these sample results indicate economic gold grades. Of the 17 samples taken, 41% showed results above 1g/t and 53% above 0.5g/t. Significant assay results are outlined in the following table:
-------------------------------------------------------------------------
GASSEL GARAFO ROCK LOCATION AND RESULTS GOLD greater than 2g/t
-------------------------------------------------------------------------
Sample
No. Northing Easting Description Au g/t
-------------------------------------------------------------------------
R120803 1590220 713640 Silicified Host rock rich in pyrite 5.94
-------------------------------------------------------------------------
R120805 1589775 714260 Quartz vein +boxworks from 20m pit 8.30
-------------------------------------------------------------------------
R120806 1589735 714290 Silicified Host rock+pyrite from 20m pit 8.24
-------------------------------------------------------------------------
R120807 1589650 714325 Silicified Host rock+pyrite from 20m pit 2.62
-------------------------------------------------------------------------
R120808 1589545 714370 Quartz vein from pit 22.4
-------------------------------------------------------------------------
R120812 1589395 714225 Silicified+pyrite rock from old pit (~3m) 18.2
-------------------------------------------------------------------------
The samples were collected over an area approximately 15.5km(2), and taken from artisanal workings consisting mainly of pits along parallel zones striking N150 degrees E. The workings appear to follow a shear zone within a corridor between 150 to 350m wide.
Goldbelt has started the 2006 exploration program within the Belahouro project areas. Exploration activity at Gassel Garafo and Fete Kole will consist of initial geochemical and geophysical surveys, followed by an extensive drilling program, including rotary air blast (RAB), reverse circulation (RC) and diamond core drilling program.
For a map detailing Belahouro and the Gassel Garafo project area, please see http://www.goldbeltresources.com/May23-06.pdf.
New Prospects Discovered: Mandiasso & Diosso
--------------------------------------------
The Mandiasso and Diosso tenements are located in the Bougouriba Region, south of the Hounde Belt, approximately 300km south-west of Ouagadougou. Samples were collected in a region of active artisanal mining and include rock samples excavated from mineralized zones approximately 25m below surface. Goldbelt is particularly impressed with samples from the Mandiasso & Diosso region and it is proposed to conduct a follow up geochemical survey to establish target locations for the future drilling program.
Mandiasso results included 82 individual samples the total average of which was 4.1g/t Au. 44% of the results were above a 2g/t cutoff, and 66% were above a 0.5g/t cutoff grade. Significant results, samples above 4g/t, are included in the table below.
-------------------------------------------------------------------------
MANDIASSO ROCK LOCATION, DESCRIPTION AND GOLD greater than 4g/t
-------------------------------------------------------------------------
Sample ID Easting Northing Description Au (g/t)
-------------------------------------------------------------------------
R113595 407100 1204000 Host rock color intemet, very altered 7.00
-------------------------------------------------------------------------
R113598 407040 1203950 Small qz vein from pit, ~20m depth 18.3
-------------------------------------------------------------------------
R113600 406970 1203860 big qz + small qz vein from pit,
7m depth 11.8
-------------------------------------------------------------------------
R113605 407016 1203805 Host rock took from pit of a
big gold washing 14.5
-------------------------------------------------------------------------
R113607 407800 1204765 Big qz and qz veinlets from pit 9.70
-------------------------------------------------------------------------
R113611 409640 1198533 Big qz, very wide, from pit
10m depth 4.00
-------------------------------------------------------------------------
R113613 409760 1199100 Smoky and milky, pit 10m/15m depth 6.60
-------------------------------------------------------------------------
R113614 409690 1199130 Qz near a big rock brechified/dome 8.20
-------------------------------------------------------------------------
R113681 403715 1196620 Qz from pits 9.80
-------------------------------------------------------------------------
R113683 403715 1196530 Qz from pits 18.4
-------------------------------------------------------------------------
R113684 403715 1196530 Rock from pits 6.30
-------------------------------------------------------------------------
R113686 403710 1196500 Rock from pits 7.90
-------------------------------------------------------------------------
R113687 403705 1196430 Qz from pits 8.00
-------------------------------------------------------------------------
R113693 403675 1196250 Qz from pits 8.80
-------------------------------------------------------------------------
R113694 403675 1196250 Rock from pits 9.00
-------------------------------------------------------------------------
R113695 403665 1196190 Qz from pits 24.90
-------------------------------------------------------------------------
R113696 403665 1196190 Rock from pits 8.10
-------------------------------------------------------------------------
R113697 403640 1196140 Qz from pits 6.40
-------------------------------------------------------------------------
R113699 403620 1196080 Qz from pits 10.20
-------------------------------------------------------------------------
R113704 406155 1204320 Qz from pits with sulfures 5.10
-------------------------------------------------------------------------
R113706 406700 1204675 Qz from pits 6.50
-------------------------------------------------------------------------
R113708 408120 1205050 Qz from pits 16.20
-------------------------------------------------------------------------
R113710 412060 1204050 Qz from pits 18.20
-------------------------------------------------------------------------
R113713 405920 1197705 Qz from pit 5.80
-------------------------------------------------------------------------
R114071 406180 1204300 Host fresh rock from pit. Qz veinlet
pleut of sul 13m 5.10
-------------------------------------------------------------------------
R114072 406170 1204290 Qz from pit 13m depht 8.40
-------------------------------------------------------------------------
R114081 407100 1212420 Silicified, green alt host rock. 4.32
-------------------------------------------------------------------------
R114082 407100 1212420 Qz from big pit (dump) 7.40
-------------------------------------------------------------------------
66 individual samples were taken from Diosso with total average grades of 3.5g/t Au. The most significant results above 4g/t are included in the following table.
-------------------------------------------------------------------------
DIOSSO ROCK LOCATION, DESCRIPTION AND GOLD greater than 4g/t
-------------------------------------------------------------------------
Sample ID Easting Northing Description Au (g/t)
-------------------------------------------------------------------------
R113624 401275 1189215 Host rock injected by many
qz veinlets 4.1
-------------------------------------------------------------------------
R113625 401275 1189215 Qz vein 4.71
-------------------------------------------------------------------------
R113628 408450 1194040 Smoky big qz vein, pit ~ 17m depth 22.2
-------------------------------------------------------------------------
R113631 411365 1181698 Smoky and milky qz 5.8
-------------------------------------------------------------------------
R113741 403600 1196000 Qtz from pits 6.8
-------------------------------------------------------------------------
R113755 401260 1190230 Qtz from pits 40.7
-------------------------------------------------------------------------
R113756 401260 1190230 Rock from pits 10.4
-------------------------------------------------------------------------
R113760 400985 1189830 Rock from pits 6.4
-------------------------------------------------------------------------
R113761 399715 1187240 Qtz from pits 8.6
-------------------------------------------------------------------------
R114052 403074 1195500 Qz from pit 0.5m wide 4.8
-------------------------------------------------------------------------
R114057 403970 1196585 schistosed fresh host rock +
sulphides, N10 5.3
-------------------------------------------------------------------------
R114058 403720 1196560 Host rock from pit 25m depth;
sch. + py 41.5
-------------------------------------------------------------------------
For a map showing Burkina Faso and Goldbelt's tenements in the Bougouriba and Hounde regions, please see http://www.goldbeltresources.com/May23-06.pdf.
Collin Ellison, President and CEO, is the qualified person and has reviewed the results, sampling procedures and data contained in this release. Goldbelt Resources Ltd. is a Canadian resource company focused on exploring and developing known gold prospects in Burkina Faso.
GOLDBELT RESOURCES LTD.
Per: "Collin Ellison"
Collin Ellison, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements contained in this disclosure document constitute forward-looking statements which are not historical facts and are made pursuant to the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. When used in this document, words like "anticipate", "believe", "estimate" and "expect" and similar expressions are intended to identify forward-looking statements.
Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.
The United States Securities and Exchange Commission permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this disclosure document such as resources that are prescribed by Canadian regulatory policy and guidelines but are not provided for in the SEC guidelines on publications and filings.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements.
ADDENDUM
--------
All results above 1g/t:
-------------------------------------------------------------------------
Sample
No. Easting Northing Description Au g/t
-------------------------------------------------------------------------
Gassel Garafo
-------------------------------------------------------------------------
R120803 713640 1590220 Silicified Host rock rich in pyrite 5.94
-------------------------------------------------------------------------
R120804 713935 1590360 Mafic rock+Qtz veinlets from pit 1.28
-------------------------------------------------------------------------
R120805 714260 1589775 Quartz vein +boxworks from 20m pit 8.30
-------------------------------------------------------------------------
R120806 714290 1589735 Silicified Host rock+pyrite from
20m pit 8.24
-------------------------------------------------------------------------
R120807 714325 1589650 Silicified Host rock+pyrite from
20m pit 2.62
-------------------------------------------------------------------------
R120808 714370 1589545 Quartz vein from pit 22.40
-------------------------------------------------------------------------
R120812 714225 1589395 Silicified+pyrite rock from old
pit (~3m) 18.20
-------------------------------------------------------------------------
Mandiasso
-------------------------------------------------------------------------
R113595 407100 1204000 Host rock color intemet, very
altered 7.00
-------------------------------------------------------------------------
R113596 407100 1204000 Big quartz with qz vein into the
shear zone 1.51
-------------------------------------------------------------------------
R113598 407040 1203950 Small qz vein from pit,~20m depth 18.30
-------------------------------------------------------------------------
R113600 406970 1203860 big qz + small qz vein from pit,
7m depth 11.80
-------------------------------------------------------------------------
R113601 406955 1203820 Host rock color intemet, altered
injected by qz 2.36
-------------------------------------------------------------------------
R113602 406955 1203820 Big qz + qz veinlets from pit
~10m depth 2.24
-------------------------------------------------------------------------
R113603 406955 1203820 Big qz + qz veinlets from pit
~10m depth 2.24
-------------------------------------------------------------------------
R113605 407016 1203805 Host rock took from pit of a big
gold washing 14.50
-------------------------------------------------------------------------
R113606 406950 1203606 Smoky and milky qz from pit of a
big washing 1.68
-------------------------------------------------------------------------
R113607 407800 1204765 Big qz and qz veinlets from pit 9.70
-------------------------------------------------------------------------
R113608 413000 1209830 Smoky qz 1.44
-------------------------------------------------------------------------
R113611 409640 1198533 Big qz, very wide , from pit 10m
depth 4.00
-------------------------------------------------------------------------
R113613 409760 1199100 Smoky and milky,pit 10m/15m depth 6.60
-------------------------------------------------------------------------
R113614 409690 1199130 Qz near a big rock brechified/dome 8.20
-------------------------------------------------------------------------
R113681 403715 1196620 Qz from pits 9.80
-------------------------------------------------------------------------
R113682 403715 1196620 Rock from pits 1.05
-------------------------------------------------------------------------
R113683 403715 1196530 Qz from pits 18.40
-------------------------------------------------------------------------
R113684 403715 1196530 Rock from pits 6.30
-------------------------------------------------------------------------
R113685 403710 1196500 Qz from pits 1.29
-------------------------------------------------------------------------
R113686 403710 1196500 Rock from pits 7.90
-------------------------------------------------------------------------
R113687 403705 1196430 Qz from pits 8.00
-------------------------------------------------------------------------
R113688 403705 1196430 Rock from pits 1.66
-------------------------------------------------------------------------
R113690 403700 1196375 Rock from pits 2.14
-------------------------------------------------------------------------
R113692 403685 1196300 Rock from pits 1.06
-------------------------------------------------------------------------
R113693 403675 1196250 Qz from pits 8.80
-------------------------------------------------------------------------
R113694 403675 1196250 Rock from pits 9.00
-------------------------------------------------------------------------
R113695 403665 1196190 Qz from pits 24.90
-------------------------------------------------------------------------
R113696 403665 1196190 Rock from pits 8.10
-------------------------------------------------------------------------
R113697 403640 1196140 Qz from pits 6.40
-------------------------------------------------------------------------
R113698 403640 1196140 Rock from pits 1.82
-------------------------------------------------------------------------
R113699 403620 1196080 Qz from pits 10.20
-------------------------------------------------------------------------
R113700 403620 1196080 Rock from pits 1.25
-------------------------------------------------------------------------
R113704 406155 1204320 Qz from pits with sulfures 5.10
-------------------------------------------------------------------------
R113706 406700 1204675 Qz from pits 6.50
-------------------------------------------------------------------------
R113708 408120 1205050 Qz from pits 16.20
-------------------------------------------------------------------------
R113710 412060 1204050 Qz from pits 18.20
-------------------------------------------------------------------------
R113713 405920 1197705 Qz from pit 5.80
-------------------------------------------------------------------------
R114071 406180 1204300 Host fresh rock from pit.
Qz veinlet pleut of sul 13m 5.10
-------------------------------------------------------------------------
R114072 406170 1204290 Qz from pit 13m depht 8.40
-------------------------------------------------------------------------
R114073 406170 1204340 Qz veinlet from pit 11m depth oxy 1.64
-------------------------------------------------------------------------
R114074 406175 1204310 Big Qz vein epid carrie in pit
10m depth 1.70
-------------------------------------------------------------------------
R114075 406170 1204250 Qz epidot from pit carrie 3.20
-------------------------------------------------------------------------
R114076 406165 1204235 Green host schist rock 6m depth 1.65
-------------------------------------------------------------------------
R114077 406211 1204190 Host silicified schistosed rock
9m depth 1.18
-------------------------------------------------------------------------
R114078 406210 1204165 Qz veinlet from pit 5m depth 1.05
-------------------------------------------------------------------------
R114080 406660 120275 White smoky qz from pit 3.50
-------------------------------------------------------------------------
R114081 407100 1212420 Silicified, green alt host rock. 4.32
-------------------------------------------------------------------------
R114082 407100 1212420 Qz from big pit (dump) 7.40
-------------------------------------------------------------------------
Diosso
-------------------------------------------------------------------------
R113622 401261 1189166 Host rock, shear zone injected
by qz veinlets 2.98
-------------------------------------------------------------------------
R113624 401275 1189215 Host rock injected by many qz
veinlets 4.10
-------------------------------------------------------------------------
R113625 401275 1189215 Qz vein 4.71
-------------------------------------------------------------------------
R113627 408440 1194085 Brown and grey host rock altered,
pit 1.79
-------------------------------------------------------------------------
R113628 408450 1194040 Smoky big qz vein, pit ~17m depth 22.20
-------------------------------------------------------------------------
R113631 411365 1181698 Smoky and milky qz 5.80
-------------------------------------------------------------------------
R113741 403600 1196000 Qtz from pits 6.80
-------------------------------------------------------------------------
R113742 403600 1196000 Rock from pits 3.31
-------------------------------------------------------------------------
R113744 403575 1195940 Rock from pits 1.03
-------------------------------------------------------------------------
R113745 403545 1195845 Qtz from pits 1.95
-------------------------------------------------------------------------
R113746 403545 1195845 Rock from pits 2.23
-------------------------------------------------------------------------
R113749 408440 1193960 Qtz from pits 3.20
-------------------------------------------------------------------------
R113754 401285 1190285 Rock from pits 1.99
-------------------------------------------------------------------------
R113755 401260 1190230 Qtz from pits 40.70
-------------------------------------------------------------------------
R113756 401260 1190230 Rock from pits 10.40
-------------------------------------------------------------------------
R113757 401100 1190020 Qtz from pits 3.90
-------------------------------------------------------------------------
R113759 400985 1189830 Qtz from pits 1.90
-------------------------------------------------------------------------
R113760 400985 1189830 Rock from pits 6.40
-------------------------------------------------------------------------
R113761 399715 1187240 Qtz from pits 8.60
-------------------------------------------------------------------------
R114046 402280 1195845 Qz vein from pit 20m depth
+ sulphides;N45 1.93
-------------------------------------------------------------------------
R114052 403074 1195500 Qz from pit 0.5m wide 4.80
-------------------------------------------------------------------------
R114056 403780 1196725 Host rock from pit (20m depth)
+ sulphides 3.90
-------------------------------------------------------------------------
R114057 403970 1196585 schistosed fresh host rock
+ sulphides, N10 5.30
-------------------------------------------------------------------------
R114058 403720 1196560 Host rock from pit 25m depth;
sch. + py 41.50
-------------------------------------------------------------------------
R114061 404020 1196700 Fresh host rock, pleinty of
sulphides 1.50
-------------------------------------------------------------------------
