(DAU.V) May 23, 2019 – Desert Gold Ventures Inc. announces that, subject to approval by the TSX Venture Exchange, it will conduct a non-brokered private placement of up to 15.625 million units at a price of $0.16 per unit to raise up to an aggregate of up to $2.5 million.
Each unit will consist of one common share in the equity of the company and one share-purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of $0.24 per common share for a period of two years from the closing of the financing.
The proceeds of the financing will be used primarily for drilling, property acquisition, and other exploration work at the company’s flagship Senegal Mali Shear Zone project in western Mali, and for general working capital purposes. The company may pay a finder’s fee to qualified finders in respect to the financing. Securities issued as a result of the financing will be subject to a statutory hold period.
SMSZ Project priority drill targets include: Barani East to follow-up on an intercept of 6.3 g/t gold over 13 metres; KE zone to follow up on several intercepts highlighted by 5.89 g/t gold over 8 metres; the Frikidi area, where more than three mineralized trends, with multiple grab samples returning values of greater than 100 g/t gold; an inferred structural intersection zone of three known mineralized trends and; targets generated by field staff during the last few months of mapping and prospecting.
As well, upon closing of the Ashanti Gold acquisition, a substantial effort will be directed towards modelling the significant amount of mineralization that has been discovered at the Gourbassi East and West zones and surrounding area. Highlighted drilling from the Gourbassi East and West zones include 2.86 g/t gold over 43 metres, 4.36 g/t gold over 13 metres, 2.04 g/t gold over 75 metres and 8.02 g/t gold over 10 metres.
Desert Gold Ventures is a gold exploration and development company which holds three gold exploration permits in western Mali (Farabantourou, Segala West and Djimbala) and its Rutare gold project in central Rwanda.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.