Cassidy Gold Corp. - Press Release - Secular Bull

2005-11-23 14:05 ET - News Release
Mr. James Gillis reports
DRILLING UPDATE AT CASSIDY GOLD'S KOUROUSSA GOLD PROJECT, GUINEA

Cassidy Gold Corp. has provided the following update of exploration activities on its 100-per-cent-owned Kouroussa project, located in Guinea, West Africa. Reverse circulation (RC) drilling resumed on Oct. 10 initially targeting the Sodyanfe area and KD-1 zone. RC drilling is currently testing the Sanu Folo zone. A RAB drill was mobilized to the property on Oct. 28. To Nov. 13, a total of 5,211 metres of RC in 47 holes and 4,249 metres of RAB in 77 holes had been completed.

A total of 3,392 metres in 31 RC holes tested the north-trending Ridge zone and the northwest-trending Bag Farm zone. Preliminary results (four-metre composites) for KRC669 to KRC689 were previously released (see Cassidy Gold news release in Stockwatch dated Nov. 4, 2005) and partial results for one-metre splits (KRC669 to KRC689) are presented in table 1. New samples have been collected and submitted for assay -- both four-metre composite and one-metre splits -- to resolve the discrepancy between the four-metre and one-metre splits in hole No. KRC669. Preliminary four-metre composite sample results for KRC701 to KRC710 are presented in table 2. Highlights include 1.60 grams per tonne (g/t) gold (Au) over 14.0 metres in KRC688 (one-metre splits) and 2.07 g/t Au over 36.0 metres in KRC710 (four-metre composites).

Ten RC holes have been drilled scissoring KRC669 (KRC701 and KRC702), KRC380 (KRC703 to KRC705), KRC679 (KRC706 and KRC707) and KRC688 (KRC708 to KRC710). Preliminary results based on four-metre composites, demonstrate that the zone is consistent on section and has the potential to host a large, low-grade resource. Additional infill drilling is planned along the Ridge zone (KRC669, KRC380 and KRC679) and along strike of the Bag Farm zone (KRC688 and KRC710).

A line of RAB holes has been completed 150 metres to 200 metres north of the northernmost RC holes to test if the Ridge zone continues to the north. A total of 786 metres in 16 holes traverse the northern portion of the Sodyanfe soil geochemical anomaly and the southern extension of the X-Vein trend.

Eleven holes totalling 1,199 metres of RC drilling tested a number of targets along the KD-1 mineralized trend. Two of the holes tested the Koekoe Creek zone further north. Highlights include 1.46 g/t Au over 8.0 metres in KRC691, 3.33 g/t Au over 4.0 metres in KRC693 and 4.07 g/t Au over 4.0 metres in KRC494. Table 3 includes results from one-metre sample splits while table 4 includes results from four-metre composites. Results for one-metre splits of the four-metre composites should be available shortly. Further drilling is planned.

The Western Lode lies 150 metres to 250 metres west of the Sanu Filanan zone. Mineralization was intersected in May, 2005, in a series of fenced RC holes that indicated quartz structures in sedimentary rocks near a contact with gabbroic rocks. To date, five drill holes, KRC711 to KRC715, totalling 620 metres have tested the Western Lode mineralized trend. Results are expected shortly.

RC drilling has just commenced on the Sanu Folo zone to follow up exciting results from May, 2005, including 51.47 g/t Au over 25.0 metres in KRC565. A series of holes spaced initially at 40 metres on lines 80 metres apart will attempt to better define the west-northwest trending structure.

A fence of 50 RAB holes totalling 3,251 metres cut across the Marie geochemical anomaly. Results have been received for the first 34 holes, indicating two potential mineralized zones. KRAB022 intersected a four-metre interval of 1.01 g/t Au and KRAB028 intersected a similar zone of 2.72 g/t Au.

Soil geochemical sampling is proceeding on the Tambiko grid on the east side of the Tambiko permit at Kouroussa. To date, 329 samples have been collected at a 250-metre sample spacing to follow-up initial 500-metre-spaced soil geochemistry.

Fugro Airborne Surveys has been contracted to fly helicopter-borne Midas magnetics and radiometrics survey over the Kouroussa and Siguiri properties beginning Nov. 25, 2005. Also, RSG Global has been contracted to conduct a preliminary pit optimization study as part of an overall program to identify new gold resources in the Sanu Filanan-JJ-Sanu Folo area.

The Kouroussa and Siguiri properties together cover 1,031 square kilometres of the Siguiri basin, a succession of volcano-sedimentary rocks of Birimian age. Birimian rocks host virtually all the gold mines in West Africa.

The exploration team in Guinea is headed by project manager Nick Hewson of RSG Global. Christopher J. Wild, PEng, vice-president exploration for Cassidy Gold, and the qualified person as defined by National Instrument 43-101, is currently on-site and is responsible for the preparation of the technical information in this release.

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