Koulou Gold Drills 26.0m at 2.37 g/t Au incl. 18.0m at 3.15 g/t Au at the Sakassou Project, Côte d’Ivoire

July 8, 2024

Vancouver, British Columbia, July 8, 2024 – Koulou Gold Corp. (“Koulou Gold” or the “Company”) is pleased to announce the results of the 2024 drill program at the Sakassou Project, located in central Côte d’lvoire.  Assays from 95 reverse circulation (RC) drill holes, totalling 10,153 meters of drilling completed in May, are reported herein.

Drilling Highlights include the following:

BWRC24-006: 26.0m at 2.37 g/t Au incl. 18.0m at 3.15 g/t Au, which incl. 3.0m at 5.55 g/t Au
BWRC24-008: 22.0m at 1.33 g/t Au incl. 4.0m at 4.00 g/t Au
BWRC24-012: 26.0m at 1.12 g/t Au incl. 3.0m at 3.16 g/t Au 
BWRC24-015: 13.0m at 1.69 g/t Au incl. 5.0m at 3.92 g/t Au, which incl. 3.0m at 5.69 g/t Au
BWRC24-007: 19.0m at 1.09 g/t Au incl. 3.0m at 3.77 g/t Au
BWRC24-021: 23.0m at 0.82 g/t Au incl. 3.0m at 3.80 g/t Au
BWRC24-014: 16.0m at 1.13 g/t Au
ERC24-001: 12.0m at 1.26 g/t Au incl. 1.0m at 10.40 g/t Au
ERC24-025: 21.0m at 0.68 g/t Au incl. 1.0m @ 7.10 g/t Au

Figure 1. Bravo Target drill results summary and geology map
Figure 1

Discussion of Results

The 2024 RC drill program at the Sakassou Project was designed to test along strike, with broad step-outs, at Bravo West as well as test several new regional targets at the Echo and Charlie prospects generated from detailed geochemical, ground magnetic and IP surveys completed in 2022-2023 (see press release dated March 27, 2024). Broadly consistent mineralisation was intersected throughout the Bravo West structural corridor (Figures 1, 2, and 3) and additional gold mineralisation was confirmed testing new target areas at Echo and Charlie (Figures 4 and 5; Table 1). 

Alex Ruggieri, CEO of Koulou, commented, “The 2024 Sakassou RC program continued to exhibit wide zones of consistent mineralisation in broad step-out and infill drilling within the Bravo structural corridor. The discovery of a new parallel structure has the potential to add additional scale to this newly discovered gold system which remains open with significant room to grow both at depth and along strike.”

Figure 2. Bravo West long section looking northwest (TOFR = Top of fresh rock)
Figure 2

Bravo West Target

The 2024 drill program at Bravo successfully confirmed consistent grade and widths and uncovered an additional 300m of strike length towards the northeast at Bravo West increasing the size of the mineralised footprint to 1.3 kilometers by up to 160m wide (summary of 2024 results summarized in Table 1). BWRC24-006 intersected 2.37 g/t Au over 26m towards the southwestern margin of the current footprint and BWRC-021 intersected 0.82 g/t Au over 23m at the northeastern end of the current footprint (Figures 1 & 2). Additionally, BWRC24-009 intersected 0.63 g/t Au over 23m within a new parallel mineralised sandstone lens, which could significantly increase the volume of mineralised rock at Bravo West (Figures 1, 2, 3). Gold mineralisation at the Bravo West trend is mainly hosted within quartz stockwork that preferentially formed in deformed sandstone/conglomerate horizons (Figures 1 & 3).

Figure 3. Bravo West section A Interpretation (TOFR = Top of fresh rock, Sect. Az: 135°, thickness 80m) 
Figure 3

Intersection lineations between the dominant foliation and bedding measured at Bravo West plunge moderately towards the northeast (31/042°). This intersection lineation is expected to be parallel to the plunge of the fold-hinges of the mapped folds. Fold-hinges typically form zones of more robust mineralisation where more intense fracturing could have occurred especially in more competent lithologies such as sandstone and conglomerates. The red arrows on the long section at Bravo West represent the orientation of the measured intersection lineations and suggest a potential orientation of a plunging shoot of more robust mineralisation (Figure 2).

The main Bravo West trend is interpreted to sit along the margin of a late orogenic fault-bounded Tarkwaian equivalent sedimentary basin. The main Bravo West trend has only been tested to approximately 100m vertical depth (Figure 2) and remains open at depth and towards the northeast for approximately 2 kilometers (Figure 1). The highest grade and best intercepts to date (33.0m at 2.38 g/t Au) have been hosted in fresh rock, below 50m vertical from surface (Figure 2). The next phase of exploration at Bravo West will systematically test at depth and along strike with oriented diamond core to better understand the geometry of gold mineralisation along this structural corridor.

Echo Target

The drill program at Echo confirmed the broad zone of 0.33g/t Au over 62m intersected in trench ETR05A (see press release dated March 27, 2024) with a fence that intersected alteration and sulphides hosted within siltstone and sandstones. Gold was intersected in several holes, including ERC24-007 which returned several anomalous zones, including 0.44 g/t Au over 19m. Also, ERC24-001 tested beneath ESRC-026 (ended in mineralisation and intersected 6.94 g/t Au over 5m; see press release dated March 31, 2022) and returned 1.26 g/t Au over 12m. Additionally, ECR24-025 tested under a new artisanal pit and intersected 0.68 g/t Au over 21.0m and remains open in all directions (Figure 4). Gold mineralisation at Echo seems to be spatially associated with faulting/shearing parallel to axial planes and transposed limbs of regional folds.

Figure 4. Echo Target drill results summary and geology map
Figure 4

Charlie Target

The robust three-kilometer-long and up to 350m wide, in-situ, gold-in-soil geochemical anomaly at Charlie is spatially associated with an oblique splay of a major domain boundary observed in the magnetic map and spatially associated with high-chargeability and high-resistivity anomalies (see press release dated March 27, 2024). Intense zones of sericite alteration, silicification, quartz veining, and sulphides hosted in mafic-intermediate volcanics, mafic-intermediate intrusive rocks, and clastic sedimentary rocks were intersected along this trend. Gold mineralisation was intersected in several holes along this structural corridor, including CRC24-020 which intersected 1.31 g/t Au over 6.0 m (Figure 5).

Figure 5. Charlie Target drill results summary and geology map
Figure 5

Table 1. Summary of 2024 Au composite results at Sakassou. (Significant intercepts were generated in Seequent Target software using the following specifications: minimum composite grade: 0.25 g/t Au, minimum composite length: 3.0m, cutoff grade: 0.25 g/t Au, maximum internal dilution length: 3.0m, Minimum internal dilution grade: 0.0 g/t Au)

HOLE ID From (m) To (m) Interval (m) Au (g/t) Grade*Thickness (g/t Au * m)
BWRC24-001   22 34 12 0.74 8.82
BWRC24-003   85 94 9 1.36 12.22
incl. 89 92 3 3.40  
BWRC24-006   34 60 26 2.37 61.56
incl. 34 52 18 3.15  
incl. 41 44 3 5.55  
BWRC24-007   142 161 19 1.09 20.79
incl. 146 149 3 3.77  
and  166 173 7 0.92 6.41
BWRC24-008   101 123 22 1.33 29.17
incl. 119 123 4 4.00  
BWRC24-009   24 47 23 0.63 14.51
BWRC24-012   84 110 26 1.12 29.02
incl. 96 99 3 3.16  
BWRC24-013   43 62 19 0.78 14.83
BWRC24-014   110 126 16 1.13 18.01
BWRC24-015   25 33 8 0.64 5.13
and 37 50 13 1.69 22.03
incl. 37 42 5 3.92  
and incl. 39 42 3 5.69  
BWRC24-016   131 147 16 0.48 7.66
BWRC24-017   8 26 18 0.76 13.71
BWRC24-018   44 58 14 0.64 8.93
BWRC24-021   8 31 23 0.82 18.84
incl. 15 18 3 3.80  
BERC24-005   57 60 3 2.15 6.44
ERC24-001   82 94 12 1.26 15.09
incl. 90 93 3 3.74  
and 122 128 6 1.22 7.33
ERC24-002   71 78 7 1.08 7.53
ERC24-007   10 29 19 0.44 8.33
 and 35 39 4 1.62 6.48
ERC24-017   50 67 17 0.59 9.97
ERC24-022   95 100 5 1.38 6.92
ERC24-025   32 53 21 0.68 14.32
CRC24-002   11 21 10 0.46 4.6
CRC24-013   78 81 3 1.45 4.35
CRC24-020   55 61 6 1.31 7.86

Sakassou Mapping

Recent mapping efforts uncovered several new lithologies at Sakassou, most notably including the polymictic conglomerates at Bravo-East with rounded and elongated quartz (quartz vein and cherty material) pebbles, detrital magnetite, and elongated clasts with well developed earlier foliations oblique to the clast alignment and bedding trace (Figures 6 & 7). These polymictic conglomerates are found within and proximal to the margin of a major magnetic low domain observed in the regional magnetic map (Figure 6). These observations suggest the mineralisation at Bravo is hosted in and situated along the margin of a late-orogenic fault-bounded molasse type basin, equivalent to the Tarkwaian rocks found in Ghana and fault-bounded Tarkwaian equivalent basins found elsewhere in Côte d’Ivoire. Similar petrographic observations were made on the sedimentary lithologies at both Angovia and Yaouré and according to Meriaud et al., (2020) compare well to the fault-bounded molasse basin deposits in Ghana.

Figure 6. Sakassou project regional geology and magnetic maps overview
Figure 6

Figure 7. Polymictic conglomerate found at Bravo East
Figure 7

Table 2. Drill collar table of reported drill holes from the 2024 RC Program (CRS: WGS 84/ UTM Zone 30N)

Hole ID Easting Northing Elevation (m) Depth Dip Azimuth Target
BERC24-001 210088 805944 190 120 -45 135 Bravo East
BERC24-002 210041 805995 192 100 -45 135 Bravo East
BERC24-003 210519 805514 196 102 -45 315 Bravo East
BERC24-004 210473 805559 196 96 -45 315 Bravo East
BERC24-005 210426 805605 196 102 -45 315 Bravo East
BERC24-006 210381 805650 196 100 -45 315 Bravo East
BERC24-007 210333 805698 198 100 -45 315 Bravo East
BERC24-008 210285 805744 195 100 -45 315 Bravo East
BERC24-009 210237 805790 194 102 -45 315 Bravo East
BERC24-010 210192 805837 194 120 -45 315 Bravo East
BWRC24-001 209518 805146 197 100 -45 315 Bravo West
BWRC24-002 209471 805193 201 100 -45 315 Bravo West
BWRC24-003 209426 805237 204 100 -45 315 Bravo West
BWRC24-004 209379 805287 207 132 -45 315 Bravo West
BWRC24-005 209334 805334 209 100 -45 315 Bravo West
BWRC24-006 208371 805099 194 100 -45 315 Bravo West
BWRC24-007 208418 805035 193 200 -45 315 Bravo West
BWRC24-008 208534 805205 201 138 -45 315 Bravo West
BWRC24-009 208575 805166 203 126 -45 315 Bravo West
BWRC24-010 208558 805463 208 84 -45 315 Bravo West
BWRC24-011 208596 805426 208 80 -45 315 Bravo West
BWRC24-012 208662 805365 210 120 -45 315 Bravo West
BWRC24-013 208745 805488 214 102 -45 315 Bravo West
BWRC24-014 208917 805600 219 136 -45 315 Bravo West
BWRC24-015 209050 805823 217 108 -45 315 Bravo West
BWRC24-016 209095 805774 219 150 -45 315 Bravo West
BWRC24-017 209152 805932 212 85 -45 315 Bravo West
BWRC24-018 209201 805879 211 108 -45 315 Bravo West
BWRC24-019 208796 805230 208 100 -45 315 Bravo West
BWRC24-020 209050 805622 220 204 -45 315 Bravo West
BWRC24-021 209249 806038 206 65 -45 315 Bravo West
BWRC24-022 209279 805992 206 114 -45 315 Bravo West
CRC24-001 205764 822360 219 100 -45 305 Charlie
CRC24-002 205817 822318 218 100 -45 305 Charlie
CRC24-003 205872 822279 217 150 -45 305 Charlie
CRC24-004 205922 822242 215 48 -45 305 Charlie
CRC24-004B 205921 822243 215 102 -45 305 Charlie
CRC24-005 205974 822201 213 102 -45 305 Charlie
CRC24-006 206044 822182 206 100 -45 305 Charlie
CRC24-007 206082 822113 207 100 -45 305 Charlie
CRC24-008 205505 822567 218 100 -45 305 Charlie
CRC24-009 205559 822521 219 100 -45 305 Charlie
CRC24-010 205611 822475 220 100 -45 305 Charlie
CRC24-011 205661 822444 220 100 -45 305 Charlie
CRC24-012 205716 822402 219 102 -45 305 Charlie
CRC24-013 205532 821817 200 100 -45 309 Charlie
CRC24-014 205580 821768 201 100 -45 309 Charlie
CRC24-015 205626 821724 205 100 -45 309 Charlie
CRC24-016 205723 821633 210 102 -45 309 Charlie
CRC24-017 205674 821679 208 100 -45 309 Charlie
CRC24-018 205485 821861 206 100 -45 309 Charlie
CRC24-019 205438 821906 208 102 -45 309 Charlie
CRC24-020 206318 823437 243 90 -45 300 Charlie
CRC24-021 206385 823388 246 126 -45 300 Charlie
CRC24-022 206694 823470 245 159 -45 310 Charlie
CRC24-023 206366 823758 243 104 -45 310 Charlie
CRC24-024 206408 823708 244 102 -45 310 Charlie
CRC24-025 206434 823632 245 107 -45 310 Charlie
CRC24-026 206489 823605 245 100 -45 310 Charlie
CRC24-027 206561 823578 245 114 -45 310 Charlie
CRC24-028 206608 823539 246 100 -45 310 Charlie
ERC24-001 204876 809339 200 138 -50 300 Echo
ERC24-002 204791 809310 201 140 -45 300 Echo
ERC24-003 204639 809314 205 123 -45 300 Echo
ERC24-004 207101 810477 211 100 -45 300 Echo
ERC24-005 207044 810509 209 100 -45 300 Echo
ERC24-006 206987 810541 209 100 -45 300 Echo
ERC24-007 206931 810575 207 100 -45 300 Echo
ERC24-008 206866 810613 205 100 -45 300 Echo
ERC24-009 206815 810641 203 100 -45 300 Echo
ERC24-010 206761 810673 201 100 -45 300 Echo
ERC24-011 206196 810494 194 100 -45 300 Echo
ERC24-012 206138 810530 193 102 -45 300 Echo
ERC24-013 205990 810253 189 150 -45 300 Echo
ERC24-014 205629 811038 208 102 -45 330 Echo
ERC24-015 205652 810982 208 100 -45 330 Echo
ERC24-016 205678 810921 207 100 -45 330 Echo
ERC24-017 205577 810463 202 100 -45 300 Echo
ERC24-018 205635 810429 199 100 -45 300 Echo
ERC24-019 205693 810396 197 100 -45 300 Echo
ERC24-020 205751 810363 194 100 -45 300 Echo
ERC24-021 205804 810334 192 100 -45 300 Echo
ERC24-022 205867 810306 190 100 -45 300 Echo
ERC24-023 205417 810275 194 100 -45 120 Echo
ERC24-024 205362 810310 195 102 -45 120 Echo
ERC24-025 205297 810524 203 65 -45 300 Echo
ERC24-026 205311 810481 201 102 -45 300 Echo
ERC24-027 205966 810629 193 100 -45 300 Echo
ERC24-028 205913 810665 195 150 -45 300 Echo
ERC24-029 206009 810599 191 107 -45 300 Echo
ERC24-030 206275 811209 203 108 -45 300 Echo
ERC24-031 206204 811225 203 60 -45 300 Echo
ERC24-032 206081 810560 191 100 -45 300 Echo
PE24-014 205921 810262 188 100 -45 300 Echo
PE24-027 205853 810691 203 100 -45 300 Echo

About The Sakassou Property

The 396.91 km2 Sakassou property (PR 944) is located in central Côte d’Ivoire on the northeast trending Bouaflé greenstone belt approximately 30 kilometres northwest of Perseus Mining’s Yaouré mine (Figure 8), which produces over 200koz per year and has a Proven and Probable reserve of 37.2Mt at 1.73 g/t containing 2.07Moz of gold*, as at December 31, 2023(1). Sakassou is also located approximately 140 kilometres southwest of Endeavour’s Lafigué development project that is expected to produce over 200koz per year and has a Proven and Probable reserve of 49.8Mt at 1.69 g/t containing 2.7Moz of gold*, as at December 31, 2023(2).

Koulou Gold entered the Sakassou project in 2021 after signing an earn-in agreement with local partner, Global Minerale SA (GMSA). Subsequently, exploration works have followed a consistent phased approach, including soil sampling and trenching between 2019 - 2020 by GMSA, followed up by geological mapping, infill soil sampling, ground geophysics and drilling by Koulou Gold in 2021 and 2024.

Soil sampling, trenching and reverse circulation drilling has identified four kilometre-scale targets hosted along northeast trending structures, hosted within clastic sedimentary and volcanic rocks (Figure 9). To date, gold mineralisation is found to be closely associated with stockwork quartz veining, silicification, sericite alteration and disseminated pyrite preferentially developed within more competent lithologies, most notably, coarser grained sandstones and conglomerates.

Figure 8. Koulou Gold Corp Projects location
Figure 8

Figure 9. Sakassou project regional geology and soil geochemistry map
Figure 7

(1) www.perseusmining.com/wp-content/uploads/2023/09/Annual-Report-2023.pdf?v=120809
(2) www.endeavourmining.com/our-business/lafigue-project

QA/QC and Chip Sampling Protocols

All drill samples were collected under the supervision of Koulou Gold Corp. employees. One meter RC samples are taken directly from the cyclone and get weighed. Each sample is split into three, one is sent to the lab, one is used as a witness, and the remaining is kept in a large, numbered sample bag. A porridge bowl is used to collect a representative sample from the large sample bag and is washed and logged by a geologist. Samples are bagged, blanks and Certified Reference Materials are inserted at regular intervals and follow industry Quality Assurance/Quality Control (QA/QC) standards. Groups of samples are placed in large bags and transported by a member of the Koulou team from the project directly to MSALABS laboratory in Yamoussoukro, Côte D’Ivoire.

Samples were prepared for analysis according to MSALABS method CRU-CPA: where individual samples will be dried, crushed to 2mm, and split. Gold in samples will be analyzed using MSALABS method CPA-Au1 where a 500g split is analyzed using photon assay. 

The Certified Reference Materials (CRMs) used are commercially certified standards purchased in 60g packs from Oreas. Four orogenic gold CRMs were used (Oreas 231, Oreas 251b, Oreas 234, Oreas 216b) covering a grade range of 0.499 g/t to 6.66 g/t. Blank material is sand from a sandy quarry near to Ando-Kokrenou village within the permit. This material has been used in the past and has proven to be barren.

To ensure the QA/QC of the photon assay analytical method at MSALABS, 1,029 samples from each prospect including 62 QA/QC were sent to SGS Yamoussoukro for fire assay (FA) analysis (PRP87/FAA505) on 50g aliquots to validate the photon assay results. After checking and validating all the inserted QAQC, the FA results are a true representation of the samples grade. The statistical comparison of the FA and photon assay results show a positive correlation with a statistically non-significant bias. Minor differences are likely due to random variability within the sample.

Qualified Person

Mr. Robin Kelly, FIMMM. CSci (667080), “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Koulou Gold Corp.

Koulou Gold Corp. is a private mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Koulou Gold’s focus is early to advanced-stage exploration in West Africa. The Company currently holds an option to earn up to 100% interest in the Sakassou Project in central Côte d’Ivoire, and an additional exploration licence in the well-endowed Syama – Boundiali greenstone belt in northern Côte d’Ivoire.

On behalf of Koulou Gold Corp.

Désiré Aboukan, President and Director

For further information, please contact:

Alex Ruggieri, CEO and Director
Koulou Gold Corp.
alex@koulougoldcorp.com
+1 778 888 4986

Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.