News

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

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)

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) 

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

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

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 7. Polymictic conglomerate found at Bravo East

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 9. Sakassou project regional geology and soil geochemistry map

(1) www.perseusmining.com/wp-content/uploads/2023/09/Annual-Report-2023.pdf?v=103012
(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.