May 09, 2022 – Bedford, Nova Scotia – Sylla Gold Corp. (TSX.V:SYG) (“Sylla Gold” or the “Company”) is pleased to announce that it has entered into two letters of intent (“LOI”) pursuant to which Sylla Gold would acquire an option to earn 100% of the Samaya South and Niaouleni West gold exploration permits located contiguously northwest and west of the Company’s Niaouleni Gold Project.
The Samaya South and Niaouleni West exploration permits comprise of 2,500 hectares and 3,200 hectares, respectively and represent a 60% expansion of the Company’s licence holdings in the area for a total of 15,100 hectares. (Figure 1)
Figure 1 - Sylla Gold Properties
Regan Isenor, President and CEO of Sylla Gold commented, “We have always considered Samaya South and Niaouleni West to be crucial pieces of the larger Niaouleni regional land package and feel these acquisitions are a significant milestone in the development of the Niaouleni Project. With Niaouleni West the Company secures an additional 2km strike length of the Kobada structure, represented by strong gold geochemical anomalies along strike. In Samaya South, extensive artisanal workings and surface showings indicate the potential for the development of high priority targets in an area that has seen very little modern exploration. The Sylla Gold technical team has been very successful on prior projects in this geological setting, and this expanded land package uniquely positions the Company to build value at Niaouleni while developing regional targets at Niaouleni West and Samaya South using exploration methodologies that have proven successful on similar projects in the past.”
The Niaouleni Project (Figure 2) is 9,400 hectares in size and accessible by paved highway and includes extensive artisanal mining activity within the interpreted extensions of gold bearing structures. Past exploration at Niaouleni includes extensive reverse circulation (RC) and diamond drilling, which have identified several structural gold-bearing zones that appear to extend from the adjacent Kobada gold deposit. Historical exploration and drilling results have been compiled into a digital database and interpreted for the purposes of designing the recently commenced drilling program (Sylla Gold press release, April 25 2022) to further test these structural gold-bearing zones and extend them further.
Figure 2 - Niaouleni Property Location
CFO Appointment and Stock Option Grant
The Company is also pleased to announce the appointment of Mr. Mark McMurdie as Chief Financial Officer of Sylla Gold. Mr. McMurdie has over 30 years of senior leadership experience in public and private companies. The appointment follows the resignation of Greg Isenor as the Company’s CFO. Mr. Isenor will remain as a director of the Company. The Company wishes to thank Mr. Isenor for his contributions as CFO over the years.
The Company also announces that pursuant to its stock option plan (the “Plan”), the Company has granted a total of 3,075,000 stock options (“Options”) to directors, officers, and consultants of the Company. The Options have an exercise price of $0.20 per common share and are valid for a period of five (5) years and expire on May 9, 2027.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.
For more information, please contact:
President and Chief Executive Officer
Tel: (902) 233-4381
Forward-Looking Information Statement
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.