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discovery gold corp (DCGD) Details

Discovery Gold Corporation operates as a gold exploration and development company. The company, through its subsidiary, Discovery Gold Ghana Limited, holds a 65% interest in the Edum Banso gold project covering 20.60 km2 located approximately 35 km northwest of Takoradi in Ghana. The company was formerly known as Norman Cay Development, Inc. and changed its name to Discovery Gold Corporation in July 2012. Discovery Gold Corporation was founded in 2010 and is headquartered in Fort Lauderdale, Florida.

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discovery gold corp (DCGD) Key Developments

Discovery Gold Corporation announced delayed annual 10-K filing

On 07/29/2013, Discovery Gold Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Discovery Gold Corporation Announces Update on West African Gold Exploration and Mining Sectors

Discovery Gold Corporation announced current growth prospects and relative socio-political stability of the West African gold exploration and mining sectors, particularly in Ghana. The Edum Banso Gold Project is located within Ghana's prolific gold producing Ashanti Gold Belt region, in close proximity and with apparent similar geology to several recent discoveries and producing local gold mines, including the Father Brown and Adoikrom deposits currently being open pit mined by Golden Star Resources within just two miles of one of the high-priority targets. The Edum Banso Gold Project has a well-documented history of exploration, including extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 total samples), trenching (214 samples), auger drilling (252 holes), and numerous rock chip samples. To date, four distinct mineralized gold zones have been identified over an area approximately 8 km (5 miles) long and 600 m (650 yards) wide, including two southern zones sharing contact with the unique Mpohor Complex geologic structure, one of the large known gold bearing synvolcanic mafic intrusives on the African continent. Ghana is the tenth large gold producing country in the world and second large in Africa, behind only South Africa. During 2012, Ghana produced over 89 tonnes of gold and was one of only two countries in the world's top ten that increased production (Ghana +11.25%, China +11.3%).

Discovery Gold Corporation Receives Assay Results from Limited Rock Sampling and Completes Preliminary Assessment of Edum Banso Property

Discovery Gold Corporation announced that geologic consultants from CME & Co. Enterprises Inc. have received assay results from limited rock sampling and have substantially completed their preliminary "Assessment of the Edum Banso Property" for the company. The Edum Banso Property is located in the south of Ghana's prolific Ashanti gold belt. CME reported that its preliminary geological mapping and sampling indicates that Edum Banso's geology is consistent with earlier interpretations and confirms earlier reports of quartz veins containing anomalous gold in outcrop. CME's limited rock sampling returned 4 anomalous gold results. The most notable of these being a quartz vein sample that contained 0.125 g/t of gold and two samples of the nearby schist that contained 0.095 and 0.066 g/t gold. The company also received an assay of 0.085 g/t gold from another outcrop within this Target 1 priority area. These assays suggest the existence of a gold system in this "main outcrop area" explored by Xtra Gold in 2008 when it reported up to 3.5 g/ton gold in its samples from quartz and related outcrops. In addition to geological mapping, review of airborne and surface geophysics, historic data research and technical compilations to further assess and prioritize exploration targets, CME's work for its Assessment report included holding constructive meetings with community leaders of the local villages and securing their initial support for the trenching, soil sampling and exploration drilling to be undertaken pursuant to the Assessment report. This exploration work will test the southern extension of a broad (300 metre wide) 8 km long gold soil anomaly that was discovered and outlined by Newmont's and Xtra Gold's work in 2004 and in 2008. This 8 km gold anomaly containing four distinct gold zones is associated with south-west north-east trending prominent geophysical anomalies that can be continuously traced to Golden Star's currently producing Father-Brown gold mine on adjacent property to the southeast of Edum Banso. Geophysics indicates that the gold-bearing geologic Mpohor Complex at Golden Star's HBB mine extends onto the Company's Edum Banso project. Historic surface exploration results reveal significant gold mineralization in the vicinity of this so-called Mpohor Complex on the Edum Banso project. Although Newmont Gold's surface exploration work was successful in outlining major gold in soil anomalies at Edum Banso, it relinquished the project in 2004 after discovering and focusing on the multi-million ounce Yamfo gold deposit in Ghana.


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