Welcome!

News Feed Item

Columbus Gold Drills 53 Metres of 4.37 gpt Gold at Paul Isnard, French Guiana; Completes Phase I Drill Program

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/12 -- Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is pleased to announce completion of its Phase I drill program and results of an additional thirty one diamond core holes, MO 12-74 to 98 and 100 to 105 totaling 10,873.65 metres, at its Paul Isnard gold project in French Guiana. The holes were laid-out to confirm and expand, internally, along strike and at depth, the Montagne d'Or gold deposit within which earlier widely spaced holes had outlined a 43-101 compliant inferred resource of 1.9 million ounces gold within 36 million tonnes grading 1.6 gpt gold.

Except for two short holes drilled south into the hangwall of the known mineralization all holes from the current program contain significant gold intercepts, generally consistent with earlier results, within the principal Upper Felsic (UFZ) and Lower Favorable (LFZ) mineral zones defined by the original work. Of particular note are DH MO 12-92 with 53 metres grading 4.37 gpt gold (3.86 gpt cut to 31.1 gpt) within 113 metres averaging 2.43 gpt gold (2.17 cut) in UFZ and DH MO 12-78 with 29 metres grading 2.51 gpt gold in LFZ.

The completed Phase I drill program at Paul Isnard consisted of 45 core holes totaling 15,824 metres. Results are pending for the final hole of the program which is a step-out located 150 metres west of the existing drill pattern and resource area. Columbus Gold is reviewing and interpreting full drill results in preparation for implementation of a planned Phase II program, for a further +/-15,000 metres, designed to further expand the Montagne d'Or gold deposit and convert inferred resources to an indicated category.

A summary of the principal mineralized intervals from the 45 hole Phase I program can be viewed at the following link:

www.columbusgoldcorp.com/i/nr/2012-11-22-table.pdf

The Montagne d'Or gold deposit at Paul Isnard is an east-west striking, south dipping, tabular body made up of two sub-parallel zones of gold mineralization, designated Upper Felsic Zone (UFZ) and Lower Favorable Zone (LFZ), hosted by laminated felsic volcanics within a Pre-Cambrian greenstone sequence. Prior to Columbus Gold's involvement the deposit was partially outlined by 54 holes, totaling 10,600 metres, in the late 1990's. Based upon that past drilling, the deposit contains a 43-101 inferred gold resource of 1.9 million ounces within 36 million tonnes grading 1.6 gpt gold (0.4 gpt cut-off) within a mineralized zone about 2,000 metres long, averaging about 70 metres thick and tested to variable depths of between 100-150 metres.

The deposit is open at depth, internally between widely spaced holes and, in part, along strike. Future drill programs will target potential extensions of the deposit indicated by untested geochemical anomalies extending more than three kilometres along strike incompletely tested parallel zones of gold mineralization, and other untested or incompletely tested gold prospects and geochemical anomalies throughout the large Paul Isnard property.

Columbus Gold's independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this news release.

About Columbus Gold

Columbus Gold is a gold exploration and development company operating in French Guiana and Nevada. In French Guiana, Columbus Gold controls a 100% interest in the Paul Isnard gold project, which hosts a 43-101 compliant 1.9 million ounce inferred gold resource with substantial expansion potential. In Nevada, Columbus is a prolific project generator focused on advancing projects either through earn-in agreements to industry partners or on its own where exploration risk is minimized and potential is particularly promising. Columbus Gold's President, Andy Wallace has a long and successful history of gold discovery and mine development. Columbus currently has 11 of its 24 strategically located gold projects in Nevada farmed-out to various mining companies.

ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

Forward-Looking Statements

This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting drilling, and Columbus Gold's general exploration plans. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation, the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: the design of the drill plan; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies including without limitation drill rigs; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.

Quality Assurance/Quality Control

The technical information herein has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 by John Prochnau, an independent consultant of Columbus Gold and the Qualified Person for the Paul Isnard project (the "QP"). For additional information regarding the Paul Isnard project, please see the Technical Report on Columbus Gold's website at www.columbusgoldcorp.com. (The NI 43-101-compliant technical report on the Paul Isnard Project entitled "Updated NI 43-101 Technical Report, Paul Isnard Project, French Guiana" dated effective February 1, 2012 and updated February 21, 2012, prepared by Bart A. Stryhas C.P.G. Ph.D. of SRK Consulting (U.S.), Inc., who is independent of Columbus Gold.)

Mr. Prochnau is responsible for quality control at the Paul Isnard project and has verified the data being disclosed herein, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure, in consultation with Andre Adam, a Columbus Gold geologist and the Country Manager in French Guiana. The QP personally verifies the results of the quality assurance and quality control samples. The data presented herein was verified as follows: drill assay data and the average intercepts of gold mineralization were inspected, plotted on geological log sheets, averaged manually and checked electronically to produce the drill result released. The drill hole was also plotted on the relevant cross section with existing drill holes, to confirm and validate the interpreted mineralized zones, for purposes of correlation, in the released information. All blank samples and standards were verified against existing standards, and then the blank samples and standards of the lab were verified. Each sample is one meter long, and all standards were found to be within acceptable limits. Gold values were compared with the logging of the rocks by an experienced professional geologist and to the presence of visible alteration and mineralization and percentage of sulfide in this type of mineralization (disseminated to semi-massive sulfides and occasionally massive sulfide, also visible gold), and a strong correlation between amount of sulfides and amount of gold was found. Columbus Gold uses the laboratory of FILAB Suriname with respect to the analysis of its samples, and the processing, handling, documentation, archiving and reporting procedures are in accordance with common procedures in the mining industry. Mr. Adam and other Columbus Gold geologists or technicians are on site during drilling, examining individual drill holes and observing the procedures to maintain chain of custody of the samples and the method of processing. The drill hole was completed at Montagne d'Or, logged by professional and experienced geologists, and then sawn to measurements, taken from the drill hole whose collar location has been surveyed using hand-held GPS.

The location of drill holes will be verified by an independent topographic mapping and surveying company. The drill holes have also been surveyed from top to bottom using industry-standard, down-hole surveying techniques with equipment provided by the drill contractor. The drill core is sawn in half along the length after geological logging, and samples are bagged for analysis in one meter increments. The saprolite material, a minor portion of the drill holes, is put in textile bags by meter, the rock is put in plastic bags and sealed. 10 samples are then combined for shipping in larger bags. All of the samples are sent from the drill site in plastic boxes, covered and sent 5km to the camp every day, from the camp to Cayenne by road or by air, and then FILAB transports the samples every Thursday to Paramaribo, the location of the geochemical lab. Only a few of the one meter samples exceed 31.1 g/t Au and these are cut to 31.1 g/t and reported both cut and uncut. Drill work is done by Performax, a Canadian company, by qualified workers, and drill recovery is very good, averaging 82% in the saprolite (20-30 metres in each drill hole) and 98% in the rock. The presence of faults is very rare. The samples are tested at FILAB, which is an independent laboratory working for a number of mining companies and which has no other relationship with Columbus Gold. FILAB takes samples of approximately 2kg size, which are dried, crushed totally (to a size of less than 3mm), divided, or split to 300g, which is then pulverized to less than 100 microns. The samples are fire assayed with a finish by Flame AAS. 30 grams of rock powder is used for each analysis.

Cautionary Note to U.S. Investors

This news release includes certain estimates that comply with reporting standards in Canada, in particular with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), a rule developed by the Canadian Securities Administrators to establish standards for public disclosure concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"), and resource information contained herein may not be comparable to similar information disclosed by United States companies. Certain documents disclosed Columbus Gold, including without limitation this news release, contain the term "inferred mineral resource" to comply with reporting standards in Canada. We advise United States investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. United States investors are cautioned: (i) that the aforementioned term has a great amount of uncertainty as to its existence and as to its economic and legal feasibility; and (ii) not to assume that all or any part of the inferred resource exists. United States investors are urged to closely review the additional warnings and disclosure contained under the heading "Cautionary Note to United States Investors" in our Final Short Form Prospectus dated May 11, 2012, a copy of which may be obtained from Columbus Gold or downloaded from Columbus Gold's profile at www.SEDAR.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...