Welcome!

News Feed Item

Touchstone Gold Limited Reports Corporate Review and Upcoming Exploration Plans at Its Segovia Gold Project in Colombia

TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- Touchstone Gold Limited (TSX:TCH)(AIM:TGL) ("Touchstone Gold" or the "Company") is pleased to provide a review of the Company's activities up to December 31, 2012 and provide an update on its upcoming exploration plans for its Segovia Gold Project in Colombia.

Highlights:


--  Listing on the Toronto Stock Exchange 
    
--  Completion of C$5.5 million financing 
    
--  Acquisitions of El Cinco property and business combination with Atlantis
    Gold Mines Corp, resulting in a 24,699-hectare concession land package
    in the highly prospective Segovia gold belt 
    
--  Successful Stage 3 drilling programme 
    
    --  doubled the area of known gold mineralization 
        
    --  discovered multiple additional high-grade gold areas within the Rio
        Pescado zone 
        
--  Stage 4 drilling programme to commence Q1 2013 
    
    --  focus on expanding the areas of known gold mineralization and
        testing advanced targets 
        
    --  maiden NI 43-101 resource estimate on the Rio Pescado zone expected
        following drilling programme 

David Wiley, Touchstone Gold CEO, commented, "We are very pleased to look back on a successful and productive 2012, which brought us closer to our aim to grow Touchstone into a significant gold exploration and production group. From an exploration perspective, we released some very positive high-grade drill results which effectively doubled the known area of mineralisation at our project and on the corporate side we grew the scale of our assets substantially through two key acquisitions. We also undertook an initiative to improve the visibility of the company and liquidity for our shareholders through a dual listing on the TSX. With a successful financing in December, we are well funded to begin our Stage 4 drilling programme in the first quarter of this year and we look forward to more success in 2013."

Listing on the TSX

On December 12, 2012, Touchstone Gold commenced trading on the Toronto Stock Exchange under the symbol "TCH". The Company retains its listing on the AIM market of the London Stock Exchange under the symbol "TGL".

Financing

On December 6, 2012, the Company announced the closing of its C$5.5 million financing, through the issue of 34,427,500 units (the "Units") at a price of 10 pence (or C$0.16), each Unit consisting of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to acquire on common share of Touchstone Gold at an exercise price of 15 pence per share until December 6, 2014.

Acquisitions

Following the acquisition of the El Cinco property, completed on November 5, 2012, and a business combination with Atlantis Gold Mines Corp. completed on September 11, 2012, Touchstone currently holds a 24,699-hectare concession land package (Figure 1). The asset consists of the advanced Rio Pescado property and the highly prospective San Miguel, Frontino Norte and El Cinco properties, collectively called Touchstone's "Segovia Gold Project" and hosts high-grade near-surface gold mineralization along an 800-metre strike length and multiple high-grade gold target zones (the "Project"). The Project boasts more than 15 km of prospective strike length in gold mineralization and encouraging drill results with significant high-grade intersections (Table 1).

Exploration Activities

Completed Programmes:

To date, Touchstone has drilled over 15,000 metres over 193 drill holes at its Segovia Gold Project, of which 8,300 metres in 74 diamond drill holes were drilled at the Project's Rio Pescado zone from June 2011 to March 2012. Touchstone's Stage 3 drilling programme, soil sampling and geophysics successfully doubled the area of known gold mineralization and discovered multiple additional high-grade gold areas within the Rio Pescado zone (Figures 2 and 3). Highlights from the Company's drilling programme can be found in Table 1 below.

Table 1 - Highlights from Drilling at Segovia Gold Project


----------------------------------------------------------------------------
                            Intersection (metres)                           
                ---------------------------------------------               
Drill Hole                                                        Gold Grade
Number                     From             To          Width       (g/t Au)
----------------------------------------------------------------------------
LPD - 1279                56.45          84.70          28.25           8.75
----------------------------------------------------------------------------
LPD - 1286                 6.10          22.90          16.80           8.70
----------------------------------------------------------------------------
LPD - 1162                48.35          56.70          15.00           9.13
----------------------------------------------------------------------------
LPD - 1159                45.25          68.50          21.75           5.84
----------------------------------------------------------------------------
LPD - 1124                10.60          19.00           8.40          14.07
----------------------------------------------------------------------------
LPD - 1157                 0.00          23.20          23.20           4.03
----------------------------------------------------------------------------
LPD - 1273                30.50          39.90           9.40           9.04
----------------------------------------------------------------------------
LPD - 1281                21.30          39.20          17.90           4.29
----------------------------------------------------------------------------
LPD - 1165                42.40          57.05          14.65           4.24
----------------------------------------------------------------------------
LPD - 1131                67.60          70.00           3.40          17.58
----------------------------------------------------------------------------

Upcoming Programmes

Following its successful exploration and drilling programmes to date, Touchstone will continue to explore the various mineralized zones located on the Segovia Gold Project. The initial 15,000 metres of the Stage 4 infill and step-out drilling programme is scheduled to commence in Q1 2013 and will focus on expanding the areas of known gold mineralization and testing advanced targets (Figures 4 and 5). The Company plans to initiate a maiden NI 43-101 resource estimate on the Rio Pescado zone upon receiving assay results from its Stage 4 drill programme.

Less than 5% of Touchstone's 24,699-hectare concession has been drilled to date. The Company intends to drill other identified exploration targets at the San Miguel property in the latter part of 2013 to assess their mineralization potential. Additionally, the Company intends to conduct ongoing geological mapping, geochemical sampling, and geophysics on its concessions to identify new drill targets.

Over a longer term, Touchstone aims to grow into a significant low cost, high-grade gold exploration and production group in the highly prospective Segovia Gold Belt of Colombia.

FIGURES:

To view "Figure 1 - Growth of Touchstone's Segovia Gold Project Concession," please visit the following link: http://media3.marketwire.com/docs/851771FIG1.pdf.

To view "Figure 2 - Plan View of Segovia Gold Project Showing Drilling and Targets in Rio Pescado Target Zone," please visit the following link: http://media3.marketwire.com/docs/851771FIG2.pdf.

To view "Figure 3 - AB Long Section Showing 400 of 800-Metre Strike Length of Mineralization," please visit the following link: http://media3.marketwire.com/docs/851771FIG3.pdf.

To view "Figure 4 - Plan View of Segovia Gold Project," please visit the following link: http://media3.marketwire.com/docs/851771FIG4.pdf.

To view "Figure 5 - Initial Stage 4 Drilling Targets," please visit the following link: http://media3.marketwire.com/docs/851771FIG5.pdf.

TECHNICAL INFORMATION

John Nicholson, Chief Geologist of Touchstone Gold Limited, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this news release with respect to the assay results from the drilling program. Mr. Nicholson has a B.Sc. from the University of British Columbia, is a Fellow of the Royal Geographical Society and has been an accredited member of the Association of Professional Engineers and Geoscientists since 1992. Mr. Nicholson has verified the data disclosed in this release, including the sampling, analytical and test data underlying the information presented. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.

The core samples were split by diamond saw, and half of the core was sampled. Core samples were prepared by Acme Analytical Laboratories ("ACME") in Medellin and were assayed at ACME in Vancouver, British Columbia. All samples then undergo analyses by method 1Dx2 where a 15 g split is leached in hot Aqua Regia and then analyzed by ICP-MS for 36 elements including Au. The larger 15 g split of the samples was chosen in order to give a more representative analysis of elements subject to nugget effect (e.g. Au). Method G601, 30 g lead collection fire assay, was performed on analyzed drill core samples with greater than 5 g/t Au from the ICP analyses. An automatic over limit analysis (G6Gr), 30 g lead collection fire assay with gravimetric finish, was performed on assayed drill core with greater than 10 g/t Au from the 30 g fire assay. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

ABOUT TOUCHSTONE GOLD

Touchstone Gold Limited (TSX:TCH)(AIM:TGL) is a gold exploration company and its primary assets, which collectively comprise its Segovia Gold Project, are the Rio Pescado, San Miguel, and Frontino Norte properties along the Segovia-Remedios Gold Belt in Colombia. Rio Pescado is comprised of four mining concessions, the San Miguel property is comprised of one mining concession and one proposed mining concession, and the Frontino Norte property is comprised of four mining concessions and one proposed mining concession. Touchstone owns further options on the Santa Rosa Project, in the South Bolivar area of Colombia, comprised of four proposed mining concessions and one mining concession. With a philosophy of creating value by the systematic exploration and development of Touchstone's existing assets as well as the acquisition of suitable exploration and development mineral projects, Touchstone's long-term intention is to build a significant gold exploration and production company.

For additional technical information on the Rio Pescado Deposit, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report on The Rio Pescado Gold Property, Republic of Colombia" dated June 30, 2012, prepared by Peter A. Christopher PhD., P.Eng. of PAC Geological Consulting available on SEDAR at www.sedar.com and on the Company website at www.touchstonegold.com.

Cautionary Note Regarding Forward-Looking Information

Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which includes the completion of the Acquisition, the drill program and management's assessment of Touchstone's future plans and operations and are based on Touchstone's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking information may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information may necessarily involve known and unknown risks and uncertainties, which may cause Touchstone's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Touchstone's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of resources and reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development, including labour stoppages and severe weather conditions; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Touchstone undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Contacts:
Touchstone Gold Limited
Elina Chow
VP, Investor Relations
+1.416.845.8495
[email protected]
www.touchstonegold.com

Canaccord Genuity Limited
(Joint Broker and Nominated Adviser)
Andrew Chubb
+44 20 7523 8350

Canaccord Genuity Limited
(Joint Broker and Nominated Adviser)
Adam Miller
+44 20 7523 8350

Northland Capital Partners Limited (Joint Corporate Broker)
Gavin Burnell
+44 20 7796 8800

Northland Capital Partners Limited (Joint Corporate Broker)
Edward Hutton
+44 20 7796 8800

Northland Capital Partners Limited (Joint Corporate Broker)
John-Henry Wicks
+44 20 7796 8800

College Group
David Simonson
+44 20 7457 2020

College Group
Anca Spiridon
+44 20 7457 2020

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
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 wait for long dev...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...