|By Marketwired .||
|May 29, 2014 09:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") reports on the progress of the Phase II diamond drilling campaign currently underway at its Montagne d'Or gold deposit, Paul Isnard Project, French Guiana.
Fifty-six (56) drill holes (106 to 161) have been completed, for a total of 7,340 metres, as part as of a 26,600 metre (135 holes) drilling program. In addition, six (6) large diameter HQ-calibre core holes (1,000 m) were completed for detailed metallurgical testing as part of a preliminary economic assessment study (PEA). A second track-mounted diamond drill rig has been shipped from Canada and is now expected to arrive on site in early June with the aim of completing the Phase II program in September.
The holes drilled to date in the current program are short holes at the northern base of the Montagne d'Or deposit, designed to test the near surface projection of the secondary Lower Favorable Zone ("LFZ") and Footwall Zone ("FWZ"). Some of the holes were collared into the principal Upper Felsic Zone ("UFZ") to reach the LFZ. All holes intersected sulphide-gold mineralised intervals.
Gold assay results were previously released for 36 holes (106 to 141) and results have been received for an additional 15 holes (142 to 156). Notable intersections received in the 15 holes include:
(True Width - Drill Hole Intercept Grade Length "TW") MO-14-149 42.5 to 82.0 m 1.85 g/t gold over 39.5 m (29.2 m TW) incl. 76.9 to 82.0 m 9.02 g/t gold over 5.1 m (3.8 m TW) MO-14-150 16.0 to 61.6 m 1.38 g/t gold over 45.6 m (34.9 m TW) incl. 54.0 to 60.6 m 4.73 g/t gold over 6.6 m (5.1 m TW) MO-14-151 54.7 to 99.2 m 0.99 g/t gold over 44.5 m (34.2 m TW) MO-14-154 138.2 to 151.0 m 6.49 g/t gold over 12.8 m (9.6 m TW) MO-14-155 159.3 to 169.0 m 3.69 g/t gold over 9.7 m (7.5 m TW) MO-14-156 99.1 to 104.9 m 4.61 g/t gold over 5.8 m (4.3 m TW)
Highlights of the new results include:
-- The intersections in holes 149 to 151 and 154 to 156 are located within a newly defined well-mineralised section of the LFZ defined at shallow depths between sections 2930E to 2400E, covering a strike extent of 530 metres. The LFZ remains untested to the west of section 2400E; -- The intersection in hole MO-14-154 (6.49 g/t Au over 12.8 m) represents the best result obtained to date from the LFZ.
A drill plan and full assay results are available at the following links:
The drilling is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a 3 year minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d'Or and certain Paul Isnard mineral claims, by completing a bankable feasibility study.
The Montagne d'Or gold mineralised area is presently defined over a 2,250 meters by 400 meters area and to an average depth of 250 meters from surface. The mineralised zones remain open in part along strike and at depth. An updated NI 43-101 compliant resource estimation is being conducted by Coffey Mining Pty Ltd and is anticipated to be announced during the month of June. The updated estimation will include results received from the current Phase II drilling campaign as of May 24th, 2014.
The objectives of the Phase II drilling program are to:
-- Complete a 50-meter spacing array to a vertical depth of 200 meters from surface, and select 25-meter in-fill, focused on mineralisation potentially amenable to open pit mining; -- Internally increase current mineralized tonnage; -- Increase confidence in the gold grade-width distribution; -- Convert inferred resources to the indicated category in accordance with NI 43-101 standards; -- Acquire a better distribution of copper assays for added value to the deposit.
Qualified Person, Technical Info and QA/QC
Diamond drill holes were bored with HQ-size core in the upper oxidized saprolitic zone and NQ-size core in fresh rock. The core was placed in plastic core boxes with covers and delivered by the drilling contractor, Performax Drilling Inc., a Canadian company with qualified personnel, to the Citron camp logging facilities, located 5 km from Montagne d'Or. Columbus Gold personnel are present at the camp at all times during the drilling program.
The core was photographed for reference, logged (geotechnical and geological) and identified sulphide mineralised sections were sawed in half. Sample lengths vary between 0.5 to 1.5 metres. Individual half core samples were placed in canvas bags and sealed by batch of 9 samples in polypropylene bags for air transport to the Cayenne and trucking to Filab Amsud laboratory in Paramaribo, Suriname, an ISO 9001 and ISO / IEC 17025 accredited laboratory. The remaining half core is stored in core racks on site at Citron camp for reference. Samples were assayed for gold by fire-assay method using an atomic absorption finish on a 50-gram pulp split.
A quality assurance and quality control program (QA/QC) was implemented by Columbus Gold and Filab Amsud to insure the accuracy and reproducibility of the analytical method and results are maintained. The QA/QC program includes the insertion of standards, blanks and field duplicates in each laboratory assay batch and systematic re-assaying of samples returning values above 5 g/t Au by the fire-assay method using a gravimetric finish on a 50-gram pulp split. As well, 10% of random sample pulps are sent to SGS del Peru S.A.C. laboratory for gold check assaying.
The drilling program is being conducted under the supervision of Rock Lefrancois, P.Geo. (OGQ), Chief Operating Officer for Columbus Gold and Qualified Person under National Instrument 43-101. Mr. Lefrancois, the Qualified Person, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
ON BEHALF OF THE BOARD, Robert F. Giustra Chairman & CEO
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.
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 Columbus Gold's: proposed drilling programs; projected funding of drilling programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of a bankable feasibility study and 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: 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; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments; 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: that the design of the drill plan is appropriate for the site; 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, optionees 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.
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