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Colombian Mines Drills More High Grade Mineralization at El Dovio
|By Marketwired .
|September 3, 2014 08:50 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/14 -- Colombian Mines Corporation (TSX VENTURE: CMJ)(FRANKFURT: X6C) ("Colombian Mines" or the "Company") is pleased to announce significant high grade zones within larger mineralized intervals in recently completed core holes 1360-02 and 1360-03. Hole 1360-02 intersected six meters (19.7 feet) grading 7.9 grams gold per metric tonne or 8.3 grams per tonne gold equivalent (g/T AuEq) within 27.5 meters (90.2 feet) averaging 2.3 g/T Au (2.5 g/T AuEq), drill hole 1360-03 intersected 5 meters (16.4 feet) of mineralization averaging 6.8 g/T Au or 7.1 g/T AuEq within 20.5 meters (67.2 feet) averaging 1.5 g/T Au or 1.7 g/T AuEq. Table 1 below, summarizes salient mineral intercepts in holes 1360-02 and 03.
Table 1.Summary Drill Intercepts
From To Length Au Ag Cu Zn Combined
Hole (m) (m) (m) g/T g/T % % AuEq
1360-02 0.0 27.5 27.5 2.3 6.2 0.2 0.9 2.5
Including 1.5 11.8 10.3 5.2 12.3 0.5 2.2 5.4
Including 4.3 10.3 6.0 7.9 18.2 0.8 3.7 8.3
1360-03 0.0 20.5 20.5 1.5 12.6 0.1 0.6 1.7
Including 4.4 9.4 5.0 6.8 13.1 0.5 4.1 7.1
(i) Note: Gold Equivalent values were calculated using the following metal
prices, Gold $41.47 / gram ($1,290/oz), Silver $0.63 / gram ($19.63 / oz),
Copper $3.16 / pound and Zinc $1.06 / pound.
Discussion and Results
Holes 1360-02 and 1360-03 were drilled from the intersection of the Sabana Blanca Adit and the first cross cut south (XC-1S) at an Azimuth of 173 degrees and Inclinations of -70 degrees and -50 degrees below horizontal respectively. Both intersected disseminated, semi-massive and massive sulfide mineralization comprised of chalcopyrite, sphalerite, pyrite and pyrrhotite as disseminated to massive sulfide zones in a gangue of multi-phased crystalline quartz. Mineralization is hosted in metamorphosed and brecciated mafic volcanic rocks in and near the contact zone of the large diabase dike and shows ample evidence of mulitple episodic and repetitive mineralizing events. Core from hole 1360-03 shows striking evidence of multiple phases of brecciation and mineralization. Such multi-phased mineralization and brecciation is often considered a key aspect in developing sufficient mineral endowment to form substantial high grade systems. Photographs of this mineralization can be viewed on the Company's website by clicking here.
Drilling from the 1360 meter level of the Sabana Blanca Adit provides access to drill test high grade targets the Company has not been able to adequately test from the surface. Drill results to date corroborate the Company's high grade saw cut channel samples in the Sabana Blanca Adit.
Notes and Comments
Holes reported here test of a portion of the mineralized zone but do not cross the entire zone due to limitations of underground access. All drill intercepts reported are drilled intercept length. Insufficient drilling has been completed in this area to reasonably determine the geometry and estimate true width.
Gold equivalency calculations are included to more clearly present the approximate value of the high grade polymetallic mineralization at El Dovio. Gold equivalent values, (g/T AuEq) were calculated using the following metal prices, Gold: $1290 per troy ounce ($41.47 / gram), Silver: $19.63 per troy ounce ($0.63 / gram), Copper: $3.16 / pound and Zinc: $1.06 / pound. One troy ounce contains approximately 31.104 grams and one percent equals approximately 22 pounds per metric tonne.
About El Dovio: The Company's 100% owned El Dovio project covers gold rich, high grade poly metallic mineralization where the Company owns 100% of both the surface and mineral rights covering the entire zone of mineralization and surrounding areas. Work to date indicates the Sabana Blanca zone is a feeder or "stringer zone" that may have a strike length in excess of of one (1) kilometer that lies beneath a horizon highly prospective for the development of Volcanogenic Massive Sulfide (VMS) type deposits in the Brazo 1 zone. Metallurgical studies on bulk samples from the Sabana Blanca zone show the mineralization is highly amenable to conventional froth flotation yielding more than 96% recovery of the gold, coper and zinc values and more than 91% of the contained silver values.
Sample Collection - Quality Control - Quality Assurance
The Company's samples are collected in accordance with accepted industry best practices. Core is transported from the site to the Company's core facility in Medellin, Colombia by Company personnel. After being logged, photographed, diamond saw cut and sampled, samples are delivered the SGS's Medellin laboratory for preparation and analyses, (ISO9001:2000). Gold is analyzed by fire assay with an ICP/AES finish. Silver and base metal analyses were determined with ICP/AES techniques. The Company maintains and continuously monitors its rigid QC-QA through insertion of a series of blank, duplicate, certified standard samples at a rate of 1:30 or higher into the sample stream.
Mr. Robert G. Carrington, P.Geo., a Qualified Person as defined by National Instrument 43-101 and President of the Company, has reviewed and verified the technical information in this news release.
About Colombian Mines Corporation: Colombian Mines Corporation is an aggressive explorer with a "first mover" advantage in Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is also one of Colombia's leading "prospect generators". Further information can be found on our website at www.colombianmines.com.
Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Colombian Mines Corporation. Actual results may differ materially from those currently anticipated in such statements.
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