|By Marketwired .||
|April 30, 2014 09:06 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/14 -- 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.
Forty-seven (47) drill holes (106 to 152) have been completed, for a total of 5,900 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 expected to arrive on site in May 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 18 holes (106 to 123) and results have been received for an additional 18 holes (124 to 141). Notable intersections received in the 18 holes include:
Drill Hole Intercept Grade Length (True Width - "TW") MO-14-124 48.0 to 67.2 m 1.59 g/t gold over 19.2 m (14.7 m TW) M0-14-125 52.4 to 65.5 m 2.25 g/t gold over 13.1 m (10.0 m TW) 105.0 to 112.8 m 7.35 g/t gold over 7.8 m (6.2 m TW) MO-14-127 80.0 to 90.0 m 5.28 g/t gold over 10.0 m (7.8 m TW) MO-14-132 7.7 to 37.0 m 0.94 g/t gold over 29.3 m (23.1 m TW) 44.4 to 47.0 m 6.22 g/t gold over 3.0 m (2.4 m TW) MO-14-134 33.3 to 55.6 m 2.80 g/t gold over 22.3 m (17.2 m TW) MO-14-135 71.5 to 88.8 m 1.60 g/t gold over 17.3 m (13.5 m TW) MO-14-137 117.1 to 123.0 m 4.42 g/t gold over 6.0 m (4.7 m TW) MO-14-138 33.0 to 49.0 m 1.50 g/t gold over 16.0 m (12.5 m TW) MO-14-141 21.5 to 32.5 m 2.93 g/t gold over 11.0 m (8.4 m TW)
Highlights of the new results include:
-- The intersections in holes 124, 125 and 127 have extended the LFZ over a strike extent of 200 metres to the west and the zone remains open in that direction; -- The intersections in holes 132, 134 and 135 and 137 served to better define a well-mineralised section of the LFZ located in the east-central part of the Montagne d'Or deposit; -- The intersection in hole 141 has opened-up the potential to extend the LFZ to the east and the zone remains open in that direction.
A drill plan and full assay results are available at the following links:
The drilling is being funded by Nord Gold N.V. as part of a 3 year minimum US$30 million exploration and development program pursuant to which Nord Gold 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 deposit contains a NI 43-101 compliant inferred gold resource using a cut-off grade of 0.3 grams per tonne gold of 5.37 million ounces within 117.1 million tonnes at an average grade of 1.43 grams per tonne gold. The resources are defined within a gold mineralized area of 2,250 meters by 400 meters and to an average depth of 250 meters from surface. The mineralized zones remain open in part along strike and at depth.
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.
Columbus Gold Corporation
604-634-0970 or 1-888-818-1364