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Bolo Property
The Bolo Property is located 60 kilometres (38 miles) northeast of Tonopah, Nevada. Subject to net smelter returns royalties, Columbus Gold controls a 100% interest in the Property.
Geology
Carlin-style gold mineralization is the target at Bolo where values from 0.34 to 4.7 g/t (0.010 to 0.15 opt) gold can be obtained from jasperoids and iron-stained structures cutting Cambrian and Ordovician sedimentary rocks, along two parallel north-south trending faults know as the Mine Fault and the East Fault. Alteration along the Mine Fault has been traced for 2,750 metres (m) (9,000 feet (ft)) along strike, with surface gold values ranging from anomalous to 3.7 g/t (0.12 opt) gold. The East Fault has been mapped for 2,200 m (7,200 ft) of strike with values from anomalous to 4.7 g/t (0.15 opt) gold. Both fault zones present excellent drill targets and are essentially untested.
Past Work
Bolo has had very limited previous drilling. Drilling by Chevron, USMX and Canerta in the 1970's and 1980's, was less than 45 m (150 ft) in depth. The drilling was concentrated primarily along the southerly 300 m (1000 ft) of the Mine Fault where several of the holes had ore grade intercepts.
In 2007, Columbus Gold completed an initial drilling program at Bolo, which consisted of 19 reverse circulation holes for a total of 3,014 m (9890 ft). Fifteen of the 19 holes completed intercepted anomalous gold values; the best holes were in the Mine Fault were BL-4 encountered 18.2 m (60 ft) of gold mineralization averaging 1.086 g/t gold (from 200-260 ft of depth); hole BL-3 intercepted 25.9 m (85 ft) of 0.431 g/t gold (from 25-110 ft of depth); and, hole BL-11 encountered 16.8 m (55 ft) of 0.611 g/t gold (from 390-445 ft of depth).
Drilling in the East Fault intercepted anomalous gold near surface in several holes, however, the gold grades encountered were significantly lower in the drill results then they were in surface sampling; indicating that the cross-structures controlling the better grades were missed.
In 2008, Columbus Gold completed a Phase II drilling program consisting of nine holes totaling 1,715 m (5,625 ft) of reverse circulation drilling.
The drilling was concentrated on the south and central zones of the Mine Fault and a covered target near the East Fault. Hole BL-23 was drilled through the southernmost part of the Mine Fault and is considered potentially very significant. BL-23 was a west-directed, forty five degree angle hole that intercepted a zone of silicified limestone and siltstone. The hole encountered 30.5 m of 2.37 g/t gold (100 ft of 0.069 opt) from 96.0-126.5 m (315-415 ft) of depth. The intercept was within a broader zone of mineralization averaging 1.15 g/t gold over 76.2 m (250 ft of 0.034 opt) from 77.7 m (255 ft) to the hole bottom at 154.0 m (505 ft) where the mineralization remains open. The zone is 56.4 m (185 ft) below the surface and is open, both down-dip and to the south. It is also open up-dip to the surface, where surface sampling has yielded values up to 5.18 g/t (0.15 opt) gold.
The other 8 holes drilled in Phase II all intersected thick zones of alteration and highly anomalous gold, requiring follow-up drilling. A table with complete drill results can be viewed here:
www.columbusgoldcorp.com/i/pdf/Bolo_Phase_II_Drill_assays_2008.pdf
Planned Program
A Phase III drilling program commenced at Bolo in late September 2009, consisting of 914 meters (3,000 feet) of drilling in five or six angle, rotary drill holes, designed to test for extensions of significant gold mineralization cut by rotary drill hole BL-23, completed by Columbus in late 2008.
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