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Golden Mile Property
The Golden Mile Property consists of 24 mineral claims, covering approximately 392 acres, located along the Walker Lane Gold Trend in Southwest Nevada. Subject to net smelter returns royalties, Columbus Gold owns a 100% interest in the Property.
The geologic setting at Golden Mile is similar to the productive Fortitude (Newmont) and McCoy (Kinross) mines on the Battle Mountain Trend. Golden Mile has the potential to host a high temperature gold skarn deposit hosted by Mesozoic limestones intruded by Cretaceous to Tertiary granite.
Golden Mile produced approximately ten thousand tonnes grading 12 g/t gold in the 1930's. Gold mineralization at the project area occurs within irregularly distributed skarn zones for 350 metres (m) in a northeasterly direction, and to a depth of 100 m along a variably altered and mineralized contact between Cretaceous quartz monzonite and calcareous sediments of the Triassic Luning and Jurassic Dunlop formations.
Geophysical surveys and limited drilling carried out in the 1970's and 1980's defined skarn, breccia and disseminated gold mineralization and included a drill intercept of 16 g/t gold along 29.5 m, which included 47 g/t gold over 9.1 m.
A 2,345 m (15 hole) phase I drilling program in the spring of 2006 included intercepts of 7.6 m of 4.2 g/t gold in drill hole MI-6 and 9.1 m averaging 13.8 g/t gold in drill hole MI-12, including 3.1 m of 28.94 g/t gold.
The deposit remains open to the northeast and at depth. A follow-up drilling program, designed to test for additional gold mineralization below 100 m depth and along strike to the northeast of the mineralized zone is planned for early fall of 2006.
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