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Laura Property
The Laura Property is located approximately 5 kilometres (3 miles) southwest of the Cortez open pit gold mine and approximately 3 kilometres (1.2 miles) west of the +9 million ounce Cortez Hills discovery. The Cortez Mine and Cortez Hills are owned by Barrick. Subject to third party net smelter returns royalties, the Laura Property is 100% controlled by Columbus.
Geology
The property is underlain by Oligocene Caetano volcanic rocks and lies just to the south of the volcanic/Paleozoic-Upper Plate fault contact. Gold mineralization, both in surface sampling and at depth in drill holes, is hosted in what has been described as a heterolithic "jasperoid breccia", a horizon with clasts of chert-like rock, vein quartz and various altered volcanic lithologies. This unit zone is approximately 40 metres (130 feet) thick, strikes north-northeast and dips in ±20° to the east. The breccia horizon is sandwiched between ash-flow tuff and, locally, intrusive felsite. The best drill intercept (9.1 metres (30 feet) @ 0.69 g/t (0.020 opt) Au) has been interpreted to be near a felsite intrusive body.
Past Work
The first serious exploration program was apparently conducted by Conquest Explorations Ltd. and Heritage Petroleum Inc. in 1993. Their work consisted of mapping, soil and rock sampling and a 4.5 km (2.8 miles) IP survey. A six-hole drill program totaling 651.7m (2135 feet) was completed in December of that year. Anomalous to significant gold was intercepted in several of the holes including 9.1 metres (30 feet) @ 0.69 g/t (0.020 opt) gold. Gold values encountered in drilling and in surface samples are associated with a "jasperoid beccia" hosted in Tertiary volcanic rocks.
The nearby discovery of Cortez Hills makes the Laura Property worthy of further exploration; at depths deep enough to test the Paleozoic rocks, host to the significant deposits in the region.
Planned Program
Columbus Gold is actively seeking a joint venture partner for the Laura Property.
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