|Tue Sep 22, 2015|
Columbus Gold Drills 152.4 meters of 0.71 gpt gold, including 28.9 meters of 2.16 gpt gold at Eastside Gold Discovery in Nevada
|Vancouver, BC, Canada, September 22, 2015. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) announces results of its summer RC drilling program at its 100% controlled Eastside gold project in Nevada. |
The drill program was successful in achieving the objective of validating that oxide gold mineralization encountered in surface sampling grading up to 16 g/t gold, extends at depth in the form of zones of lower grade "cloud" gold mineralization that overlays zones of better-grade. The current drilling has also revealed that the zones of better-grade gold mineralization are unusually thick and much larger than previously interpreted and that they are open in all directions. In addition, many of the holes drilled into the better-grade zones bottomed in significant gold values.
Robert Giustra, Chairman and CEO of Columbus Gold, commented: "These drill results indicate that gold mineralization at Eastside is considerably more widespread than previously understood. This bodes well for a project that is located in an area with outstanding infrastructure and for which preliminary metallurgical testing suggests good recoveries.
A total of 12,298 meters (40,347 feet) was drilled in 51 holes, widely spaced over a mineralized area of at least 1,050 X 550 meters. Of the 51 holes, 46 completed or hit the intended target and of those 46 holes, all intersected gold mineralization, and 38 of them return significant gold results. In addition 17 holes bottomed in gold. Following are significant intercepts:
A more detailed table of significant drill results is available at the following link:
Columbus is very encouraged by the upside potential at Eastside. Planning for the next phase of drilling is in progress and will include deep core drilling to further examine gold mineralization at depth. The deeper drilling to date indicates that gold mineralization could underlay the entire drilled area and the thickness of the gold intercepts in these deeper holes makes Eastside an attractive target for large volumes of gold mineralization.
A drill-hole location map is available at the following link:
East-west cross sections spaced at 40 meter intervals, with a 40 meter clipping plane, through the main mineralized area are available at the following link:
Cross sections spaced at 120 meter intervals, with a 120 meter clipping plane, which include geology, are available at the following link:
A table of comprehensive drill results is available at the following link:
Eastside gold mineralization occurs in a discrete package of overlapping, rhyolite flow dome complexes which were emplaced and/or erupted 7.2 million years ago. These flow dome complexes are confined to an outcrop belt about two miles wide and seven miles long which is completely enclosed in Columbus Gold's claim block. Detailed mapping and sampling of the entire claim block by Columbus geologists has yielded numerous additional targets outside of the area of the current drilling.
The project has outstanding infrastructure for mining and processing; is 32 km (20 mi) west of Tonopah, Nevada, and lies 9.7 km (6 mi) north of paved highway US 95, the main road route from Las Vegas to Reno. A good gravel road from the highway, along with a major power transmission line both pass through the claim block. The current drilling area is on the east flank of the Monte Cristo Range and a portion of the claim block extends well into the adjacent flats, which would provide excellent operating sites. The valley is known to have shallow water available in the same aquifer, which provided water for milling the Tonopah ores in the early 1900's. The area is high desert with sparse vegetation, and year-round drilling is possible.
Gold and silver assays for Phase IV drilling were performed by American Assay Labs in Sparks, Nevada. American inserts blinds and standards in the drill-hole assay string-generally 7% of all assays performed are of standards or blinds. For Phase IV drilling, gold analyses are by fire assay with atomic absorption finish. Silver assays are by fire assay with gravimetric finish. In addition, Columbus Gold also inserts blank samples and also standard samples of known gold and silver assay values in the drill assay string for quality control. Additional check sampling is ongoing and, if material differences occur, those will be reported. All Phase IV holes were surveyed downhole by IDS.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this press release. Mr. Wallace is the principal of Cordilleran Exploration Company (Cordex), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
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.
For more information contact:
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 the potential for gold mineralization underlaying the entire drilled area and the potential volumes of gold mineralization; a new FS that the Company intends to commission; the time frame in which the Company expects to complete the tendering process for the commission of the FS; completion of the FS; and projected funding of exploration and development programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of the FS . 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 without limitation: the ability to complete the FS by the proposed target date or at all; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments and the ability to complete the FS by the stated deadline or at all; cost increases; availability of qualified workers and drill equipment; access to power supply sources and power prices; 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; 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 as to: future drill results; 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; that political risk will remain on current levels; and ongoing relations with employees, partners and joint venturers. Although Columbus Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Columbus Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.
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