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French Guiana

Paul Isnard

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The Paul Isnard Gold Project is located in north-west French Guiana, in South America, 180 kilometres west of the capital, Cayenne, and 80 kilometres south of the department capital, Saint-Laurent-du-Maroni. Current work is focused on the Montagne d'Or gold deposit which hosts a 43-101 compliant inferred gold resource of 4.3 million ounces within 140.1 million tonnes grading 1.0 gpt gold using a 0.4 gpt cut off. French Guiana is an overseas department and region of France.




The Paul Isnard project is comprised of eight mining concessions covering an area of 190 km2 and is accessible via an all season forest road from the town of Saint-Laurent-du-Maroni, for a distance of 120 kilometres, and by small aircraft to the project's base camp. Several roads crisscross the mining concessions providing truck access. Columbus Gold owns a 100% interest in the Paul Isnard project.

A Phase II drill program is underway (commenced in November of 2013), focusing on the Montagne d'Or gold deposit. The planned program includes 27,600 meters of diamond core drilling and is designed to complete a 50-meter spacing array to a vertical depth of 200 meters along the full strike extent of the current resources, with select 25-metre in-fill. The denser 25-metre to 50 meter drill pattern is expected to internally increase the resources between widely spaced holes, convert much of the inferred resource to the indicated and measured categories, and provide confidence in the grade-width distribution.

On September 2013, Columbus Gold entered into an option agreement with Nordgold (LSE: NORD). Under the agreement, Nordgold may earn a 50.01% interest in certain licences at the Paul Isnard Gold Project by completing a bankable feasibility study and by expending not less than US$30 million in 3 years in staged work expenditures, which includes a requirement for Nordgold to pay Columbus Gold $4.2 million in cash no later than May 21, 2014. The $4.2 million payment is due in consideration of Columbus Gold purchasing an underlying royalty on the Paul Isnard Gold Project. During the earn-in period, Columbus Gold will act as operator on the Paul Isnard Gold Project and charge a 10% management fee on certain expenditures. For complete details of the agreement please see Columbus Gold's news release dated September 18, 2013.

The Paul Isnard Gold Project occurs within the Guiana Gold Belt which stretches from western Venezuela eastward through Guyana, Surinam and French Guiana and into Brazil. Mineral deposits are typical of those in other greenstone terrains such as in Canada, Australia and West Africa. Many significant gold deposits and prospects have been identified on the Guiana Gold Belt, including Las Cristinas, Choco, Toropoaru, Aurora, Omai, Gros Rosebel, Merian and Camp Caiman. Numerous other prospects, mostly in Guyana and Surinam are undergoing active exploration.


* Inferred Resources: 140.1 Mt @ 1.0 g/t Au (4.3 Moz.)

At Montagne d'Or, the gold mineralisation is hosted within a 400 metre thick sequence of intercalated felsic and mafic volcanic and subordinate volcaniclastic rocks that strike east-west and dip steeply south. The near surface gold resources are contained within four closely-spaced stratiform, sub-parallel, east-west-striking and south-dipping sulphide mineralised horizons, which include the principal UFZ and LFZ having average thicknesses of 50 metres and 17.5 metres, respectively. Gold mineralisation is associated with disseminated and stringer sulphides with occasional semi-massive seams to several centimetres in width, mainly as pyrite, and is accompanied by pervasive alteration, which includes sericite, secondary biotite (retrograded to chlorite) and secondary K-feldspar ± quartz. Only a small portion of the deposit has been subjected to upper level oxidation.

Modern exploration at Paul Isnard includes geological, geochemical and geophysical surveys, and diamond core drilling carried out primarily from 1996 to 1999. Most of this work included 54 holes for 10,600 metres directed at the Montagne d'Or gold deposit which delineated an inferred gold resource of 1.9 million ounces from 36.7 million tonnes grading 1.6 gpt gold; applying a cut-off grade 0.4 gpt. Resource estimates on Montagne d'Or: 1999 (Guyanor-Golden Star), 2004 (RSG Global) and 2008 and 2011 (SRK).

In late 2012, Columbus completed a Phase I drilling program that consisted of 15,824 metres in 45 core holes at the Montagne d'Or gold deposit. This drill program has significantly increased the inferred gold resource to 117.1 million tonnes @ 1.43 grams per tonne gold (5.37 million ounces) at a 0.3 grams per tonne gold cut-off or 58.1 million tonnes @ 2.22 grams per tonne gold (4.15 million ounces) at a 1.0 grams per tonne gold cut-off, representing an increase of 184% from the previous inferred resource estimate.

For complete disclosure of the mineral resource refer to the news release dated February 5, 2013. For parameters and methods used to estimate the mineral resources please refer to the Mineral Resource Estimate NI 43-101 Technical Report, Coffey Mining, November 23, 2012, available on this website and also filed on www.Sedar.com.

Except for two short holes drilled south into the hangwall of the known mineralization all holes from the Phase I program contain significant gold intercepts, generally consistent with earlier results, within the principal UFZ and Lower Favorable (LFZ) mineral zones defined by the original work.

Of particular note are drill holes MO 12-92, MO 12-78 and MO 12-99. Drill hole MO-92 intercepted 53 metres grading 4.37 gpt gold (3.86 gpt cut to 31.1 gpt) within 113 metres averaging 2.43 gpt gold (2.17 cut) in the UFZ and drill hole MO 12-78 with 29 metres grading 2.51 gpt gold in the LFZ. Drill hole MO 12-99, a step-out hole, located 150 metres west of the earlier drilling is particularly important since it has significantly increased potential of the Montagne d'Or deposit outside the originally defined 1.9 million ounce mineralized envelope and resource area where the other Phase I drill holes focused on resource expansion internally and immediately below the defined deposit.

To view the Phase I Assay Table:
www.columbusgoldcorp.com/i/nr/2012-12-13-table.pdf

To view the Phase I Drill Plan and Cross Sections:
www.columbusgoldcorp.com/i/nr/2012-12-13-sections.pdf

Rock Lefrançois, P.Geo. (OGQ), Columbus Gold's COO and Qualified Person has reviewed and approved the technical content of this project description.

 

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