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Paul Isnard Property
The 149.4 km2 Paul Isnard gold project includes the 43-101 compliant 1.9 million ounce inferred Montagne d'Or gold deposit and is located in area with good access, approximately 180 km west of the capital city of Cayenne in French Guiana. Paul Isnard has been an important centre of alluvial and colluvial gold mining operations since the late 19th century with reported estimated production of about two million ounces. Columbus Gold holds an option to earn a 100% interest in Paul Isnard, subject to underlying third-party royalties.
The project occurs within the northernmost of two east-west trending Proterozoic greenstone belts making up the French Guiana sector of the Guiana Shield. This greenstone terrain hosts important gold deposits in French Guiana and neighbouring countries, including Gross Rosebel in Suriname, and is generally considered to represent an extension of the productive and much more extensively explored and developed Birimian System greenstone belts of West Africa.
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 1.9 million ounces from 36.7 million tonnes grading 1.6 gpt gold; applying a cut-off grade 0.4 gpt. The deposit consists of a linear mineralized tabular body within laminated felsic volcanic rocks outlined and partially outlined for a strike length of about 2,000 metres and an average depth of 100-150 metres from surface. The mineralization occurs in two closely spaced layers, respectively averaging about 50 and 17.5 metres in thickness, and multiple smaller, sub parallel gold-bearing bands and stringer zones.
The deposit is open at depth, along strike and internally between widely spaced holes. The current drilling program commenced in December 2011, and it consists of 15,000 meters in about 50 holes designed to increase the gold resource by drilling the deposit systematically to a depth of 200 meters from surface and laterally along open strike extensions. The denser drill pattern, with holes at roughly 50 meter centres, is also expected to convert certain of the inferred resource to indicated and measured categories.
Based upon the performance of earlier drilling programs at Montagne d'Or, production of about 2,000 meters per month is anticipated, utilizing a single drill rig on a 24 hour basis. To accelerate the program Columbus Gold intends to engage a second drill rig as soon as practical.
Future drill programs will target potential extensions of the Montagne d'Or deposit indicated by untested geochemical anomalies extending more than 2.5 km along strike, incompletely tested parallel zones of gold mineralization, and other untested or incompletely tested gold prospects and geochemical anomalies throughout the large Paul Isnard project area.
Columbus Gold's independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this project description.
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