The Bolo Property is located 60 kilometers northeast of Tonopah, Nevada.
Bolo is 100% controlled by Columbus Gold, subject to underlying royalties.
Carlin-style gold mineralization is the target at Bolo where values from 0.34 to 5.18 g/t gold can be obtained from jasperoids and iron-stained structures cutting Cambrian and Ordovician sedimentary rocks, along two parallel north-south trending faults know as the Mine Fault and the East Fault, traceable for 4,878 meters. Alteration along the Mine Fault has been traced for 2,750 meters along strike, with surface gold in outcrop sampling from anomalous to 5.18 g/t gold. The East Fault has been mapped for 2,200 meters of strike with values from anomalous to 4.7 g/t gold. Both fault zones present excellent drill targets.
Bolo has had very limited previous drilling. Drilling by Chevron, USMX and Canerta in the 1970's and 1980's was less than 45 meters in depth. The drilling was concentrated primarily along the southerly 300 meter of the Mine Fault where several of the holes had ore grade intercepts. The best hole from this historical drilling was hole HD-3 drilled by Chevron in 1975 which intercepted 18 meters of 1.51 g/t gold from 82-279 meters.
In September 2013, Columbus Gold completed a drilling program that consisted of 3,475 meters in 19 reverse circulation drill holes and was designed to test additional targets and for expansion drilling in the area (known as the South Zone) around discovery drill hole BL-23, which cut 30 meters of 2.38 g/t gold in 2008 drilling.
The 2013 drilling in the South Zone at Bolo cut significant intercepts of good grade gold over considerable thicknesses. Drill holes BL-38, BL-39 and BL-41 were noteworthy. Drill hole BL-38 cut 133 meters from surface of 1.28 g/t, which included 30.5 meters of 3.24 g/t gold. BL-39 cut 41 meters of 2.05 g/t gold from surface. BL-41 cut 51.5 meters of 1.27 g/t gold from surface, which included 16.8 meters of 2.15 g/t gold.
A table of significant results from the 2013 drill campaign can be viewed at the following link:
All mineralization is logged as "oxidized" and is Carlin-type, associated with weak silicification and decalcification of Paleozoic sedimentary rocks. The gold mineralization at the South Zone at Bolo is more pipe-like in shape than anticipated. The pipe rakes steeply to the south and remains open at depth.
Significant silver was also cut in the drilling (up to 3 meters of 360.5 g/t within 28.8 meters of 57.6 g/t silver in drill hole BL-37) and will contribute value. All silver assays reported to date in Columbus Gold's drilling at Bolo have been done using ICP analysis. Recent preliminary check samples using fire assay on silver indicate that the ICP technique appears to be understating the silver grade (8 check samples out of 10 showed 40-150% more silver using fire assay). All reported gold assays at Bolo are not in question as considerable check sampling shows gold values check well. Columbus Gold has commenced more comprehensive checks on all silver assays from the 2013 drilling, as well as past Bolo drilling by Columbus Gold, using the fire assay technique with a total of 260 samples with significant silver being checked.
In 2007, Columbus Gold completed an initial drilling program at Bolo, which consisted of 19 reverse circulation holes for a total of 3,014 meters. Fifteen of the 19 holes completed intercepted anomalous gold values; the best holes were in the Mine Fault were BL-4 encountered 18.2 meters of gold mineralization averaging 1.086 g/t gold from 61 to 79 meters of depth; hole BL-3 intercepted 25.9 meters of 0.431 g/t gold from 7.6 to 33.5 meters of depth; and hole BL-11 encountered 16.8 meters of 0.611 g/t gold from 119-135 meters of depth. Drilling in the East Fault intercepted anomalous gold near surface in several holes, however, the gold grades encountered were significantly lower in the drill results then they were in surface sampling; indicating that the cross-structures controlling the better grades were missed.
In 2008, Columbus Gold completed a Phase II drilling program consisting of nine holes totaling 1,715 meters of reverse circulation drilling. The drilling was concentrated on the south and central zones of the Mine Fault and a covered target near the East Fault. Discovery hole BL-23 was drilled through the southernmost part of the Mine Fault and is considered potentially very significant. BL-23 was a west-directed 45 degree angle hole drilled essentially perpendicular to the Mine Fault which intercepted a zone of silicified limestone and siltstone. The hole encountered 30.5 meters of 2.37 g/t gold from 96.0-126.5 meters of depth. The intercept was within a broader zone of mineralization averaging 1.15 g/t gold over 76.2 meters from 77.7 meters to the hole bottom at 154 meters where the mineralization remains open. The zone is 56.4 meters below the surface and is open, both down-dip and to the south. It is also open up-dip to the surface, where surface sampling has yielded values up to 5.18 g/t (0.151 opt) gold. The other 8 holes drilled in Phase II all intersected thick zones of alteration and highly anomalous gold, requiring follow-up drilling. The gold mineralization is classified as "Carlin-type", similar to many other significant gold deposits in Nevada.
A Phase III drilling program was completed by Columbus in 2009 and consisted of 1,215 m (3,990 ft) in six angle, rotary drill holes. Five of the holes tested for extensions of significant gold mineralization cut by discovery hole BL-23, completed by Columbus in Phase II drilling in 2008.
In Phase III, drill hole BL-29 was drilled to cut the Mine Fault 30 meters south of BL-23 and intersected 62 meters of 0.65 g/t gold, including 4.5 meters of 1.88 g/t and 3 meters of 3.39 g/t gold. Drill hole BL-32 tested the Mine Fault 30 meters north of BL-23 and cut 51 meters of 0.82 g/t gold, including 3 meters of 2.98 g/t and an additional 9 meters of 1.92 g/t gold. Hole BL-30 intersected the Mine Fault 109 meters north of BL-23 and cut 16 meters of 0.21 g/t gold. Hole BL-31 cut the Mine Fault 76 meters south of BL-23 and cut 4.5 meters of 1.03 g/t gold. Hole BL-33 was drilled to cut the Mine Fault 76 meters below BL-23 and cut only anomalous values. The Mine Fault structure is thought to be offset along a flat fault between 152 meters and 213 meters of depth. Drill hole BL-34 was drilled in a gravel-covered area about 1.6 kilometers northeast of BL-23, and intersected no significant gold values.
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 project description. Mr. Wallace is the President of Columbus Gold and the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.