CORE GOLD ANNOUNCES high grade gold
DISCOVERY at LINDEROS target in Ecuador, trench assays of 21m
@18.51 g/t Au
Vancouver, B.C. -- December 1, 2017 -- InvestorsHub
NewsWire -- Core Gold Inc. ("Core Gold" or the "Company") (TSX: CGLD, OTCQX: CGLDF) is pleased to
announce highgrade gold results from trenching activities at the
Company's newly identified Linderos gold target within its emerging
Dynasty District in Ecuador.
The first twenty-nine trenches at the Linderos epithermal gold
prospect within the Dynasty District have yielded encouraging
initial results including:
- 21.00m at 18.51 g/t Au
- 19.95m at 14.31 g/t Au
- 18.20m at 14.74 g/t Au
- 2.00 m at 326.8 g/t Au
Rock geochemistry and geological detail mapping indicate that
the mineralized zone extends for 1,000 meters to the southeast
adjacent to the area of trenching. Further trenching is ongoing
with additional results due in early 2018.
The Company has applied for bulk sampling and drilling permits
and is aiming to drill and bulk sample Linderos in Q1 2018.
These results are from the first 29 trenches of a planned 60
trench program.
The twenty-nine trenches were sampled over an area of 100m x
150m located within a larger 120m x 1,000m long brecciated shear
zone defined by pervasive rock gold geochemical anomalies that have
been confirmed by this initial trenching sampling program.
The trenches, which were dug no more than 2.5m deep, were
extracted according to industry protocols, sampling the basement
rock in a continuous and systematic method. Trenches were designed
perpendicular to the shear zone. Sampling (810 samples) was
executed across the oxidized quartz veins/structures as well as in
the porphyry wall rock.
The Linderos target is a new discovery identified by Core Gold
during its 2017 exploration efforts and has not undergone any
previous trenching or historical drill testing. The Company's four
contiguous Linderos Project concessions total 14,317 hectares and
are located approximately 45 kilometers southwest of Core Gold's
Dynasty Goldfield project. Further assays from subsequent trenches
are now pending and Core Gold plans to start drill testing at
Linderos as soon as all the necessary permits are in place.
Keith Piggott, Chief Executive Officer of Core Gold commented:
"The initial trenching high-grade gold results at the Linderos
target and the overall size of the anomalous shear zone suggest
that we are just beginning to test and understand the potential of
a major discovery at Linderos. It is precisely this type of
potential that attracted us to this large and undeveloped district
to begin with and these initial results reinforce our thesis".
The full results from the initial Linderos trenching program are
provided in the table below and a map with trench locations,
intersections and grade can be found on the company website via
this link:
https://www.coregoldinc.com/assets/img/linderos-trenching-map-and-results.pdf
Complete Trench Gold & Silver Assay Results Linderos
Target
Trench Number
|
Interval (m)
|
Gold Grade g/t Au
|
Silver Grade g/t Ag
|
Comments
|
Linderos 1
|
4.00
|
1.61
|
16.14
|
|
Linderos 2
|
1.80
|
1.70
|
15.38
|
|
Linderos 3
|
4.00
|
0.69
|
3.87
|
|
Linderos 4
|
8.00
|
3.93
|
9.83
|
open
|
Linderos 5
|
4.00
|
0.92
|
4.01
|
|
Linderos 6
|
6.00
|
2.26
|
5.97
|
open
|
Linderos 7
|
6.00
|
0.74
|
4.38
|
|
Linderos 8
|
7.00
|
1.26
|
3.12
|
|
Linderos 9
|
20.90
|
2.64
|
5.83
|
|
Linderos 10
|
8.60
|
15.27
|
20.23
|
|
Linderos 11
|
26.00
|
3.42
|
4.72
|
|
Linderos 12
|
18.00
|
10.10
|
13.45
|
open
|
Linderos 13
|
21.00
|
18.51
|
12.70
|
open
|
Linderos 14
|
18.20
|
14.74
|
19.12
|
|
Linderos 15
|
4.00
|
36.65
|
36.05
|
open
|
Linderos 16
|
19.95
|
14.31
|
12.79
|
|
Linderos 17
|
17.00
|
13.70
|
21.12
|
open
|
Linderos 18
|
15.40
|
5.08
|
5.73
|
|
Linderos 19
|
3.00
|
10.78
|
8.20
|
|
Linderos 20
|
14.80
|
5.37
|
5.92
|
|
Linderos 21
|
2.00
|
2.09
|
1.31
|
|
Linderos 22
|
12.00
|
5.55
|
9.38
|
|
Linderos 23
|
10.00
|
6.80
|
6.49
|
|
Linderos 24
|
4.80
|
17.77
|
11.11
|
|
Linderos 25
|
2.00
|
326.80
|
141.63
|
|
Linderos 26
|
1.20
|
106.62
|
22.05
|
|
Linderos 27
|
2.00
|
15.81
|
353.44
|
|
Linderos 28
|
3.60
|
14.45
|
19.86
|
|
Linderos 29
|
2.00
|
6.30
|
2.87
|
|
Discussion of Trenching Results
Surface trench gold results and mineralized structures suggest
that mineralization continues at depth.
The shear zone related gold bearing mineralized structures/veins
correspond to epithermal type mineralization and are connected
laterally and at depth to the porphyry body, suggesting the
existence of a porphyry system that will be explored in detail in
2018.
The Company is currently planning a drill program along the
known structure aiming to target high-grade Au mineralization in
order to further complete the geological model.
For more information on the Linderos project please refer to the
Operations Overview section of our website at www.coregoldinc.com.
Qualified Person
Mr. John E. Bolanos, who is a qualified person under NI 43-101
guidelines, has reviewed and approved the technical content of this
news release and will continue consulting the Company for future
press releases. Mr. Bolanos is a M.Sc. Mining Geologist from
Camborne School of Mines (U.K.) and a Professional Geologist Eng.
from The Central University of Ecuador (honours degree). He is a
registered member (ID 4172671) of the Society for Mining,
Metallurgy & Exploration (SME) of the United States; Director
of the Ecuadorian College of Engineers in Geology, Mines, Oil and
Environment; and a member of the Mining Chamber of Ecuador. He has
27 years of experience in the exploration and mining industry
throughout the Americas.
Sampling and Assaying:
Rock samples were collected by Core Gold personnel, placed in
plastic bags, labeled and sealed, and stored in a secure place
until delivery by Core Gold employees to the Golden Valley S.A lab
in Portovelo, El Oro Province, Ecuador.
Rock samples were prepared crushing 70% passing (10 mesh),
splitting 250 g and pulverizing to 85% passing 200 mesh (75
microns). Prepared 30 g pulp samples were assayed for gold (fire
assay/atomic absorption) and over-limits for gold (> 10 g/t Au)
were treated by gravimetry.
10% of the pulp samples were sent to the certified Bureau
Veritas - Inspectorate Lab [Certification Holding SAS France: ISOTS
16949 (IATF), MDL (UNFCCC), SA8000 (SAAS), IRIS (UNIFE), FSC (ASI)
and Bureau Veritas Certification Holding SAS U.K.: ISO9001,
ISO14001, ISO22001, FSCC, BRC, ISO 27001, EMAS, EN9100 / 9110/9120,
EUETS (UKAS)] in Lima, Peru for re-assaying and control purposes.
Comparative results were coherent and matching, with a general
average difference of about 7%, showing a good correlation among
assays.
Quality Assurance and Quality Control (QA/QC)
The Analytical Laboratory Inspectorate-Bureau Veritas Lab (ISO
9001) is a qualified assayer that performs and makes available
internal assaying controls. Duplicates, certified blanks and
standard material are systematically used (1 control sample every
20-25 samples) as part of the QA/QC program. Rejects and 100 g
pulps supports are stored for future checking and control
purposes.
About Core Gold Inc.
The Company is a Canadian based mining company involved in the
mining, exploration and development of mineral properties in
Ecuador. The Company is currently focused on gold production at its
wholly-owned Dynasty Goldfield project and continued development at
its Zaruma mine. Mineral is treated at the Company's wholly-owned
Portovelo treatment plant close to the Zaruma mine operations. The
Company also owns other significant gold exploration projects
including the Copper Duke area and the Linderos area in southern
Ecuador all of which are on the main Peruvian Andean gold-copper
belt extending into Ecuador, and the Jerusalem Project (located 30
kilometers south of the Fruta del Norte project).
For further information please contact:
Keith Piggott, CEO
Suite 1201 1166 Alberni Street
Vancouver, B.C. V6E 3Z3
Phone: +1 (604) 345-4822
Email: info@coregoldinc.com
Cautionary Notice:
This news release contains statements which are, or may be
deemed to be, "forward-looking information" which are prospective
in nature. Such information in this news release includes
statements regarding the Company's interpretation of the Linderos
trenching results and the potential geological merits of the
Linderos target. Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause Core
Gold's actual results, revenues, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Important risks that could cause Core Gold's actual
results, revenues, performance or achievements to differ materially
from Core Gold's expectations include, among other things, risks
relating to the actual results of additional exploration
activities; fluctuating prices in metals and other commodities;
possibility of accidents, equipment breakdowns, labor disputes or
other unanticipated difficulties with or interruptions in
operations; exploration cost overruns; the geology, grade and
continuity of mineral deposits; currency fluctuations; availability
of capital and financing to maintain the Company's operations and
plans; general economic, market or business conditions; regulatory
changes; timeliness of government or regulatory approvals; and
other risks detailed herein and in Core Gold's Annual Information
Form for the year ended December 31, 2016, which is available on
SEDAR at www.sedar.com. Other than in accordance with regulatory
obligations, Core Gold is not under any obligation and Core Gold
expressly disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.