Columbus Gold Announces Initial Results of Phase II Drilling at 5.4 Million Once Montagne d'Or Gold Deposit
27 February 2014 - 1:00AM
Marketwired
Columbus Gold Announces Initial Results of Phase II Drilling at 5.4
Million Once Montagne d'Or Gold Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold") is
pleased to report on the progress of the Phase II diamond drilling
campaign currently underway at its 5.37 million ounce Montagne d'Or
Inferred gold deposit, Paul Isnard Project, French Guiana.
Drilling commenced in late November 2013 with one drill rig
operating on one 12-hour work shift per day. Operations were
suspended for the Christmas holidays and resumed in early January
on a 24-hour continuous basis with two 12-hour shifts daily.
Thirty-five (35) drill holes have been completed to date, for a
total of 4,126 metres. A contract has been signed for a second
drill rig which is expected to arrive on site in May, with the aim
of completing the 26,600 meter, 135 hole program by late summer,
with two drills operating on a 24-hour basis.
The holes drilled to date in the current program are short holes
at the northern base of the Montagne d'Or deposit, designed to test
the near surface projection of the secondary Lower Favorable Zone
("LFZ") and Footwall Zone ("FWZ"). Some of the holes were collared
into the principal Upper Felsic Zone ("UFZ") to reach the LFZ. Gold
assay results have been received for the first 12 holes. All holes
intersected sulphide-gold mineralised intervals; notable
intersections include:
Hole
MO-13-107 |
30.0
to 36.0 m |
6.06
g/t gold over 6.0 m (4.6 m True Width ("TW")) |
|
70.0
to 87.7 m |
2.27
g/t gold over 17.7 m (14.2 m TW) |
Hole
MO-13-108 |
1.0
to 28.0 m |
1.26
g/t gold over 27.0 m (20.3 m TW) |
Hole
MO-14-110 |
5.0
to 9.0 m |
6.57
g/t gold over 4.0 m (3.1 m TW) |
Hole
MO-14-115 |
107.2
to 116.0 m |
3.50
g/t gold over 8.8 m (6.7 m TW) |
Hole
MO-14-116 |
67.1
to 70.0 m |
11.67
g/t gold over 2.9 m (2.3 m TW) |
A drill plan and full assay results are available at the
following links:
www.columbusgoldcorp.com/i/nr/2014-02-26-drillplan.pdf
www.columbusgoldcorp.com/i/nr/2014-02-26-assays.pdf
The drilling is being funded by Nord Gold N.V. as part of a 3
year minimum US$30 million exploration and development program
pursuant to which Nord Gold can earn a 50.01% interest in Montagne
d'Or and certain Paul Isnard mineral claims, by completing a
bankable feasibility study.
The Montagne d'Or deposit contains a NI 43-101 compliant
inferred gold resource using a cut-off grade of 0.3 grams per tonne
gold of 5.37 million ounces within 117.1 million tonnes at an
average grade of 1.43 grams per tonne gold. Using a cut-off of 1
gram per tonne gold a resource of 4.15 million ounces within 58.1
million tonnes at an average grade of 2.22 grams per tonne gold.
The resources are defined within a gold mineralized area of 2,250
meters by 400 meters and to an average depth of 250 meters from
surface. The mineralized zones remain open in part along strike and
at depth.
The objectives of the Phase II drilling program are to:
- Complete a 50-meter spacing array to a vertical depth of 200
meters from surface, and select 25-meter in-fill, focused on
mineralisation potentially amenable to open pit mining;
- internally increase the current mineral resource;
- increase confidence in the gold grade-width distribution;
- convert inferred resources to the indicated category in
accordance with NI 43-101 standards;
- acquire a better distribution of copper assays for added value
to the deposit.
Qualified Person, Technical Info and QA/QC
Diamond drill holes were bored with HQ-size core in the upper
oxidized saprolitic zone and NQ-size core in fresh rock. The core
was placed in plastic core boxes with covers and delivered by the
drilling contractor, Performax Drilling Inc., a Canadian company
with qualified personnel, to the Citron camp logging facilities,
located 5 km from Montagne d'Or. Columbus Gold personnel are
present at the camp at all times during the drilling program.
The core was photographed for reference, logged (geotechnical
and geological) and identified sulphide mineralised sections were
sawed in half. Sample lengths vary between 0.5 to 1.5 metres.
Individual half core samples were placed in canvas bags and sealed
by batch of 9 samples in polypropylene bags for air transport to
the Cayenne and trucking to Filab Amsud laboratory in Paramaribo,
Suriname, an ISO 9001 and ISO / IEC 17025 accredited laboratory.
The remaining half core is stored in core racks on site at Citron
camp for reference. Samples were assayed for gold by fire-assay
method using an atomic absorption finish on a 50-gram pulp
split.
A quality assurance and quality control program (QA/QC) was
implemented by Columbus Gold and Filab Amsud to insure the accuracy
and reproducibility of the analytical method and results are
maintained. The QA/QC program includes the insertion of standards,
blanks and field duplicates in each laboratory assay batch and
systematic re-assaying of samples returning values above 5 g/t Au
by the fire-assay method using a gravimetric finish on a 50-gram
pulp split. As well, 10% of random sample pulps are sent to SGS del
Peru S.A.C. laboratory for gold check assaying.
The drilling program is being conducted under the supervision of
Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for Columbus
Gold and Qualified Person under National Instrument 43-101. Mr.
Lefrançois, the Qualified Person, has reviewed this news release
and is responsible for the technical information reported herein,
including verification of the data disclosed.
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.
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 Columbus Gold's: proposed drilling
programs; projected funding of drilling programs by Nord Gold N.V.
pursuant to the terms of the option agreement and the related
completion of a bankable feasibility study and general exploration
plans. 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: the ability to acquire necessary permits and
other authorizations; environmental compliance; cost increases;
availability of qualified workers and drill equipment; competition
for mining properties; 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; risks associated with Nord Gold N.V. electing not to
exercise its option and make the related option payments; 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 about: that
the design of the drill plan is appropriate for the site; 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; and ongoing relations with employees,
partners, optionees and joint venturers. The foregoing list is not
exhaustive and Columbus Gold undertakes no obligation to update any
of the foregoing except as required by law.
Columbus Gold CorporationInvestor Relations604-634-0970 or
1-888-818-1364info@columbusgroup.comwww.columbusgroup.com
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