Columbus Gold Announces Additional Drilling Results from Montagne d'Or Including 7.35 g/t Gold over 7.8 Meters; Second Drill ...
30 April 2014 - 11:00PM
Marketwired
Columbus Gold Announces Additional Drilling Results from Montagne
d'Or Including 7.35 g/t Gold over 7.8 Meters; Second Drill Rig in
Transit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold")
reports on the progress of the Phase II diamond drilling campaign
currently underway at its Montagne d'Or gold deposit, Paul Isnard
Project, French Guiana.
Forty-seven (47) drill holes (106 to 152) have been completed,
for a total of 5,900 metres, as part as of a 26,600 metre (135
holes) drilling program. In addition, six (6) large diameter
HQ-calibre core holes (1,000 m) were completed for detailed
metallurgical testing as part of a preliminary economic assessment
study (PEA). A second track-mounted diamond drill rig has been
shipped from Canada and is expected to arrive on site in May with
the aim of completing the Phase II program in September.
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. All
holes intersected sulphide-gold mineralised intervals.
Gold assay results were previously released for 18 holes (106 to
123) and results have been received for an additional 18 holes (124
to 141). Notable intersections received in the 18 holes
include:
Drill
Hole |
|
Intercept |
|
Grade |
|
Length |
|
(True
Width - "TW") |
|
|
|
|
|
|
|
|
|
MO-14-124 |
|
48.0
to 67.2 m |
|
1.59
g/t gold |
|
over
19.2 m |
|
(14.7
m TW) |
M0-14-125 |
|
52.4
to 65.5 m |
|
2.25
g/t gold |
|
over
13.1 m |
|
(10.0
m TW) |
|
|
105.0
to 112.8 m |
|
7.35
g/t gold |
|
over
7.8 m |
|
(6.2
m TW) |
MO-14-127 |
|
80.0
to 90.0 m |
|
5.28
g/t gold |
|
over
10.0 m |
|
(7.8
m TW) |
MO-14-132 |
|
7.7
to 37.0 m |
|
0.94
g/t gold |
|
over
29.3 m |
|
(23.1
m TW) |
|
|
44.4
to 47.0 m |
|
6.22
g/t gold |
|
over
3.0 m |
|
(2.4
m TW) |
MO-14-134 |
|
33.3
to 55.6 m |
|
2.80
g/t gold |
|
over
22.3 m |
|
(17.2
m TW) |
MO-14-135 |
|
71.5
to 88.8 m |
|
1.60
g/t gold |
|
over
17.3 m |
|
(13.5
m TW) |
MO-14-137 |
|
117.1
to 123.0 m |
|
4.42
g/t gold |
|
over
6.0 m |
|
(4.7
m TW) |
MO-14-138 |
|
33.0
to 49.0 m |
|
1.50
g/t gold |
|
over
16.0 m |
|
(12.5
m TW) |
MO-14-141 |
|
21.5
to 32.5 m |
|
2.93
g/t gold |
|
over
11.0 m |
|
(8.4
m TW) |
Highlights of the new results include:
- The intersections in holes 124, 125 and 127 have extended the
LFZ over a strike extent of 200 metres to the west and the zone
remains open in that direction;
- The intersections in holes 132, 134 and 135 and 137 served to
better define a well-mineralised section of the LFZ located in the
east-central part of the Montagne d'Or deposit;
- The intersection in hole 141 has opened-up the potential to
extend the LFZ to the east and the zone remains open in that
direction.
A drill plan and full assay results are available at the
following links:
www.columbusgoldcorp.com/i/nr/2014-04-30_drillplan.pdf
www.columbusgoldcorp.com/i/nr/2014-04-30_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. 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 current mineralized tonnage;
- 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.com
Columbus Gold Corporation (TSXV:CGT)
Historical Stock Chart
From May 2024 to Jun 2024
Columbus Gold Corporation (TSXV:CGT)
Historical Stock Chart
From Jun 2023 to Jun 2024