Colombian Mines Mobilizes Field Crews for El Dovio Ground Mag Survey and Exploration Update
18 March 2014 - 5:34AM
Marketwired
Colombian Mines Mobilizes Field Crews for El Dovio Ground Mag
Survey and Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2014) -
Colombian Mines Corporation ("Colombian Mines" or the "Company")
(TSX-VENTURE:CMJ)(FRANKFURT:X6C) is pleased to provide the
following 2014 exploration update and guidance.
El Dovio
As outlined in the Company's press release of January 20, 2014,
the Company has completed survey control, and crews from KTTM
Geophysics Limited have been mobilized and are on site conducting
the expanded magnetometry survey at the high grade El Dovio
project. When completed, the survey will cover more than six (6)
square kilometers with high resolution ground magnetometry. The
survey is specifically designed to detect magnetic pyrrhotite found
to be restricted to zones of high grade gold and copper
mineralization in the Company's very successful 2013 drilling at El
Dovio. Table 1 below presents the announced drill intervals from
the Company's 2013 drill program.
TABLE 1. Previously Announced 2013 El Dovio Drill Intercepts
Drill Hole Number |
From (m) |
To (m) |
Length (m) |
Length (feet) |
Au g/T |
Ag g/T |
Cu % |
Zn % |
D13-01A |
21.3 |
120.9 |
99.6 |
327 |
0.64 |
1.41 |
0.08 |
0.18 |
|
26.0 |
30.0 |
4.0 |
13 |
2.26 |
1.93 |
0.05 |
0.15 |
|
69.2 |
86.3 |
17.1 |
56 |
2.38 |
4.03 |
0.37 |
0.71 |
|
Including |
|
|
|
|
|
|
|
|
81.4 |
86.3 |
4.9 |
16 |
7.28 |
11.74 |
1.23 |
1.99 |
|
Including |
|
|
|
|
|
|
|
|
81.4 |
83.5 |
2.1 |
7 |
15.60 |
20.31 |
2.24 |
2.09 |
|
114.8 |
120.9 |
6.1 |
20 |
7.00 |
4.36 |
0.02 |
0.65 |
|
Including |
|
|
|
|
|
|
|
|
114.8 |
117.7 |
3.0 |
10 |
13.77 |
5.76 |
0.02 |
0.13 |
D13-02 |
47.5 |
98.7 |
51.2 |
168 |
1.15 |
5.99 |
1.11 |
0.16 |
|
51.6 |
53.5 |
1.9 |
6 |
3.18 |
2.33 |
0.26 |
0.10 |
|
77.5 |
92.9 |
15.4 |
51 |
3.43 |
17.93 |
3.60 |
0.40 |
|
Including |
|
|
|
|
|
|
|
|
79.5 |
91.9 |
12.4 |
41 |
4.02 |
20.23 |
4.17 |
0.46 |
|
Including |
|
|
|
|
|
|
|
|
89.3 |
91.9 |
2.6 |
9 |
9.36 |
30.06 |
5.16 |
0.50 |
D13-04 |
40.0 |
101.5 |
61.5 |
202 |
0.60 |
3.56 |
0.72 |
0.13 |
|
71.0 |
100.6 |
29.6 |
97 |
1.14 |
6.86 |
1.48 |
0.16 |
|
Including |
|
|
|
|
|
|
|
|
72.0 |
77.1 |
5.1 |
17 |
4.02 |
10.80 |
1.33 |
0.36 |
|
and |
|
|
|
|
|
|
|
|
93.0 |
100.6 |
7.6 |
25 |
0.95 |
15.70 |
4.30 |
0.26 |
D13-05 |
69.0 |
95.5 |
26.6 |
87 |
1.66 |
9.55 |
1.53 |
0.36 |
|
Including |
|
|
|
|
|
|
|
|
86.5 |
93.4 |
6.9 |
23 |
5.86 |
34.29 |
5.89 |
1.29 |
D13-06 |
41.5 |
59.5 |
18.0 |
59 |
1.20 |
3.24 |
0.57 |
0.46 |
|
Including |
|
|
|
|
|
|
|
|
49.6 |
51.6 |
2.0 |
7 |
3.60 |
3.00 |
0.07 |
0.69 |
|
and |
|
|
|
|
|
|
|
|
54.5 |
56.9 |
2.4 |
8 |
3.90 |
15.60 |
4.00 |
2.26 |
D13-07 |
37.7 |
83.5 |
45.8 |
150 |
0.97 |
3.93 |
0.55 |
0.31 |
|
Including |
|
|
|
|
|
|
|
|
47.5 |
56.3 |
8.8 |
29 |
2.60 |
12.94 |
2.68 |
0.87 |
|
also |
|
|
|
|
|
|
|
|
53.0 |
56.3 |
3.3 |
11 |
2.04 |
26.66 |
6.83 |
0.83 |
D13-08 |
54.5 |
91.3 |
36.8 |
121 |
0.80 |
1.99 |
0.26 |
0.23 |
|
Including |
|
|
|
|
|
|
|
|
55.5 |
58.5 |
3.0 |
10 |
3.68 |
11.57 |
1.91 |
1.08 |
|
and |
|
|
|
|
|
|
|
|
69.5 |
72.5 |
3.0 |
10 |
3.88 |
5.53 |
0.63 |
1.15 |
The Company plans to conduct 2,000 meters of drilling at El
Dovio during 2014. The 2014 drilling will expand upon the highly
successful 2013 drilling in the Sabana Blanca zone with limited
scout drilling in outlying target zones including Brazo 1 and
Granizales and will be focused on defining near term high grade
production potential. The Company anticipates it will mobilize one
or more drills to the property by late March.
Mercedes
Further to completing the property wide airborne geophysical
survey at Mercedes
http://www.colombianmines.com/i/pdf/Mercedes-Areo-Project-Area.pdf,
field crews are on site conducting follow up stream sediment
geochemical surveys, rock geochemical sampling and geological
mapping. Work will initially focus on the northern mineralized belt
in areas surrounding the Imba and Don Wilson zone where the Company
has previously reported results of reconissance samples to 50 grams
of gold per metric tonne (g/T Au), 1,120 grams of silver per metric
tonne (g/T Ag) and 26 percent copper (% Cu). The Company has
initiated the process to secure water permits for drilling and
anticipates these permits will be issued by late summer. A program
of "scout drilling" is tentatively planned to start, upon receipt
of the water permits.
Yarumalito
The Company was notified March 11, 2014 that Teck Resources
Limited ("Teck") will discontinue the joint venture option
agreement at Yarumalito. During 2012 - 2013, Teck sole funded more
than $1.6 million of exploration at Yarumalito.
Conventional soil geochemistry was completed over 95% of the
property, rock geochemical sampling was expanded, detailed geologic
mapping was expanded and 2,636 meters of diamond core in seven (7)
widely spaced "scout" holes were drilled to test a number of
peripheral targets outside of the main Escuela and Balastreras
zones. Teck's expenditures did not meet vesting requirements, hence
Teck will not retain any interest in the Yarumalito project. The
property returns to the Company free and clear of any underlying
retained interests, third party royalties or any other form of
encumbrance. During 2012 Yarumalito was consolidated into a single
exploration license with up to an eleven year exploration term.
All of the 2013 drill holes contained highly anomalous gold
mineralization throughout and the entire 2,636 meters of the 2013
drilling program averaged 0.122 g/T Au with holes 3, 5, 6 and 7 all
bottoming in mineralization assaying from .1 to more than .2 g/T
Au. Hole YAR_1302 averaged .231 g/T over its entire 350 meter
length from surface with 160.6 meters of mineralization from the
surface that averaged 0.315 g/T Au and a higher grade sub interval
from surface to 24.5 meters that averaged 0.515 g/T Au. All other
holes also contained geologically significant intercepts over large
intervals. The 2013 drilling penetrated intermediate phyllic
(serecitic) and potassic alteration, indicating that the drilling
was peripheral to or possibly above the hotter and typically more
productive zone of potassic alteration in most porphyry
systems.
Yarumalito shares many characteristics with other large
productive Colombian porphyry and porphyry related deposits
including AngloGold Ashanti's giant La Colosa deposit that contains
more than 26 million ounces of gold. Table 2 below presents some of
these important similarities.
Table 2. Comparative Deposit Similarities Yarumalito and La
Colosa
Characteristic |
La Colosa |
Yarumalito |
Principal Host Rock |
Hornfels & early diorite porphyry |
Hornfels & early diorite porphyry |
Rock Geochemical Footprint |
Approx. 133 hectares |
Approx. 123 hectares |
Mining Configuration |
Ridge w/ Low strip |
Ridge w/ Low Strip |
Age of Intrusive / Mineralization |
8.5 - 7.0 Ma |
8.0 - 7.0 Ma |
Geologic Period |
Late Miocene |
Late Miocene |
Porphyry Type |
Gold dominant very low copper |
Gold dominant very low copper |
Style of mineralization |
stock work & veins |
stock work & veins |
Between 2006 and late 2011, Colombian Mines completed more than
15,800 meters of diamond core drilling focused on the highly
prospective Escuela and Balastreras target zones with a very high
success rate. Table 3 below presents a partial list of drill
intercepts from the 2006 - 2011 drilling as previously
announced.
Table 3. Colombian Mines Partial Drill Results, Yarumalito 2006
Through 2011
Hole Number |
Depth (m) |
Inclin. (Deg.) |
From (m) |
To (m) |
Length (m) |
Gold (g/T) |
Copper % |
YAR-01 |
328.7 |
-47 |
0.0 |
70.2 |
70.2 |
0.60 |
N/A |
YAR-02 |
372.2 |
-60 |
0.0 |
77.3 |
77.3 |
0.50 |
N/A |
YAR-03 |
377.5 |
-46 |
141.5 |
269.8 |
128.3 |
0.46 |
N/A |
YAR-04 |
281.8 |
-60 |
186.6 |
359.7 |
173.1 |
0.51 |
N/A |
YAR-06 |
257.0 |
-50 |
0.0 |
257.0 |
257.0 |
0.50 |
0.10 |
YAR-07 |
244.0 |
-50 |
0.0 |
124.0 |
124.0 |
0.54 |
0.12 |
YAR-08 |
250.0 |
-50 |
0.0 |
250.0 |
250.0 |
0.51 |
0.13 |
YAR-11 |
282.0 |
-50 |
0.0 |
141.4 |
141.4 |
0.77 |
0.09 |
YAR-14 |
281.8 |
-60 |
75.1 |
170.6 |
95.5 |
0.70 |
0.09 |
YAR-23 |
130.0 |
-45 |
4.0 |
120.8 |
116.8 |
0.49 |
0.08 |
YAR-24 |
151.0 |
-50 |
0.0 |
151.0 |
151.0 |
0.64 |
0.07 |
Note: N/A - Not Assayed
Drilling also intersected many high grade intervals, mostly in
the late/post porphyry Culebra shear zone, most notably 1.2 meters
in hole YAR-03 that assayed 14.65 g/T Au and 1.9 meters in hole
YAR-11 that assayed 33.75 g/T Au.
Yarumalito's extensive area of surface and near surface
mineralization has resulted in a well-developed oxide cap that is
characterized by elevated metallurgical recoveries. Approximately
50% of all drilled mineralization is classified as oxidized or
partially oxidized (mixed) type mineralization. As shown in Table 4
below, oxidized mineralization with a head assay of 0.47 g/T Au
yielded 91.6% recovery of the gold at a 12.5 mm (1/2 inch) crush
and mixed mineralization with a head assay of 1.98 g/T Au, yielded
80.6% recovery at 1.7 mm (10 mesh) crush.
Table 4. Escuela - Balestreras zone Column Leach Test Results as
Previously Announced
Mineral Type |
Head Assay (grams / Tonne) |
Tonnes / Meter3 |
Crush Dimension |
Leach Duration |
Reagent consumption |
Recovery (%) |
gold |
silver |
(T / m3) |
(mm) |
(days) |
(kg / T) |
gold |
silver |
OXIDE |
0.47 |
2.4 |
2.3 |
12.5 |
118 |
2.56 |
91.6 |
59 |
MIXED |
1.98 |
1.7 |
2.6 |
1.7 |
106 |
2.04 |
80.6 |
44 |
SULFIDE |
0.54 |
1.48 |
2.7 |
1.7 |
98 |
1.49 |
63.0 |
56 |
Drilling in the La Escuela and Balastreras zones has identified
a large cohesive mineralized body over an area more than 400 meters
wide and 1,000 meters long with favorable metallurgical and mining
characteristics. The Company has initiated a resource estimate and
plans to complete a revised 43-101 compliant technical report with
a resource estimate and PEA this year.
About Colombian Mines Corporation: Colombian Mines Corporation
is an aggressive exploration and development stage company with a
distinct "first mover" advantage in Colombia. Focused on developing
shareholder value through exploration and development of key
projects, the Company is also one of Colombia's leading "prospect
generators". Further information can be found on our website at
www.colombianmines.com.
Signed: Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statement
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Colombian Mines Corporation.
Actual results may differ materially from those currently
anticipated in such statements.
Colombian Mines CorporationSharon HebginCorporate
Communications(604) 649-9195 - Canada or (760) 668-7211 - United
Statesshebgin@colombianmines.comwww.colombianmines.comColombian
Mines CorporationDave CrossChief Financial Officer and Corporate
Secretary(604) 669-0868dcross@crossdavis.com
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