Columbus Gold Announces Phase 1 Drill Results From Bolo
Vancouver, British Columbia, Canada. February 13, 2008. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) is pleased to announce Phase I drilling results from its 3,493 acre Bolo gold project (the “Property”), located northeast of Tonopah, Nevada. Columbus Gold owns a 100% interest in the Property, subject to underlying royalties.
Drilling at Bolo targeted Carlin-style gold mineralization where values up to 5.18 g/t gold have been obtained in outcrop, from jasperoids and iron-stained structures cutting Cambrian and Ordovician sedimentary rocks, primarily along what appeared to be two parallel northerly trending faults, known as the Mine Fault and the East Fault.
The 19 hole, 9,890 ft (3,014 meters) drilling program, combined with surface sampling and mapping, has confirmed the presence of a very large Carlin-type mineralized system present over an area of at least 6 sq. miles (15.5 sq. kilometers).
Fifteen of the 19 holes completed intercepted anomalous gold values, however, due to difficult drilling conditions several holes were abandoned while still in alteration, prior to reaching planned target depth. A table with complete drill results can be viewed here: http://www.columbusgoldcorp.com/i/pdf/Bolo_Phase_I_Drill_assays.pdf.
The best holes in the Mine Fault were BL-4 with 60 ft of gold mineralization averaging 1.086 g/t Au from 200-260 ft of depth; hole BL-3 with 85 ft of 0.431 g/t Au from 25-110 ft of depth; and, hole BL-11 with 55 ft of 0.611 g/t Au, from 390-445 ft of depth.
Drill holes BL-3 and BL-4 were angle holes and were 200 ft apart. They straddled an historic vertical hole drilled by Chevron in the 1970’s which encountered 60 ft of 1.506 g/t Au from 20-80 feet of depth. The gold zone in BL-3 and BL-4 is open on strike and down dip to the south. Drill hole BL-11 was an angle hole drilled across the Mine Fault 1800 ft south of BL-4. The mineralization in BL-11 is open up-dip, down dip, and to the south. Drill hole BL-13 was attempted south of BL-11, however, the hole was lost prior to crossing the entirety of the Mine Fault alteration. Additional drilling is planned in these areas in Phase II.
Silver mineralization was encountered in several holes including hole BL-5 with 15 ft averaging 48.8 g/t Ag from 240-255 ft. The silver mineralization was unexpected and occurred mainly in silicified structures in the footwall of the fault zone. Some of the silver intercepts are associated with gold but in most cases are not. A sampling program to better understand the significance of the silver mineralization is planned for early spring.
Drilling in the East Fault encountered anomalous gold near surface in holes BL-1,7,8, and BL-10, 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 by the Company’s drilling. Detailed mapping, sampling, and geophysical surveys are in progress which will allow the Company to correctly orient holes in future drilling to intercept these important cross-structures.
Drill hole BL-18 was a wildcat exploration hole positioned 1,200 ft east of the East Fault over a gravel covered area. The angle hole encountered highly silicified Paleozoic rock under the cover at about 410 ft vertically below the surface. The hole was lost in strong silicification and brecciation (oxidized jasperoid) after penetrating only 80 feet of the basement. The hole was anomalous particularly in silver, arsenic, and antimony, with sporadic weakly anomalous gold. As a result of the alteration encountered in this wildcat hole, the Company has staked an additional 2.5 sq. miles (6.5 sq. kilometers) over most of the prospective gravel-covered area, thereby greatly increasing size of the Property.
Detailed logging of the drill holes suggests that the Company missed several important structures in its original surface mapping program. Additional geologic mapping and interpretation, using information obtained from Phase I drilling is underway. A geophysical program, including CSAMT and ground magnetics, is scheduled to start in March. The geophysics combined with the new mapping will assist in targeting future drill holes to test the gravel covered area; and, to locate hidden cross-structures intersecting the East Fault which may be controlling better grade.
QUALITY ASSURANCE/QUALITY CONTROL
Assays reported were determined by American Assay Laboratories in Reno, Nevada. Seven percent of the samples were checked internally by American Assay. Separate splits of drill cuttings were also collected at the drill rig and submitted to Chemex to perform additonal check assaying. Full Chemex check assay results are pending however preliminary results generally verify the American Assay results. A small percentage of the check samples have significant variations in gold grade, likely due to a nugget effect caused by local coarse gold.
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 contents of this news release. Mr. Wallace is a partner of Cordilleran Exploration Company (“Cordex”), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
ABOUT COLUMBUS GOLD
Columbus Gold Corporation is a gold exploration and development Company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus controls a 100% interest, subject to royalties, in 23 gold projects strategically located along or near Nevada’s most productive gold trends and 5 silver and copper projects located in Arizona and Utah. The Company’s project activities are managed by Cordilleran Exploration Company (“Cordex”), owned and operated by John Livermore and Andy Wallace who have a long and successful history of gold discovery and mine development in Nevada.
The Company maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 14 of its projects joint ventured to major and junior mining companies.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information contact: