Vancouver, British Columbia, Canada. October 02, 2008. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) is pleased to announce Phase II drilling results from its 100% owned Bolo gold project (the “Property”), located northeast of Tonopah, Nevada.
Hole BL-23 is considered potentially very significant and intercepted a zone of silicified limestone and siltstone containing 2.37 grams per tonne (g/t) gold across 30.5 meters (m) (0.069 ounces per ton (opt) across 100 feet (ft)) within a wider interval averaging 1.15 g/t gold across 76.2 m (0.034 opt across 250 ft).
The Phase II drilling program at Bolo, consisting of nine holes totaling 1,715 m (5,625 feet) of reverse circulation drilling, has continued to target Carlin-style gold mineralization within altered Cambrian and Ordovician sedimentary rocks. Earlier drilling and surface sampling has defined widespread gold mineralization, with values up to 5.18 g/t (0.15 opt) gold, associated with jasperoid and iron staining along and adjacent to two principal north-trending faults, known as the Mine and East faults, traceable for 4,878 m (16,000 ft) within the project area.
The Phase II program concentrated on the south and central zones of the Mine Fault and a covered target near the East Fault. BL-23 was a west-directed, forty five degree angle hole drilled through the southernmost part of the Mine Fault. The hole intercepted 30.5 m of 2.37 g/t gold (100 ft of 0.069 opt) from 96.0-126.5 m (315-415 ft) of depth. This intercept was within a broader zone of mineralization averaging 1.15 g/t over 76.2 m (250 ft of 0.034 opt) from 77.7 m (255 ft) to the hole bottom at 154.0 m (505 ft) where the mineralization remains open. The zone is 56.4 m (185 ft) below the surface and is open, both down-dip and to the south. It is also open up-dip to the surface, where surface sampling has yielded values up to 5.18 g/t (0.15 opt) gold. The other 8 holes drilled in Phase II all intersected thick zones of alteration and highly anomalous gold, requiring follow-up drilling. A table with complete drill results can be viewed here.
Permitting is in progress for additional holes offsetting BL-23 at the south end of the Mine Fault and initial drilling of untested targets with surface values up to 2 g/t (0.06 opt) gold and the large 7.8 square kilometer (approx. 3 square mile) gravel covered area to the east of the East Fault where an earlier hole intercepted thick zones of silicification and anomalous gold.
The Company also announces results from Phase I drilling at its Awakening gold project located 75 kilometers (45 miles) north-northwest of Winnemucca, Nevada.
Drilling at Awakening was designed to assess recent drilling by local prospectors which had encountered up to 16.8 m of 1.48 g/t (55 ft of 0.049 opt) gold. Twelve angle holes totaling 1,910 m (6,265 ft) were drilled by Columbus.
Gold mineralization in the area tested occurs in a 122 m (400 ft) thick bed of gently dipping, Mesozoic sandstone with sheeted quartz veins and stockworks paralleling bedding. The mineralized sandstone is covered by 30-60 m (90-200 ft) of barren shale and is not exposed at surface. Drilling by Columbus encountered anomalous gold throughout the sandstone with intervals up to 7.6 m averaging 1.3 g/t (25 ft averaging 0.038 opt) gold. Occasional narrow zones of gold mineralization up to 8.7 g/t gold along 1.5 m (0.25 opt over 5 ft) were also encountered. A table with complete drill results can be viewed here.
No further work is currently planned for the area drilled in Phase I at Awakening. However, district-wide mapping and sampling is continuing and drilling is planned for the Alabama Mine area with recorded production during the 1920’s of approximately 13,600 tonnes grading approximately 17 g/t (15,000 tons grading 0.50 opt) gold. The Alabama mine area forms part of the Awakening Property and contains a series of gently-dipping, stacked quartz veins occurring over a 60-75 m (200-250 ft) thick interval traceable for a strike length of 152 m (500 ft) with individual samples up to 13 g/t gold (0.38 opt). The flat vein set is associated with a zone of more steeply dipping veins traceable for 1,070 m (3,500 ft) with surface samples containing up to 20 g/t gold (0.58 opt).
QUALITY ASSURANCE/QUALITY CONTROL
Gold assays were determined by fire assay with an AA finish at American Assay Laboratories in Sparks, Nevada. American performed internal check assaying on about 7% of the samples, and also included analyses of internal standards inserted into the sample string. In addition, check analyses are in progress on a duplicate second split on a further 10% of the samples. The second split was collected at the drill rig during drilling, at the same time as the first, and retained for check assaying. Any significant variations from the check sampling program will be reported at a later date.
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 content of this news release. Mr. Wallace is a VP of Columbus Gold’s U.S. subsidiary and a partner of Cordilleran Exploration Company (“Cordex”), which is conducting exploration and project generation activities for Columbus Gold.
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 Gold controls a 100% interest, subject to royalties, in 25 gold projects strategically located along or near Nevada’s most productive gold trends. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.
Columbus Gold’s and Columbus Silver’s project activities are managed on an exclusive basis 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 the United States. Columbus Gold 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, including Newmont Mining, Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information contact:
604 638-3474 or
1 866 689-2599