Vancouver, British Columbia, Canada. April 7th, 2011, Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold”) is pleased to announce final drill results from the Phase I drilling program recently completed at its Weepah gold project located in Esmeralda County, Nevada where the results to date warrant additional drilling.
The Phase I program consisted of 2,406 m (7,895 ft) in 15 RC holes. Highlights include:
- Drill hole WP-2 intersected 7.6 m (25 ft) of 2.29 g/t (0.067 opt) gold from 118.9-126.5 m (390-415 ft) depth, including two separate 1.5 m (5 ft) intervals of 4.31 g/t (0.126 opt) and 4.38 g/t (0.128 opt) gold.
- Drill hole WP-5 intersected 16.8 m (55 ft) of 1.30 g/t (0.038 opt) gold from 7.6-24.4 m (25-80 ft) depth, including 3.0 m (10 ft) of 4.54 g/t (0.132 opt) gold.
- Drill hole WP-7 intersected 27.4 m (90 ft) of 0.73 g/t (0.021 opt) gold from 16.8-44.2 m depth (55-145 ft).
- Drill hole WP-12 intersected 4.6 m (15ft) of 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft), including 1.5 m (5ft) of 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft).
Drill holes WP-6, 7, and 8 were 91-152 m (300-500 ft) offsets of the gold mineralization encountered in drill hole WP-5. All three offset holes cut gold with the best intercept in WP-7 which was 120 m (400 ft) northeast of WP-5 and cut 0.73 g/t (0.021 opt) from 16.8-44.2 m depth (55-145 ft). Gold mineralization remains completely open to the north and east, and possibly south of holes WP-5, 7, 8, and 9. Drill holes WP-9 through WP-15 were step-outs mainly to the south under gravel cover, which ranges from 25-95 ft (8-29 m) in thickness. The favorable Precambrian silt and limestone is present immediately under the gravel cover and altered with anomalous gold values. Hole WP-12 cut significant gold values, averaging 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft), including 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft).
A table of significant drill results can be viewed at the following link:
Some assay averages included in the table have been slightly modified from results reported in the January 31, 2011 press release to reflect analytical results for all check assays from the mineralized intervals in the Phase one drilling program.
The controls of gold mineralization at Weepah are not as yet well understood however the results to date clearly warrant more drilling. A geologic analysis of drill results is underway and a detailed geophysical program designed to outline structure are proposed for mid-2011, to be followed by a Phase II drilling program. Based on the current geological understanding, the Phase II drilling program will consist mostly of angled drill holes.
Quality Assurance/Quality Control
Assays reported herein were performed by American Assay Laboratories, Inc. in Sparks, Nevada. Standards and blanks were inserted along with the drill cuttings and reported in the assay results. Two separate splits of each 1.5 m (5 ft) of drill cuttings were obtained at the drill rig and the second split submitted for check assaying for the mineralized intervals. In addition, check assaying for select intervals, was completed for splits from the bulk reject and from the assay pulp obtained from the drill rig split. A total of 1417 drill samples were originally analyzed and 333 check assays, including nearly all mineralized intervals with original assays greater than 100 parts per billion (ppb) gold, were completed. No significant variations in results have been detected in the check assaying.
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 the President of Columbus Gold and the principal 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 is a gold exploration and development company operating in French Guiana and in Nevada. In French Guiana, Columbus Gold recently acquired an option to earn a 100% interest in the Paul Isnard gold project, which has a 43-101 compliant 1.9 million ounce (36.7 million tonnes grading 1.6 g/t) inferred gold resource and substantial expansion potential. In Nevada, Columbus is a prolific project generator focused on advancing projects either through joint-venture with industry partners or on its own where exploration risk is minimized and potential is particularly promising. Exploration activities are managed by Cordex owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development. Columbus Gold currently has 11 of its 22 strategically located gold projects in Nevada joint ventured to major and junior mining companies, including Agnico-Eagle Mines Limited. To learn more about Columbus Gold’s drilling plans in Nevada in 2011 visit the following link: http://www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf.
ON BEHALF OF THE BOARD,
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.
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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 drilling, and Columbus Gold’s 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 without limitation 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; 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: 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 and joint venturers. The foregoing list is not exhaustive and Columbus Gold undertake no obligation to update any of the foregoing except as required by law.