Vancouver, BC, Canada, September 11, 2014. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) is pleased to announce an exceptional drill intercept of 4.48 g/t gold over 38.6 meters from its 100%-owned Montagne d’Or gold deposit, Paul Isnard Project, in French Guiana.
“Columbus continues to deliver excellent drill results from Montagne d’Or, with this latest result from hole MO-14-167 which is located 570 meters from the recently announced intersection in hole MO-14-164 of 3.15 g/t gold over 33.5 meters,” commented Robert F. Giustra, Chairman and CEO of Columbus Gold. “These two holes perfectly demonstrate the considerable potential of the deposit, and its propensity to distribute exceptional grades and widths through the system, and in particular in the principal UFZ zone.”
Highlights of drill hole MO-14-167 are as follows:
|Drill Hole||Intercept (m)||Grade||Length||True Width|
- Hole 167 is within a first series of holes that were planned to better define the west-central section of the UFZ. The intersection is located at 150 metres from surface and demonstrates the continuity at depth of the UFZ.
- A drill plan is available at the following link:
Eighty (80) drill holes (MO-13-106 to 184 and MO-14-190) out of a planned 130 have been completed to date in Phase II drilling at Montagne d’Or, for a total of 14,040 meters, of 25,700 meters.
The drilling is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d’Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.
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 meters. 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.
For more information contact:
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; indications of the potential grade and size of the Montagne D’Or deposit; projected funding of drilling programs by Nord Gold N.V. (“Nordgold”) pursuant to the terms of the option agreement and the related completion of a bankable feasibility study pursuant to the terms of the option agreement; the ability of Nordgold to exercise its option; 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 including, without limitation, the accuracy of interpretations regarding the indication of the potential grade and size of the Montagne D’Or deposit; the ability to complete a BFS by the stated target date or at all; mineral reserve and resource estimates (including the risk of assumption and methodology errors and the ability to complete an update by the stated target date or at all); dependence on third parties for services; non-performance by contractual counterparties; title risks; risks associated with Nordgold electing not to, or being unable 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; that Nordgold will decide to exercise the option; that Nordgold will have sufficient resources to keep the option in good standing and to ultimately exercise it; that a BFS will be able to be prepared on the terms and conditions set out in the Agreement; 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.