Vancouver, BC, Canada, June 8, 2015. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) (“Columbus Gold”) is pleased to announce that its Eastside Project Plan of Operations has been approved and that all required authorizations and bonds are in place for commencement of drilling which is scheduled to commence by the end of the week.
In preparation for the extensive drill program, 18.4-kilometer (11.5 miles) of road building and preparation of 175 dedicated drill padsis underway. The operating area permitted for 2015 and 2016 drilling totals 248 hectares (615 acres). Drilling in 2015 will consist of about 45,000 meters (150,000 feet)in 175 rotary drill holes, employing initially two reverse circulation drills, and increasing to three drills in Q4.
About Eastside Gold Project
Columbus’ land position at Eastside was recently expanded from 607 to 725 BLM claims, and now totals ~5,870 hectares (14,500 acres) or 58.7 km 2 (22.6 mi2). The new staking, both on the north and the south, was positioned to cover New Target 6 and New Target 7, and the pediment area of shallow gravel cover between New Targets 5 and 7. The claim block covers all rhyolite flow dome complexes with associated hydrothermal alteration, and any other nearby target, regardless of host rock, with significant gold values in surface sampling.
The Original Target at Eastside hosts a large area of shallow oxide gold mineralization still open to the south that measures about 1,600 m long and up to 600 m wide (5,280 ft by 1,980 ft).
The project has outstanding infrastructure for mining and processing; is 32 km (20 mi) west of Tonopah, Nevada, and lies 9.7 km (6 mi) north of paved highway US 95, the main road route from Las Vegas to Reno. A good gravel road from the highway, along with a major power transmission line both pass through the claim block. The current drilling area is on the east flank of the Monte Cristo Range and a portion of the claim block extends well into the adjacent flats, which would provide excellent operating sites. The valley is known to have shallow water available in the same aquifer, which provided water for milling the Tonopah ores in the early 1900’s. The area is high desert with sparse vegetation, and year-round drilling is possible.
Gold at Eastside occurs near, and is associated with, the contact of an altered Tertiary rhyolite dome and the surrounding tuffs and volcaniclastic rocks intruded by the dome. Geologic mapping was completed in 2014 over the Eastside claim block at a scale of 1:6,000. This mapping has identified 41 separate rhyolite domes, which Columbus believes to be significant for potentially controlling gold mineralization at Eastside. The domes range from 100 m to 1,000 m in diameter (328 ft to 3,280 ft). Hydrothermal alteration has been identified in, or near, about half the domes. Dozens of faults have been identified and mapped throughout the claim block, mostly trending north and northeast. Areas with hydrothermal alteration, particularly silicification and quartz veining, have been mapped, and sampling of all these altered areas is in progress with 2,700 samples collected so far. Based on results received to date, Columbus has identified seven drill targets, in addition to the Original Target, and continues to identify other areas of interest throughout the property.
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 press release. Mr. Wallace is the principal of Cordilleran Exploration Company (Cordex), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
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:
Peter A. Ball
Senior Vice President
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”). 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 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 and errors in the interpretation of drill results); the ability to meet the stated completion dates by the stated target dates or at all; the ability to carry out the stated drill program activities as contemplated or at all; 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 Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.