Vancouver, British Columbia, Canada, March 19th, 2012. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold”) is pleased to announce assay results from the latest four diamond core holes, MO 12-66 to 69 totaling 1,327 meters, at its Paul Isnard gold project in French Guiana. Three of the four holes, including MO 12-66 containing 1.56 gpt gold along 110 meters, confirm extension and continuity of gold mineralization between widely spaced holes from earlier programs in the under-drilled central part of the 43-101 compliant 1.9 million ounce inferred Montagne d’Or gold deposit. The fourth hole, MO 12-69, contains an intercept averaging 2.02 gpt gold along 29 meters extending mineralization 50 meters west of the current deposit and resource area.
Robert Giustra, CEO of Columbus Gold, commented: “These latest drill results confirm continuity of gold mineralization between widely spaced historical holes which are up to 200 meters apart, and compliment the results announced on March 2nd , by reaffirming that gold mineralization extends to 200 meters vertical depth from surface not only in historically drilled areas but also in areas with wide undrilled gaps AND 50 meters to the west of the exiting 1.9M oz. deposit envelope.” Robert Giustra further stated:“Given the positive outcome of the drilling results to date, we have resolved to secure a second drill rig as soon as possible to accelerate the program.”
Assay results have been received and announced for nine (9) holes to date and continue to support Columbus Gold’s ongoing program of resource expansion through offsetting open-ended gold mineralization outlined in past work. Following is a tabular summary of the principal mineralized intervals from the latest four (4) holes. The core intervals reported are slope lengths along holes drilled north at 60° across the plane of the steeply south-dipping Upper Felsic Zone (UFZ) and Lower Favorable Zone (LFZ) mineralization and represent approximately 75% of true thicknesses. Maximum vertical depths from surface of the mineralized intercepts, for infill holes MO 12-66 to 68 range from 70 to 150 meters in the UFZ and 110 to 200 meters in the LFZ. The UFZ mineralization in MO 12-69 is at a vertical depth from surface of 200 meters but the hole was stopped before reaching the LFZ. Mineralization in both zones remains open at depth.
|From (m)||To (m)||Core Length (m)||gpt Gold||Zone||Section|
- True thicknesses approx. ±75% of core lengths.
- Gold grades in brackets averaged by reducing high grades to 31.1 gpt gold.
- Hole 68 has an aggregate mineralized interval through UFZ and LFZ of 0.50 gpt gold over 234 meters.
- Hole 69 was terminated above the Lower favorable Zone.
A drill plan and long sections of the UFZ and LFZ can be viewed at the following link:
The current Columbus Phase I drilling program, comprising 15,000 meters in about 50 holes, is designed for resource expansion principally below the previously defined deposit by drilling systematically to a vertical depth of about 200 meters from surface, and internally between widely spaced holes (within parts of the “mineralized envelope” not reached by the existing resource model). The denser drill pattern, with holes at roughly 50 meter centres, is also expected to convert certain of the inferred resource to indicated and measured categories.
Twenty (20) holes have been completed by Columbus Gold in the current program with assays pending on eleven. Drilling is progressing at the rate of about 3,000 meters per month with one drill-rig on a 24 hour basis and the contracting of a second drill rig to accelerate the current program is currently underway. Future drill programs will target potential extensions of the Montagne d’Or deposit indicated by untested geochemical anomalies extending more than 3km along strike, incompletely tested parallel zones of gold mineralization, and other untested or incompletely tested gold prospects and geochemical anomalies throughout the large Paul Isnard property.
The Montagne d’Or gold deposit at Paul Isnard is an east-west striking, steeply south dipping, tabular body made up of two sub-parallel zones of gold mineralization, designated Upper Felsic (UFZ) and Lower Favorable (LFZ) zones, hosted by laminated felsic volcanics within a Pre-Cambrian greenstone sequence. Prior to Columbus Gold’s involvement the deposit was partially outlined by 54 holes, totaling 10,600 meters, in the late 1990’s. Based upon that past drilling the deposit contains a 43-101 inferred gold resource of 1.9 million ounces within 36 million tonnes grading 1.6 gpt gold (0.4 gpt cut-off) within a mineralized zone 2,000 meters long, averaging about 70 meters thick and tested to variable depths of between 100-150 meters. The deposit is open at depth, internally between widely spaced holes and, in part, along strike.
Columbus Gold’s independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this news release.
About Columbus Gold
Columbus Gold is a gold exploration and development company operating in French Guiana and 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 inferred gold resource and substantial expansion potential. In Nevada, Columbus is a prolific project generator focused on advancing projects either through earn-in agreements to industry partners or on its own where exploration risk is minimized and potential is particularly promising. Columbus Gold’s President, Andy Wallace has a long and successful history of gold discovery and mine development. Columbus currently has 11 of its 25 strategically located gold projects in Nevada farmed-out to various mining companies.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
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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, the hiring of a second drill rig, 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 second drill rig’s compliance with French Guiana’s customs requirements; the ability of the second drill rig to clear French Guiana customs in a timely fashion; the desirability of Columbus Gold to obtain a second drill rig; the availability of a second drill rig (including without limitation its ability to arrive on site for example by clearing French Guiana customs); 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: that the second drill rig will clear French Guiana customs, and do so in a timely fashion; that if desired, a second drill rig will be available and will be able to arrive on site; 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; and ongoing relations with employees, partners 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.