Vancouver, BC, Canada, November 26, 2014. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) (“Columbus Gold”) is pleased to announce the completion of the Phase II resource development diamond drilling campaign on its 100%-owned Montagne d’Or gold deposit, Paul Isnard Project, French Guiana. The Phase II program amounted to 126 holes, for a total of 25,570 meters. In addition, six (6) large diameter HQ-calibre core holes totalling 975 meters were completed for the detailed metallurgical tests in progress.
Assay results were released for 73 holes and results are pending for the remaining 53 holes of the program drilled within the principal Upper Felsic Zone (“UFZ”).
The objectives of the Phase II drill program at the Montagne d’Or Gold Deposit were to:
- Complete a 50-meter spacing array over a strike extent of 2,300 meters to a vertical depth of 200 meters from surface, focused on mineralisation potentially amenable to open pit mining;
- Increase current mineralised tonnage within the deposit;
- Increase confidence in the gold grade-width distribution;
- Convert portions of the Inferred resources to the Indicated and Measured categories in accordance with NI 43-101 standards; and
- Acquire a better distribution of copper assays for added value to the deposit.
An updated resource estimate, combined with concurrent detailed metallurgical tests and a preliminary environmental assessment are on target to support the completion of a Preliminary Economic Assessment (“PEA”) on the Montagne d’Or deposit in early 2015.
The work 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.
The drilling program was 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:
Peter A. Ball
Senior Vice President
VP Communications &
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: completion of a new mineral resource estimate and concurrent detailed metallurgical tests; completion of a preliminary environmental assessment; completion of the PEA; projected funding of drilling programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of a bankable feasibility study (“BFS”); 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; mineral reserve and resource estimates (including the risk of assumption and methodology errors and the ability to complete a new resource estimate by the stated target date or at all); dependence on third parties for services; non-performance by contractual counterparties; title risks; ability to complete the new mineral resource estimate and concurrent detailed metallurgical tests; ability to complete preliminary environmental assessment; ability to complete the PEA by the stated deadline or at all; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments and the ability to complete the BFS by the stated deadline or at all; 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; 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.