Core Gold Inc. ("Core
Gold" or the "Company") (TSX-V:CGLD)
(OTCQX:CGLDF) is pleased to announce plans for a Phase 1
exploration drilling program at its 100% owned Copper Duke project
in Ecuador. The Company has received the necessary exploration
permit from the Ecuadorian Ministry of Mines and is in the process
of posting the required environmental bond.
Keith Piggott, CEO of Core Gold commented “The
issuance of the drilling permit and plans for a Phase 1 exploration
drilling program at Copper Duke is a milestone for the Company as
it represents the beginning of testing of one of the world’s best
undrilled gold-copper porphyry target. When we assumed control of
the Company in late 2016 it was always a key objective of our team
to drill Copper Duke and we are pleased to be proceeding with that
plan. Our entire team is excited by the prospect of drilling this
target and we hope to continue the exploration success that Ecuador
has seen over the past two years with world-class projects such as
Cascabel showing the potential of the country”.
About Copper Duke
The Copper Duke project consists of 13 mineral
concessions covering a number of gold and copper porphyry
occurrences in an area of approximately 100 sq. km. The project is
located in Catacocha (Paltas) county, Province of Loja,
approximately 18 kilometers east of the Company’s Dynasty Goldfield
mining unit and 40 kilometers south of the Company’s Portovelo
processing plant.
Figure 1: Copper Duke
Overview http://www.globenewswire.com/NewsRoom/AttachmentNg/59b26d36-25f2-4dc5-b0a1-3c3fe1842130
To date, a major copper-gold porphyry complex,
El Huato, and an additional four copper porphyry
targets (Loma Redonda, Rio Catamayo,
Landaluma and
Barbasco) and two gold targets have been
identified. The Phase 1 exploration program will focus on El Huato
and will seek to test both the project’s gold-copper porphyry
potential and quartz gold bearing vein system. The Copper Duke
targets are described below:
El Huato
Target
The El Huato copper-gold porphyry system was
discovered by a United Nations survey in 1968. Geologically the
zone comprises Cretaceous volcano-sedimentary rocks intruded by
diorite and granodiorite of the Tangula batholith. Copper and gold
mineralization is related to sub-vertical to sub-horizontal veins
and stockwork structures that occur following the stratification of
the existing lithologies, having preferential southwest and
southeast strike direction being extended for a known length of 3.5
km.
The zone comprises a central gold bearing
porphyry and a southern copper-gold bearing porphyry. There are
also significant copper and gold geochemical anomalies to the north
of the area.
Figure 2: Copper Duke
El Huato Drilling
Targetshttp://www.globenewswire.com/NewsRoom/AttachmentNg/19b468a5-b10a-43e2-9490-4bd36176434f
In its October 6th, 2006 news release, the
Company reported significant assays from 481 rock chip channel
samples taken from quartz vein swarms and stockworks located in a
8.5 sq. km area in the central sector of El Huato. Results
indicated the presence of widespread high-grade gold
mineralization, ranging from 174 grams per tonne (“g/t”) gold to
0.1 g/t gold and from 249 g/t silver to 0.1 g/t silver.
The sampled structure subsequently has been
confirmed by a geophysical survey and results from 220 rock chip
channel samples taken in the area since January 2007, which have
been consistent with those previously reported; 73 of the new
samples returned assay values in excess of 1 g/t gold with 36
samples returning values in excess of 3 g/t gold over widths
varying from 4 metres to 0.1 metre, with maximum grades of 61.5 g/t
gold over 3.9 metres. This stockwork zone is considered to be a
prime drill target.
Additional sampling was also focused on the
southern portion of the El Huato area - most notably on an area
where a copper-rich porphyry is being cut by breccia dykes.
Mineralization is disseminated in the porphyry. Channel sampling
has been conducted in trenches, across outcropping veins, and
across other outcropping mineralized structures. Trench sampling
has returned values of up to 2.9% copper over 15 metres.
Latest results, as previously reported in the
Company’s news release dated May 22nd, 2007 are tabulated below.
Results are shown as averages over the length of trenches (Table 1)
and veins (Table 2), and as single rock samples from outcrop (Table
3).
Table 1: Southern El Huato - Trenches
containing Copper
Sample
number |
Au
(ppm) |
Ag
(ppm) |
Cu
(%) |
Mo
(ppm) |
Length
(m) |
Width
(m) |
D08031337-D08031343 |
1.3 |
4.2 |
2.9 |
40 |
15.05 |
0.7 |
D08031344-D08031345 |
0.7 |
0.9 |
1.5 |
6 |
3.65 |
0.7 |
D08031349-D08031363 |
0.9 |
1.3 |
1.5 |
5 |
5.0 |
0.7 |
D08031364-D08031366 |
3.6 |
4.9 |
2.1 |
21 |
4.80 |
0.7 |
D0903231-D0903232 |
0.9 |
1.4 |
1.4 |
17 |
7.40 |
0.7 |
D1503305-09 &
D0903185-192 |
2.31 |
10.70 |
3.92 |
16.67 |
20.0 |
0.7 |
Table 2: Southern El Huato - Average Values over Length
of Copper/Gold Veins
Sample
number |
Au
(ppm) |
Ag
(ppm) |
Cu
(%) |
Mo
(ppm) |
Width
(m) |
Vein
Length (m) |
D08031232-D08031252 |
0.5 |
313.2 |
4.4 |
58 |
1.0 |
260 |
D08031236-D08031246 |
0.5 |
151.4 |
5.3 |
804 |
0.4 |
280 |
D08031239-D08031242 |
0.4 |
20.3 |
0.4 |
74 |
1.4 |
80 |
Table 3: Southern El Huato - Rock Samples Containing
Copper
Sample
number |
Cu
(%) |
Au
(ppm) |
Ag
(ppm) |
Mo
(ppm) |
Width
(m) |
D0903183 |
5.1 |
1.4 |
17.3 |
13 |
1 |
D0903193 |
3.2 |
4.7 |
6.2 |
14 |
0.4 |
D0903238 |
2.9 |
1.3 |
0.8 |
4 |
0.5 |
D0903184 |
2.6 |
0 |
3.8 |
24 |
5 |
D08031270 |
2.6 |
2.4 |
3.5 |
86 |
11.3 |
D08031265 |
2.3 |
1.9 |
4.8 |
94 |
2.9 |
D0831245 |
2.1 |
0.4 |
139.4 |
491 |
1 |
D08031266 |
2 |
1.2 |
6.1 |
60 |
2.5 |
D0903237 |
1.8 |
1 |
0.2 |
4 |
0.35 |
D0903182 |
1.7 |
0.3 |
2.4 |
5 |
1.2 |
D08031269 |
1.4 |
1.2 |
2.1 |
78 |
2.4 |
D0903194 |
1.4 |
0.4 |
1 |
20 |
0.3 |
D0903239 |
1.4 |
1.1 |
2.4 |
11 |
1.7 |
D08031268 |
1.1 |
0.7 |
3.9 |
44 |
2.4 |
Ningomine and Loma Redonda
Targets These two targets are located north and
southwest of El Huato, respectively. They were discovered by the
Company´s geologists under systematic exploration works.
Mineralization is mainly related to quartz veins and granodiorite
dykes with moderate silicification and sericitization. Malachite
has been found disseminated in the intrusive rocks. On
February 8, 2007, the Company reported assays results from 113
samples, taken predominantly from a 1.5 sq. km area in Ningomine,
three kilometres to the north of El Huato, and from a 2.5 sq. km
area in Loma Redonda, four kilometres to the southwest of El Huato.
Significant results ranged from 17 g/t gold to 0.1 g/t gold and
from 727 g/t silver to 0.1 g/t silver, over widths of 2.0 metres to
0.2 metres. Additionally in 2007, a total of 20 channel
samples were taken from Loma Redonda, of which half returned assay
values in excess of 1% copper, to a maximum of 15% copper.
Rio Catamayo Target Rio Catamayo lies south
of El Huato along the same mineralized trend. This target was
discovered by Company geologists after geological traverses through
the area of study. Small porphyritic dykes outcrop along the river
Catamayo. These dykes commonly contain stockworks of quartz
veining, locally brecciated, with argillic alteration and local
silica with copper carbonate, pyrite, chalcopyrite and iron and
copper oxides. Geochemical sampling produced values of up to 2.15
g/t gold and 1.33% copper over 18 metres of continuous sampling.
El Palton Target El Palton was discovered in
February of 2007 by the Company´s geologists working on the west of
El Huato. This gold target contains highly oxidized and leached
quartz-magnetite veins into wide zones of argillic alteration and
showing local brecciated textures. The veins and veinlets are found
in porphyritic dykes of up to 8 metres wide. These structures are
aligned in a parallel pattern and also stockworks formed by fine
quartz and stibine veinlets. The host rock corresponds mainly
to weakly propylitized granodiorite. Rock geochemistry yielded
values of 10.13 g/t gold over 0.5 metres and 19.07 g/t gold over
0.3 metres.
For more information on the Copper Duke project
please refer to the Operations Overview section of our website at
www.coregoldinc.com.
Qualified Person
Mr. John E. Bolanos, who is a qualified person
under NI 43-101, has reviewed and approved the technical content of
this news release and will continue consulting the Company for
future press releases. Mr. Bolanos is a M.Sc. Mining Geologist from
Camborne School of Mines (U.K.) and a Professional Geologist Eng.
from The Central University of Ecuador (honours degree). He is a
registered member (ID 4172671) of the Society for Mining,
Metallurgy & Exploration (SME) of the United States; Director
of the Ecuadorian College of Engineers in Geology, Mines, Oil and
Environment; and a member of the Mining Chamber of Ecuador. He has
27 years of experience in the exploration and mining industry
throughout the Americas.
For further information please contact:
Keith Piggott, CEOSuite 1201 – 1166 Alberni
StreetVancouver, B.C. V6E 3Z3Phone: +1 (604) 345-4822Email:
info@coregoldinc.com
Cautionary Notice:
This news release contains statements which are,
or may be deemed to be, “forward-looking information” which are
prospective in nature. Such information in this news release
includes statements regarding the Company's interpretation of
trenching results, the potential geological merits of the Company’s
projects and targets. Forward-looking information involves known
and unknown risks, uncertainties and other factors which may cause
Core Gold’s actual results, revenues, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Important risks that could cause Core Gold’s actual
results, revenues, performance or achievements to differ materially
from Core Gold’s expectations include, among other things, risks
relating to the actual results of additional exploration
activities; fluctuating prices in metals and other commodities;
possibility of accidents, equipment breakdowns, labor disputes or
other unanticipated difficulties with or interruptions in
operations; exploration cost overruns; the geology, grade and
continuity of mineral deposits; currency fluctuations; availability
of capital and financing to maintain the Company's operations and
plans; general economic, market or business conditions; regulatory
changes; timeliness of government or regulatory approvals; and
other risks detailed herein and as disclosed in the Company’s
filings as available on SEDAR at www.sedar.com. Other than in
accordance with regulatory obligations, Core Gold is not under any
obligation and Core Gold expressly disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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