High-Grade Gold Results From Drilling in Red Lake (Including 20.15 g/t Gold Over 2.0 Meters Within 22.0 Metres Grading 5.23 g...
October 19 2011 - 7:50AM
Marketwired
Confederation Minerals Ltd. ("Confederation") (TSX VENTURE:CFM) is
pleased to report additional results from the on-going drilling
program at the Newman Todd property in the Red Lake Gold District,
Ontario. The work is being funded and operated by Confederation
under option from Redstar Gold Corp. ("Redstar") (TSX VENTURE:RGC).
These results are from wide spaced drilling along the Newman Todd
Structure ("NTS") where drilling has been continuing since January
of 2011. The NTS is a large-scale structural zone which is host to
widespread high-grade gold mineralization over a strike length of
1.6 kilometres. The highlight hole from the latest results returned
22.0 metres of 5.23 g/t gold from the area of the prospect known as
the "Hinge Zone". Within the 22.0 meter interval, a 2.0 meter
interval contains 20.15 g/t gold and a 1.0 meter interval contains
41.20 g/t gold. Historical drilling and geophysics indicate that
the NTS extends for at least 2.2 kilometres on the property and has
significant on-strike exploration potential beyond the 1.6
kilometers already shown to host high-grade gold. For a complete
list of drill hole locations and assay results from the Newman Todd
drilling program, refer to the Company's website at
www.confederationmineralsltd.com.
Highlights from recently completed 4 drill holes:
-- NT-076 intersected 22.0 metres of 5.23 g/t gold including 2.0 metres of
20.15 g/t gold and including 1.0 metres of 41.20 g/t gold.
-- NT-075 intersected 10 metres of 2.27 g/t gold including 0.50 metres of
8.86 g/t gold and 2.0 metres of 7.16 g/t gold including 1.0 metres of
10.80 g/t gold
Analysis of Results
Drilling at Newman Todd has discovered multiple sub-parallel
zones of high-grade gold mineralization often associated with
significant widths of lower grade mineralization (see table 1) in a
number of target areas. The Hinge Zone has emerged as a priority
target returning some of the highest grades and broadest widths
(see Table 2). The Hinge Zone is located at a kink or bend in the
NTS and is associated with a distinct magnetic anomaly. In addition
the Hinge Zone has several alteration and mineralization
similarities to Goldcorp's high-grade Red Lake mine located 20
kilometres to the southeast.
To date 44 drill holes have been completed in 2011 and results
have been received for 21. Two drills continue to be active on the
project and additional results will be released when received.
Table 1. Summary of significant results from recent drilling.
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Hole From (m) To (m) Width (m)(i) Gold (g/t) Section
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NT-074 256.00 268.00 12.00 1.00 1400
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NT-075 169.00 191.00 22.00 1.29 2250
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NT-075 including 175.50 176.00 0.50 8.86 2250
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NT-075 and including 180.00 184.00 4.00 2.90 2250
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NT-075 266.00 267.00 1.00 6.07 2250
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NT-075 341.00 349.00 8.00 1.60 2250
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NT-075 including 344.50 345.00 0.50 5.21 2250
----------------------------------------------------------------------------
NT-075 412.00 414.00 2.00 7.16 2250
----------------------------------------------------------------------------
NT-075 including 413.00 414.00 1.00 10.80 2250
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NT-076 215.00 216.00 1.00 5.38 1900
----------------------------------------------------------------------------
NT-076 240.00 262.00 22.00 5.23 1900
----------------------------------------------------------------------------
NT-076 including 240.00 246.00 6.00 8.28 1900
----------------------------------------------------------------------------
NT-076 and including 244.00 246.00 2.00 20.15 1900
----------------------------------------------------------------------------
NT-076 255.00 262.00 7.00 8.34 1900
----------------------------------------------------------------------------
NT-076 including 259.00 262.00 3.00 18.17 1900
----------------------------------------------------------------------------
NT-076 and including 261.00 262.00 1.00 41.20 1900
----------------------------------------------------------------------------
NT-076 268.00 275.00 7.00 1.69 1900
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NT-076 including 273.00 274.00 1.00 7.81 1900
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----------------------------------------------------------------------------
NT-077 87.00 88.00 1.00 6.08 2300
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NT-077 339.00 340.00 1.00 5.05 2300
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Table 2. Summary of Hinge Zone results reported to date:
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Hole From To Width(i) Gold (g/t) Section
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NT-062 170.00 175.00 5.00 18.25 2050
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NT-062 including 171.00 173.70 2.70 32.43 2050
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NT-062 and including 173.00 173.70 0.70 103.00 2050
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NT-062 330.00 331.00 1.00 8.86 2050
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NT-063 213.00 213.50 0.50 27.30 2050
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NT-063 243.50 244.00 0.50 8.11 2050
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NT-063 288.00 289.00 1.00 7.66 2050
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NT-042 250.00 251.00 1.00 25.70 1850
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NT-046 171.00 174.00 3.00 10.87 1850
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NT-046 Including 173.00 174.00 1.00 23.50 1850
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NT-046 234.60 234.90 0.30 15.70 1850
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NT-053 335.50 336.00 0.50 11.60 1850
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NT-076 215.00 216.00 1.00 5.38 1900
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NT-076 240.00 262.00 22.00 5.23 1900
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NT-076 including 240.00 246.00 6.00 8.28 1900
----------------------------------------------------------------------------
NT-076 including 244.00 246.00 2.00 20.15 1900
----------------------------------------------------------------------------
NT-076 and including 255.00 262.00 7.00 8.34 1900
----------------------------------------------------------------------------
NT-076 and including 259.00 262.00 3.00 18.17 1900
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NT-076 and including 261.00 262.00 1.00 41.20 1900
----------------------------------------------------------------------------
NT-076 273.00 274.00 1.00 7.81 1900
----------------------------------------------------------------------------
NT-076 240.00 275.00 35.00 3.66 1900
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NT-071 28.00 29.00 1.00 4.94 1700
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NT-071 62.00 72.50 10.50 1.25 1700
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NT-071 including 70.00 70.50 0.50 7.16 1700
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NT-071 138.00 139.00 1.00 10.70 1700
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NT-071 151.00 151.50 0.50 8.88 1700
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NT-071 177.00 178.00 1.00 12.86 1700
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NT-071 Including 177.50 178.00 0.50 24.50 1700
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NT-071 And 220.00 220.50 0.50 3.66 1700
----------------------------------------------------------------------------
NT-071 And 231.00 231.50 0.50 3.22 1700
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NT-072 8.00 9.00 1.00 24.10 1700
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NT-072 137.00 142.00 5.00 2.95 1700
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NT-072 Including 137.00 138.50 1.50 8.19 1700
----------------------------------------------------------------------------
NT-072 144.00 147.00 3.00 2.60 1700
----------------------------------------------------------------------------
NT-072 Including 145.50 146.00 0.50 11.00 1700
----------------------------------------------------------------------------
NT-072 163.00 191.00 28.00 1.13 1700
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NT-072 Including 182.00 183.50 1.50 5.20 1700
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NT-072 208.00 209.00 1.00 4.78 1700
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NT-072 230.00 239.00 9.00 1.42 1700
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NT-072 241.00 242.00 1.00 31.10 1700
----------------------------------------------------------------------------
NT-072 251.00 258.00 7.00 2.42 1700
----------------------------------------------------------------------------
NT-072 Including 253.00 254.00 1.00 13.70 1700
----------------------------------------------------------------------------
NT-072 And 270.00 271.00 1.00 4.06 1700
----------------------------------------------------------------------------
NT-072 And 294.00 296.00 2.00 4.24 1700
----------------------------------------------------------------------------
NT-072 And 295.00 296.00 1.00 7.36 1700
----------------------------------------------------------------------------
(i) Width is calculated as core length and does not imply true width of
the zone. Weighted average gold intervals apply a 0.25 g/t lower cut-
off. Internal dilution within reported intervals does not exceed core
lengths of two metres unless otherwise indicated.
(ii) Cross sections are spaced 25 metres apart across the entire NTS,
Section 1375 marks the centre of the Heath Bull Zone.
Hole NT-076 is a 50 metre step out northeast of the "Hinge Zone"
mineralization identified in 2008. This area is interpreted to be
part of a major bend in the NTS where cross cutting - structures
have been identified in drilling and geological mapping. Drilling
in this area has returned nine greater than 20 g/t gold intercepts
along a 400 metre corridor in shallow drilling in eight holes.
Table 2 shows a summary of all reported results from the Hinge Zone
area.
Hole NT-075, on section 2250, intersected gold mineralization
approximately 40 metres below the high-grade intercept in Hole
NT-073 (242 g/t gold over 0.50 metres).
Lawrence Dick, President and CEO of Confederation states: "We
continue to be impressed by the results from the ongoing drill
program at Newman Todd. The latest results continue to highlight
the potential of this new high grade gold discovery in the Red Lake
camp. Drilling within the Hinge Zone area has now returned some of
the widest intercepts of high grade gold mineralization on the
property. While gold mineralization is being intersected across the
entire strike of the NTS, the Hinge Zone area is quickly becoming a
priority target - eight of the nine holes completed in the area
returned gold values greater than 10 g/t including 9 intercepts of
greater than 20g/t gold and 4 intercepts greater than 30 g/t gold.
The aggressive drill program in 2011 is adding significantly to our
understanding of the nature and continuity of the gold
mineralization at Newman Todd. With two drills currently still
active on the project and results still pending for 23 holes,
management expects significant news flow from Newman Todd for the
remainder of 2011."
Exploration work at the Newman Todd project is funded by
Confederation and it can earn a 50% interest in the project by
spending $5.0 million in exploration by November 2013, and an
additional 20% by producing a Preliminary Economic Assessment (PEA)
by November 2016. Confederation is the operator of the project
during the earn-in period.
Core samples from the program were cut in half, using a diamond
cutting saw, and were sent to Activation Laboratories Ltd. in Red
Lake Ontario, an accredited mineral analysis laboratory, for
analysis. All samples were analyzed for gold using standard Fire
Assay-AA techniques. Samples returning over 3.0 g/t gold were
analyzed utilizing standard Fire Assay-Gravimetric methods.
Certified gold reference standards, blanks and field duplicates
were routinely inserted into the sample stream, as part of
Confederation's quality control/quality assurance program.
Bob Singh P.geo is the qualified person as defined by National
Instrument 43-101 and has reviewed this news release. Mr. Singh has
been engaged through a third party service provider by
Confederation Minerals Ltd. to manage the project, and is also the
Canadian Exploration Manager for Redstar Gold Corp.
About Confederation Minerals Ltd.
Confederation Minerals Ltd. is a British Columbia based company
engaged in the business of acquisition, exploration and development
of mineral properties. Its objective is to locate and develop
economic precious and base metals properties of merit.
Confederation Minerals Ltd. holds an option agreement to acquire up
to 70% of the Newman Todd project in the Red Lake Mining District
of Northern Ontario as well as 100% ownership in two other
properties in the Red Lake Mining District of Ontario.
On Behalf of the Board,
Confederation Minerals Ltd.
Lawrence A. Dick, Ph.D., P.Geo, President, CEO, and Director
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that Confederation Minerals Ltd. (the "Company")
expects to occur are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Contacts: Confederation Minerals Ltd. Lawrence Dick President
604.688.9588lawrence.dick@barongroupintl.comwww.confederationmineralsltd.com
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