California Gold Mining Inc. (“California Gold” or the “Company”;
TSXV-CGM; OTCQX-CFGMF) is pleased to announce results from a
recently completed property-wide surface geological mapping program
at its 100%-owned flagship Fremont property (the “Property”) in
Mariposa County, California.
Despite the presence of numerous historically producing gold
mines on the Property, the Company believes that only about 15% of
the total 3,351 acre Fremont land package had been geologically
mapped prior to the completion of this program, which was designed
to achieve two main objectives:
1) Compilation of the first-ever geological
map covering a majority of the Company’s 100%-owned 3,351 acre
Fremont land package; and
2) Identification of high-potential surficial
gold mineralization targets in addition to the already known
substantial mineralized zones on the Property.
The Company’s management is delighted to report that the first
objective was achieved successfully and results for the second
objective exceeded expectations.
“We are especially pleased with the discovery of 5 (five) new
large exploration targets on the Property that have the potential
to host sizeable amounts of near-surface high-grade gold
mineralization. The areal footprint of each one of the newly
discovered targets is quite substantial and the information gained
in this low-cost exploration campaign has the potential to be a
game-changer for the Company. We hope to test each one of these
promising new targets in our next phase of exploration drilling,”
said Chad Williams, Interim President and CEO.
The mapping program included 55 line-kilometers of geological
traverses. It was commenced on July 8, 2014 and took approximately
six weeks to complete. The new Property-wide lithological
compilation map, along with a map showing the footprints of the
five newly identified exploration targets can be found at
http://www.caligold.ca/i/maps/Geology-General-Map.pdf and
http://www.caligold.ca/i/maps/Targets-Map.pdf, respectively.
Limited rock chip samples were collected from the new
exploration targets during the program. These samples have been
sent to American Assay Laboratories in Sparks, Nevada for assay
analysis. The assay results shall be released as they become
available.
Description of the Five New Exploration Targets
1 Golden Chain
Oblique-Extensional Vein System
This exploration target is located in the
northwestern corner of the Property with a footprint that covers an
area of approximately 2,200ft x 650ft (670m x 200m). It is hosted
within meta-sediments of the Mariposa Formation, and is
characterized by strong sericitic alteration and multiple strong
quartz veins each 3-5ft thick (0.9-1.5m) right on the surface.
2 Vermont Slab
Oblique-Extensional Vein System
This exploration target is also located in
the northwestern corner of the Property with a footprint that
covers an area of approximately 4,200ft x 300ft (1,300m x 100m). It
is hosted within a highly-strained and deformed slab of Mariposa
Formation meta-sediments. It contains a 220ft (67m) wide zone of
strong sericite and carbonate alteration cut by multiple quartz
veins. This lone exposure suggests potential for both narrow
high-grade lodes and bulk-tonnage zones.
3 Golden Slope Stacked
Tensional Vein System
This exploration target is located in the
east central portion of the Property with a footprint that covers
an area of approximately 5,500ft x 500ft (1,700m x 150m). It is
hosted within competent pillowed basalt flows of the Bullion
Mountain Formation in close proximity to the terrane-bounding
Silver Cliff Fault. The surface expression provides evidence for
potentially long and continuous high-grade zones localized within
multiple stacked quartz veins. Though limited mining occurred at
the historic French, Lucky Boy, and Evans mines within this target
area, the potential for a larger system of high-grade veins is
compelling. An intense sericitic alteration bloom localized along
the Silver Cliff Fault suggests a large robust mineralized system
lies at depth.
4 Ogle Canyon
Oblique-Extensional Vein System
This exploration target is located in the
southwestern portion of the Property with a footprint that covers
an area of approximately 4,200ft x 800ft (1,300m x 250m). This
target features a quartz vein system in close proximity to a major
fault system (Ogle Canyon Fault Zone), and the contact between the
Mariposa Formation meta-sediments and Penon Blanco meta-volcanics.
Reconnaissance mapping identified moderate sericitic alteration
blooms, vein quartz float, and topographic expressions of
faulting.
5 Race Track Meadow
Oblique-Extensional Vein System
This exploration target is also located in
the southwest portion of the Property with a footprint that covers
an area of approximately 4,000ft x 650ft (1,200m x 200m), and
remains open in all directions. Reconnaissance geologic mapping
identified a significant linear sericitic alteration bloom
coincident with abundant vein quartz float, and strongly incised
topographic expression cutting through meta-sediments of the
Mariposa Formation. This target appears to be a NW-SE trending link
between two prominent fault zones (Hell Hollow Fault Zone and Ogle
Canyon Fault Zone). Observed vein quartz mineralization appears to
extend northward and southward from the diagonally-linking fault.
The geology of this target is analogous to that of the Golden Chain
Target.
In addition to the five new exploration targets discussed above,
the surface mapping program provided some critical structural
information for a previously known mineralized zone known as
Chicken Gulch that was the subject of limited RC drilling in the
1980’s. The observations on Chicken Gulch are as follows:
Chicken Gulch Zone
This is a known exploration target and was the subject of a
9-hole RC drill program in 1986, which intersected eighteen
discrete quartz veins with gold values exceeding 0.08 oz/ton gold
(2.7g/t). The Chicken Gulch target is located in the south central
portion of the property with a footprint that covers an area of
approximately 1,600ft x 600ft (500m x 200m). The target is hosted
within the Mariposa serpentinite-matrix tectonic mélange. The
geology in this portion of the mélange is analogous to that
encountered in the past-producing Pine Tree – Josephine mine 0.7
miles (1.1km) along strike to the north.
The laboratory being used for assay analyses is American Assay
Laboratories Inc. (“AAL”) based in Sparks, Nevada (ISO/IEC
17025:2005 Certified).
The Company’s on-site Quality Assurance & Quality Control
(“QA/QC”) protocols, and AAL’s assay QA/QC protocols have received
third-party verification by Paul Daigle, P.Geo., a Qualified Person
(“QP”) as defined under NI 43-101, representing Tetra Tech WEI Inc.
Mr. Vishal Gupta, P.Geo., the Company’s Chief Operating Officer,
has also reviewed and verified the Company’s on-site QA/QC
protocols.
About California Gold Mining Inc.
California Gold Mining Inc. is focused on developing its
flagship Fremont gold project in Mariposa County, California. The
project consists of a land package totalling 3,351 acres of
historically producing gold mines. The Fremont Property lies within
California’s prolific Mother Lode Gold Belt that has produced over
50 million oz of gold historically. The Company purchased the
property in March 2013.
Mr. Vishal Gupta, the Company's Chief Operating Officer has
reviewed and approved this press release. Mr. Gupta is a P.Geo.,
registered with the Association of Professional Geoscientists of
Ontario (APGO), and a Qualified Person (QP) as defined under
National Instrument 43-101 regulations.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of California Gold contains statements that
constitute “forward-looking statements”. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause California Gold's actual results,
performance or achievements, or developments in the industry to
differ materially from the anticipated results, performance or
achievements expressed or implied by such 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. Forward-looking statements in this document include
statements regarding planned exploration work on the Company’s
Fremont Property as well as mineralization potential of exploration
targets described above. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements, and readers are cautioned not to place undue reliance
on these forward looking statements. Any factor could cause actual
results to differ materially from California Gold's expectations.
California Gold undertakes no obligation to update these forward
looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change, unless
otherwise required by law.
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 further information contact:
Vishal GuptaChief Operating Officer647-977-9267 x333
Website: www.caligold.ca
California Gold Mining Inc.Vishal Gupta, 647-977-9267 x333Chief
Operating Officer
www.caligold.ca
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