Columbus Completes Permiting at Two Nevada Gold Projects; Prepares for Drilling
June 11 2010 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold" or
the "Company") is pleased to announce that approval has been
received with the United States Department of the Interior, Bureau
of Land Management (pending bond placement) for the planned
drilling programs scheduled to commence in mid-July at the
Company's Stevens Basin Project, Eureka County, Nevada and White
Horse Flats Project, Elko County, Nevada.
Forty drill sites have been permitted at Stevens Basin where a
Phase I drilling program will consist of approximately 7,200 ft of
drilling in up to 12 RC holes. Twelve drill sites have been
permitted at White Horse Flats where up to 9 RC holes totaling
approximately 5,000 ft are planned in Phase I. Drilling will
commence at one of the projects and when completed the drill rig
will be moved to the other project.
Stevens Basin is located on the Battle Mountain Gold Trend
approximately 16 km (10 miles) west-southwest of Eureka and about
10 km (6 miles) east of Barrick Gold's Archimedes open pit gold
mine. White Horse Flats is located 43 km (27 miles) south of
Wendover. The property is 13 km (8 miles) east of the Kinsley Mine,
which produced approximately 400,000 ounces of gold from a
Carlin-type deposit mined by Cominco in the mid-1980's. Subject to
net smelter returns royalties, Columbus Gold controls a 100%
interest in the properties.
Stevens Basin
The claim block covers a 9 m by 30 m (30 ft by 100 ft) jasperoid
(silicified limestone), which occurs at the base of a small hill of
Devonian limestone, at the break in slope where bedrock passes
under the gravel cover of Stevens Basin. Twelve samples of the
jasperoid run from 1 to 2 g/t gold. Stevens Basin is an unusual
semi-circular gravel basin surrounded by hills of Paleozoic
sedimentary rocks, and is approximately 10-13 sq. km (4-5 sq.
miles) in diameter. Columbus Gold's property is along the north
margin of the basin. Mapping to date indicates the outcrop areas
are mostly Devonian limestone, with areas of altered and
mineralized intrusive and siltstone float.
Columbus Gold has collected 100 grid geochemical samples in the
covered areas adjoining the limestone hills or hill. Sampling was
of the coarser chips screened from fine soil in areas of no
outcrop. The sampling yielded a gold anomaly (all samples greater
than 100 ppb, with a high of 1370 ppb and numerous samples
exceeding 500 ppb) that arcs around the base of the hill for about
760 m (2,500 ft) in total length and 30-90 m (100-300 ft) in width.
The gold anomaly coincides with significant anomalies of arsenic
(from 100 to 1450 ppm), antimony (from 50 to 725 ppm), and mercury
(from 1 to 70 ppm). The anomalous zone is still open in several
areas. More sampling is necessary to define the overall shape and
size of the anomaly, but the Company believes that drilling is
warranted by the results to date.
White Horse Flats
White Horse Flats covers three small hills and the surrounding
pediment to the east. Exposures on the three hills are limestones
and siltstones of Permian age, overlain by a cap of silicification.
The silicification forms a discontinuous north to south belt
approximately 2,130 meters long and up to 150 meters wide (7,000 ft
long and up to 500 ft wide). Silicification varies from weak to
strong with common liesegang banding and is almost everywhere
anomalous in gold (from 30 to1,817 parts per billion gold),
associated with anomalous arsenic, antimony, and mercury. The
altered section is thought to dip east under shallow gravel cover
and the property is positioned to cover this target. The
mineralization is Carlin-type.
Detailed surface sampling by Columbus Gold delineated a
significant area approximately 165 m long and 60 m wide (550 ft
long and 200 ft wide) yielding 16 samples ranging from 0.32 to 1.82
g/t gold. The zone which is covered with alluvium on its north and
east sides presents an excellent target for drilling.
Andy Wallace is a Certified Professional Geologist (CPG) with
the American Institute of Professional Geologists and is the
Qualified Person under NI 43-101 who has reviewed and approved the
technical contents of this news release. Mr. Wallace is a VP of
Columbus Gold's wholly-owned US operating subsidiary, Columbus Gold
(U.S.) Corporation and is the principal of Cordilleran Exploration
Company ("Cordex"), which is conducting exploration and project
generation activities for Columbus Gold on an exclusive basis.
ABOUT COLUMBUS GOLD
Columbus Gold Corporation is a gold exploration and development
company operating principally in Nevada. The Company has an
experienced management group with a strong background in all
aspects of the acquisition, exploration, development and financing
of precious metal mining projects. Columbus Gold controls a 100%
interest, subject to royalties, in 22 gold projects strategically
located along or near Nevada's most productive gold trends. The
Company also holds a significant equity interest in Columbus Silver
Corporation, an exploration company with a growing portfolio of
silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are
managed on an exclusive basis by Cordex, which has a long and
successful history of gold discovery and mine development in the
United States. Columbus Gold maintains active generative
(prospecting) and evaluation programs and, as a key element of
strategy, broadens exposure, minimizes risk and maintains focus on
high priority prospects while seeking industry finance through
joint ventures on selected projects. The Company currently has 8 of
its projects joint ventured to major and junior mining companies,
including Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra, President & CEO, Director
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 bond placement, and drilling, and the
Company'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 ability to acquire necessary permits and other
authorizations; ability to obtain funding sufficient for bond
placement; 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:
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 we undertake no obligation to update any of the foregoing
except as 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.
Contacts: Columbus Gold Corporation Ray Lagace Investor
Relations 604-638-3474 or 1-888-818-1364 (604) 634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com