Columbus Gold to Drill at Their Historic Gold Camp Weepah Property, Nevada
December 09 2010 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) (the "Company" or
"Columbus Gold") is pleased to announce plans for a 10,000 ft
(3,048m) drill program in up to 20 RC holes, to begin in January
2011 on its Weepah Property where recent outcrop sampling has
yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over
3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft). The
favorable geology extends to the south for 1,200 - 1,500 metres
(4,000-5,000 ft).
Weepah is an historic gold camp, located approximately 32 km (20
miles) west-southwest of Tonopah, Nevada, with the most recent
production from an open pit along a steep, northerly structure
cutting Precambrian sedimentary rocks. Gold occurs as replacements
in sanded, or lightly silicified, Precambrian limestone, exposed in
small outcrops through thin gravel cover on the north edge of an
alluvial basin. It is reported by the previous owner that a small
resource of approximately 225,000-450,000 tonnes (250,000-500,000
tons) averaging 1.7-2.4 g/t (0.05-0.07 opt) gold was indicated by
historical drilling(i). Columbus mapping indicates that the
favorable geology in the area of historical drilling extends to the
south for 1,200-1,500 m (4,000-5,000 ft) under what appears to be
very shallow gravel cover. This area has never been drilled. See
the following link for a location map.
http://www.columbusgoldcorp.com/i/nr/2010-12-09-map-weepah.gif
Detailed mapping, geochemical sampling, a ground magnetic
survey, and 10 line kilometers of CSAMT geophysical surveying have
yielded drill targets. The drill program has been permitted and is
scheduled to begin in January of 2011.
"There is significant potential at Weepah and we are looking
forward to results from this upcoming drill program. The extensive
mapping, sampling, and geophysical work has provided us with some
very prospective drilling targets", stated Andy Wallace, VP
Exploration for Columbus Gold.
The Company is presently in preparations to mobilize a drill for
the program and to put in place all support logistics.
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.
(i)Caution: A qualified person has not done sufficient work to
classify the historical estimates contained herein as current
mineral resources. The Company is not treating the historical
estimates as current mineral resources and the historical estimates
should not be relied upon.
About Columbus Gold
Columbus Gold Corporation is a gold exploration company pursuing
early to advanced stage opportunities primarily in Nevada. The
Company is an experienced project generator focused on advancing
projects either through joint venture with industry partners or on
its own where exploration risk is minimized and potential is
particularly promising. Exploration and generative activities are
managed by Cordilleran Exploration Company owned and operated by
Andy Wallace who has a long and successful history of gold
discovery and mine development in Nevada. The Company currently has
12 of its 23 projects joint ventured to major and junior mining
companies, including Agnico-Eagle Mines Limited, and has recently
has entered into an option agreement to acquire the Paul Isnard
Project in French Guiana which includes the 2 Million ounce
Montagen D'Or gold deposit (see press release dated December 3rd,
2010).
ON BEHALF OF THE BOARD,
Peter Kendrick, President
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 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;
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 Peter Kendrick President
604-638-3474 / 1-888-818-1364 info@columbusgoldcorp.com
www.columbusgoldcorp.com