Columbus Gold Begins Drilling at the Weepah Property, Nevada
January 13 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) (the "Company" or
"Columbus Gold") announces it has commenced drilling at its Weepah
Project. The 10,000 ft (3,048m) planned drill program will consist
of approximately 20 RC holes.
Weepah is located approximately 32 km (20 miles) west-southwest
of Tonopah, Nevada, with historic gold production from an open pit
along a steep, northerly structure cutting Precambrian sedimentary
rocks. Columbus targets are east of the historic open pit where
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. Recent outcrop
sampling of the altered limestone on the Columbus claims 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). Historic
drilling, reported by the previous owner, indicates 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(i). Columbus
mapping, along with geophysical surveys, indicate that the
favorable geology extends beyond the area of drilling to the south
and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to
be very shallow gravel cover. See the following link for a location
map:
http://www.columbusgoldcorp.com/i/nr/2011-01-13-map-weepah.gif
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.
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 or 1-888-818-1364 info@columbusgoldcorp.com
www.columbusgoldcorp.com