Columbus Gold Encounters Additional Gold Intercepts in Drilling at Weepah Project, Nevada
April 07 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") is
pleased to announce final drill results from the Phase I drilling
program recently completed at its Weepah gold project located in
Esmeralda County, Nevada where the results to date warrant
additional drilling.
The Phase I program consisted of 2406 m (7,895 ft) in 15 RC
holes. Highlights include:
-- Drill hole WP-2 intersected 7.6 m (25 ft) of 2.29 g/t (0.067 opt) gold
from 118.9-126.5 m (390-415 ft) depth, including two separate 1.5 m (5
ft) intervals of 4.31 g/t (0.126 opt) and 4.38 g/t (0.128 opt) gold.
-- Drill hole WP-5 intersected 16.8 m (55 ft) of 1.30 g/t (0.038 opt) gold
from 7.6-24.4 m (25-80 ft) depth, including 3.0 m (10 ft) of 4.54 g/t
(0.132 opt) gold.
-- Drill hole WP-7 intersected 27.4 m (90 ft) of 0.73 g/t (0.021 opt) gold
from 16.8-44.2 m depth (55-145 ft).
-- Drill hole WP-12 intersected 4.6 m (15ft) of 3.47 g/t (0.101 opt) gold
from 79.2-83.8 m (260-275 ft), including 1.5 m (5ft) of 9.37 g/t (0.273
opt) gold from 80.8-82.3 m (265-270 ft).
Drill holes WP-6, 7, and 8 were 91-152 m (300-500 ft) offsets of
the gold mineralization encountered in drill hole WP-5. All three
offset holes cut gold with the best intercept in WP-7 which was 120
m (400 ft) northeast of WP-5 and cut 0.73 g/t (0.021 opt) from
16.8-44.2 m depth (55-145 ft). Gold mineralization remains
completely open to the north and east, and possibly south of holes
WP-5, 7, 8, and 9. Drill holes WP-9 through WP-15 were step-outs
mainly to the south under gravel cover, which ranges from 25-95 ft
(8-29 m) in thickness. The favorable Precambrian silt and limestone
is present immediately under the gravel cover and altered with
anomalous gold values. Hole WP-12 cut significant gold values,
averaging 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft),
including 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270
ft).
A table of significant drill results can be viewed at the
following link:
http://www.columbusgoldcorp.com/i/nr/2011-03-07-assays.pdf
Some assay averages included in the table have been slightly
modified from results reported in the January 31, 2011 press
release to reflect analytical results for all check assays from the
mineralized intervals in the Phase one drilling program.
The controls of gold mineralization at Weepah are not as yet
well understood however the results to date clearly warrant more
drilling. A geologic analysis of drill results is underway and a
detailed geophysical program designed to outline structure are
proposed for mid-2011, to be followed by a Phase II drilling
program. Based on the current geological understanding, the Phase
II drilling program will consist mostly of angled drill holes.
Quality Assurance/Quality Control
Assays reported herein were performed by American Assay
Laboratories, Inc. in Sparks, Nevada. Standards and blanks were
inserted along with the drill cuttings and reported in the assay
results. Two separate splits of each 1.5 m (5 ft) of drill cuttings
were obtained at the drill rig and the second split submitted for
check assaying for the mineralized intervals. In addition, check
assaying for select intervals, was completed for splits from the
bulk reject and from the assay pulp obtained from the drill rig
split. A total of 1417 drill samples were originally analyzed and
333 check assays, including nearly all mineralized intervals with
original assays greater than 100 parts per billion (ppb) gold, were
completed. No significant variations in results have been detected
in the check assaying.
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 content of this news release. Mr. Wallace is the
President of Columbus Gold and 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 is a gold exploration and development company
operating in French Guiana and in Nevada. In French Guiana,
Columbus Gold recently acquired an option to earn a 100% interest
in the Paul Isnard gold project, which has a 43-101 compliant 1.9
million ounce (36.7 million tonnes grading 1.6 g/t) inferred gold
resource and substantial expansion potential. In Nevada, Columbus
is a prolific 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 activities are managed by Cordex owned and
operated by Andy Wallace who has a long and successful history of
gold discovery and mine development. Columbus Gold currently has 11
of its 22 strategically located gold projects in Nevada joint
ventured to major and junior mining companies, including
Agnico-Eagle Mines Limited. To learn more about Columbus Gold's
drilling plans in Nevada in 2011 visit the follow the link:
http://www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf.
ON BEHALF OF THE BOARD,
Robert Giustra, Chairman & CEO
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 Columbus Gold'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 Columbus Gold 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 Senior
Vice-President 604-638-3474 or 1-888-818-1364
info@columbusgoldcorp.com www.columbusgoldcorp.com