New Gold Discovery: Columbus Gold Intersects 2.42 g/t Gold Over 13.6 Meters in First Phase of Drilling at Eastside Gold Project,
May 17 2011 - 10:41AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT)(OTCBB: CBGDF) (the
"Company" or "Columbus Gold") is pleased to announce the completion
of Phase 1 drilling at the Eastside Gold Project, Nevada, where
twelve holes totaling 7,405 feet (2,125 meters) were completed. The
best result was in drill hole ES-4 which intersected 13.6 meters of
2.42 g/t Au at a depth of 157.6-171.2 m (45 feet of 0.070 opt Au
from 520-565 feet), including 6 meters of 5.17 g/t from 165.2-171.2
(20 feet of 0.151 opt from 545-565 feet) and 1.5 meters of 12.90
g/t from 166.7-168.2 m (5 feet of 0.337 opt from 550-555 feet). The
gold zone drilled in hole ES-4 is interpreted to be open in all
directions. The company has added thirty new claims to the north in
order to cover possible strike extensions and is proceeding with a
detailed mapping program in the area of ES-4, which will likely be
followed with supplemental geophysical surveys. Subsequently, a
Phase 2 drilling program will commence concentrating on extending
the gold mineralization cut in ES-4, and also testing the undrilled
margins of other rhyolite domes on the property.
Significant Drill Intercepts:
Hole Feet OPT Meters, Grams/tonne
ES-2 155-160 ft 0.007 opt (47.0-48.5 m. of 0.24 g/t)
490-495 0.020 (148.5-150.0 of 0.69)
ES-4 30-35 0.047 (9.1-10.6 of 1.62)
50-60 0.011 (15.2-18.2 of 0.36)
75-85 0.012 (22.7-25.8 of 0.40)
95-130 0.013 (28.8-39.4 of 0.45)
165-170 0.012 (50.0-51.5 of 0.42)
245-255 0.012 (74.2-77.3 of 0.41)
520-565 0.070 (157.6-171.2 of 2.42)
including
545-565 0.151 (165.2-171.2 of 5.17)
including
550-555 0.377 (166.7-168.2 of 12.90)
ES-8 115-135 0.011 (34.8-40.9 of 0.37)
190-200 0.010 (57.6-60.6 of 0.34)
ES-12 360-365 0.014 (109.1-110.6 of 0.49)
390-395 0.009 (118.2-119.7 of 0.32)
810-815 0.010 (245.5-247.0 of 0.33)
Gold mineralization at the Eastside Project is localized in
quartz veins and stockworks associated with a group of four
separate rhyolite flow-dome complexes, each ranging from 400 to 700
meters in diameter. Gold is hosted both in the rhyolite and in the
adjacent wall rocks, which consist of layers of Tertiary andesitic
tuffs, andesitic lahars, and felsic tuffs and tuff breccias. The
rhyolite itself, particularly where intrusive, is highly anomalous
in gold. For example, drill hole ES-4 cut 400 feet of highly
anomalous rhyolite (+100 ppb gold on average, ranging from 45-286
ppb Au over the entire 400 feet) before striking the best grades,
reported above, in the adjacent andesitic tuffs.
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.
Assays of drill cuttings from Eastside were performed by
American Assay Laboratory in Sparks, Nevada. Standards and blanks
were included in the results. A program of check assaying of
duplicate splits, taken at the drill rig, is in progress. Any
significant deviations from the results herein will be announced in
a subsequent press release when all check assay results have been
received.
About Columbus Gold
Columbus Gold is a gold exploration and development company
operating in French Guiana and 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 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 which is owned and operated by Andy Wallace who
has a long and successful history of gold discovery and mine
development. Columbus Gold currently has 13 of its 22 strategically
located gold projects in Nevada joint ventured to major and junior
mining companies, including Agnico-Eagle Mines Limited.
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 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 Senior
Vice-President 604-638-3474 or 1-888-818-1364 (604) 634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com