Columbus Gold Corp. Acquires Combs Peak, Antelope, and North Brown Gold Projects in the Greater Mahogany Hills, Nevada
June 03 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) (the "Company" or
"Columbus Gold") is pleased to announce the acquisition of three
new projects in the Greater Mahogany Hills, bringing its total gold
property portfolio in Nevada to 26, covering approximately 37,000
acres. Columbus Gold plans to complete mapping and further sampling
with plans to drill target areas in late 2011 and 2012. Follow the
link below for a location map of the projects:
http://www.columbusgoldcorp.com/i/nr/2011-06-03-map.jpg.
When Columbus Gold acquired Stevens Basin (where drilling by
joint-venture partner Navaho Gold is ongoing), it was recognized
that the greater Mahogany Hills area, west and southwest of Eureka,
Nevada, presented a favorable geologic setting for Carlin-type gold
deposits. Columbus Gold embarked on a one year sampling program,
which led to the recent acquisition of Browns Canyon (see press
release dated November 23, 2010) and subsequently these three new
acquisitions; Combs Peak, Antelope, and North Brown. Initial
sampling at all three projects yielded significant gold assays,
with Carlin-type trace element signatures, and all are located
ingeologic settings amenable to Carlin-type deposits.
Combs Peak
The Combs Peak Project, ten miles south-southwest of Eureka,
Nevada, covers an area of altered Devonian and Mississippian
sedimentary rocks, where gold values ranging from nil to 0.4 g/t
have been found in the initial sampling of float chips near
outcrops of silicified limestone breccia with abundant barite
veining. The areas of anomalous float, with no outcrop, are
interpreted to lie over Mississippian siltstones, known to be a
favorable host rock from Central Nevada gold mines such as
Alligator Ridge and Rain. Detailed geologic mapping and grid
sampling are planned in the coming months. If the results continue
to be positive, drilling would likely take place in 2012.
North Brown
The North Brown Project, twelve miles southwest of Eureka,
Nevada, has yielded a number of good grade gold assays (ranging
from 2 to 6 g/t Au) in the initial sampling of altered sedimentary
rock float. The nearest outcrops are Devonian limestone and
Mississippian siltstones with local zones of silicification.
Geologic mapping and grid sampling are planned. Drilling is planned
following completion of the field program, likely coinciding with
drilling at the Browns Canyon Prospect, in the fall of 2011.
Antelope
The Antelope Project, fifteen miles southwest of Eureka, Nevada,
yielded values in initial reconnaissance sampling ranging from
anomalous to 1.0 g/t Au from outcrops of altered Paleozoic
sedimentary rocks. Detailed geologic mapping is in progress and
grid sampling is planned for the summer months. The results will be
evaluated and, if warranted, a drill program will be planned for
2012.
All the mining claims staked on these projects are 100% owned by
Columbus Gold, subject to royalties.
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. President Andy Wallace has a
long and successful history of gold discovery and mine development
in Nevada. Columbus Gold currently has 12 of its 26 Nevada gold
projects joint ventured to major and junior mining companies,
including Agnico-Eagle Mines Limited.
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.
ON BEHALF OF THE BOARD,
Peter Kendrick, Senior Vice 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 the Company's 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; 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;
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