Phase II Drilling Commences at Columbus Gold's Guild Project in Nevada
September 21 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") is
pleased to announce that Phase II drilling has commenced at its
Guild Project, located approx. 74.5 miles northeast of Tonopah, in
Nye County, Nevada, where joint venture partner Sniper Resources
Ltd., is earning an initial 51% interest by undertaking staged
annual exploration expenditures totaling US$2 million by October
2nd, 2012.
Sniper reports that four to six RC holes are planned in this
round of drilling and that hole depths are expected to be less than
500 feet for at least three of the four drill sites.
Carlin-style gold mineralization is the target at Guild where a
silicified ledge in Ordovician limestone carries gold values
(thirty samples average 0.054 opt gold) over 180 feet of its 2,300
ft total strike length. The jasperoid ledge formed along a
northerly-trending structure which appears to extend south under
what is thought to be a thin veneer of post-ore volcanic rocks.
A number of untested drill targets have been identified at Guild
from geochemical sampling and mapping programs, and a gravity
survey as well as several line miles of CSAMT were completed to
identify important overlaid structures. The principal target is an
ore-controlling structure which extends for 1 mile under shallow
post-ore cover between the main Guild gold showing and a jasperoid
in an area to the south, where it crosses the inferred position of
the Roberts Mountain Thrust Fault. In addition, the structure is
interpreted to cut the Mississippian Webb Formation in the south
end of the block (host for the Rain, Dee, and various other Nevada
disseminated gold mines). Preliminary reconnaissance has also
identified hydrothermal alteration in the form of silicification
and barite veining in the Webb.
The current drilling is designed to test for extensions of gold
mineralization encountered in Phase I drilling completed in early
2011. Drill holes GI-11, GI-16 and GI-17 in Phase I drilling
returned intervals of potentially leach-grade gold beginning at
surface in oxidized host rock. Drill hole GI-11 averaged 0.008 opt
gold from 0-50 feet down the hole with a high assay of 0.024 opt
gold at 20-25 feet. Drill hole GI-16 averaged 0.011 opt from 0-40
feet down the hole with a high of 0.038 opt at 10-15 feet. Drill
hole GI-17 averaged 0.009 opt from 0-15 feet down the hole with a
high of 0.016 opt from 0-5 feet.
Quality Assurance/Quality Control
Samples for each interval to be assayed were delivered for
analysis by ALS Global in Sparks, Nevada, an ISO-accredited
analytical laboratory. In the lab, sample splits were assayed using
ALS' "AuAA23" analytical option for gold, with one assay-ton
samples used for fire assay/atomic adsorption (a.a.) finish, which
provides a lower detection limit of 5 parts per billion. The
duplicate bags from the drill holes were saved on site for
verification or other subsequent testing. Results from the drill
holes have been verified by American Assay Laboratories, also in
Sparks Nevada, using Fire/aa methods with a 2 ppb lower limit. Both
of these laboratories have internal qa/qc programs including
blanks, standards, and duplicates.
All scientific and technical information contained in this news
release has been reviewed and approved by Douglas H. McGibbon, a
director and the Vice-President, Exploration of Sniper Resources
Ltd., who is a "qualified person" within the meaning of National
Instrument 43-101.
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 12 of its 26 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 F. 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 or Sniper
Resources' 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 Columbus Gold undertakes 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 Investor Relations
604-634-0970 or 1-888-818-1364 604-634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com