Colombian Mines Expands Drill Indicated Strike of Sabana Blanca Zone and Drills Bedded Sulfide Mineralization at El Dovio Pro...
June 30 2014 - 11:47AM
Marketwired Canada
(TSX VENTURE:CMJ)(FRANKFURT:X6C) - Colombian Mines Corporation ("Colombian
Mines" or the "Company") is pleased to announce drilling in the Sabana Blanca
zone at the Company's El Dovio project intersected mineralization 230 meters to
the east along strike from the Sabana Blanca tunnel materially expanding the
drill indicated strike length of the Sabana Blanca zone. Drilling also
identified a new zone of zinc dominated mineralization south of the Sabana
Blanca adit and a scout drill hole in the Brazo 1 zone resulted in an important
geological discovery, intersecting a massive to semi-massive bedded sulfides in
a previously unknown sequence of carbonaceous sediments, a geological
environment with potential to host a bedded Volcanogenic Massive Sulfide ("VMS")
style mineralization.
Discussion and Results
Sabana Blanca Zone:
Drilling in the Sabana Blanca Creek ("SBC") outcrops approximately 230 meters to
the east along strike from the Sabana Blanca tunnel intersected mineralization
typical of the Sabana Blanca zone. Multiphase bituminous crystalline quartz with
semi-massive to massive pyrite (iron sulfide) and chalcopyrite (copper sulfide)
cut by veinlets and irregular masses of sphalerite (zinc sulfide) were
intersected in both holes drilled in the SBC area and indicate confirmation of
the strike extent of mineralization in the high grade Sabana Blanca zone.
Table 1. Summary Drill Intercepts Sabana Blanc Creek Outcrop Area
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Intercept AuEq
Hole From (m) To (m) Length (m) Au g/T Ag g/T Cu % Zn % (g/T)
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SBC14-01 61.0 64.0 3.0 8.02 4.90 0.83 0.5 9.7
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SBC14-02 35.5 40.8 5.3 1.58 15.42 3.96 0.1 8.4
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56.9 61.7 4.8 2.14 7.46 1.05 1.5 4.7
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(i)Note: Gold Equivalent values were calculated using the following metal
prices, Gold $40.99 / gram, Silver $0.63 / gram, Copper $3.04 / pound and Zinc
$0.96 / pound.
New Zone:
Drill holes SB14-01, 02 and 03 were drilled from a point roughly 82 meters south
of the outcropping mineralization and in the structural hanging-wall of the
Sabana Blanca zone. SB14-01 did not intersect significant mineralization. Holes
SB10-02 and 03 intersected significant mineralization that may be indicative of
a new zone of mineralization.
This mineralization is interpreted to be separate and distinct from that of the
main Sabana Blanca zone. Sphalerite is the dominant mineral and has a
distinctive brick red color while that of the Sabana Blanca zone is typically a
dark brown color, possibly indicating higher iron content and higher
temperatures of formation. Unlike mineralization in the Sabana Blanca zone,
where chalcopyrite is a major component, in the newly identified zone
chalcopyrite is present in trace amounts. Logging and interpretation suggests
this zone is situated well above the and in the structural hanging wall of the
main Sabana Blanca zone.
Table 2. Summary Drill Intercepts - New Zone
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Intercept Au Eq
Hole From (m) To (m) Length (m) Au g/T Ag g/T Cu % Zn % (g/T)
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SB14-01 No Significant Intercepts
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Sb14-02 17.0 22.0 5.0 0.57 4.96 0.23 4.0 3.1
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SB14-03 53.5 64.3 10.8 1.18 3.77 0.26 0.4 1.9
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73.6 79.5 5.9 0.78 3.34 0.24 0.2 1.3
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(i)Note: Gold Equivalent values were calculated using the following metal
prices, Gold $40.99 / gram, Silver $0.63 / gram, Copper $3.04 / pound and Zinc
$0.96 / pound.
Brazo 1 Zone:
Scout hole BR14-01, discovered a previously unknown sequence of well developed
bedded, semi-massive to massive sulfides consisting of fine grained pyrite and
pyrrhotite with traces of chalcopyrite and sphalerite in thin bedded, fine
grained silty carbonaceous sediments including minor intervals of chert and
metamorphosed volcanic rocks. The sedimentary package appears to strike nearly
north - south and the east - northeast trending Sabana Blanca zone is projected
to intersect this important horizon between BR14-01 and SBC14-01 in an area
wholly lacking outcrop. This important discovery materially expands the
exploration potential for the El Dovio project and further indicates that the
high grade Sabana Blanca zone is a large feeder or "stringer" zone beneath a
highly prospective VMS horizon. Values in the bedded sulfides and surrounding
sediments are moderately to highly anomalous, ranging from 0.01 to 0.16 g/T Au,
0.02 to 1.7 g/T Ag, 0.011 to 0.033 % Cu, and 0.01 to 0.07 % Zn and clearly
indicate elevated metal content well above background levels.. Hole BR14-01, was
drilled to a depth of 98 meters at an azimuth of 59 degrees and an inclination
of 45 degrees, lack of outcrop in the area resulted in the hole being drilled
sub-parallel to the dip of the sedimentary package that hosts the bedded
sulfides and therefore testing a comparatively narrow portion of this previously
unknown bedding controlled mineralization. The Company has formulated plans to
establish suitable drill sites to allow drilling that will cut across the
sedimentary package and test high grade surface mineralization in the Brazo 1
zone where surface channel sampling by the Company returned composite surface
channel results grading 3.8 g/T Au, 4.1 g/T Ag and 0.3% Zn over 9 meters as
announced November 5, 2012.
Ongoing Drilling
The Company has initiated a program of underground drilling utilizing the
Company's man portable hydraulic drill. This will allow the Company to explore
certain very high grade targets it has not been able to test from the surface.
Once underground drilling is completed, the Company plans to continue surface
drilling where priority targets will include expansion of drilling in the Sabana
Blanca zone and the projected intersection of the Sabana Blanca and Brazo 1
zones.
Notes and Comments
All drill intercepts in reported herein are drilled intercept length. It is
believed true width of these intercepts is between 80 to 100 percent of the
reported intercept length, however insufficient drilling has yet to be done in
these drill area to reasonably determine the geometry and true width of the
intervals.
Gold equivalency calculations are included to more clearly present the
approximate value of the polymetallic mineralization at El Dovio. All gold
equivalent values (opt AuEq) were calculated using the following metal prices,
Gold (1275 per troy ounce ($40.99 / gram), Silver $19.75 per troy ounce ($0.63 /
gram), Copper $3.04 / pound and Zinc $0.96 / pound. One troy ounce contains
approximately 31.1 grams and one percent equals approximately 22 pounds per
metric tonne.
Sample Collection - Quality Control - Quality Assurance
The Company's samples are collected in accordance with accepted industry best
practices. Core is transported from the site to the Company's core facility in
Medellin, Colombia by Company personnel. After being logged, photographed,
diamond saw cut and sampled, samples are delivered the SGS's Medellin laboratory
for preparation and analyses, (ISO9001:2000). Gold is analyzed by fire assay
with an ICP/AES finish. Silver and base metal analyses were determined with
ICP/AES techniques. The Company maintains and continuously monitors its rigid
QC-QA through insertion of a series of blank, duplicate, certified standard
samples at a rate of 1:30 or higher into the sample stream.
Mr. Robert G. Carrington, P.Geo., a Qualified Person as defined by National
Instrument 43-101 and President of the Company, has reviewed and verified the
technical information in this news release.
About Colombian Mines Corporation: Colombian Mines Corporation is an aggressive
exploration and development stage company with a distinct "first mover"
advantage in Colombia. Focused on developing shareholder value through
exploration and development of key projects, the Company is also one of
Colombia's leading "prospect generators". Further information can be found on
our website at www.colombianmines.com.
Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statement:
Some of the statements in this news release contain forward-looking information
that involves inherent risk and uncertainty affecting the business of Colombian
Mines Corporation. Actual results may differ materially from those currently
anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colombian Mines Corporation
Sharon Hebgin
Corporate Communications
(604) 649-9195 - Canada
(760) 668-7211 - United States
shebgin@colombianmines.com
Colombian Mines Corporation
Dave Cross
Chief Financial Officer and Corporate Secretary
(604) 669-0868
dcross@crossdavis.com
www.colombianmines.com
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