Phase II Drilling Commences at Columbus Gold's Stevens Basin Project; Battle Mtn Gold Trend, Nevada
13 Octubre 2011 - 8:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is
pleased to announce that Phase II drilling has commenced at its
Stevens Basin project, located in the Eureka Mining District on the
Battle Mountain Gold Trend, Nevada, about 9 km (5.6 miles)
southwest of Barrick Gold's Archimedes/Ruby Hill open pit gold
mine, where joint venture partner Navaho Gold, can earn an initial
51% interest by completing minimum exploration expenditures.
Navaho reports that eight to ten RC holes, totaling
approximately 1,200 m (3,937 ft), are planned in the current phase
of drilling which is designed to follow-up the highly anomalous
gold mineralization intersected in hole SB11-009 (15.2 m @ 0.18 g/t
from 35 m depth) drilled by Navaho in Phase I drilling in mid-2011.
The drilling will also test a further suite of structural features,
a magnetic target with features analogous to the Archimedes/Ruby
Hill deposit identified from interpretation of gravity data, and,
further multi-element soil anomalies defined by sampling completed
by Navaho in recent months.
Stevens Basin is an unusual gravel-filled semi-circular basin,
approximately 10-13 km2 (6.2-8 miles) in area. Surrounding the
basin are hills of Paleozoic sedimentary rocks which, along its
northern margin, consist of mainly Devonian age limestone
containing areas of altered and mineralized intrusive rock and
siltstone float. In the area of drilling the target horizon is a
calcareous siltstone unit inferred to dip off the outcropping
limestone out under the gravel cover. Based on the conventional
model for Carlin-style deposits, mineralization is expected to be
best developed where the prospective host unit intersects
controlling structures capable of introducing the mineralizing
fluids.
At Barrick Gold Corp's Archimedes/Ruby Hill gold mine, located
in a similar structural setting, 9 km (5.6 miles) to the southwest
of Stevens Basin, the gold mineralization has an association with
elevated base-metals (zinc in particular) and barite-rich
hydrothermal breccias. The Archimedes deposit also occurs in close
proximity to a Cretaceous intrusive stock and, given the elevated
zinc returned from Navaho Gold's hole SB11-11 at Stevens Basin,
widespread Ba anomalism and the possible existence of an intrusive
body in the central portion of Stevens Basin as inferred from the
airborne magnetic data, Navaho Gold believes that the drill results
to date at Stevens Basin could indicate an analogous mineralized
setting to the Archimedes/Ruby Hill deposit.
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.
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 26 strategically
located gold projects in Nevada joint-ventured to major and junior
mining companies, including Agnico-Eagle Mines Limited.
About Navaho Gold
Navaho Gold is an Australian-based exploration company focused
on the discovery of world-class gold deposits in Nevada, USA and
Queensland, Australia. Navaho Gold is clearly focused on 'Carlin
style' gold mineralization, and has identified three (3) main
project areas in Queensland and has assembled seven (7) projects in
Nevada within the areas associated with the Carlin and Battle
Mountain - Eureka Trends.
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 Navaho
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 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.comwww.columbusgoldcorp.com
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