Drilling Commences on Columbus Gold's White Horse Flats Project, Nevada
10 Noviembre 2011 - 8:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is
pleased to announce that drilling has commenced at its White Horse
Flats gold project in Nevada, USA, where joint-venture partner,
Navaho Gold Ltd., can earn an initial 51% interest by completing
minimum exploration expenditures.
White Horse Flats is located approximately 43 km (27 miles)
south of Wendover, Nevada. The property is 13 km (8 miles) east of
the Kinsley Mine, which has reported past production from a
Carlin-type deposit.
Navaho reports that the drill program at White Horse Flats will
test the down-dip extensions of outcropping zones of highly gold
anomalous silicification (rock chip samples ranging from 0.32 to
1.82 ppm) as well as a number of structural targets identified from
the interpretation of gravity data, collected by Navaho.
Approximately 1,500 m (4,921 ft) of reverse circulation drilling
will be completed in 8-10 holes. Navaho expects initial results to
be received in December.
White Horse Flats covers three small hills and portions of the
surrounding pediment. Exposures on the three hills are limestones
and siltstones of Permian age, overlain by a cap of silicification.
The silicification forms a discontinuous north to south belt
approximately 2,130 m long and up to 150 m wide (7,000 ft long and
up to 500 ft wide). Silicification varies from weak to strong with
common liesegang banding and is almost everywhere anomalous in gold
(from 30 to 1,817 ppb gold), associated with anomalous arsenic,
antimony, and mercury. The mineralization is Carlin-type.
Detailed surface sampling by Columbus Gold delineated a
significant area approximately 165 m long and 60 m wide (550 ft
long and 200 ft wide) yielding 16 samples ranging from 0.32 to 1.82
g/t (0.01 to 0.05 opt) gold. The zone is covered with alluvium on
its north and east sides.
Historical drilling of 27 holes by Energy Reserves Group located
a number of mineralized zones under the valley pediment
approximately 550 m (1,800 ft) SW from the area of surface sampling
by Columbus. A drill hole intersected 6.1 m (20 ft) averaging 0.64
g/t (0.019 opt) gold from 43 m (141 ft). Another hole intersected 3
m (9.8 ft) averaging 0.5 g/t (0.015 opt) gold from 18 m (59 ft)
within a wider interval of 9.2 m (30 ft) averaging 0.24 g/t (0.007
opt) gold on the east side of the outcrop.
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 content of this project description. Mr. Wallace is the
President of Columbus Gold and the principal of Cordilleran
Exploration Company ("Cordex"), which is conducting exploration and
project generation activities for Columbus Gold on an exclusive
basis.
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. Columbus Gold's president,
Andy Wallace has a long and successful history of gold discovery
and mine development. The Company 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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