Drilling Commences on Columbus Gold's Utah Clipper Gold Project, Nevada
24 Noviembre 2011 - 8:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is
pleased to announce that drilling has commenced at its Utah Clipper
gold project located directly adjacent to Barrick Gold's
multi-million ounce Pipeline-Gold Acres gold mine complex, in the
Cortez-Pipeline sector of the Battle Mountain Gold Trend, Nevada,
where joint-venture partner Navaho Gold Ltd. can earn an initial
51% interest by completing minimum exploration expenditures.
Navaho reports that the drill program at Utah Clipper will test
two deep targets which have associated gold and arsenic geochemical
anomalies at surface which may represent "leakage" from underlying
gold mineralization in prospective Lower Platecarbonate rocks.
According to Navaho, the targets are located in structural settings
analogous to the Cortez Hills owned by Barrick Cold where a gold
deposit hosting reserves of more than 10 million ounces of gold was
discovered in 2003. Additionally, in September 2011, Barrick
announced significant new discoveries respectively about 6 km (3.7
miles) and 8 km (5 miles) southeast of Cortez Hills, known as Red
Hill and Goldrush. An inferred gold resource of 3.5 million ounces
has been outlined at Red Hill with mineralization open in all
directions and at Goldrush further south, a drill hole intersected
20.5 m grading 27.8 g/t gold (67 ft of 0.81 opt).
The Utah Clipper Property covers a portion of the Roberts
Mountain thrust with metamorphosed lower plate limestone and limey
siltstone in the footwall of the thrust. The principal geologic
targets at Utah Clipper are classical "Carlin" or "Pipeline" style
bulk mineable, disseminated gold deposits and high grade
structurally controlled vein deposits in "lower plate"
carbonates.
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 Toll Free: 1-888-818-1364 (604) 634-0971
(FAX)info@columbusgoldcorp.comwww.columbusgoldcorp.com
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