Columbus Gold Drills 1.43 g/t Au Over 64 Meters at Its Eastside
Gold Discovery in Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 19, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold") is
pleased to announce that recent drilling at its 100% controlled
Eastside gold project in Esmeralda County, Nevada intercepted
significant gold mineralization in all holes, with the best hole
ES-27cutting 64 meters of 1.43 g/t gold, including 8 meters of 5.86
g/t gold. Drill hole ES-36 cut 48.8 meters of 0.92 g/t gold which
also includes 28 meters of 22.5 g/t silver within the gold
intercept. Full results of the phase III drilling program are
available at the following link:
www.columbusgoldcorp.com/i/nr/2014-02-19-assays.pdf
Phase III drilling at Eastside consisted of 12 vertical and
angled, reverse circulation holes, totaling 2,944 meters (9,715
feet). The drilling was designed to follow-up on gold encountered
in Phase II drilling, results of which were announced on October
17, 2013. A total of 36 holes consisting of 7,458 meters (24,610
feet) have been drilled at Eastside. The following drill plan shows
all drilling to date with vertical projections of gold intercepts
in the angle holes:
www.columbusgoldcorp.com/i/nr/2014-02-19-drillplan.pdf
As illustrated in the map linked above, Columbus' interpretation
of the mineralization at Eastside consists of two separate zones of
better-grade gold, namely the East and West Zones. The East and
West zones are surrounded and overlain with lower grade and erratic
"cloud" gold mineralization where they cut the highly-altered
rhyolite of the Eastside Rhyolite Flow Dome Complex.
A set of east-west cross sections through the mineralized zones
from south to north are available in the following link:
www.columbusgoldcorp.com/i/nr/2014-02-19-sections.pdf
Gold intercepts in the West Zone occur associated with
silicification and quartz stock works, and are along a steep,
northerly-trending fault. Drill holes cutting the West Zone include
ES-27, 31, 20, 33, 34, and 36. The West Zone is at least 600 meters
(1,969 feet) long and remains completely open to the south of
ES-27, the southernmost hole cutting the West Zone. The Zone is
open to depth and surface sampling of sparse outcrops above the
drilled zone indicates the Zone is likely open up-dip to the
surface (125 Columbus surface samples ranging from 0 to 3.13 g/t
Au).
The East Zone is also completely open to the south and to the
southwest, and may remain open, at least at depth to the north.
Here better grade gold mineralization is associated with
brecciation, silicification and quartz stock works along or near
one, and possibly two or more, northerly trending fault structures
thought to have a west dip. Angle drill holes ES-21, ES-19, ES-14,
ES-22, ES-4, ES-25 and ES-26, along with vertical hole ES-32 cut
East Zone gold mineralization.
The area of potential low-grade "cloud" mineralization in
rhyolite is interpreted from Columbus surface alteration mapping,
float and outcrop sampling, and drilling. More than 200 surface
samples of discontinuous outcrop and float in this area are highly
variable in grade, but gold values are widespread and range from
anomalous to 7.91 g/t gold. Columbus believes this "cloud" area
should be drilled in detail, not only to better delineate the
low-grade "cloud" gold zones, but to identify possible additional
zones of better grade gold suggested by surface sampling.
In addition vertical, and near vertical, drill holes ES-28,
ES-29, ES-30, and ES-32 were drilled in Phase III in the corridor
between the East and West Zones to check for possible connections.
These holes did not indicate a connection of better grade gold but
did encounter significant thicknesses of "cloud" type, low-grade,
gold mineralization. ES-32 was continued to a vertical depth of 337
meters (1,105 feet) and was successful in cutting a gold and silver
zone below 287 meters (940 feet) of depth that is interpreted to be
the down-dip extension of the East Zone. The hole was abandoned
before cutting the entire zone due to drilling difficulties.
All gold intercepts in Eastside drill holes are logged as
oxidized with the exception of the single, deep intercept of 287
meters (940 feet) vertically below the surface in hole ES-32, which
is unoxidized and the gold and silver associated with zones of
elevated pyrite.
Columbus currently believes the gold mineralization encountered
in drilling at Eastside, along with the overlying "cloud"
mineralization, may be minable by open pit at a reasonable
stripping ratio, but much more drilling is necessary for
confirmation.
Columbus is very encouraged by the upside potential at Eastside.
Gold mineralization occurs in a discrete package of overlapping
rhyolite flow dome complexes which were emplaced and/or erupted 7.2
million years ago. These flow dome complexes are confined to an
outcrop belt about two miles wide and seven miles long which is
enclosed within the Columbus claim block. Detailed mapping and
sampling of the entire claim block by Columbus geologists has begun
and is scheduled for completion by mid-2014. Preliminary results of
this mapping has traced the faults, known to be important in the
area of drilling, to the south for a distance of 1,600 meters (1
mile).
Permitting for additional drilling has begun with the Tonopah
Office of the Bureau of Land Management for a major program of road
building, drill site construction, and drilling. The aim is to
complete a "blanket" permit covering 690 acres to allow for as many
as several hundred drill holes with drilling planned to begin in
the last half of 2014.
The Eastside Project has district scale potential, covering some
550 mining claims over 11,000 acres or 45 square kilometers (17.2
square miles). It has outstanding infrastructure for mining and
processing. The project is 20 miles west of Tonopah, Nevada, and
lies 6 miles north of paved highway US 95, the main road route from
Las Vegas to Reno. A good gravel road, maintained by Esmeralda
County, leads from the highway through the claim block. A major
power transmission line passes through the claim block. The
drilling area is on the east flank of the Monte Cristo Range and a
portion of the claim block extends well into the adjacent flats
which would provide excellent operating sites. The valley is known
to have shallow water available in the same aquifer which provided
water for milling the Tonopah ores in the early 1900's. The area is
high desert with sparse vegetation, and year-round drilling is
possible.
See the following link for claim and infrastructure maps:
www.columbusgoldcorp.com/i/nr/2014-02-19-claim-infrastructure.pdf
Preliminary metallurgical studies are also planned to commence
soon, mainly bottle roll cyanide solubility tests, which are
expected to be completed late in the second quarter of 2014.
Gold and silver assays were performed by American Assay Labs in
Sparks, Nevada. American inserts blinds and standards in the drill
hole assay string-generally 7% of all assays performed are of
standards or blinds. Gold analyses are by fire assay with atomic
absorption finish. Silver assays are first run by the induced
coupled plasma method. Drill samples reporting silver above 7 grams
per tonne are re-run using fire assay with gravimetric finish, and
these fire assay results for silver are what is reported in this
release in the attached table. In addition Columbus Gold takes a
second sample at the rig during drilling of each interval for check
sampling. Columbus has checked 40 Eastside drill intervals to date
that were in good agreement with the assays reported in this
release. Additional check sampling is ongoing and, if material
differences occur, those will be reported.
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 press release. 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.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO
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.
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, mapping, sampling, metallurgical
studies, potential mining methods and Columbus 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.
Columbus Gold CorporationInvestor
Relations604-634-09701-888-818-1364info@columbusgroup.comwww.columbusgoldcorp.com
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