Columbus Gold Drills 49 Meters of 4.60 gpt Gold at Paul Isnard Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/12 -- Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") is pleased to announce the latest assay results of three diamond core holes drilled at the Montagne d'Or gold deposit on its 100% owned Paul Isnard Project in French Guiana, including hole MO 12-72 containing an intercept of 49 meters of 4.60 gpt gold; this intercept is contained within wider intervals grading 3.45 gpt over 67 meters and 1.94 gpt over 130 meters.
The latest assay results are for drill-holes MO 12-70 to MO 12-72, totaling 960 meters were drilled to infill gaps between widely spaced past holes, or to extend gold mineralization under past shallower holes.
The mineralized intervals in the Upper Felsic Zone ("UFZ") of drill-hole MO 12-72 were obtained from a south drilled hole that enter the UFZ at a vertical depth from surface of about 185 meters and exited the zone at about 290 meters vertical depth. This intercept is considered particularly significant in that the UFZ mineralization on this section (3050E) in drilling by past operators was weak and interrupted by multiple post mineralization dikes.
Drill-hole MO 12-70, on Section 3010E, was oriented north to infill an area where there were no past holes through the UFZ and intercepted 37 meters grading 2.13 gpt gold within a longer interval of 62 meters averaging 1.37 gpt gold. The hole also cut a 15 meter interval grading 2.66 gpt in the Lower Favorable Zone ("LFZ") within 52 meters grading 1.08 gpt gold. The LFZ intercept is approximately 100 meters below a shallower past hole on the section and exits the zone at a vertical depth from surface of about 160 meters.
Drill hole MO 12-71, on Section 3200E, was oriented south within an area containing no earlier drill holes. The hole contained a single narrow intercept grading 8.47 gpt gold along three meters at the approximate projected position of the UFZ but bottomed in a post-mineral dike and may not have reached full width of the zone. The drill-hole also intersected 1.69 gpt gold along 6 meters in the LFZ.
Following is a summary of the principal mineralized intervals from the latest three holes. The core intervals reported are slope lengths along holes drilled north at 60 degrees and south at 50 degrees across the plane of the south-dipping UFZ and LFZ mineralization and represent approximately 75% of true thicknesses for core intervals drilled north and 65% for holes drilled south. Mineralization in both zones remains open at depth.
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Core
Drill Azimuth/ Length From To Length gpt
Hole Inclination (m) (m) (m) (m) Gold Zone Section
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MO 12-72 S/50 degrees 350 18 25 7 0.29 Saprolite/LFZ 3050E
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96 98 2 1.03 Intermediate
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129 131 2 17.82 Intermediate
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(15.83)
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146 148 2 14.22 Intermediate
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202 332 130 1.94 UFZ
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(1.79)
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Incl. 202 269 67 3.45
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(3.16)
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Incl. 202 251 49 4.60
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(4.20)
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MO 12-71 S/50 degrees 308 7 16 9 0.91 Saprolite 3200E
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100 138 38 0.64 LFZ
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132 138 6 1.69
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198 206 8 0.80 Intermediate
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270 273 3 8.47 UFZ
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MO 12-70 N/60 degrees 302 72 137 67 1.37 UFZ 3010E
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Incl. 72 109 37 2.13
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Incl. 92 102 10 6.57
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207 209 2 3.66 Intermediate
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225 277 52 1.08 LFZ
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Incl. 262 277 15 2.66
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Notes:
1. True thicknesses approx. 75% of core intervals for holes drilled north
+65% for holes drilled south.
2. Grades in brackets cut to 31.4 gpt gold.
3. DH MO 12-71 may have terminated before intersecting UFZ.
4. DH MO 12-72 intercepted possible LFZ at shallow depth in Saprolite.
5. The longer intercepts include intervals of sub grade mineralization
which would be discarded as waste in resource estimation or mining so
'real' intercepts will be higher grade but thinner.
A drill plan and long sections of the UFZ and LFZ can be viewed at the following link:
http://www.columbusgoldcorp.com/i/nr/2012-04-18-drillplan.pdf
The ongoing Columbus Phase I drilling program, comprising 15,000 meters in approximately 50 holes, is designed for resource expansion principally below the previously defined deposit by drilling systematically to a vertical depth of about 200 meters from surface, and internally between widely spaced holes (within parts of the "mineralized envelope" not reached by the existing resource model). The denser drill pattern, with holes at roughly 50 meter centres, is also expected to convert certain of the inferred resource to indicated and measured categories.
Future drill programs will target potential extensions of the Montagne d'Or deposit indicated by untested geochemical anomalies extending more than 3km along strike, incompletely tested parallel zones of gold mineralization, and other untested or incompletely tested gold prospects and geochemical anomalies throughout the large Paul Isnard property.
The Montagne d'Or gold deposit at Paul Isnard is an east-west striking, south dipping, tabular body made up of two sub-parallel zones of gold mineralization, designated Upper Felsic Zone (UFZ) and Lower Favorable Zone (LFZ), hosted by laminated felsic volcanics within a Pre-Cambrian greenstone sequence. Prior to Columbus Gold's involvement the deposit was partially outlined by 54 holes, totaling 10,600 meters, in the late 1990's. Based upon that past drilling the deposit contains a 43-101 inferred gold resource of 1.9 million ounces within 36 million tonnes grading 1.6 gpt gold (0.4 gpt cut-off) within a mineralized zone about 2,000 meters long, averaging about 70 meters thick and tested to variable depths of between 100-150 meters. The deposit is open at depth, internally between widely spaced holes and, in part, along strike.
Columbus Gold's independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content 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 controls a 100% beneficial 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 earn-in agreements to 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. Columbus currently has 11 of its 25 strategically located gold projects in Nevada farmed-out to various mining companies.
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 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; the design of the drill plan; 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 and Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.
To view the map that accompanies this press release, please visit the following link: http://media3.marketwire.com/docs/c417m.pdf
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.com
www.columbusgoldcorp.com
