Columbus Gold Corporation (TSX-V:CGT - News) ("Columbus
Gold" or the "Company") is pleased to announce that its
ongoing prospecting program has resulted in the acquisition of three highly
prospective gold properties in Nevada, bringing its total gold portfolio in
Nevada to 22 projects.
Stevens Basin
The Stevens Basin Property is located
approximately 16 km (10 miles) west-southwest of Eureka, Nevada and about 10
km (6 miles) east of Barrick Gold's Archimedes open
pit gold mine. Columbus controls 100% of the project which was acquired by
staking new lode mining claims.
The claim block covers a 9 m by 30 m (30
ft by 100 ft) jasperoid (silicified limestone),
which occurs at the base of a small hill of Devonian limestone, at the break
in slope where bedrock passes under the gravel cover of Stevens Basin. Twelve
samples of the jasperoid run from 1 to 2 g/t gold.
Stevens Basin is an unusual semi-circular gravel basin surrounded by hills of
Paleozoic sedimentary rocks, and is approximately 10-13 sq. km (4-5 sq.
miles) in diameter. Columbus Gold's property is along the north margin of the
basin. Mapping to date indicates the outcrop areas are mostly Devonian
limestone, with areas of altered and mineralized intrusive and siltstone
float.
Columbus has collected 100 grid
geochemical samples in the covered areas adjoining the limestone hills or
hill. Sampling was of the coarser chips screened from fine soil in areas of
no outcrop. The sampling yielded a gold anomaly (all samples greater than 100
ppb, with a high of 1370 ppb and numerous samples exceeding 500 ppb) that arcs around the base of the hill for about 760 m
(2,500 ft) in total length and 30-90 m (100-300 ft) in width. The gold
anomaly coincides with significant anomalies of arsenic (from 100 to 1450 ppm), antimony (from 50 to 725 ppm),
and mercury (from 1 to 70 ppm). The anomalous zone
is still open in several areas. More sampling is necessary to define the
overall shape and size of the anomaly, but drilling is clearly warranted by
the results to date.
Weepah
The Weepah
Property is located in Esmeralda County, approximately 32 km (20 miles)
west-southwest of Tonopah, Nevada. Weepah is an
historic gold camp, with the most recent production from an open pit along a
steep, northerly structure cutting Precambrian sedimentary rocks. Columbus
has staked claims east and southeast of the open pit where gold occurs as
replacements in sanded, or lightly silicified, Precambrian limestone, exposed
in small outcrops through thin gravel cover on the north edge of an alluvial
basin. Outcrop sampling has yielded from nil to high grade results;
highlights include 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14
g/t (0.50 opt) gold over 1.8 m (6 ft), in two separate areas in the sparse
outcrop.
The area sampled by Columbus has been
drilled with shallow holes by third parties. It is reported by the previous
owner that a small resource of approximately 225,000-450,000 tonnes (250,000-500,000 tons) averaging 1.7-2.4 g/t
(0.05-0.07 opt) gold was indicated by historic drilling. This modest area of
known gold mineralization is not likely to yield a large gold deposit,
however, Columbus mapping indicates that the favorable geology extends to the
south for 1,200-1,500 m (4000-5,000 ft) under what appears to be very shallow
gravel cover. Drilling is warranted in the south
basin.
Eastside
The Eastside Property is located
approximately 40 km (25 miles) west of Tonopah, Nevada and was acquired under
lease from a local prospector. Sampling (530 samples) of outcrop from
Eastside yielded gold values from nil up to 7.95 g/t (0.23 opt) over 900 m
(3,000 ft) of strike length along a northerly-trending zone of silicified breccia. Most of the samples exceeded 0.15 g/t (0.004
opt) with several areas running from 0.8 to 3.5 g/t (0.02 to 0.10 opt). The breccia zones are hosted in altered Tertiary volcanic and
sub-volcanic rocks and the highest gold values seem closely associated with breccia zones along the margins of intrusive rhyolite flow-domes. There are three historic drill holes
on the east margin of the property, but none tested the mineralization
identified in the recent sampling. Additional surface sampling and geologic
mapping is planned to determine the best drill sites for a future drilling
campaign.
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. Mr. Wallace is a VP of Columbus Gold's
wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and is
the principal of Cordilleran Exploration Company ("Cordex"),
which is conducting exploration and project generation activities for
Columbus on an exclusive basis.
The historic resource figures presented
herein are not NI 43-101 compliant. They should not be relied upon and
Columbus Gold does not treat them as current.
ABOUT COLUMBUS GOLD
Columbus Gold Corporation is a gold
exploration and development company operating principally in Nevada. The
Company has an experienced management group with a strong background in all
aspects of the acquisition, exploration, development and financing of
precious metal mining projects. Columbus Gold controls a 100% interest,
subject to royalties, in 22 gold projects strategically located along or near
Nevada's most productive gold trends. The Company also holds a significant
equity interest in Columbus Silver Corporation, an exploration company with a
growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's
project activities are managed on an exclusive basis by Cordilleran
Exploration Company (Cordex), which has a long and successful
history of gold discovery and mine development in the United States. Columbus
Gold maintains active generative (prospecting) and evaluation programs and,
as a key element of strategy, broadens exposure, minimizes risk and maintains
focus on high priority prospects while seeking industry finance through joint
ventures on selected projects. The Company currently has 10 of its projects
joint ventured to major and junior mining companies, including Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra,
President & CEO, Director
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 the Company's 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;
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; and ongoing relations with
employees, partners and joint venturers. The
foregoing list is not exhaustive and we undertake 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.
Contact:
Contacts:
Columbus Gold Corporation
Ray Lagace
Investor Relations
604-634-0970 or 1-888-818-1364
info@columbusgoldcorp.com
www.columbusgoldcorp.com
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