|
Columbus Gold Corporation (TSX VENTURE:CGT
- News; the
"Company" or "Columbus Gold") announces it has commenced
drilling at its Weepah Project. The 10,000 ft
(3,048m) planned drill program will consist of approximately 20 RC holes.
Weepah is located approximately 32 km (20
miles) west-southwest of Tonopah, Nevada, with historic gold production from
an open pit along a steep, northerly structure cutting Precambrian
sedimentary rocks. Columbus targets are east of the historic 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. Recent outcrop sampling of the altered limestone
on the Columbus claims yielded values from anomalous up to 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). Historic drilling, reported by the previous owner, indicates 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(i). Columbus mapping, along
with geophysical surveys, indicate that the favorable geology extends beyond
the area of drilling to the south and east for 1,200-1,500 m (4,000-5,000 ft)
under what appears to be very shallow gravel cover.
See the following link for a location map:
http://www.columbusgoldcorp.com/i/nr/2011-01-13-map-weepah.gif
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 Gold on an exclusive basis.
(i)Caution: A
qualified person has not done sufficient work to classify the historical
estimates contained herein as current mineral resources. The Company is not
treating the historical estimates as current mineral resources and the
historical estimates should not be relied upon.
About Columbus Gold
Columbus Gold Corporation is a gold
exploration company pursuing early to advanced stage opportunities primarily
in Nevada. The Company is an experienced 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. Exploration and generative activities are managed by Cordilleran
Exploration Company owned and operated by Andy Wallace who has a long and
successful history of gold discovery and mine development in Nevada. The
Company currently has 12 of its 23 projects joint ventured to major and
junior mining companies, including Agnico-Eagle Mines Limited.
ON BEHALF OF THE BOARD,
Peter Kendrick, President
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 the Company'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 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.
|
|