California Gold Announces Further Positive Assays from Queen Specimen Zone - Intersects 29.1 m of 1.25 g/t Au, Including 4.0 m of 4.12 g/t Au at Its Fremont Gold Project**
Toronto, Ontario (FSCwire) - California Gold Mining Inc. (“California Gold” or the “Company”) announces the third set of assay results from the ongoing resource drilling program at the Queen Specimen zone at its flagship Fremont Project (the “Project” or “Fremont”) in Mariposa County, California. Assays for the first six holes from the current program at Queen Specimen were announced in separate press releases dated February 8, 2018 and February 21, 2018, respectively.
Today’s results advance the Company’s main objective of generating a second mineral resource on the Property covering the newly identified Queen Specimen mineralized zone. This zone is located in the north-west portion of the Property, and constitutes roughly 750m of strike length, out of the total four kilometers strike of the Mother Lode shear zone (the “Shear Zone”) on the Property.
The Company’s current NI 43-101 open pit-constrained mineral resource of 515,000 ounces grading 1.71 g/t gold in the Indicated category, and an additional 364,000 ounces grading 1.44 g/t gold in the Inferred category, only encompasses the Pine Tree-Josephine zone within the Property (the NI 43-101 Technical Report is available on SEDAR and at the Company’s website www.caligold.com). The Pine Tree-Josephine zone hosts two historical underground gold mines, and covers a strike length of roughly one kilometre, out of a total strike of four kilometres over which the Shear Zone is interpreted to extend on the Property.
Vishal Gupta, California Gold’s President and CEO, said, “These latest drill results, once again confirm mineralization in the Queen Specimen zone, that is very similar to the Pine Tree-Josephine zone where our current NI 43-101 compliant mineral resource is hosted. Therefore, we are highly confident that at the completion of our current drill campaign we would be able to add significantly to our resource base, and further demonstrate that the mineralization extends along the full four kilometres strike of the Shear Zone on the Fremont Property.”
Highlights from today’s three holes at Queen Specimen are displayed in the following table. A map depicting the location of the major mineralized zones at Fremont, the plan-view collar locations for all three drill holes, and the corresponding interpreted geological cross-sections can be viewed in Appendices A, B and C of this press release, respectively.