Vancouver, British Columbia, Canada. December 15,
2010, Columbus Gold Corporation (CGT: TSX-V) (the "Company"
or "Columbus Gold") is pleased to provide the following
exploration summary with respect to its Nevada projects for 2010 and
upcoming plans for 2011.
Nevada Exploration Highlights
In 2010 Columbus Gold acquired 4 strategically located gold properties in
Nevada from prospecting activities, 2 of which are located on the Battle
Mountain Gold Trend and 2 on the Walker Lane Gold Trend, for a total of 22
gold properties situated in Nevada. The Company also optioned 4 of its
properties into Joint Venture (JV) agreements for a total of 12 JV'd properties. In addition, Columbus Gold completed
extensive mapping, sampling and geophysical work to delineate targets in
preparation for an aggressive drilling campaign in 2011 planned to commence
on as many as 11 of its Nevada gold projects. The following table details the drilling plans for 2011:
2011
DRILLING PLAN
|
Property Name
|
Drill
Holes Planned
|
Feet (Meters)
|
Weepah
|
20
|
10,000
(3,050m)
|
Eastside
|
20
|
10,000
(3,050m)
|
Petes Summit
|
10
|
5,000
(1,500m)
|
Browns Canyon
|
15
|
7,500
(2,300m)
|
Summit*
|
still in planning
|
still in planning
|
Guild*
|
24
|
20,000
(6,100m)
|
Overland
Pass*
|
24
|
20,000
(6,100m)
|
Stevens
Basin*
|
10-12
|
13,100
(4,000m)
|
Golden
Mile*
|
6
|
3,000
(900m)
|
Utah
Clipper/Crestview*
|
1
|
1,600
(500m)
|
White
Horse Flats*
|
10-12
|
6,600
(2,000)
|
|
TOTAL
|
96,800
(29,500m)
|
*To be drilled by a Columbus Gold JV partner.
|
See the following link for a location map of
projects where drilling in 2011 is planned:
http://www.columbusgoldcorp.com/i/nr/2010-12-15-drilling-2011.jpg
"As a consequence of the financial crisis our
exploration activity in the last few years has been restricted to
prospecting and target identification and only very limited drilling.
Capital preservation was the appropriate strategy during that period,
however the extensive mapping, sampling, and geophysical work carried-out
during that time, has resulted in the delineation of promising drill
targets on numerous of our projects.", stated Peter Kendrick,
President for Columbus Gold. "2011 will be an unprecedented year for
Columbus Gold with drilling on more properties in one year than in all the
previous years combined since the Company's formation."
Highlights of notable projects where drilling is
planned in 2011:
Stevens Basin
Stevens Basin is located on the Battle Mountain Gold trend near Barrick
Gold's Archimedes open pit gold mine. Sampling by Columbus Gold revealed a
gold anomaly of about 760 m in length and 30-90m in width with a grades as
high as 2.5 g/t. The anomalous zone is still open in several areas. An air
magnetic geophysical survey and a detailed ground gravity geophysical
survey (400 stations) were completed in the fall of 2010 and this data is
being used to optimize drill sites for a phase I approximate 6,600 feet
(2,000m) drill program of 10-12 holes planned as early in 2011 as weather
permits. This could be followed by a phase II program of the same size
later in the year. Navaho Gold is earning an initial 51% interest in the
Steven's Basin project by making $3 million in expenditures.
Browns Canyon
The Browns Canyon Project is located approximately 20 km (12 miles) west of
Barrick Gold's Archimedes open pit gold mine, in the highly prospective
Battle Mountain Gold Trend known to contain over 100 million ounces of Gold
with some two dozen gold mines throughout the trend. Recent sampling on the
property yielded gold values up to 3 g/t along a zone of silicification,
sparsely exposed through cover, with a strike length of 2,000 meters. The
mineralization is Carlin-style, and geologic mapping and further sampling
is underway. Seven widely-spaced historic drill holes are present. Most of
the strike length of the mineralized zone is untested by drilling. Drilling
is warranted by the results to date and is planned for late summer of 2011.
Summit
The Summit property is strategically positioned along strike and
approximately 4,000 feet (1.2 km) from the northern end of the Long Canyon
gold deposit of Fronteer Gold Inc. (where ongoing drilling continues to
confirm the presence of high-grade oxide gold mineralization with a recent
drill intercept result of 12.3 g/t over 50.4 metres announced on November
15th, 2010). Work by Columbus Gold's JV partner Agnico-Eagle in 2010
included seventy nine rock chip samples and three diamond drill holes, with
a total footage of 6,392 feet (1948 m). Anomalous gold values were reported
in the drill results from a shear zone stratigraphically above the known
favorable horizon of gold mineralization, and from a footwall of a bedding
parallel structure. An anomalous mercury zone was encountered present in a
karst breccia interpreted to be important to host Carlin-type gold
mineralization on the nearby properties in the Pequop Mountains.
Agnico-Eagle previously had performed geological mapping, collected 2,500
soil samples and 70 stream sediment samples, and completed seven rotary
holes totalling 6,040 ft (1,830 meters) in their initial drilling program.
Agnico-Eagle has indicated that they will continue their option to earn an
interest in Summit and more drilling is planned for 2011. Agnico-Eagle can
earn an initial 51% interest in Summit by making $3 million in exploration
expenditures.
Weepah
The Weepah property is located within the Walker Lane Gold Trend, it extends from historical mining, where recent
production came from an open pit. New rock chip sampling yielded values up
to 10.29 g/t (0.30opt) gold over 3.6m (12 ft), and 17.14 g/t (0.50 opt)
gold over 1.8m (6 ft). The favorable geology extends to the south for 1,200
-1,500 metres (4,000-5,000 ft). Detailed mapping, a detailed ground
magnetic survey, and 10 line km of Controlled Source Audio-frequency
Magnetotellurics (CSAMT) geophysical surveying has yielded targets for a
drill program consisting of 10,000 ft (3,050M) of drilling in approximately
20 RC drill holes. The drill program is permitted and is scheduled to begin
in January of 2011.
Eastside
The Eastside property is also located within the Walker Lane Gold Trend.
Recent sampling (530 samples) of outcrop over 900 m (3,000 ft) of strike
length along a zone of silicified breccia yielded gold values up to 7.95
g/t (0.23 opt). An exploration program consisting of 10,000 ft (3,050M) of
RC drilling in 20 holes is permitted and planned for the spring of 2011.
To learn more about all 11 Columbus Gold projects
where drilling is planned in 2011, please visit the following link:
http://www.columbusgoldcorp.com/i/nr/2010-12-15-presentation.pdf
Caution: A qualified person has not done
sufficient work to classify the historical estimates contained in this
press release, or in the presentation link above, 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.
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.
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 Cordex
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 22 projects in Nevada joint ventured to major and junior mining
companies, including Agnico-Eagle Mines Limited. The company presently also
is in the process of acquiring an option to earn into an advanced stage
project in French Guiana with a 43-101 compliant resource estimate of 2
million ounces and substantial expansion potential.
ON BEHALF OF THE BOARD,
Peter Kendrick
President
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.
For more information contact:
Peter Kendrick
President
604 638-3474 or
1 888 818-1364
info@columbusgoldcorp.com