Vancouver, British Columbia, Canada. November 19th, 2008. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that drilling has commenced on the Company's Scraper Project where joint venture partner Newmont Mining Corporation (NMC: TSE & NEM: NYSE) can earn an initial 51% interest by undertaking staged annual exploration expenditures totaling US$5 million over a five year period.
The Scraper Property is located approximately 72 kilometers (45 miles) north of Battle Mountain, Nevada, and is located directly on the northern extension of the prolific Carlin Trend of gold deposits. Click here to view maps.
The current program will consist of approximately 1,067 metres (m) (3,500 feet (ft)) of reverse circulation drilling in 3 holes.
Three types of targets exist at Scraper: 1) disseminated zones in the altered volcanic package, 2) Carlin-type gold deposits distal to an intrusive body, both in Vinini Formation and in the Lower Plate package at depth, and 3) either porphyry-hosted base-metal or polymetallic, gold-bearing skarns associated with the intrusive itself.
The property covers a volcanic center cored by a diorite intrusive cutting Upper Plate Vinini Formation cherts and siltstones. Highly altered volcanic rocks, coeval with the intrusive, lie marginal to the central core, with Vinini Formation exposed in erosional windows below the volcanic package.
The intrusive body is dated at 38.9 mybp, which is the age of igneous rocks associated with gold deposits elsewhere on the Carlin Trend. A detailed ground magnetic survey indicates that the intrusive body is approximately 1,676 m (5,500 ft) long, and 671 m (2,200 ft) in diameter. Detailed geologic mapping has been completed along with soil and rock sampling. Numerous gold anomalies were discovered in the grid soil sampling, and rock values to 0.8 g/t (0.02 opt) were found along altered structures.
The area was first explored by Western States Minerals, which drilled 13 holes to a maximum vertical depth of 198 m (650 ft). Western States drill hole SS-1 encountered a strongly anomalous gold zone from 93 to 143 m (305 to 470 ft), including 26 m (85 ft) of 0.86 g/t (0.025 opt) gold from 98 to 123 m (320 to 405 ft). High assays over 1.5 m (5 ft) intervals were as high as 1.9 g/t (0.05 opt) gold. The gold is hosted by cherts and siltstones of the Upper Plate Vinini Formation alongside the diorite intrusive rock. The gold mineralization has a Carlin-type geochemical signature.
Twelve widely-spaced rotary holes were later drilled by Cordex, mostly to maximum depths of less than 183 m (600 ft). One hole was drilled to 579 m (1,900 ft), and encountered altered carbonate rocks of the Lower Plate of the Roberts Mountain Thrust at a vertical depth of 503 m (1,650 ft). The Lower Plate rocks were mostly silicified, and contained anomalous gold, copper to 0.2% over 15 m (50 ft), and zinc to greater than 1% over 1.5 m (5 ft) intervals. Many of the other shallow holes had anomalous gold, zinc, and arsenic.
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 content of this news release. Mr. Wallace is a VP of Columbus Gold's U.S. subsidiary and a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold.
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 25 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), owned and operated by John Livermore and Andy Wallace who have 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 14 of its projects joint ventured to major and junior mining companies, including Newmont Mining, Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information contact:
Ray Lagace
Investor Relations
604 638-3474 or
1 866 689-2599
info@columbusgoldcorp.com