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Coastal Gold Extends Known Mineralization Intersecting 4.09 G Au/T Over 13.5 Metres at Hope Brook Gold Project, Newfoundland
Published : September 16, 2013
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Mots clés associés :   Canada | Copper | Report |

TORONTO, ONTARIO--(Marketwired - Sept. 16, 2013) - COASTAL GOLD CORP. (News - Market indicators)(OTCQX:COGGF)(FRANKFURT:CY41) (the "Company") announces initial results from the 2013 resource definition diamond drill program at its 100% owned Hope Brook Gold Project in southwestern Newfoundland. The first six holes, totalling 1,014 metres, have focussed on testing the newly developed "Footwall Target" (see press release August 6, 2013), where it appears that previous mining may have left significant higher grade mineralization in the footwall side of the stopes. Assay results have been received from the first two holes. 

Drill Program Highlights:

  • Hole HB13-113 intersected high grade mineralization on the footwall of the 5015-170 stope grading 4.09 grams gold per tonne (g Au/t) over a core length of 13.5 metres (m).
     
  • Hole HB13-112, approximately 50m northeast of HB13-113, intersected 2.99 g Au/t over a core length of 10 metres in the footwall of the 5015-165 stope.

Dr. Bill Pearson, President and CEO of Coastal Gold, commented: "Our drill program is off to a strong start. Initial results have confirmed the presence of a significant thickness of higher grade mineralization in the footwall of stopes in the upper part of the former mine. We completed the program for the Footwall Target with five fewer holes than originally planned. The extra meterage has been re-allocated to expanding drilling on the SW Pit Extension target which is in progress. 

Dr. Pearson further commented: "An important objective of this drill program is not only to expand the existing mineral resource but also to increase the overall grade. We hope to accomplish this by filling-in areas with limited previous drilling, redrilling certain historical holes that appear to have significantly underestimated grade and updating our geological interpretation. All of this work we believe will lead to a higher grade resource on which to base the PEA study in progress. The updated resource is expected to be completed by the end of this year and the PEA completed by early 2014."

To date, 2,127 m of drilling in 13 holes has been completed with assay results pending on 11 holes. The first six holes tested the Footwall target and the next seven holes are in the SW Pit Extension target as shown in Figures 1 and 2. Table 1 lists significant results and Table 2 gives collar location, orientation and depth information for all holes.

Table 1: List of significant assay results 2013 Drill Program - Hope Brook Gold Project.
Hole No. From (m) To (m) Core Length (m) True Width (m) Au (g/t) Cu (%)
Footwall Target          
HB13-112 144.0 154.0 10.0 4.9 2.99 0.01
  incl. 145.0 149.0 4.0 2.0 4.69 0.01
HB13-113 150.1 163.6 13.5 6.3 4.09 0.04
  incl. 155.1 163.6 8.5 4.0 5.42 0.04
 
Table 2: Drill hole locations and orientations - Hope Brook Gold Project.
Hole No. UTM Mine Grid Elev. Length Az Dip
  Easting Northing Easting Northing (i)   (ii) (ii)
HB13-112 418006 5287984 11656 5226 5142 159 145 -44
HB13-113 418006 5287984 11656 5227 5142 215 145 -50
HB13-114 418041 5288016 11702 5233 5146 163.6 145 -44
HB13-115 418040 5288016 11702 5233 5146 172 145 -52
HB13-116 418118 5288080 11802 5241 5148 166.4 145 -41
HB13-117 418176 5288084 11853 5211 5149 138.2 145 -49
HB13-118 417866 5287648 11348 5032 5125 213 325 -80
HB13-119 417797 5287616 11273 5045 5121 73 325 -45
HB13-120 417810 5287598 11273 5023 5121 136 325 -57
HB13-121 417887 5287667 11377 5036 5125 232.8 325 -78
HB13-122 417840 5287558 11275 4973 5118 199 325 -63
HB13-123 417767 5287578 11227 5031 5117 86.8 325 -45
HB13-124 417791 5287495 11199 4950 5122 172.2 325 -55
Total           2,127    
Note: Assays are pending for holes HB13-114 to HB13-124

ABOUT COASTAL GOLD

Coastal Gold is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "COD". Coastal Gold's flag ship property is the Hope Brook Gold Project located in southwestern Newfoundland, which has 12.4 million tonnes at 1.48 g Au/t for 590,000 ounces of indicated mineral resources and 8.2 million tonnes at 2.07 g Au/t for 548,000 ounces of inferred mineral resources (see technical report entitled "Updated Mineral Resource Estimate Technical Report, Hope Brook Gold Project, Newfoundland and Labrador, Canada", effective October 1, 2012).

SAMPLING, ASSAYING AND QUALITY CONTROL

The core (NQ (47.6 mm) and BQ (36.5 mm)) is logged, photographed and then sawn in half with one-half sent to the laboratory for analysis and the other half retained and stored on site. All core samples were prepared and assayed at ALS Minerals, with sample preparation done in Sudbury and analytical work done in North Vancouver. All locations of ALS Minerals are ISO 9001:2000 certified. The entire sample received is weighed and crushed to = 70% passing 2mm (10 mesh). A sample split of up to 1000g is then pulverized to = 85% passing 75 microns (200 mesh) to produce a homogenized sample. A 50g aliquot is used for fire assaying with an atomic absorption (AA) finish to determine gold concentration. Copper is initially analyzed using a four acid digestion ICP (inductively coupled plasma-atomic emission spectrometry) method. Any results for copper greater than 10,000 ppm are assayed further by a four acid digestion and "ore grade" ICP method. Internal quality control includes the use of blanks, duplicates and standards in every batch of samples. The Company also conducts internal check assaying using certified external reference standards and blanks. Regular external check assays are performed at a second certified Canadian commercial laboratory. Coastal Gold also inserts external reference standards as well as blank granite drill core in each sample batch as a further external check.

QUALIFIED PERSONS

David Copeland, P.Geo., Chief Geologist, who is a qualified person as defined by NI 43-101, supervised the diamond drilling program at Hope Brook. Mr. Copeland and Dr. Bill Pearson, P.Geo., President & CEO of Coastal Gold, both qualified persons as defined by NI 43-101, have reviewed and approved the scientific and technical content of this news release. 

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the estimation of mineral resources, exploration prospects and future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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

To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/893379i.pdf.



Coastal Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@coastalgold.ca
or
Coastal Gold Corp.
Bill Pearson
President & CEO
416-861-2968
president@coastalgold.ca
www.coastalgold.ca
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Chalice Diamond Corp.

EXPLORATEUR
CODE : COD.V
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Chalice Diamond est une société d’exploration minière basée au Canada.

Son principal projet en exploration est WAWA au Canada.

Chalice Diamond est cotée au Canada. Sa capitalisation boursière aujourd'hui est 11,8 millions CA$ (9,3 millions US$, 8,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 08 avril 2011 à 1,20 CA$, et son plus bas niveau récent le 10 avril 2015 à 0,01 CA$.

Chalice Diamond possède 169 230 000 actions en circulation.

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Rapports annuels de Chalice Diamond Corp.
2008 Annual report
Attributions d'options de Chalice Diamond Corp.
09/07/2013Coastal Gold Grants Options
Communiqués de Presse de Chalice Diamond Corp.
01/11/2013Coastal Gold Reports Final Drill Results and Commences Work ...
21/10/2013Coastal Gold Intersects 1.66 Grams Gold Per Tonne Over 12.3 ...
07/10/2013Coastal Gold Intersects 2.61 Grams Gold Per Tonne Over 10.4 ...
30/09/2013Coastal Gold Commences Tailings Coring Program at Hope Brook...
25/09/2013Coastal Gold Intersects 4.95 Grams Gold Per Tonne Over 14.9 ...
16/09/2013Coastal Gold Extends Known Mineralization Intersecting 4.09 ...
26/08/2013Coastal Gold Commences Followup Metallurgical Testing at Hop...
06/08/2013Coastal Gold Begins Resource Definition Drill Program at Hop...
24/07/2013Coastal Gold Ramps Up Post-Merger
26/02/2008 DIAMOND DISCOVERIES
03/12/2007LEESON PROPERTY ACQUIRED
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