Vancouver, British Columbia, Canada, January 31,
2011. Columbus Gold Corporation (CGT:
TSX-V) (the "Company"
or "Columbus
Gold") is pleased to announce assay results from the
first five drill holes completed at its Weepah
gold project, Nevada.
Gold was encountered in four of the first five
holes; significant intercepts include:
- Drill hole WP-5 intersected
17.4 m (55 ft) of 1.12 g/t (0.033 opt) gold
from 7.6-25 m (25-80 ft) depth, including
3.3 m (10 ft) of 4.03 g/t (0.12 opt) gold;
and
- Drill hole WP-2 intersected
7.8 m (25 ft) of 2.34 g/t (0.068 opt) gold
from 118-125.8 m (390-415 ft) depth,
including two separate 1.6 m (5 ft)
intervals of 4.30 g/t (0.126 opt) and 4.95 g/t (0.145 opt) gold.
A table summarizing the assay results can be
viewed at the following link:
www.columbusgoldcorp.com/i/nr/2011-01-31-assays.pdf
The current drilling program at Weepah is planned to consist of up to 3,048 m (10,000 ft) in approximately 20 RC holes. Various project maps
can be viewed at the following link:
www.columbusgoldcorp.com/i/nr/2011-01-31-weepah.pdf
The host rocks at Weepah
are complexly faulted and folded Precambrian limestones,
silty limestones, and
shale, all of which have been regionally metamorphosed, then overprinted
with thermal metamorphism, and finally hydrothermally altered. There are
only a few outcrops in the northernmost part of the drilling area, where
surface sampling has yielded assays from anomalous to as high as 10.29 g/t
(0.30 opt) gold over a 3.6 m (12 ft) width and
17.14 g/t (0.50 opt) gold over 1.8 m (6 ft)
width. Most of the area drilled to date is covered with ten meters (30 ft) of alluvium. Drilling results suggest the presence
of minor structures not apparent from our initial geological mapping and
geophysical program. Several drill holes are planned to test structural
models to allow us to better focus additional drilling and increase our
understanding of the controls of the gold mineralization.
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. 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*. 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.
*Caution: A qualified person has not done
sufficient work to classify the historical estimates contained herein as
current mineral resources. Columbus Gold is not treating the historical
estimates as current mineral resources and the historical estimates should
not be relied upon.
Quality Assurance/Quality Control
Assays reported herein were performed by American Assay Laboratories, Inc.
in Sparks, Nevada. Standards and blanks were inserted along with the drill
cuttings and reported in the assay results. In addition, Columbus takes two
separate splits of each five feet of drill cuttings. One is assayed
initially and the other is used for check sampling. This check sampling is
in progress with 10% of the samples with significant gold having been
checked to date. No significant variations in results have been detected so
far but check assaying continues. If significant variations in assays
already reported are detected in the future, the results will be released at
that time.
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 is a gold exploration and
development company operating in French Guiana and Nevada. In French
Guiana, Columbus Gold recently acquired an option to earn a 100% interest
in the Paul Isnard gold project, which has a 43-101
compliant 1.9 million ounce inferred gold resource and substantial
expansion potential. In Nevada, Columbus is prolific 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 activities are managed by Cordex owned and operated by Andy Wallace who has a
long and successful history of gold discovery and mine development.
Columbus Gold currently has 12 of its 22 strategically located gold
projects in Nevada joint ventured to major and junior mining companies,
including Agnico-Eagle Mines Limited. To learn more about Columbus Gold's
drilling plans in Nevada in 2011 visit the follow the link: www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
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