Nov 23 2012
Columbus Gold Corporation ("Columbus Gold") is pleased to announce completion of its Phase I drill program and results of an additional thirty one diamond core holes, MO 12-74 to 98 and 100 to 105 totaling 10,873.65 metres, at its Paul Isnard gold project in French Guiana.
The holes were laid-out to confirm and expand, internally, along strike and at depth, the Montagne d'Or gold deposit within which earlier widely spaced holes had outlined a 43-101 compliant inferred resource of 1.9 million ounces gold within 36 million tonnes grading 1.6 gpt gold.
Except for two short holes drilled south into the hangwall of the known mineralization all holes from the current program contain significant gold intercepts, generally consistent with earlier results, within the principal Upper Felsic (UFZ) and Lower Favorable (LFZ) mineral zones defined by the original work. Of particular note are DH MO 12-92 with 53 metres grading 4.37 gpt gold (3.86 gpt cut to 31.1 gpt) within 113 metres averaging 2.43 gpt gold (2.17 cut) in UFZ and DH MO 12-78 with 29 metres grading 2.51 gpt gold in LFZ.
The completed Phase I drill program at Paul Isnard consisted of 45 core holes totaling 15,824 metres. Results are pending for the final hole of the program which is a step-out located 150 metres west of the existing drill pattern and resource area. Columbus Gold is reviewing and interpreting full drill results in preparation for implementation of a planned Phase II program, for a further ±15,000 metres, designed to further expand the Montagne d'Or gold deposit and convert inferred resources to an indicated category.
A summary of the principal mineralized intervals from the 45 hole Phase I program can be viewed at the following link: www.columbusgoldcorp.com/i/nr/2012-11-22-table.pdf
The Montagne d'Or gold deposit at Paul Isnard is an east-west striking, south dipping, tabular body made up of two sub-parallel zones of gold mineralization, designated Upper Felsic Zone (UFZ) and Lower Favorable Zone (LFZ), hosted by laminated felsic volcanics within a Pre-Cambrian greenstone sequence. Prior to Columbus Gold's involvement the deposit was partially outlined by 54 holes, totaling 10,600 metres, in the late 1990's. Based upon that past drilling, the deposit contains a 43-101 inferred gold resource of 1.9 million ounces within 36 million tonnes grading 1.6 gpt gold (0.4 gpt cut-off) within a mineralized zone about 2,000 metres long, averaging about 70 metres thick and tested to variable depths of between 100-150 metres.
The deposit is open at depth, internally between widely spaced holes and, in part, along strike. Future drill programs will target potential extensions of the deposit indicated by untested geochemical anomalies extending more than three kilometres along strike incompletely tested parallel zones of gold mineralization, and other untested or incompletely tested gold prospects and geochemical anomalies throughout the large Paul Isnard property.
Columbus Gold's independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this news release.