Confederation Minerals Ltd. ("Confederation") (TSX VENTURE:CFM) is
pleased to report bonanza grade gold results from the on-going
drilling program at the Newman Todd property in the Red Lake Gold
District, Ontario. The work is being funded and operated by
Confederation pursuant to an option from Redstar Gold Corp. (TSX
VENTURE:RGC). To date, 49 drill holes totaling 19,000 metres have
been completed in 2011. Drilling has focused on the Newman Todd
Structure (NTS) where gold mineralization has been discovered over
a strike length 1.6 kilometres. Confederation has sufficient funds
to complete the current drill program and any presently planned
drilling in 2012.
Highlights:
-- Hole NT-083 intersects a 14.30 metre wide zone with two high grade
intercepts: 343 g/t gold over 0.60 metre and 33.80 g/t gold over 0.50
metre Hole NT-084 intersects 6.76 g/t gold over 3.0 metres including
13.90 g/t gold over 1.0 metre.
-- Hole NT-080 intersects 1.18 g/t gold over 32.0 metres including 10.91
g/t gold over 1.0 metre.
Hinge Zone Discovery
Latest results continue to highlight the high-grade potential of
the "Hinge Zone" area of the NTS where 12 of 13 holes have returned
high-grade intervals over a strike length of approximately 450
metres. The Hinge Zone is just one of many significant gold-bearing
sectors discovered by the drilling completed to date by the joint
venture along the NTS, which has a strike length of over 2
kilometers within the property.
This new high-grade discovery has many of the earmarks of the
"High Grade Zone" (HGZ) in Goldcorp's Red Lake mine located 27
kilometres to the southeast. These include a similar structural
setting, open space quartz filling with native gold, gold
associated with silica-sulphide replacement zones and broad zones
of iron-carbonate alteration. Sections and initial 3D modeling can
be found on the company's web site
(www.confederationmineralsltd.com). The web site also lists all
significant drill results to date from the extensive drilling which
has been carried out since January of 2011.
Lawrence Dick, Ph.D., President and CEO of Confederation,
states: "We are extremely excited with the continuous high-grade
results being returned from the drilling of the entire Newman Todd
Structure at the Newman Todd gold project. The new Hinge Zone
discovery has very strong geological similarities to the High Grade
Zone of the world-class Red Lake Mine, and is further validation
that Newman Todd offers the potential for the definition of a very
significant gold discovery. The 343 g/t gold intersection in hole
NT-083 is the highest grade intercept from the project and one of
the highest grade intersections in the Red Lake District outside of
the main mine areas. This high grade interval is one of two
intervals within a 14.3 metre wide zone which, including 10 metres
of waste, averages 16.06 g/t Gold. Management is highly encouraged
and focused on further development of the Hinge Zone and other
areas of gold discovery with the ongoing program to unlock the
potential of this emerging gold deposit. Our new results also show
the existence of sub-parallel gold-bearing structures, further
enhancing potential, and that gold-bearing zones at Newman Todd can
attain very significant widths."
Table of results from nine recently completed holes
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Hole From (m) To (m) Gold (g/t) Width (m) Section
----------------------------------------------------------------------------
NT-078 240.00 261.00 1.18 21.00 1900
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NT-078 including 246.00 251.00 3.51 5.00 1900
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NT-078 and including 246.00 247.00 8.01 1.00 1900
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NT-079 387.00 394.00 1.00 7.00 2300
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NT-079 410.00 411.00 4.78 1.00 2300
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NT-080 132.00 157.00 1.35 25.00 1900
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NT-080 including 132.00 133.00 5.69 1.00 1900
----------------------------------------------------------------------------
NT-080 and including 154.00 156.00 5.91 2.00 1900
----------------------------------------------------------------------------
NT-080 and including 155.00 156.00 8.94 1.00 1900
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NT-080 and including 175.00 207.00 1.18 32.00 1900
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NT-080 including 181.00 182.00 10.91 1.00 1900
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NT-080 and including 186.00 187.00 7.24 1.00 1900
----------------------------------------------------------------------------
NT-081 103.00 104.00 7.44 1.00 1950
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NT-081 255.00 260.00 2.51 5.00 1950
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NT-082 161.00 170.00 1.95 9.00 2350
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NT-082 and including 169.00 170.00 5.98 1.00 2350
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NT-082 and including 182.00 183.00 6.37 1.00 2350
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NT-082 and including 289.50 304.50 1.01 15.00 2350
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NT-083 251.70 252.30 343.00 0.60 1950
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NT-083 and 264.00 267.00 11.10 2.00 1950
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NT-083 including 265.50 266.00 33.80 0.50 1950
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NT-084 242.00 257.00 2.49 15.00 2150
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NT-084 including 246.50 254.00 4.06 7.50 2150
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NT-084 and including 251.00 254.00 6.76 3.00 2150
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NT-084 and including 251.00 252.00 13.90 1.00 2150
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NT-084 372.00 373.00 6.99 1.00 2150
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NT-085 315.00 335.00 1.66 20.00 2100
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NT-085 including 323.50 324.00 7.52 0.50 2100
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NT-085 and including 325.50 326.00 9.17 0.50 2100
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NT-085 and including 334.00 335.00 7.16 1.00 2100
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NT-085 357.00 358.00 9.08 1.00 2100
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(i) Width is calculated as core length and does not imply true
width of the zone. Weighted average gold intervals apply a 0.25 g/t
lower cut-off. Internal dilution within reported intervals does not
exceed core lengths of two metres unless otherwise indicated.
(ii) Cross sections are spaced 25 metres apart across the entire
NTS, Section 1375 marks the centre of the Heath Bull Zone.
Discussion of Results
Geological mapping and geophysics has defined a broad warp or
fold of the NTS that has been termed the Hinge Zone within a much
larger strike length of gold mineralization. Initial 3D modeling
within the Hinge Zone indicates multiple, northwest dipping gold
zones that show continuity across a 450 metre section of the Hinge
Zone and remain open at depth. In addition to modeling the
high-grade gold intervals within the NTS, the company is also
beginning to model the wide zones of lower grade gold
mineralization often associated with the high grade gold
intercepts. In addition to the high-grade results, the latest
results include 32 metres of 1.18 g/t and 25 metres of 1.35 g/t
gold.
Exploration work at the Newman Todd project is funded by
Confederation pursuant to an option from Redstar. Confederation can
earn a 50% interest in the project by spending $5.0 million in
exploration by November 2013, and an additional 20% by producing a
Preliminary Economic Assessment (PEA) by November 2016. During the
earn-in period, Confederation is the operator of the project.
Core samples from the program were cut in half, using a diamond
cutting saw, and were sent to Activation Laboratories Ltd. in Red
Lake, Ontario, an accredited mineral analysis laboratory, for
analysis. All samples were analyzed for gold using standard Fire
Assay-AA techniques. Samples returning over 3.0 g/t gold were
analyzed utilizing standard Fire Assay-Gravimetric methods.
Certified gold reference standards, blanks and field duplicates
were routinely inserted into the sample stream, as part of
Confederation's quality control/quality assurance program.
Bob Singh, P.Geo, is the qualified person as defined by National
Instrument 43-101 and has reviewed this news release. Mr. Singh has
been engaged through a third party service provider by
Confederation to manage the project, and is also the Canadian
Exploration Manager for Redstar Gold Corp.
About Confederation Minerals Ltd.
Confederation Minerals Ltd. is a British Columbia based company
engaged in the business of acquisition, exploration and development
of mineral properties. Its objective is to locate and develop
economic precious and base metals properties of merit.
Confederation Minerals Ltd. holds an option agreement to acquire up
to 70% of the Newman Todd project in the Red Lake Mining District
of Northern Ontario as well as 100% ownership in two other
properties in the Red Lake Mining District of Ontario.
On Behalf of the Board, Confederation Minerals Ltd.
Lawrence A.Dick, Ph.D., P.Geo, President, CEO, and Director
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that Confederation Minerals Ltd. (the "Company")
expects to occur are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Contacts: Confederation Minerals Ltd. Lawrence Dick President
604.688.9588 778.329.9361
(FAX)lawrence.dick@barongroupintl.comwww.confederationmineralsltd.com
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