Vancouver, B.C.; July 3rd,
2013; Confederation Minerals Ltd. (TSX.V:CFM; OTCQX:CNRMF): ("Confederation" or the "Company") is
pleased to announce the final assay results from the 2012/13 winter
drilling program at their Newman Todd gold project in the Red Lake
District, northern Ontario. Confederation has the option to earn a
70% interest in the Newman Todd prospect from Redstar Gold Corp.
(RGC:TSX.V).
As well, we report on
interpretations regarding the Company's maturing geological and
geochemical understanding provided by the substantial data now
available from the 150 diamond drill holes completed along the 1.8
kilometers of the Newman Todd structural-alteration zone identified
to date. The Newman Todd Zone varies from approximately 70 to 200
meters in width, hosts intense iron-carbonate alteration, is
gold-bearing along its entire 1.8 kilometer length within the
property, and remains open to the southwest. Gold mineralization is
associated with silicification, and sulphide and magnetite
replacement of the iron-carbonate alteration. Detailed drilling
during the recent winter program has identified
lithologically-controlled zones of high-grade gold mineralization,
within larger zones of lower-grade mineralization, such as that
reported in the Company's press release from May 1st, 2013 (7.0 meters grading 32.57 g/t gold).
The final two holes, NT-149 and
NT-150, were drilled on section 1600 NW (refer to Figure 1), both
returning significant gold intersections, such as:
1.0 meters grading 17.86 g/t gold
including 0.5 meters grading 26.40 g/t gold in hole NT-149
1.5 meters grading 8.14 g/t gold
including 0.5 meters grading 12.80 g/t gold in hole NT-150
Drilling highlights of the final two holes of the
winter program are tabulated below:
Table 1: Significant Results
---------------------------------------------------------
|HoleID| |From (m)|To (m)|Width (m)|Au (g/t)|
|-------------------------------------------------------|
|NT-149| |76.0 |77.5 |1.5 |3.04 |
|-------------------------------------------------------|
|NT-149|and |84.0 |86.0 |2.0 |3.29 |
|-------------------------------------------------------|
|NT-149|and |104.0 |113.5 |9.5 |2.42 |
|-------------------------------------------------------|
|NT-149|including |109.0 |113.5 |4.5 |4.53 |
|-------------------------------------------------------|
|NT-149|and including|112.5 |113.5 |1.0 |17.86 |
|-------------------------------------------------------|
|NT-149|and including|112.5 |113.0 |0.5 |26.4 |
|-------------------------------------------------------|
|NT-150| |136.0 |136.5 |0.5 |7.89 |
|-------------------------------------------------------|
|NT-150|and |143.5 |145.0 |1.5 |8.14 |
|-------------------------------------------------------|
|NT-150|including |143.5 |144.0 |0.5 |12.8 |
|-------------------------------------------------------|
|NT-150|and |190.0 |191.0 |1.0 |3.88 |
|-------------------------------------------------------|
|NT-150|and |195.0 |197.0 |2.0 |2.28 |
---------------------------------------------------------
* Width is calculated
as core length and does not imply true width of the zone. Weighted
average gold intervals apply a 0.20 g/t lower
cut-off. Internal
dilution within reported intervals does not exceed core lengths of
3 metres unless otherwise indicated
Nearly every hole drilled into the
Newman Todd Structure has intersected zones of gold mineralization
grading 3 g/t gold or higher, along the entire 1.8 kilometer strike
length (refer to previous news releases and the Company's website
at www.confederationmineralsltd.com).
The early, wide-spread (50 meter centers) drilling along the length
of the 1.8 kilometer zone indicated a very voluminous gold-bearing
system with gold mineralization being intersected by the drilling
along its entire length.
Given the length and magnitude of
the Newman Todd gold system, including the intersection of gold
along the strike length of the system from near surface to over 800
meters depth (refer to previous news releases), the volume of
gold-hosting rock is potentially extremely large.
Drilling during the 2012-2013 winter
drilling phase focused on a restricted strike length along the
Newman Todd Structure. This approximately 375 meter-long segment is
referred to as the "Hinge Zone", where geological and geophysical
evidence suggest a bend in the Newman Todd structural corridor. The
objectives for constraining the drilling to a restricted area,
completed on tightly-controlled cross sections, were as
follows:
-Close spaced drilling was used to
determine the morphology of high grade gold bodies (such as the 7.0
meters of 32.57 g/t gold intersection - refer to May 1st, 2013 press release);
-Drilling on frozen terrain enabled
further exploration of the Newman Todd Structure within the Hinge
Zone to determine if gold mineralization continued up towards the
surface, which proved positive;
-Interpreted high-grade gold zones
were followed laterally along strike, especially towards the north,
where mineralization remains open;
-The observation that a lithological
control, in this case a pre-mineralization intrusive apophysis, may
be acting as a fluid trap (see Figure 2). This less permeable trap
caused ponding of fluids and deposition of higher-grade
mineralization below it. This hypothesis was tested and proved to
have significant merit, guiding the placement of subsequent,
geologically placed holes;
-The objective of restricting the
drilling to a short strike length of the entire structure was to
understand, on a smaller scale, the controls on mineralization that
likely mimic those which acted along the entire structure within
the confines of the property (over 2 kilometers). To date, the
drilling has shown that gold mineralization is present from near
surface (in fact, high-grade gold mineralization has been returned
from surface trenches ) to the deepest hole which bottomed at
approximately 1 kilometer in depth and still within the Newman Todd
alteration-structural zone. This deep hole returned gold intercepts
similar to those returned from much shallower mineralization
intercepts, indicating that the gold mineralization is open to
depth, just as it is along strike;
-Given the potential size of the
Newman Todd mineralized system, a significant amount of additional
drilling would have to be completed to permit the entire system to
be brought to a confidence level where a resource could be
calculated. Therefore, as a first step, a detailed drill
investigation of one small part of the system (the Hinge Zone) was
undertaken. This spatially restricted exploration was carried out
to provide geological and geochemical data from which an
extrapolation of the Hinge Zone results (to depth and along the
entire strike of the Newman Todd system) would provide an estimate
of the quantity of gold which might be expected to be present in
the system.
Future drilling will be oriented
towards tight step-out drilling towards the north. In this regard,
it is significant that the widest intersection (7.0 meters grading
32.57 g/t gold) was returned from a shallow hole located on the
northern-most section, drilled near the end of the winter program.
This zone will be followed up, and similar zones potentially
identified, as the drilling progresses north.
Lawrence Dick, Phd., P.Geo., CEO of
Confederation states: "As an exploration philosophy,
Confederation's management emphasizes the criteria that the 'small
scale (Hinge Zone) mimics the large (the entire Newman Todd
Structure).' Thus, by identifying controls on mineralization in the
relatively small Hinge Zone area, the Company will be much more
efficient in the placement and orientation of additional drilling
along the entire structure.
The Newman Todd structural zone
contains an immense volume of potentially gold-bearing rock, as
indicated by our drill results so far, and as detailed in previous
news releases and on our web site. A system of this magnitude and
gold tenor, as indicated by our drill results, represents the
discovery of a new gold system which contains many of the important
geological and geochemical criteria of world-class gold deposits
which are hosted by Archean rocks in northern Canada."
Other activities are progressing as
planned:
-Mining Plus Inc., a mining
consulting firm, is continuing with their study, as part of a PEA
using data from the Hinge Zone and elsewhere on the property, to
provide guidance to the Company regarding open pit and underground
options, preliminary resource evaluations, capital cost estimates,
mining costs and other aspects of project economics;
-Management expects the PEA to
include a relatively small resource as it will include only limited
drilling when viewed in the context of such a large strike length
of gold mineralization along the Newman Todd Structure, as
indicated by previous, widespread drilling. Therefore, it must be
borne in mind that this initial resource will represent only a
small percentage of the entire, gold-bearing system, and will be
used to extrapolate what a much larger percentage of the entire
system may contain as a total gold resource;
-Stantec Consulting Ltd. is
continuing with their environmental baseline studies and a road map
towards permitting the project for all eventualities regarding open
pit and/or underground mining;
-Cross section and level plan
interpretations are ongoing and will form the basis of continued
drilling done in 2013.
This press release was written by:
Lawrence Dick, P.Geo, Ph.D.
Andrea Diakow, P.Geo, is the
Qualified Person as defined by National Instrument 43-101 and has
reviewed the technical content relating to the disclosed drill
results in this news release. 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. 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.
About CFM
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 another property in the Red Lake Mining District of
Ontario.
On Behalf of the Board:
"Brian Bapty"
Brian Bapty, Ph.D.
President and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Brian Bapty, President and Director
604-652-3950
brian.bapty@confederationmineralsltd.com
www.confederationmineralsltd.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This
news release includes certain statements that may be
deemed "forward-looking statements". All statements in this news
release, other than statements of historical facts, that address
events or developments that 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", "proposes", "project",
"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.
TO VIEW FIGURES CLICK ON URLS BELOW
Figure 1: Cross Section
1600NW Showing Geology and Assay Highlights
http://thenewswire.ca/client_files/2013-07-02-3.pdf
Figure 2: Cross Section
1975NW Illustrating Possible Lithological Control on Higher-Grade
Mineralization
http://thenewswire.ca/client_files/2013-07-02-4.pdf
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