Colombia Crest Gold Announces Initial Assays From the Drill Program at the Arabia Porphyry Gold Complex, Colombia
17 Outubro 2012 - 10:48AM
Marketwired Canada
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce the latest
results from its ongoing exploration program in the Middle Cauca Belt, Colombia.
Initial Phase 1 drill results from the Arabia Porphyry Complex have returned
typical porphyry system grade including 182 metres of 0.38 grams per tonne gold
(g/t) in drill hole AR12-4, including several higher-grade intervals. A total of
eight drill holes have been fully analyzed and are reported today - the
remaining nine holes will be reported once final assays have been analyzed and
received.
"Based on the consistent gold grade, alteration, and the presence of mineralized
host rocks with mineralized intrusive, our geological team believes that all
holes drilled to date have cut the uppermost portions of a large porphyry
gold-copper complex," commented Hans Rasmussen, President and CEO. "Looking at
these initial results, we are seeing significant size potential as we test over
1.5 kilometres of strike length at four different porphyry gold targets and
mineralization remains open in all directions. Having drilled angle holes up to
440 metres to depth, our analysis of all assays will guide a follow-up drill
program to focus on reaching 1+ g/t gold, with deeper, vertical holes."
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From To Length
Drill Hole (m) (m) (m) Au g/t Cu %
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AR12-1 112.1 124.1 12 0.14 0.018
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156 228 72 0.23 0.032
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230 236 6 0.10 0.015
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244 258 14 0.254 0.037
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AR12-2 242 282 40 0.18 0.022
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AR12-3 12 36 24 0.44 0.023
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Including 16 26 10 0.51 0.026
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332 348 16 0.25 0.026
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356 364 8 0.17 0.033
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AR12-4 46 228 182 0.38 0.042
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Including 48 82 34 0.55 0.047
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Including 104 136 32 0.57 0.057
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Including 146 154 8 0.66 0.066
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Including 160 168 8 0.45 0.046
-----------------------------------------------------------
Including 178 186 8 0.35 0.030
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Including 194 200 6 0.70 0.040
-----------------------------------------------------------
248 284 36 0.25 0.052
-----------------------------------------------------------
310 316 6 0.16 0.019
-----------------------------------------------------------
392 400 8 0.24 0.011
--------------------------------------------------------------------------
AR12-5 40 50 10 0.20 0.028
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86 110 24 0.22 0.020
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AR12-6 164 198 34 0.22 0.021
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212 218 6 0.18 0.018
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AR12-7 no intervals exceed minimum criteria
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AR12-8 94 156 62 0.21 0.075
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Including 134 142 8 0.47 0.169
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158 172 14 0.10 0.051
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200 216 16 0.13 0.076
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224 236 12 0.13 0.076
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Minimum criteria are a 0.10 g/t Au cut-off grade, 6 metre length, and no
sub-intervals below cut-off that exceed 4 metres.
Intervals noted "Including" use a 0.3 g/t Au cut-off grade.
For a map of drill hole locations click here:
http://www.colombiacrestgold.com/properties/colombia/geology2/
The first two holes were drilled into gold-mineralized hydrothermal breccia
while hole 3 was our first indication of mineralized porphyry. All subsequent
holes cut mineralized porphyry, and magmatic and tectonic breccias of varying
degrees of alteration, all related to a strong mineralizing system extending
over 1.5 kilometres of strike length. The mineralized zone remains open-ended in
all directions. The best gold grades noted so far are associated with potassic
alteration, which may include quartz-magnetite plus pyrite and chalcopyrite
along with potassium feldspar and secondary biotite.
Based on geologic logging, petrographic interpretation of selected intervals of
core and review of the trace element geochemistry, as well as the consistent
gold grades in the results to date, Colombia Crest's geological team believes
that the porphyry gold-copper system extends to depth, with deep vertical holes
being the focus of a follow-up drill campaign at Arabia. Alteration and the
presence of multiple mineralized intrusives also suggest that we are drilling
the upper levels of a porphyry system.
The Arabia area is located just 10 kilometres west of Bellhaven Copper and
Gold's (TSX VENTURE:BHV) La Mina project and 15 kilometres south of Sunward
Resources' (TSX VENTURE:SWD) Titiribi project. The Arabia Porphyry targets lie
partially on a concession that is held under the Venecia Agreement with
Colombian Mines Corporation (TSX VENTURE:CMJ) and partially on one of the 16
concessions held under the Fredonia Agreement with Grupo de Bullet. In early
2011, a grass roots exploration program began at Arabia, after the target was
selected from 20 porphyry targets identified in the Fredonia-Venecia
concessions; all were based on interpretation of airborne geophysical data and
geological information. Three other targets will be explored in late 2012 into
2013; including two targets called Garrucha and a third called Margarita (see
the Company's website for more details on these targets).
All drill core samples were cut and sampled over nominal two-metre intervals at
the Company's on-site field camp, then sent to the ACME Prep Laboratory in
Medellin, Colombia. The chosen preparation method was Preparation Code R200-250,
which consists of a 1 kilogram sample crushed so that 80% passes an 800 micron
mesh (0.8 millimetres), which is then split and 250 grams are pulverized to at
least 85% passing 75 microns mesh. Once prepared, 250-gram pulps were forwarded
to the ACME Lab in Vancouver, Canada for analysis. Gold was assayed by fire
assay and atomic absorption using a 30 gram assay charge with a detection limit
of 0.005 parts per million. A multi element package of 41 elements including
silver, base metals and pathfinder elements was also analyzed using ICP mass
spectrometry. The ICP multi-element analysis uses a four-acid digestion prior to
analysis.
The technical information in this news release has been reviewed and approved by
John Bolanos, a Qualified Person in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects.
Porphyry System Characteristics
Porphyry gold systems host very large, bulk tonnage deposits that range from 2
to over 20 million ounces of gold and typically grade from 0.5 to 2 grams per
tonne. Thus, major mining companies seek out porphyry deposits for their large
scale and long mine life. Investments by major mining companies have been
announced in the Middle Cauca Belt, demonstrating a growing focus on Colombia as
a source for new long-life gold mines.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and
monetizing promising new gold projects in Colombia as well as realizing the
potential of its 100 percent-owned San Simon project in Bolivia. The Company
employs a team of seasoned geologists, each with 20+ years of experience
exploring and discovering porphyry deposits around the world, including
Argentina, Peru, Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe.
The Company is currently carrying on exploration programs at the Fredonia and
Venecia projects where it has optioned over 30,973 hectares located
approximately 40 km south of the city of Medellin, in Antioquia Province. The
properties are positioned within the Middle Cauca Belt, which is the most
prolific gold belt in Colombia with more than 500 years of gold-mining history
and several new gold discoveries.
Forward-Looking Statements
This press release contains or refers to forward-looking information, including
statements regarding exploration results, potential mineralization, exploration
plans and timing of the commencement of drilling, and is based on current
expectations that involve a number of business risks and uncertainties. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, delays in obtaining or failures to
obtain required governmental, environmental or other project approvals,
political risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration and development
industry. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof, and the Company assumes no responsibility to update them or revise
them to reflect new events or circumstances other than as required by law.
If you would prefer to receive news releases via email please contact Colombia
Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the
subject line.
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