Colombian Mines Drill On-Site at El Dovio & Rio Negro Joint Venture Partner, Overland Resources, Makes Joint Venture Payment,...
14 Abril 2014 - 9:55AM
Marketwired
Colombian Mines Drill On-Site at El Dovio and Rio Negro Joint
Venture Partner, Overland Resources, Makes Joint Venture Payment,
Releases Geochem Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 14, 2014) -
Colombian Mines Corporation (TSX-VENTURE:CMJ)(FRANKFURT:X6C)
("Colombian Mines" or the "Company") is pleased to announce MPX
Drilling Colombia has advised the Company that the drill is on-site
and being positioned at El Dovio.
Additionally, joint venture partner Overland Resources Limited
(ASX:OVR) ("Overland") has made the first payment due under the
terms of the Rio Negro joint venture option agreement by issuing
11,351,722 shares to Colombian Mines on April 11, 2014. As a
result, Colombian Mines holds approximately 5.5% of the issued and
outstanding shares of Overland. Combined with the Company's 10%
interest that is 100% carried through to production, the Company
holds approximately a 15% beneficial interest in the project when
Overland earns its interest.
Overland has provided Colombian Mines results from 386 soil
geochemical samples from its ongoing work program at Rio Negro.
Highlights of Overland's program include:
- Recent soil sampling has better defined an anomalous gold in
soil geochemical corridor, extending over approximately 600m x
200m, in the Central area of the Rio Negro Project, with individual
soil samples containing more than 2.7 grams gold per metric tonne.
Mapping in the Central area has delineated several gold bearing
quartz veins with strike orientations similar to the newly
identified north-northwest gold in soils trend. Overland advises
that it intends to expand the mapping and soil geochemical coverage
to the north to better define the nature and extent of the
mineralization.
- Three anomalous gold centers identified within the overall
northeast-southwest anomalous corridor.
- A second northwest trending anomalous corridor, perpendicular
to the original anomalous gold zone, has been identified. This new
trend is consistent with the regional structures that control
extensive mineralization in the proximal California gold fields.
The anomaly remains open to the north.
- Results from limited soil sampling in the northern area of the
Rio Negro Project, where alteration is indicative of porphyry
related intrusive activity, indicates gold is present in the
alteration system.
- Additional follow-up field work currently being planned and
expected to commence shortly.
More information on these geochemical results is available on
Overland's website at www.overlandresources.com.
About Rio Negro: The Rio Negro Project (the "Project") is
comprised of three (3) contiguous concession contracts together
with three (3) pending concession applications that cover
approximately 2,245 hectares and 17 kilometers of strike length of
highly prospective ground along the Bucaramunga Fault Zone located
in north-eastern Colombia, 20 km north of Bucaramanga. The Project
is interpreted to lie at the intersection of the deep seated
Bucaramunga Fault Zone and other oblique north-west trending
structures that hosts the 10 Moz Au Angostura and the 3.5 Moz Au La
Bodega deposits in the California gold fields of Colombia.
Colombian Mines owns a 100% interest in the Concession Contracts
and Applications that comprise the Rio Negro Project. In September
2013, the Company granted Overland Resources an option to earn a
90% undivided joint venture interest in the Project providing that
Colombian Mines interest is 100% carried through to production.
About Colombian Mines Corporation: Colombian Mines Corporation
is an aggressive exploration and development stage company with a
distinct "first mover" advantage in Colombia. Focused on developing
shareholder value through exploration and development of key
projects, the Company is also one of Colombia's leading "prospect
generators". Further information can be found on our website at
www.colombianmines.com.
Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statement:
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Colombian Mines Corporation.
Actual results may differ materially from those currently
anticipated in such statements.
Colombian Mines CorporationSharon HebginCorporate
Communications(604) 649-9195 - Canada(760) 668-7211 - United
Statesshebgin@colombianmines.comColombian Mines CorporationDave
CrossChief Financial Officer and Corporate Secretary(604)
669-0868dcross@crossdavis.comwww.colombianmines.com
Colombian Mines Corporation (TSXV:CMJ)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Colombian Mines Corporation (TSXV:CMJ)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024