Carpathian's Drilling at its Rovina Valley Gold-Copper Project, Romania Intersects 424 m of 1.04 g/t Au and 0.19% Cu
27 Fevereiro 2012 - 12:01PM
Marketwired Canada
Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to
provide further results and an update from its 2011-2012 diamond drill program
at the Corporation's 100% owned Rovina Valley Project ("RVP") in west-central
Romania. The RVP includes three proximal Au-Cu porphyries discovered by the
Corporation. The objective of the 2011-2012 drilling program is to delineate the
size and tenor of the gold-rich Ciresata porphyry deposit and upgrade its
current 100% inferred resource to the measured plus indicated resource
categories, and through in-fill drilling at the Colnic and Rovina porphyry
deposits to upgrade the inferred resource portions to the measured plus
indicated categories. The results from the 2011- 2012 drill program will be
utilized to provide an update resource estimate for the RVP, which will be
incorporated in the pre-feasibility study currently underway.
Drilling re-started on January 17, 2012 following the year-end holiday and a
drill-rig maintenance period. Four diamond drill rigs are currently active with
three rigs completing the in-fill drilling at the Rovina porphyry deposit
(approximately 6,800 m remaining) and one rig is drilling geotechnical holes at
the proposed Tailings management facility.
Resource estimation modeling is in-progress for the Ciresata and Colnic porphyry
deposits and will include the Rovina deposit when this drilling is completed.
The severe winter conditions recently experienced in Eastern Europe have
hampered the drilling progress on the Rovina deposit with the updated resource
estimate now expected to be completed in the 2nd quarter of 2012.
In addition to the resource update and pre-feasibility study, a further minimum
of 11,000 metres of exploration drilling is planned to start in March with a
focus on further testing of the Ciresata porphyry deposit at depth and nearby
porphyry targets as well as other porphyry targets on the project.
The following provides drill results from the balance of the 2011 drill program
at the Ciresata porphyry, step-out drilling surrounding the Ciresata porphyry
and in-fill drilling on the Colnic porphyry.
Recent Drill Hole Intersections at the Ciresata Porphyry Deposit
The resource delineation and definition drilling at the Ciresata deposit has now
been completed with assay results through drill hole RGD-55 previously reported
(see last News Release dated November 29, 2011). The remaining assay results
from an additional 5 drill holes in the resource area have been received and
include core holes RGD-56, 57, 60, 61, and 62 and are reported herein. The drill
hole intersections reported are all from the margins of the deposit with
exception of RGD-61, which is an in-fill hole in the deposit core.
The following are highlight intersections from these drill holes with complete
intersections listed in the table further on in the press release along with
brief descriptions.
-- 678 metres at 0.84 g/t Au and 0.17% Cu (1.19 g/t Au-eq(i)) in drill hole
RGD-61
-- Inclusive of 424 metres at 1.04 g/t Au and 0.19% Cu (1.43 g/t Au-
eq(i))
-- Inclusive of 113 metres at 1.61 g/t Au and 0.24% Cu (2.10 g/t Au-
eq(i))
-- 298 metres at 0.70 g/t Au and 0.10% Cu (0.91 g/t Au-eq(i)) in drill hole
RGD-57
-- Inclusive of 74 metres at 1.04 g/t Au and 0.12% Cu (1.29 g/t Au-
eq(i))
The immediate Ciresata deposit area is now considered to have been drill tested
for purposes of modeling the current resource estimate update with drill hole
RGD-63 as the data cut-off hole. An additional 5 drill holes were completed in
late 2011 (RGD-58, 59, 63, 65, and 66) positioned as large step-outs of 150 to
200 metres from the resource drill pattern and intended to test for any possible
large-scale mineralization extension and as condemnation holes. Assay results
from these holes returned no significant gold and copper mineralization and
provide sterilized areas for consideration of the underground mine design
currently underway for the pre-feasibility study.
Below is a drill hole intersection table for the balance of the 2011 diamond
drill holes completed at the Ciresata porphyry deposit (Note drill-hole RGD-64
was abandoned after 35 metres and RGD-65 was completed from a nearby location):
----------------------------------------------------------------------------
Au-
From To Length Au eq(i)
Drill hole (m) (m) (m) (g/t) Cu (%) (g/t) Location
----------------------------------------------------------------------------
RGD-56 423 449 26 0.26 0.05 0.36 Southwest margin
----------------------------------------------------------------------------
RGD-57 405 703 298 0.70 0.10 0.91 South margin
----------------------------------------------------------------------------
including 503 577 74 1.04 0.12 1.29
----------------------------------------------------------------------------
RGD-58 (NSA) 324 372 48 0.20 0.04 0.28 Large step-out to
northwest/condemnati
on
----------------------------------------------------------------------------
RGD-59 (NSA) 394 407 13 0.50 0.02 0.54 Large step-out to
west/condemnation
----------------------------------------------------------------------------
RGD-60 327 720 393 0.41 0.09 0.60 West margin
----------------------------------------------------------------------------
including 374 487 113 0.52 0.12 0.77
----------------------------------------------------------------------------
RGD-61 246 924 678 0.84 0.17 1.19 In-fill in deposit
core
----------------------------------------------------------------------------
including 333 757 424 1.04 0.19 1.43
----------------------------------------------------------------------------
also 333 608 275 1.34 0.21 1.77
----------------------------------------------------------------------------
also 448 561 113 1.61 0.24 2.10
----------------------------------------------------------------------------
RGD-62 285 501 216 0.48 0.11 0.71 Northwest margin
----------------------------------------------------------------------------
including 308 370 62 0.64 0.15 0.95
----------------------------------------------------------------------------
RGD-63 (NSA) 783 829 46 0.37 0.10 0.58 Large step-out to
south/condemnation
----------------------------------------------------------------------------
RGD-65 (NSA) South satellite
target
----------------------------------------------------------------------------
RGD-66 (NSA) South satellite
target
----------------------------------------------------------------------------
(i) To estimate Au-eq (Gold Equivalent) a gold price of US $1,000 and a
copper price of US $3.00/lb is used. Metallurgical recoveries are not taken
into account. This is consistent with the Au-eq. calculations the
Corporation has used in its recent press releases for Ciresata.
NSA = no significant assay intersection.
The following drill hole collar list includes: Drill hole number / drill
fence / azimuth / inclination / total length:
RGD-56 / 925N / 232 degrees / -82 degrees / 712.0 metres;
RGD-57 / 850N / 53 degrees / -80 degrees / 760.2 metres;
RGD-58 / Step-out / 209 degrees / -75 degrees / 891.5 metres;
RGD-59 / Step-out / 356 degrees / -73 degrees / 1000.0 metres;
RGD-60 / 1180N / 50 degrees / -78 degrees / 760.0 metres;
RGD-61 / 985N / 48 degrees / -84 degrees / 924.0 metres;
RGD-62 / 1240N / 232 degrees / -82 degrees / 720.0 metres;
RGD-63 / Step-out / 219 degrees / -67 degrees / 1038.0 metres;
RGD-65 / South Satellite target / 68 degrees / -63 degrees / 725.4 metres;
RGD-66 / South Satellite target / 206 degrees / -75 degrees / 726.0 metres;
Drill hole locations are shown on the Drill hole Plan Map on the
Corporations website at http://www.carpathiangold.com/.
Core hole RGD-61, the last of the in-fill drill holes in the core of the
Ciresata deposit, confirms the high-grade tenor of the deposit intersecting 678
metres at 0.84 g/t Au and 0.17% Cu and includes 424 metres of 1.04 g/t Au and
0.19% Cu. This hole intersected higher grades than the immediate surrounding
drill holes.
Core hole RGD-56, 57, 60, and 62 are located on the north, west and south
margins of the deposit and have intersected mineralization intervals that should
exceed the cut-off grade be used in the on-going pre-feasibility study. Examples
include RGD-57 which intersected 298 metres of 0.70 g/t Au and 0.10% Cu
including 74 metres of 1.04 g/t Au and 0.12% Cu that extends the mineralization
previously intersected in core hole RGD-29 (249 metres of 1.04 g/t Au and 0.16%
Cu (see News Release dated July 11, 2011)) 75 metres to the southwest; and
RGD-62 intersected 62 metres of 0.64 g/t Au and 0.15% Cu which extends the
mineralization previously intersected in RGD-52 (84 metres of 0.60 g/t Au and
0.15% Cu (see News Release dated November 29, 2011)) 60 metres to the west.
Exploration Drilling - Ciresata Area
Core holes RGD, 58, 59, 63, 65, and 66 are large step-out drill holes intended
to test for mineralization extensions and/or provide lateral limits to the
deposit for placement consideration for development of the underground mine
design as part of the pre-feasibility study. While some of these holes
intersected anomalous mineralization, (i.e. RGD-63 with 46 metres of 0.37 g/t Au
and 0.10% Cu 150 metres southwest of the deposit) they are considered barren for
purposes of the mine design work.
The planned exploration program for 2012 will test deep targets at the Ciresata
deposit to evaluate a deeper level of mineralization associated with an
interpreted deep-porphyry as well as test other porphyry targets in the Ciresata
area. The deep drilling program is scheduled to commence in March with two drill
rigs.
Colnic In-fill and Delineation Drill Program 2011 Intersection Results
During late 2011, the Corporation completed a diamond drill program at the
Colnic porphyry deposit comprised of 18 drill holes totaling 4,695 metres. The
objective of the program was to convert isolated zones of inferred resources
from the 2008 Resource Estimate to measured plus indicated categories for use in
the updated resource estimate and the on-going pre-feasibility study. In
addition, lateral marginal zones were locally tested to close off the
mineralization.
Results of this drill program were consistent with and support the previous
geologic and open-pit resource model and are now being utilized in the resource
estimate update. Where drill holes targeted isolated inferred zones in the core
of the deposit the expected mineralization was intercepted with the following
examples.
-- 191 metres at 0.72 g/t Au and 0.11% Cu (0.95 g/t Au-eq(i)) in drill hole
RCD-99
-- Inclusive of 26 metres at 1.28 g/t Au and 0.12% Cu (1.53 g/t Au-
eq(i))
-- 175 metres at 0.53 g/t Au and 0.13% Cu (0.80 g/t Au-eq(i)) in drill hole
RCD-101
-- Inclusive of 19 metres at 0.99 g/t Au and 0.13% Cu (1.26 g/t Au-
eq(i))
-- 283 metres at 0.66 g/t Au and 0.13% Cu (0.93 g/t Au-eq(i)) in drill hole
RCD-102
-- Inclusive of 91 metres at 0.83 g/t Au and 0.18% Cu (1.20 g/t Au-
eq(i))
-- 216 metres at 0.75 g/t Au and 0.15% Cu (1.06 g/t Au-eq(i)) in drill hole
RCD-103
-- Inclusive of 23 metres at 1.04 g/t Au and 0.16% Cu (1.37 g/t Au-
eq(i))
The intersection results from the 18 drill holes on the Colnic porphyry
deposit are listed below.
----------------------------------------------------------------------------
Au-
Length Au eq(i)
Drill hole From (m) To (m) (m) (g/t) Cu (%) (g/t) Location
----------------------------------------------------------------------------
RCD-87 5.80 184 178.20 0.60 0.15 0.91 In-fill
----------------------------------------------------------------------------
including 5.80 35 29.20 0.99 0.16 1.32
----------------------------------------------------------------------------
also 113 184 71 0.65 0.18 1.02
----------------------------------------------------------------------------
RCD-88 149 324 175 0.60 0.08 0.76 In-fill
----------------------------------------------------------------------------
including 149 237 88 0.66 0.08 0.82
----------------------------------------------------------------------------
RCD-89 195 250 (eoh) 55 0.61 0.12 0.86 In-fill
----------------------------------------------------------------------------
including 239 250 (eoh) 11 0.81 0.16 1.14
----------------------------------------------------------------------------
RCD-90 (NSA) Test north
extension of
marginal low-
grade
----------------------------------------------------------------------------
RCD-91 150 189 39 0.68 0.13 0.95 In-fill
----------------------------------------------------------------------------
RCD-92 110 160 (eoh) 50 0.68 0.17 1.03 In-fill
----------------------------------------------------------------------------
RCD-93 124 220 (eoh) 96 0.43 0.13 0.70 In-fill
----------------------------------------------------------------------------
RCD-94 (NSA) South part of
deposit,
capping
porphyry on F-2
Hill
----------------------------------------------------------------------------
RCD-95 88 100 (eoh) 12 0.64 0.004 0.65 South part of
deposit,
capping
porphyry on F-2
Hill
----------------------------------------------------------------------------
RCD-96 169 364 195 0.53 0.11 0.76 In-fill on F-2
Hill Porphyry
----------------------------------------------------------------------------
including 169 244 75 0.73 0.05 0.83
----------------------------------------------------------------------------
also 169 184 15 1.39 0.02 1.43 Au-Zn Zone
----------------------------------------------------------------------------
RCD-97 141 189 48 0.85 0.015 0.88 South margin of
F-2 Hill
Porphyry
----------------------------------------------------------------------------
including 180 187 7 1.42 0.027 1.48
----------------------------------------------------------------------------
355 370 (eoh) 15 0.46 0.15 0.77
----------------------------------------------------------------------------
RCD-98 (NSA) Northeast
extension of
marginal low-
grade
----------------------------------------------------------------------------
RCD-99 82 273 191 0.72 0.11 0.95 In-fill
----------------------------------------------------------------------------
including 106 132 26 1.28 0.12 1.53
----------------------------------------------------------------------------
RCD-100 (NSA) North extension
of marginal
low-grade
----------------------------------------------------------------------------
RCD-101 145 320 (eoh) 175 0.53 0.13 0.80 In-fill
----------------------------------------------------------------------------
including 145 164 19 0.99 0.13 1.26
----------------------------------------------------------------------------
RCD-102 67 350 (eoh) 283 0.66 0.13 0.93 In-fill
----------------------------------------------------------------------------
including 255 316 91 0.83 0.18 1.20
----------------------------------------------------------------------------
RCD-103 94 310 (eoh) 216 0.75 0.15 1.06 In-fill
----------------------------------------------------------------------------
including 146 169 23 1.04 0.16 1.37
----------------------------------------------------------------------------
RCD-104 58 290 (eoh) 232 0.38 0.057 0.50 Northeast
extension of
marginal low-
grade
----------------------------------------------------------------------------
including 88 115 27 0.72 0.040 0.80
----------------------------------------------------------------------------
(i) To estimate Au-eq (Gold Equivalent) a gold price of US $1,000 and a
copper price of US $3.00/lb is used. Metallurgical recoveries are not taken
into account. This is consistent with the Au-eq. calculations the
Corporation has used in its recent press releases for Ciresata.
NSA = No significant assay intersection; eoh = end-of-hole.
The following drill hole collar list includes: Drill hole number / azimuth /
inclination / total length:
RCD-87 / 308 degrees / -80 degrees / 245.0 metres;
RGD-88 / 122 degrees / -74 degrees / 350.0 metres;
RGD-89 / 160 degrees / -70 degrees / 159.6 metres;
RGD-90 / 335 degrees / -76 degrees / 334.8 metres;
RGD-91 / 134 degrees / -55 degrees / 210.0 metres;
RGD-92 / 155 degrees / -55 degrees / 160.0 metres;
RGD-93 / 182 degrees / -56 degrees / 220.0 metres;
RGD-94 / 350 degrees / -65 degrees / 120.0 metres;
RGD-95 / 231 degrees / -65 degrees / 100.0 metres;
RGD-96 / 229 degrees / -65 degrees / 400.0 metres;
RGD-97 / 229 degrees / -67 degrees / 370.0 metres;
RGD-98 / 114 degrees / -54 degrees / 150.0 metres;
RGD-99 / 268 degrees / -73 degrees / 380.0 metres;
RGD-100 / 320 degrees / -53 degrees / 140.0 metres;
RGD-101 / 215 degrees / -65 degrees / 320.0 metres;
RGD-102 / 260 degrees / -70 degrees / 350.0 metres;
RGD-103 / 303 degrees / -78 degrees / 310.0 metres;
RGD-104 / 302 degrees / -81 degrees / 290.0 metres;
Drill hole locations are shown on the Drill hole Plan Map on the
Corporations website at http://www.carpathiangold.com/
RVP Background Information
RVP is comprised of three Au-Cu porphyry systems (Rovina, Colnic and Ciresata)
that were discovered by the Corporation. From 2006 to 2008, 181 diamond drill
holes totaling 71,375 m have been completed on the project prior to the present
drilling program. In late 2008, PEG Mining Consultants Inc. ("PEG") completed a
NI 43-101 resource estimate ("2008 Resource") which comprised a measured plus
indicated resource of 3.07 million ounces of Au (at 0.49 g/t Au) and 759.1
million pounds of Cu (at 0.18% Cu) and an inferred resource of 3.09 million
ounces of Au (at 0.68 g/t Au) and 663.1 million pounds of Cu (at 0.17% Cu). To
date the Corporation has drilled 264 drill holes for 122,300 meters on the RVP.
The 2008 Resource Estimate is being updated with the additional drill hole
information obtained from 2010 to 2012 and is expected to be released in the
second quarter of 2012.
A detailed NI 43-101 compliant Preliminary Economic Assessment ("PEA") was
released on March 23, 2010. The PEA was completed by PEG, which led a consortium
of specialists assembled for the study. The PEA, utilized conventional open-pit
mining for the Colnic and Rovina deposits with the Ciresata deposit mined by a
bulk-underground method. Processing of the copper and gold mineralization will
utilize industry-standard crush-grind and flotation process at a proposed rate
of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate.
This process does not require the use of cyanide. The study considered a 19-year
mine-life over which a total of 6.22 million Au-eq ounces would be produced. At
metal prices of US$1,450/oz gold and US$3.00/lb copper the study arrived at a
pre-tax NPV of US $1.13 billion based on a 10% discount rate. According to the
cautionary statement required by NI 43-101, it should be noted that this PEA is
preliminary in nature as it includes inferred mineral resources that cannot be
categorized as reserves at this time and as such there is no certainty that the
preliminary assessment and economics will be realized. The full Study of the PEA
is available on www.SEDAR.com.
Sample Protocol
All samples collected from any program in Romania are prepared and analyzed at
the independent ALS Romania SRL Laboratory in Gura Rosiei, Romania, owned and
operated by ISO Certified ALS-Chemex Laboratory, using industry standard fire
assay techniques for gold on 50-gram sample charges with AAS finish. Copper is
analyzed using the industry-standard method of aqua-regia digest on a 0.40-gram
sub sample with an AAS finish. Coarse blanks, pulp blanks, pulp duplicates and
certified gold and copper standards are inserted on a routine basis. They
consist of 15 per cent of submitted samples. In addition, coarse rejects from 3%
of the samples are periodically re-submitted for analysis. For the current drill
program a minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC
Laboratory in Ireland, for check assays. The drill assays reported in this press
release are from split HQ and NQ size diamond core with the remaining half
retained for reference. All holes at the Ciresata deposit are sampled at one
metre intervals through the mineralized zone and two-metre intervals in the
upper barren zone.
Mr. Titaro is the qualified person (as defined in National Instrument 43-101)
overseeing the design and implementation of the present exploration programs. He
is responsible for preparing the technical information contained in this news
release.
About Carpathian
The Corporation is an exploration and development company whose primary business
interest is developing near-term gold production on its 100% owned Riacho dos
Machados ("RDM") Gold Project in Brazil, which is currently focusing on
activities surrounding permitting and construction, along with progressing its
exploration and development plans on its 100% owned Rovina Valley Au-Cu Project
located in Romania.
On a company wide basis, the Corporation currently hosts NI 43-101 proven plus
probable reserves of 830,200 ounces of gold (at 1.24 g/t Au) and NI 43-101
mineral resources (inclusive of reserves) of 4.0 million ounces of gold (at 0.58
g/t Au) in the measured plus indicated categories and 4.5 million ounces of gold
(at 0.74 g/t Au) in the inferred category, as well as 759.1 million pounds of
copper (at 0.18% Cu) in the measured plus indicated category and 663.1 million
pounds of copper (at 0.17% Cu) in the inferred category.
The RDM Gold Project is targeted to produce in the order of +/-100,000 ounces of
gold per annum with an anticipated goal for the commencement of production by
mid 2013. The Rovina Valley Project will enhance the Corporations growth profile
as a mid-tier gold producer.
Forward-Looking Statements: This press release includes certain statements that
may be deemed "forward-looking statements". Forward-looking statements are
frequently characterized by words such as "plan", "expect", "Project", "intend",
"believe", "anticipate", "estimate", and other similar words, or statements that
certain events or conditions "may" or "will" occur. All statements in this
release, other than statements of historical facts, that address future
exploration drilling, exploration activities and events or developments that the
Corporation expects, are forward-looking statements. Although the Corporation
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 or developments may differ materially from those
in forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices,
exploitation and exploration successes, continued availability of capital and
financing, and general economic, market or business conditions. There can be no
assurance that forward-looking statements will prove to be accurate, as results
and future events could differ materially from those anticipated statements. The
Corporation undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change, except as
required by law. The reader is cautioned not to place undue reliance on
forward-looking statements.
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