Columbus Gold Corporation is pleased to announce the completion of the Phase II resource development diamond drilling campaign on its 100%-owned Montagne d'Or gold deposit, Paul Isnard Project, French Guiana.
The Phase II program amounted to 126 holes, for a total of 25,570 meters. In addition, six (6) large diameter HQ-calibre core holes totalling 975 meters were completed for the detailed metallurgical tests in progress.
Assay results were released for 73 holes and results are pending for the remaining 53 holes of the program drilled within the principal Upper Felsic Zone.
The objectives of the Phase II drill program at the Montagne d'Or Gold Deposit were to:
- Complete a 50-meter spacing array over a strike extent of 2,300 meters to a vertical depth of 200 meters from surface, focused on mineralisation potentially amenable to open pit mining;
- Increase current mineralised tonnage within the deposit;
- Increase confidence in the gold grade-width distribution;
- Convert portions of the Inferred resources to the Indicated and Measured categories in accordance with NI 43-101 standards; and
- Acquire a better distribution of copper assays for added value to the deposit.
An updated resource estimate, combined with concurrent detailed metallurgical tests and a preliminary environmental assessment are on target to support the completion of a Preliminary Economic Assessment ("PEA") on the Montagne d'Or deposit in early 2015.
The work is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d'Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.