Posted in | Mining Business

Columbus Gold Receives Permits for Two Exploration Programs

Columbus Gold Corp. is pleased to announce that two Exclusive Exploration Permits on strike of the east and west extensions of Columbus Gold's Montagne d'Or gold deposit, were granted on July 6th, 2016, by decree of the French Minister of Economy, and published in the Journal officiel de la République française on July 13th (JORF n°0162).

The two permits cover a total surface area of 54.8 km2.

The Montagne d'Or deposit hosts pit-confined Indicated mineral resources* of 83.2 million tonnes grading 1.45 g/t gold (3.9 million ounces) and Inferred mineral resources* of 22.4 million tonnes grading 1.55 g/t gold (1.1 million ounces). The resources have been drilled to within 250 meters of the western boundary of the concession hosting the deposit and to within 600 meters of the eastern boundary. The newly granted exploration permits provide Columbus with undrilled potential where gold-soil anomalies extend for up to 2.0 km to the west and 2.7 km to the east of the deposit. Only two holes have ever been drilled within the areas covered by the new exploration permits; one of those holes, drilled 750 meters east of the deposit, intercepted 31.94 g/t gold over 3.5 meters.

Furthermore, magnetic, electromagnetic and radiometric airborne geophysical survey data has traced the prospective geology (volcano-sedimentary sequence) hosting the Montagne d'Or gold deposit for up to 5 km to the west.

A first phase exploration program on the new permits will be implemented in September. The program will include prospecting and in-fill soil sampling west of the deposit. The sampling will be undertaken with an auger to collect saprolite material (weathered and oxide bedrock). Induced polarization ("IP") geophysical surveying is being considered for the second phase to enhance drilling targets. IP surveying was applied with success in the 1990's to trace the gold-sulfide mineralized horizons at Montagne d'Or.

Nord Gold SE (LSE: NORD LI) is funding a feasibility study as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% (for a total of 55.01%) interest, in Montagne d'Or.

Rock Lefrançois, Chief Operating Officer for Columbus and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein.


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