Columbus Gold Corporation (TSX VENTURE:CGT) has provided the following exploration summary with respect to its Nevada projects for 2010 and upcoming plans for 2011.
Nevada Exploration Highlights
In 2010 Columbus Gold acquired 4 strategically located gold properties in Nevada from prospecting activities, 2 of which are located on the Battle Mountain Gold Trend and 2 on the Walker Lane Gold Trend, for a total of 22 gold properties situated in Nevada. The Company also optioned 4 of its properties into Joint Venture (JV) agreements for a total of 12 JV'd properties. In addition, Columbus Gold completed extensive mapping, sampling and geophysical work to delineate targets in preparation for an aggressive drilling campaign in 2011 planned to commence on as many as 11 of its Nevada gold projects.
"As a consequence of the financial crisis our exploration activity in the last few years has been restricted to prospecting and target identification and only very limited drilling. Capital preservation was the appropriate strategy during that period, however the extensive mapping, sampling, and geophysical work carried-out during that time, has resulted in the delineation of promising drill targets on numerous of our projects," stated Peter Kendrick, President for Columbus Gold. "2011 will be an unprecedented year for Columbus Gold with drilling on more properties in one year than in all the previous years combined since the Company's formation."
Highlights of notable projects where drilling is planned in 2011:
Stevens Basin is located on the Battle Mountain Gold trend near Barrick Gold's Archimedes open pit gold mine. Sampling by Columbus Gold revealed a gold anomaly of about 760 m in length and 30-90m in width with a grades as high as 2.5 g/t. The anomalous zone is still open in several areas. An air magnetic geophysical survey and a detailed ground gravity geophysical survey (400 stations) were completed in the fall of 2010 and this data is being used to optimize drill sites for a phase I approximate 6,600 feet (2,000m) drill program of 10-12 holes planned as early in 2011 as weather permits. This could be followed by a phase II program of the same size later in the year. Navaho Gold is earning an initial 51% interest in the Steven's Basin project by making $3 million in expenditures.
The Browns Canyon Project is located approximately 20 km (12 miles) west of Barrick Gold's Archimedes open pit gold mine, in the highly prospective Battle Mountain Gold Trend known to contain over 100 million ounces of Gold with some two dozen gold mines throughout the trend. Recent sampling on the property yielded gold values up to 3 g/t along a zone of silicification, sparsely exposed through cover, with a strike length of 2,000 meters. The mineralization is Carlin-style, and geologic mapping and further sampling is underway. Seven widely-spaced historic drill holes are present. Most of the strike length of the mineralized zone is untested by drilling. Drilling is warranted by the results to date and is planned for late summer of 2011.
The Summit property is strategically positioned along strike and approximately 4,000 feet (1.2 km) from the northern end of the Long Canyon gold deposit of Fronteer Gold Inc. (where ongoing drilling continues to confirm the presence of high-grade oxide gold mineralization with a recent drill intercept result of 12.3 g/t over 50.4 metres announced on November 15th, 2010). Work by Columbus Gold's JV partner Agnico-Eagle in 2010 included seventy nine rock chip samples and three diamond drill holes, with a total footage of 6,392 feet (1948 m). Anomalous gold values were reported in the drill results from a shear zone stratigraphically above the known favorable horizon of gold mineralization, and from a footwall of a bedding parallel structure. An anomalous mercury zone was encountered present in a karst breccia interpreted to be important to host Carlin-type gold mineralization on the nearby properties in the Pequop Mountains. Agnico-Eagle previously had performed geological mapping, collected 2,500 soil samples and 70 stream sediment samples, and completed seven rotary holes totalling 6,040 ft (1,830 meters) in their initial drilling program. Agnico-Eagle has indicated that they will continue their option to earn an interest in Summit and more drilling is planned for 2011. Agnico-Eagle can earn an initial 51% interest in Summit by making $3 million in exploration expenditures.
The Weepah property is located within the Walker Lane Gold Trend, it extends from historical mining, where recent production came from an open pit. New rock chip sampling yielded values up to 10.29 g/t (0.30opt) gold over 3.6m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8m (6 ft). The favorable geology extends to the south for 1,200-1,500 metres (4,000-5,000 ft). Detailed mapping, a detailed ground magnetic survey, and 10 line km of Controlled Source Audio-frequency Magnetotellurics (CSAMT) geophysical surveying has yielded targets for a drill program consisting of 10,000 ft (3,050M) of drilling in approximately 20 RC drill holes. The drill program is permitted and is scheduled to begin in January of 2011.
The Eastside property is also located within the Walker Lane Gold Trend. Recent sampling (530 samples) of outcrop over 900 m (3,000 ft) of strike length along a zone of silicified breccia yielded gold values up to 7.95 g/t (0.23 opt). An exploration program consisting of 10,000 ft (3,050M) of RC drilling in 20 holes is permitted and planned for the spring of 2011.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this news release. Mr. Wallace is a VP of Columbus Gold's wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and is the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
Source: Columbus Gold Corporation