Dec 5 2012
Greg Myers, CEO and President of Caza Gold Corp. is pleased to announce that initial reconnaissance sampling has identified a large area of mineralized and silicified igneous rocks containing up to 45.9 grams per tonne (gpt) gold and 1.82% copper at the Piedra Iman Project.
The Company has received assay results from the first 125 surface rock chip samples in an area 800 meters long by 300 meters wide at the Piedra Iman target in Northern Nicaragua. Thirty seven of the 125 samples collected by the Company contained more than 0.1 gpt gold with 12 samples containing more than 0.5 gpt gold up to 45.99 gpt.
Copper values range from 0.01% to 1.82% and 41 of the 125 samples are over 0.5% copper. Magnetite and specular hematite are common in the mineralized zone. Alteration consists of several highly silicified igneous breccia bodies surrounded by sericite- and clay-altered intrusive rocks. Secondary biotite has been observed in several samples. The initial interpretation of the limited rock exposures suggest the mineralization could be related to a porphyry copper-gold system or an IOCG (iron oxide-copper-gold) system.
Link to maps and results: http://cazagold.com/projects/nicaragua/piedra_imam/
The Piedra Iman area was previously explored in the 1970's with some reported drill holes and an exploration tunnel beneath the target zone. The Nicaraguan civil war from 1978-1999 disrupted all exploration and development activities and the property was abandoned.
Caza's geologic team found reference to the project in the literature but no actual data from previous work, acquired a 100% interest in the prospective area, and prospected the area. The drill sites and exploration tunnel from the 1970's program have now been identified within the area of the current sampling and several mineralized outcrops have been excavated by hand to expose strong copper staining and visible gold.
Company President and CEO Dr. Greg Myers stated, "We were excited when our initial samples returned high grade gold values in both heavily copper stained rocks as well as rocks without appreciable copper mineralization. It took considerable effort for our field crew to dig through the heavy brush and soil cover in order to discover the old drill sites and the collapsed portal of the exploration tunnel. The discovery of high grade gold and copper samples on surface in a large area of mineralization is very encouraging."
Caza is now evaluating the next phase of exploration for both the Piedra Iman and Los Andes properties. Caza holds nine high sulfidation gold properties, and other porphyry copper-gold targets in Nicaragua, comprised of more than 460,000 hectares covering at least 23 separate gold and copper targets.
Source: http://www.cazagold.com/