DGAP-News: CONFEDERATION MINERALS COMMENCES DRILLING AT NEWMAN-TODD
(firmenpresse) - DGAP-News: Confederation Minerals Ltd. / Key word(s): Miscellaneous
CONFEDERATION MINERALS COMMENCES DRILLING AT NEWMAN-TODD
23.05.2012 / 13:55
---------------------------------------------------------------------
Confederation Minerals Ltd. (Confederation) (TSX.V: CFM, Frankfurt: 070)
is pleased to announce that the exploration camp at the Newman-Todd
property in Red Lake, Ontario, is fully operational and the 2012 drill
program has now begun. A minimum 5000 metre drill program is planned to
follow-up significant results returned from the 2011 drill program. In
2011 a total of 56 holes, totaling 24,707 metres were drilled into the
Newman Todd Structure (NTS) along a strike length of 1.8 km (of the total
2.2km-long mineralized NTS). All of these holes intersected gold
mineralization and over 40% of the holes intersected gold mineralization
grading greater than 20g/t gold.
Highlights of the 2011 program include:
* NT-103: 60.60 g/t Gold over 1.0 metres
* NT-104: 21.60 g/t Gold over 1.5 metres,
* NT-105: 1.34 g/t Gold over 46.0 metres,
* NT-105W1: 1.56 g/t gold over 38.0 metres including 3.83 g/t gold over
11.0 metres,
* NT-108: 3.41 g/t gold over 27.50 metres including 145.0 g/t gold over
0.50
* NT-109: 7.11 g/t gold over 13.0 metres including 114.0 g/t gold over 0.50
metres.
For a complete listing of drill results please refer to the company website
at www.confederationmineralsltd.com
Exploration work at the Newman Todd project is funded by the operator,
Confederation Minerals Ltd. Pursuant to an option agreement with Redstar
Gold Corp. ('Redstar') (TSX.V: RCG), Confederation can earn a 50% interest
in the project by spending $5.0 million on exploration, paying Redstar a
total of $250,000, and issuing Redstar 500,000 shares by November 2013. To
date Confederation has spent in excess of $5.0 million dollars on
exploration of the project, paid Redstar $100,000 and issued 200,000
shares. Confederation can earn an additional 20% by producing a Preliminary
Economic Assessment (PEA) by November 2016.
The 2012 drill program will initially focus on the central part of the
Newman Todd Structure ('NTS'), termed the 'Hinge Zone'. NTS is a large
scale gold bearing structure, with significant widths of iron-carbonate
alteration, silicification, sulphide and magnetite replacement zones which
can contain high-grade gold mineralization. This style of alteration is
recognized at the major producing mines in the Red Lake camp, and other
important gold districts, as one of the main geological criteria associated
with the formation of these gold deposits. Within the large scale
structure of the NTS, several zones of higher grade gold mineralization
have been identified along discrete structural corridors, the Hinge Zone
being one of these corridors.
This phase of drilling will test several key geological and structural
concepts identified in recent 3D modeling completed by the company. A
successful drill program will assist with further targeting of discrete
high grade structures along the entire strike length of the NTS. At
present, the structure remains open both along strike, to surface and at
depth.
Bob Singh P.Geo is the qualified person as defined by National Instrument
43-101 and has reviewed this news release. Mr. Singh has been engaged
through a third party service provider by Confederation Minerals Ltd. to
manage the project, and is also the Canadian ExplorationManager for
Redstar Gold Corp.
On Behalf of the Board:
'Brian Bapty
Brian Bapty, Ph.D.
President
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Brian Bapty, President
+1 604.652.3950
Brian.bapty(at)confederationmineralsltd.com
www.confederationmineralsltd.com
Forward-Looking Information
This release includes certain statements that may be deemed
'forward-looking statements'. All statements in this release, other than
statements of historical facts, that address events or developments that
the Company expects to occur, are forward-looking statements.
Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the words 'expects', 'plans',
'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential'
and similar expressions, or that events or conditions 'will', 'would',
'may', 'could' or 'should' occur. Although the Company 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 may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued availability
of capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions
of the Company's management on the date the statements are made. Except as
required by applicable securities.
End of Corporate News
---------------------------------------------------------------------
23.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
171155 23.05.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2012 - 13:55 Uhr
Sprache: Deutsch
News-ID 149310
Anzahl Zeichen: 7619
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 305 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: CONFEDERATION MINERALS COMMENCES DRILLING AT NEWMAN-TODD"
steht unter der journalistisch-redaktionellen Verantwortung von
Confederation Minerals Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
