Continental Gold Samples 75.2 g/t Gold and 405 g/t Silver Over 1.45 Metres True Width Along 57 Metres and Announces Drilling Results for the Yaragua and Veta Sur Systems at the Buritica Project
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/05/12 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce results for 22 diamond drill-holes and underground systematic channel sampling from the Company's ongoing program at the Buritica project in Antioquia, Colombia.
Highlights
Yaragua (Figures 1 and 2)
Veta Sur (Figures 1 and 3)
"Results of both infill and step-out drilling of the Yaragua and Veta Sur vein systems continue to positively deliver," commented Ari Sussman, CEO. "Additionally, our early-stage exploration efforts are ramping up nicely and we look forward in the near term to receiving and releasing our first assay results from diamond drilling of the La Estera and La Mano vein targets."
Details
Continental's 100%-owned, 28,920-hectare project, Buritica, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style ("Stage I") variably overprinted by texturally and chemically distinctive high-grade ("Stage II") mineralization. The two most extensively explored of these areas (the Yaragua and Veta Sur systems) are central to this land package. The Yaragua system has been drill-outlined along 900 metres of strike and 1,300 vertical metres, and partially sampled in underground developments. The Veta Sur system has been drill intersected along 570 metres of strike and 1,180 vertical metres. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated, mineralization and both remain open at depth and along strike, at high grades. See "About Continental Gold Limited" (below) for a precis of the maiden mineral resource estimate for Buritica.
Yaragua
Systematic channel sampling of northern Yaragua vein families in recent underground development on Level 2 and above (Levels 2a and NV) (Figure 2) has been completed and is summarized in Table I, below.
These channel sampling results demonstrate the strong continuity of high grades over potential mining widths along substantial strike lengths of the main northern Yaragua veins at these RL's and are comparable with the results from previously announced sampling at other levels.
These precious metal grades for each vein segment are generally higher than for drilling-based assay results in comparable regions of the current mineral resource model and will increase confidence levels in future mineral resource estimates.
Significant new drill intercepts in the Yaragua system are tabulated below in Table II and are referenced in Figures 1 and 2.
Drilling in eastern, central, western and far-western Yaragua (Figures 1 and 2) targeted lateral and depth extensions of the vein systems. All 16 drill-holes intersected multiple gold and silver-mineralized intervals which included high-grade intercepts.
In eastern Yaragua, BUSY272 and BUSY266 cut the southern vein families, the latter drill-hole continuing into the central vein sets. Intercepts in the Yaragua South vein sets (BUSY266, from 87.9 m downhole, 1 m (at) 6.6 g/t Gold and 129 g/t Silver and BUSY272 from 229.4 m, 0.4 m (at) 54.6 g/t Gold and 46 g/t Silver) are encouraging with respect to the vertical continuity of these vein sets. Both drill-holes confirmed the continuity of the Murcielagos vein family at depth in eastern Yaragua and including a high-grade intercept in BUSY272 (from 421.75 m, 2.75 m (at) 21.7 g/t Gold and 29 g/t Silver, including 1 m (at) 56.4 g/t Gold and 68 g/t Silver).
In central Yaragua, BUSY250, BUSY271, BUSY267, BUSY275 and BUSY298 tested the Murcielagos vein sets over more than 100 metres of strike length and depth extent of up to 450 metres, below Murcielagos developments. High-grade intercepts in BUSY250 (from 193.6 m, 6.4 m (at) 13.2 g/t Gold and 96 g/t Silver, including 1.63 m (at) 35.4 g/t Gold and 270 g/t Silver) are more than 700 metres vertically above Yaragua South vein intersections in deep drill-hole BUSY258, demonstrating vertical grade continuity in this vein set. BUSY250 (from 358.9 m, 1.1 m (at) 24.0 g/t Gold and 33 g/t Silver) and BUSY298 (from 228.7 m, 3.45 m (at) 19.3 g/t Gold and 41 g/t Silver) also demonstrated vertical and lateral grade continuity in the Murcielagos vein set. BUSY267, BUSY271 and BUSY298 each made solid multiple intersections in the Murcielagos vein family, which included in BUSY267, from 452 m down-hole, 3 m (at) 12.8 g/t Gold and 17 g/t Silver, plus from 466.25 m, 0.65 m (at) 25.6 g/t Gold and 234 g/t Silver. Approximately 100 metres deeper, BUSY271 intersected, from 548.2 m, 0.5 m (at) 62.8 g/t Gold and 43 g/t Silver plus from 571.3 m, 0.7 m (at) 25.4 g/t Gold and 35 g/t Silver.
Drilled to the south from central Yaragua (Figure 1), BUSY241 made the first significant intercept (from 237 m, 1.1 m (at) 8.0 g/t Gold and 26 g/t Silver) in the far south Yaragua area, underlying a NE-trending soil geochemical anomaly.
The significant intercepts of the southern Yaragua vein families in all of the above drill-holes are outside of the current mineral resource estimate.
BUUY072, BUUY073 and BUUY074 were drilled from underground-targeted central and northern Yaragua vein families at depth below developments in Central Yaragua. BUUY073 (from 151.5 m, 1.5 m (at) 25.3 g/t Gold and 88 g/t Silver plus, from 166.5 m, 1.4 m (at) 23.5 g/t Gold and 13 g/t Silver) and 100 metres further west, BUUY072 (from 366.2 m, 1.6 m (at) 6.6 g/t Gold and 162 g/t Silver) intersected the San Antonio vein package. Further down-hole, BUUY073 intersected several veins with high silver/gold (including from 334.24 m, 0.4 m (at) 0.94 g/t Gold, 408 g/t Silver and 2.66% Zinc). These are the most northerly veins yet encountered in Yaragua drilling, some 400 metres vertically below surface expression of precious metal mineralization.
BUSY237 extended several of the Yaragua vein families to the west and to depth in western Yaragua, outside of the current mineral resource estimate model. The high-grade intercept (from 260.55 m, 1.85 m (at) 26. 5 g/t Gold, 383 g/t Silver and 4.44% Zinc) appears to relate to the San Antonio vein package, whereas the deeper, low base-metal intersection (from 475 m, 1.5 m (at) 16.8 g/t Gold and 9 g/t Silver) appears to correlate with central vein sets further east.
BUSY247 demonstrates that parts of the Yaragua vein system extend more than 200 metres further west of BUSY237 for a total strike length of up to 900 metres and open to the west. The main broad intercept in this drill-hole (from 408.5 m, 3.5 m (at) 6.6 g/t Gold and 21 g/t Silver) included a high-grade interval (1.5 m (at) 13.4 g/t Gold and 40 g/t Silver).
Veta Sur
Significant new drill intercepts are listed below in Table III and are referenced in Figures 1 and 3.
BUSY257, BUSY268 and BUSY273 targeted southwest extensions of the Veta Sur system. Each drill-hole encountered multiple intersections in the more southerly of Veta Sur vein packages, with both high and low silver/gold. The high-grade intercepts in BUSY257 (from 378.25 m, 2.9 m (at) 38. 9 g/t Gold and 504 g/t Silver, including 0.5 m (at) 187.2 g/t Gold and 2,301 g/t Silver) and BUSY273 (from 185.9 m, 2.3 m (at) 12.1 g/t Gold and 5 g/t Silver) appear to correlate as a NE-trending vein. The precious metal intersections in all three holes are outside the current mineral resource estimate model and the related veins remain open to the southwest and at depth.
Drilled to obtain oriented core, BUSY293 cut multiple veins with both high and low silver/gold in central Veta Sur. Intercepts included high-grade Stage II mineralization (from 213.6 m, 0.6 m (at) 256.0 g/t Gold and 83 g/t Silver) and also a broad interval (from 251.0 m, 5.0 m (at) 10.1 g/t Gold and 34 g/t Silver, including 1.1 m (at) 33.0 g/t Gold and 97 g/t Silver) exhibiting both Stage I and Stage II mineralization.
BUSY270 and BUSY256 clarified the distribution of northeastern Veta Sur vein sets largely outside of the current mineral resource model. Higher-grade intercepts in BUSY270 include from 388.2 m, 0.4 m (at) 19.9 g/t Gold and 120 g/t Silver and, from 501.4 m, 1.4 m (at) 10.9 g/t Gold and 82 g/t Silver. BUSY256 encountered both high and low silver/gold veins at relatively high elevations in the area between the Yaragua and Veta Sur vein systems.
Technical Information
Vic Wall, PhD, special advisor to the Company and a qualified person for the purpose of NI 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Dr. Wall is a geologist with 35 years' experience in the minerals mining, consulting, exploration and research industries. Following a career in Australian and North American academes, he held senior positions in a number of multinational major and junior minerals companies. A Fellow of the Australian Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a Brisbane-based consultancy that provides geoscientific services to mineral companies and government agencies, worldwide.
The company utilizes a rigorous, industry-standard QA/QC program. Core is sawn in half with one-half shipped to a sample preparation lab in Medellin run by ALS Colombia Limited ("ALS") in Colombia. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Analytical Laboratories in Vancouver, British Columbia and/or Inspectorate America Corp. in Reno, Nevada.
The Company does not receive assay results for drill-holes in sequential order; however, all assay results are publicly-reported. A complete listing of assay results to date for the Yaragua and Veta Sur Systems is available on the Company's website at .
For additional technical information on the Buritica project, please refer to the Company's technical report (the "Technical Report") entitled "Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated October 24, 2011 as amended November 23, 2011, prepared by Andrew J Vigar, BAppSc Geo, FAusIMM, MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining Associates Pty Limited, available on SEDAR at , on the OTCQX at and on the Company website at .
About Continental Gold Limited
Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buritica gold project to production. A maiden mineral resource estimate classified in accordance with NI 43-101 for the Buritica project covers two major vein systems, with combined measured and indicated mineral resources of 1,110,000 tonnes of mineralized material containing 630,000 ounces of gold grading 17.8 g/t gold, 1,500,000 ounces of silver grading 42 g/t silver, and 18,700,000 pounds of zinc grading 0.8% zinc. The inferred mineral resource is 6,900,000 tonnes of mineralized material containing 2,500,000 ounces of gold grading 11.4 g/t gold, 9,500,000 ounces of silver grading 43 g/t silver and 88,000,000 pounds of zinc grading 0.6% zinc. For additional technical information on the Buritica project, please refer to the Company's technical report entitled "Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated October 24, 2011, as amended November 23, 2011, prepared by Andrew J Vigar, BAppSc Geo, FAusIMM, MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining Associates Pty Limited, available on SEDAR at , on the OTCQX at and on the Company website at . Additional details on the Buritica project and the rest of Continental's suite of gold exploration properties are available at .
With a goal of being the first modern-day gold producer in Colombia, Continental will commence construction of an underground ramp in H2 2012, initially providing access for underground drilling and eventually used for commercial production. A Phase III drill program is also underway at the Buritica project to further delineate the resource and drill new target zones identified within its concessions. Additional details on the Buritica project and the rest of Continental's suite of gold exploration properties are available at .
Forward-Looking Statements
This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Differences in Reporting of Resource Estimates
This press release was prepared in accordance with Canadian standards which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.
To view Figure 1 - Plan View of New Drilling Highlights, please visit the following link:
To view Figure 2 - Longitudinal Section of Yaragua Drilling Highlights & Plan View of Underground Sampling, please visit the following link:
To view Figure 3- Longitudinal Section of Veta Sur Drilling Highlights, please visit the following link:
Contacts:
Continental Gold Limited
Paul Begin
Chief Financial Officer
+1.416.583.5610
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Datum: 05.09.2012 - 10:30 Uhr
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