DGAP-News: Confederation Minerals Continues to intersect high grade gold at Newman Todd, Retains Stantec to support development:
(firmenpresse) - DGAP-News: Confederation Minerals Ltd. / Key word(s): Drilling Result
Confederation Minerals Continues to intersect high grade gold at
Newman Todd, Retains Stantec to support development:
19.09.2012 / 20:08
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Vancouver, B.C. Confederation Minerals Ltd. (TSX.V: CFM, Frankfurt: 070):
('Confederation' or the 'Company') is pleased to announce additional
high-grade gold results from the 2012 diamond drill program holes at the
Newman-Todd property in Red Lake, Ontario.
Discussion of results:
Confederation is the operator on the Newman Todd Property and developing
the project under option from Redstar Gold (TSX-V: RGC). The 2012 drill
program has totaled approximately 5300 metres of drilling to date in 14
drill holes. Holes NT-119 to NT-124 have been completed with results
pending. The focus of the 2012 drill program has been to drill the Hinge
Zone, one of many target zones along the 1.8km strike length, on 25 metre
centres in order to better understand geological controls of the gold
mineralization which can potentially be extrapolated across the
multi-target property.
An updated geological interpretation indicates that there may be
significant folding within the sequence and that gold mineralization may be
in part controlled by this folding. Gold mineralization occurs as
silica-sulphide and magnetite replacement zones within the Newman Todd
Structure ('NTS'). The NTS is a large-scale hydrothermal alteration zone
with muli-phase brecciation, iron-carbonate veining and widespread gold
mineralization.
Brian Bapty, President of Confederation, states 'the success rate, (in
which nearly all of the over 100 holes drilled to date have intersected
gold mineralization) of this program underlies both the compelling
opportunity that is represented with the Newman Todd Property and confirms
the Red Lake greenstone belt as a world class gold camp.'
Bob Singh, CEO of Redstar Gold, states 'The current 'fold-model'
interpretation highlights a key similarity to the High Grade Zone at the
Red Lake Mine complex, where folding has been primarily responsible for the
distribution of gold mineralization. At these shallow depths, we have just
begun to scratch the surface of this impressive new gold system in Red
Lake. '
Drill Highlights (See table 1 for a complete list of significant results)
* NT-117 intersected 5.5 metres of 7.48 g/t gold including 0.50 metres of
63.3 g/t gold and 3.0 metres of 7.48 g/t gold including 1.0 metre of 15.0
g/t gold
* NT-118 intersected 1.0 metre of 43.50 g/t gold
* NT-115 intersected 29.0 metres of 2.04 g/t gold including 1.0 metre of
13.8 g/t gold
Table 1: Significant Results
Hole ID From (m) To (m) Width* (m) Au (g/t)
NT-115 114.00 115.00 1.00 9.35
NT-115 and 228.00 231.50 3.50 2.36
NT-115 incl. 231.00 231.50 0.50 12.40
NT-115 and 235.00 257.00 22.00 2.22
NT-115 incl. 236.00 237.00 1.00 5.80
NT-115 and incl. 242.00 243.00 1.00 6.14
NT-115 and incl. 250.00 252.00 2.00 11.96
NT-115 and 283.00 312.00 29.00 2.04
NT-115 incl. 293.00 294.00 1.00 5.45
NT-115 and incl.299.00 310.00 11.00 4.01
NT-115 and incl. 299.00 302.00 3.00 6.90
NT-115 and incl. 307.00 310.00 3.00 6.31
NT-115 and incl. 307.00 308.00 1.00 13.80
NT-116 166.00 167.00 1.00 3.23
NT-116 and 188.00 201.00 13.00 2.07
NT-116 and 227.00 228.00 1.00 3.58
NT-116 and 240.00 241.00 1.00 3.12
NT-116 and 260.00 277.00 17.00 2.03
NT-116 incl. 270.00 274.00 4.00 3.03
NT-116 and incl. 270.00 271.00 1.00 4.76
NT-117 151.00 152.00 1.00 3.19
NT-117 and 221.00 234.00 13.00 2.52
NT-117 incl. 230.00 233.00 3.00 8.42
NT-117 and incl. 231.00 232.00 1.00 15.00
NT-117 and 242.00 243.00 1.00 3.07
NT-117 and 246.00 247.00 1.00 3.08
NT-117 and 288.00 305.00 17.00 2.88
NT-117 incl. 293.00 298.50 5.50 7.48
NT-117 and incl. 296.50 297.00 0.50 63.30
NT-117 and 433.00 437.00 4.00 1.78
NT-117 incl. 434.00 434.50 0.50 10.30
NT-117 and 470.00 473.00 3.00 2.37
NT-117 incl. 472.00 473.00 1.00 4.69
NT-118 135.00 136.00 1.00 43.50
NT-118 and 150.50 158.00 7.50 2.02
NT-118 incl. 150.50 151.00 0.50 6.99
NT-118 and incl. 157.00 158.00 1.00 6.53
NT-118 and incl. 157.00 157.50 0.50 8.95
NT-118 and 202.00 203.00 1.00 6.52
NT-118 and 273.10 299.00 25.90 1.25
NT-118 incl. 273.10 274.00 0.90 9.37
NT-118 and incl. 276.50 277.00 0.50 6.33
NT-118 and 295.50 296.00 0.50 8.56
NT-118 and 307.00 312.00 5.00 2.15
NT-118 incl. 308.00 309.00 1.00 3.49
NT-118 and 465.00 467.00 2.00 2.67
*Width is calculated as core length and does not imply true width of the
zone. Weighted average gold intervals apply a 0.20g/t lower cut?off.
Internal dilution within reported intervals does not exceed core lengths of
three metres unless otherwise indicated.
Exploration work at the Newman Todd project is funded by Confederation.
Pursuant to an option agreement with Redstar, 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% interest by producing a
Preliminary Economic Assessment (PEA) by November 2016.
Andrea Diakow, P.Geo, is the qualified person as defined by National
Instrument 43-101 and has reviewed the technical content of this news
release. Core samples from the program were cut in half using a diamond
cutting saw and were sent to Activation Laboratories Ltd. in Red Lake
Ontario, an accredited mineral analysis laboratory in Red Lake, Ontario,
for analysis. All samples were analyzed for gold using standard Fire
Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed
utilizing standard Fire Assay-Gravimetric methods. Certified gold reference
standards, blanks and field duplicates were routinely inserted into the
sample stream as part of Confederation's quality control/quality assurance
program.
Confederation has retained Stantec for baseline environmental work and
coordinating the permitting and development process:
Confederation is pleased to announce that Stantec Consulting Ltd.
('Stantec') (TSX: STN, NYSE: STN) has been retained to provide a variety of
services in support of development at the Newman Todd Property. The scope
of services includes completion of a detailed 'Regulatory Roadmap'
outlining steps anticipated, including permitting requirements, as the
project progresses towards being an operating mine. Stantec has initiated
and will coordinate environmental baseline studies and will work with
Confederation in the development of a 'Conceptual Project Description'. As
exploration continues on the Newman Todd Property, Confederation believes
an active dynamic approach to ensure project development times are kept to
a minimum is a prudent approach to the creation of long term shareholder
value.
About Stantec
Stantec provides professional consulting services in planning, engineering,
architecture, interior design, landscape architecture, surveying,
environmental sciences, project management, and project economics for
infrastructure and facilities projects. They support public and private
sector clients in a diverse range of markets at every stage, from the
initial conceptualization and financial feasibility study to project
completion and beyond. Their services are provided on projects around the
world through approximately 12,000 employees operating out of more than 190
locations in North America and 4 locations internationally.
About Confederation Minerals
Confederation Minerals Ltd. is a British Columbia based company engaged in
the business of acquisition, exploration and development of mineral
properties. Its objective is to locate and develop economic precious and
base metals properties of merit. Confederation Minerals Ltd. holds an
option agreement to acquire up to 70% of the Newman Todd project in the Red
Lake Mining District of Northern Ontario as well as 100% ownership in
another property in the Red Lake Mining District of Ontario.
On Behalf of the Board:
'Brian Bapty'
Brian Bapty, Ph.D.
President and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Brian Bapty, President and Director
+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 laws, the Company undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should
change.
End of Corporate News
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