Coastal Gold Defines Indicated Mineral Resource of 5.5 Million Tonnes Grading 4.77 Grams Au/t at Hope Brook, Newfoundland
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/12/15 -- COASTAL GOLD CORP. (TSX VENTURE: COD)(FRANKFURT: CY41) ("Coastal Gold" or the "Company") has updated the high grade underground mineral resource estimate for the Company's Hope Brook Gold Project in Newfoundland. This new resource estimate is within the previously released mineral resource estimate (see press release dated December 4, 2013). The area encompassing the new resource estimate is in proximity to the existing ramp that extends to a depth of 350 metres below surface which allows ready access for the potential development of existing underground mineral resources. The high grade mineral resource has been defined using a 3.0 g Au/t cutoff.
Dr. Bill Pearson, P.Geo., President and CEO of Coastal Gold, commented: "The new resource model provides a more accurate basis for determining the potential for underground development. The grade of the indicated resource has increased to 4.77 g Au/t compared to the previous estimate of 4.43 g Au/t (see press release June 3, 2014). The new resource is designed to consider the potential of mining the entire deposit from underground using the existing access. In addition, underground development would facilitate follow-up drilling on potential high grade target areas and deposit extensions already identified from our previous surface drilling, including Hole HB11-023 which intersected 11.4 g Au/t over a true width of 20.9 metres (see press release dated April 27, 2011 and Figure 1).
Allan Polk, P.Eng., Project Manager for Hope Brook, commented: "The new model, with its tighter constraints and a focus on the higher grade core, shows promise for an underground mining scenario that is enabled by the existing decline and ventilation infrastructure. The existing ramp passes by the lateral extensions of the deposit for quick production opportunities and there are also remnants within the old workings that we believe will prove mineable, especially with the integration of sorting technology to the process flow-sheet."
Underground High Grade Mineral Resource Estimate
The new underground mineral resource estimate at a 3.0 g Au/t cut-off grade given in Table 1 excludes mafic dike volumes that have been modeled within the deposit. The distribution of the resource is shown in Figure 1, a vertical longitudinal section. Additional tonnage and grade tabulations that reflect other gold cut-off values appear for comparative purposes in Table 2 below. A technical report prepared in compliance with National Instrument 43-101 will be filed by Coastal Gold under the company's profile on SEDAR at and on the Company's website at within 45 days of this press release.
Mineral resources in Table 1 include both Mine Zone and 240 Zone tonnages and are based on a partial percentage block model with dike material removed. The Mine Zone incorporates the former mine while the 240 Zone is located approximately 1.4 km southwest of the former mine area (see Figure 1). The majority of the indicated resources are in the Mine Zone whereas the majority of inferred are in the 240 Zone. Drilling experience by Coastal Gold is that the grade of inferred resources typically increase with closer spaced drilling required for the definition of indicated. Consideration of possible open pit scenarios is not reflected in the current resource estimate but may be carried out by Coastal Gold in the future.
Notes pertaining to the January 12, 2015 Mineral Resource Estimate Statement:
QUALIFIED PERSONS
Michael Cullen, P. Geo., Chief Geologist with Mercator Geological Services Limited, who is independent of the Company and a qualified person as defined under NI43-101, supervised and is responsible for the mineral resource estimate presented in this press release. Mr. Cullen has reviewed and approved the scientific and technical content of the news release. Dr. Bill Pearson, P.Geo., President & CEO of Coastal Gold, a Qualified Person as defined by NI 43-101, has also reviewed and approved the scientific and technical content of this news release.
ABOUT COASTAL GOLD
Coastal Gold is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "COD". Coastal Gold's flagship property is the Hope Brook Gold Project located in southwestern Newfoundland, which has previously disclosed totals of 19.9 million tonnes at 1.93 g Au/t for 1,239,000 ounces of indicated mineral resources and 1.3 million tonnes at 3.22 g Au/t for 138,000 ounces of inferred mineral resources. This previous mineral resource includes the newly defined high grade underground resource of 5,500,000 tonnes grading 4.77 g Au/t containing 844,000 ounces gold in the indicated category and 836,000 tonnes grading 4.11 g Au/t containing 110,000 ounces gold in the inferred category. In addition, there are previously disclosed inferred mineral resources in the tailings of 4.9 million tonnes at 0.85 g Au/t and 0.09% copper containing 134,500 ounces of gold and 9.5 million pounds of copper. For further details on the previously disclosed resource, see the Technical Report titled 2013 Mineral Resource Estimate Technical Report Hope Brook Gold Project dated December 4th, 2013.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the estimation of mineral resources and the anticipated results of proposed future work at Hope Brook, including a PEA, the impact of any permitting, environmental or other farobctors, the price of gold and any potential to develop the project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FIGURE 1: VERTICAL LONGITUDINAL SECTION SHOWING DISTRIBUTION OF RESOURCE BLOCKS IN THE MINE ZONE AND 240 ZONE, HOPE BROOK GOLD PROJECT is available at the following address:
Contacts:
Coastal Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
Coastal Gold Corp.
Bill Pearson
President & CEO
416-861-2968
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Datum: 12.01.2015 - 12:00 Uhr
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