Coastal Gold Files NI 43-101 Technical Report for High Grade Mineral Resource at Hope Brook Gold Project, Newfoundland
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/24/15 -- COASTAL GOLD CORP. (TSX VENTURE: COD)(FRANKFURT: CY41) (the "Company") has filed a National Instrument 43-101 ("NI 43-101") technical report related to its press release issued on January 12, 2015 announcing an update to the high grade mineral resource estimate for the Hope Brook Gold Project in southwest Newfoundland.
The independent technical report, entitled "2015 Mineral Resource Estimate, Technical Report Hope Brook Gold Project, Newfoundland and Labrador, Canada" (the "Technical Report"), dated January 12th, 2015, was prepared for Coastal Gold by Mercator Geological Services Limited. The Technical Report is available under the Company's profile on SEDAR at and on the Company's website at .
Dr. Bill Pearson, P.Geo., President & 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).
The NI 43-101 high grade mineral resources on the Company's Hope Brook Gold Project, as reported in the press release issued on January 12th, 2015, are estimated to contain 844,000 indicated ounces of gold and 110,000 inferred ounces of gold using a 3.0 g Au/t cut-off as set out in Table 1 below.
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 and for further details on the high grade resource please see the Technical Report titled Mineral Resource Estimate Technical Report Hope Brook Gold Project dated January 12, 2015.
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. 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.
To view accompanying Figure 1, visit the following link:
Contacts:
Coastal Gold Corp.
65 Queen Street West, Suite 815
Toronto, Ontario, Canada M5H 2M5
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: 24.02.2015 - 13:00 Uhr
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News-ID 373710
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