New Cibolan Tech Team Completes Geologic Model
New Drill Program Designed to Confirm Reinterpretation of Data
(firmenpresse) - RENO, NV -- (Marketwired) -- 06/02/15 -- Cibolan Gold Corporation (OTC PINK: CIBG) () (the "Company") completed a technical review of the 3-D geologic model which focused on structural controls for high grade (greater than 8.5 grams per tonne or 0.25 ounces per ton) mineralization at the Independence gold and mining project, located directly adjacent to Newmont's multi-billion dollar operating Phoenix Fortitude mining complex.
The Company's Nevada based technical team began the review with reinterpretation of the geologic data from previous drilling on cross sections. Data from these cross sections was transferred to a level plan map to evaluate continuity of geologic contacts and mineralized structures. Existence of the previously "considered" mineralized structures has been confirmed by further investigation in the field. Two of these high grade structures, identified as the "Range Front Zone" and the "IND2 Zone" are targeted for further drilling. See the two zones in graphic 1.
"All the data seems to line up with the technical team's initial review and we believe the drilling will confirm the world class potential represented at our Independence Project in Nevada," says Daniel J. Forbush, Cibolan President and CEO, "If the new 18-hole drilling program validates what we think is under the ground, in just one area of the property, it could add millions of dollars of valuation to the operation. The drilling company is chosen and we should begin once all the technical details are completed," Mr. Forbush continued.
Both of these zones have returned high-grade intercepts with some 5 foot intervals showing greater than 1.0 gold ounce per ton (in previous drilling) which have not been offset by other drill holes. Now that Cibolan has an enhanced understanding of the structures and their expected underground behavior we have outlined a first phase drill program of 18 holes; designed to exploit and evaluate these two zones. A Notice of Intent NOI permit application to conduct exploration drilling was filed May 12, 2015 with the BLM and final approval is expected no later than June 10, 2015. The permitted drill pads and prioritized drill holes are in graphic 2.
The technical team anticipates this program adding ounces to the inventory of gold mineralization. Intercepts from previous drilling suggest this material might average 8.5 grams (0.25 ounces per ton), supplementing the lower grade resource goal of 5 million tons of 1.5 grams per tonne (0.05 ounce per ton) oxide ores. Production of lower grade mineralized material is still projected to utilize the engineered leach pad already designed and part of our pending plan of operations submission to the Bureau of Land Management. This plan is completed and held in reserve until a new technical report outlining improved grades and economic viability is completed. Should high grade material be encountered, the company would consider custom milling.
The graphic of cross section 14718340N reflects one of the multi-ounce five foot intercepts that appears to be the result of the Range Front Structure.
Cibolan Gold Corporation (OTC PINK: CIBG); , is an aggressive junior mining exploration and development company, based in Reno, . The company is actively pursuing the re-opening of its Independence gold and mining project strategically located in the prolific Battle Mountain Mining District of Nevada.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expansions, recommendations, explanations, expectations, goals, evaluations, findings or intentions regarding the future. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expansions, recommendations, explanations, expectations, goals, evaluations, findings or intentions will prove to be accurate.
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For further information, please contact:
Wayne Meyerson
Investor Relations
Cibolan Gold Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
775.583.4636 office
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Datum: 02.06.2015 - 04:01 Uhr
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News-ID 397373
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