DGAP-News: Confederation Minerals Ltd.: Confederation announces significant high grade gold results from Newman Todd
(firmenpresse) - DGAP-News: Confederation Minerals Ltd. / Key word(s): Drilling Result
Confederation Minerals Ltd.: Confederation announces significant high
grade gold results from Newman Todd
02.11.2011 / 12:59
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CONFEDERATION MINERALS LTD.
Suite 1980, 1075 West Georgia Street,
Vancouver, British Columbia, V6E 3C9
Tel: 604 688 9588; Fax: 778 329 9361
NEWS RELEASE
November 2th, 2011
TSX-V Symbol: CFM
Confederation announces significant high grade gold results from Newman
Todd 343 g/t Gold Over 0.6 Metres and 11.1 g/t gold over 2.0 metres
including 33.8 g/t Gold over 0.50 metres.
Confederation Minerals Ltd. ('Confederation') (TSX-V: CFM) is pleased to
report bonanza grade gold results from the on-going drilling program at the
Newman Todd property in the Red Lake Gold District, Ontario. The work is
being funded and operated by Confederation pursuant to an option from
Redstar Gold Corp. (TSX.V: RGC). To date, 49 drill holes totaling 19,000
metres have been completed in 2011. Drilling has focused on the Newman
Todd Structure (NTS) where gold mineralization has been discovered over a
strike length 1.6 kilometres. Confederation has sufficient funds to
complete the current drill program and any presently planned drilling in
2012.
Highlights:
- Hole NT-083 intersects a 14.30 metre wide zone with two high grade
intercepts: 343 g/t gold over 0.60 metre and 33.80 g/t gold over 0.50
metre Hole NT-084 intersects 6.76 g/t gold over 3.0 metres including
13.90 g/t gold over 1.0 metre.
- Hole NT-080 intersects 1.18 g/t gold over 32.0 metres including 10.91
g/t gold over 1.0 metre.
Hinge Zone Discovery
Latest results continue to highlight the high-grade potential of the 'Hinge
Zone' area of the NTS where 12 of 13 holes have returned high-grade
intervals over a strike length of approximately 450 metres. The Hinge Zone
is just one of many significant gold-bearing sectors discovered by the
drilling completed to date by the joint venture along the NTS, which has a
strike length of over 2 kilometers within the property.
This new high-grade discovery has many of the earmarks of the 'High Grade
Zone' (HGZ) in Goldcorp's Red Lake mine located 27 kilometres to the
southeast. These include a similar structural setting, open space quartz
filling with native gold, gold associated with silica-sulphide replacement
zones and broad zones of iron-carbonate alteration. Sections and initial
3D modeling can be found on the company's web site
(www.confederationmineralsltd.com). The web site also lists all significant
drill results to date from the extensive drilling which has been carried
out since January of 2011.
Lawrence Dick, Ph.D., President and CEO of Confederation states: 'We are
extremely excited with the continuous high-grade results being returned
from the drilling of the entire Newman Todd Structure at the Newman Todd
gold project. The new Hinge Zone discovery has very strong geological
similarities to the High Grade Zone of the world-class Red Lake Mine, and
is further validation that Newman Todd offers the potential for the
definition of a very significant gold discovery. The 343 g/t gold
intersection in hole NT-083 is the highest grade intercept from the project
and one of the highest grade intersections in the Red Lake District outside
ofthe main mine areas. This high grade interval is one of two intervals
within a 14.3 metre wide zone which, including 10 metres of waste, averages
16.06 g/t Gold. Management is highly encouraged and focused on further
development of the Hinge Zone and other areas of gold discovery with the
ongoing program to unlock the potential of this emerging gold deposit. Our
new results also show the existence of sub-parallel gold-bearing
structures, further enhancing potential, and that gold-bearing zones at
Newman Todd can attain very significant widths.'
Table of results from nine recently completed holes
Hole From (m) To (m) Gold (g/t) Width (m) Section* Width is calculated as core length and does not imply true width of the
NT-078 240.00 261.00 1.18 21.00 1900
NT-078 including 246.00 251.00 3.51 5.00 1900
NT-078 and including 246.00 247.00 8.01 1.00 1900
NT-079 387.00 394.00 1.00 7.00 2300
NT-079 410.00 411.00 4.78 1.00 2300
NT-080 132.00 157.00 1.35 25.00 1900
NT-080 including 132.00 133.00 5.69 1.00 1900
NT-080 and including 154.00 156.00 5.91 2.00 1900
NT-080 and including 155.00 156.00 8.94 1.00 1900
NT-080 and including 175.00 207.00 1.18 32.00 1900
NT-080 including 181.00 182.00 10.91 1.00 1900
NT-080 and including 186.00 187.00 7.24 1.00 1900
NT-081 103.00 104.00 7.44 1.00 1950
NT-081 255.00 260.00 2.51 5.00 1950
NT-082 161.00 170.00 1.95 9.00 2350
NT-082 and including 169.00 170.00 5.98 1.00 2350
NT-082 and including 182.00 183.00 6.37 1.00 2350
NT-082 and including 289.50 304.50 1.01 15.00 2350
NT-083 251.70 252.30 343.00 0.60 1950
NT-083 and 264.00 267.00 11.10 2.00 1950
NT-083 including 265.50 266.00 33.80 0.50 1950
NT-084 242.00 257.00 2.49 15.00 2150
NT-084 including 246.50 254.00 4.06 7.50 2150
NT-084 and including 251.00 254.00 6.76 3.00 2150
NT-084 and including 251.00 252.00 13.90 1.00 2150
NT-084 372.00 373.00 6.99 1.00 2150
NT-085 315.00 335.00 1.66 20.00 2100
NT-085 including 323.50 324.00 7.52 0.50 2100
NT-085 and including 325.50 326.00 9.17 0.50 2100
NT-085 and including 334.00 335.00 7.16 1.00 2100
NT-085 357.00 358.00 9.08 1.00 2100
zone. Weighted average gold intervals apply a 0.25 g/t lower cut-off.
Internal dilution within reported intervals does not exceed core lengths of
two metres unless otherwise indicated.
** Cross sections are spaced 25 metres apart across the entire NTS, Section
1375 marks the centre of the Heath Bull Zone.
Discussion of Results
Geological mapping and geophysics has defined a broad warp or fold of the
NTS that has been termed the Hinge Zone within a much larger strike length
of gold mineralization. Initial 3D modeling within the Hinge Zone
indicates multiple, northwest dipping gold zones that show continuity
across a 450 metre section of the Hinge Zone and remain open at depth. In
addition to modeling the high-grade gold intervals within the NTS, the
company is also beginning to model the wide zones of lower grade gold
mineralization often associated with the high grade gold intercepts. In
addition to the high-grade results, the latest results include 32 metres of
1.18 g/t and 25 metres of 1.35 g/t gold.
Explorationwork at the Newman Todd project is funded by Confederation
pursuant to an option from Redstar. Confederation can earn a 50% interest
in the project by spending $5.0 million in exploration by November 2013,
and an additional 20% by producing a Preliminary Economic Assessment (PEA)
by November 2016. During the earn-in period, Confederation is the operator
of the project.
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, 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.
Bob Singh P.Geo is the qualified person as defined by National Instrument
43-101 and has reviewed this news release. Mr. Singh has been engaged
through a third party service provider by Confederation to manage the
project, and is also the Canadian Exploration Manager for Redstar Gold
Corp.
About Confederation Minerals Ltd.
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 two
other properties in the Red Lake Mining District of Ontario.
On Behalf of the Board,
Confederation Minerals Ltd.
'Lawrence Dick'
Lawrence A.Dick, Ph.D., P.Geo
President, CEO, and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Lawrence Dick, President
604.688.9588
lawrence.dick(at)barongroupintl.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
Confederation Minerals Ltd. (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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