Caldas Gold Announces Latest Drilling Results Proving the Down-Dip Extension of the Recently Discovered New Zone at Its Marma...
March 02 2020 - 6:00AM
Caldas Gold Corp. (TSXV: CGC) announced today that drill hole
MT-IU-053A was successful in extending the recently discovered
New Zone (“NZ”) down-plunge by
more than 200 meters at its Marmato Project in Caldas, Colombia.
This drill hole, part of the 2019 Phase 2 drilling campaign, was
initially planned to 600 meters depth and was extended to 800
meters depth to test the down-dip continuity of the high-grade
intersection intercepted by drill hole MT-IU-050 that was reported
previously in Gran Colombia Gold Corp.’s (TSX: GCM; OTCQX: TPRFF)
press release issued on February 3, 2020.
In drill hole MT-IU-053A, the down-plunge
extension of the NZ was intersected at an
elevation of 544 meters and has continuous high-grade
mineralization down to an elevation of 460 meters. The zone remains
open at depth. Assay results from this drill hole returned a
high-grade interval with results as follows:
- 87.15 meters @ 3.9 g/t gold and 1.7 g/t
silver
- Including 16.43 meters @ 7.2 g/t gold and 2.5 g/t
silver
- And 18.1 meters at 6.3 g/t gold and 2.6 g/t
silver
The true width of the intersection is estimated
to be around 45 m.
Serafino Iacono, Interim Chief Executive Officer
of Caldas Gold, commented, “Although still at a very early stage,
this New Zone is proving to be an exciting new
discovery as we have outlined a continuous down-plunge zone on the
northern margin of the Main Zone (“MZ”), a location which at
present hosts no mineral resources or reserves, yet is located
within 50 meters of the underground development being designed on
the Main Zone to support the prefeasibility study which is
currently being carried out and is expected to be finalized by
mid-2020. We anticipate incorporating the NZ into
future mine plans and will be looking to design wider stopes with
potential to use bulk-style mining. This 200 meters extension
provides us with a high potential zone ready for infill drilling to
continue to grow our world class deposit."
Key Highlights and Intercepts from the
2019 Phase 2 Drilling
- The style of mineralization for the intersection associated
with the NZ is the same as the MZ and is
characterized by very narrow veinlets of quartz-pyrrhotite-bismuth
tellurides-free gold with minor amounts of pyrite and chalcopyrite
rimmed by a narrow halo of sodic-calcic alteration, in turn hosted
by strong potassic alteration, represented chiefly by biotite,
related to a potential early phase of porphyry mineralization;
- The high-grade mineralization encountered so far, outside the
boundary of the current mineral resource estimate block model for
the MZ, is currently interpreted to be associated to a branch off
the MZ that is expected to merge into the MZ at a depth of around
300 meters elevation. Additional drilling is currently being
designed to extend the NZ up and down-plunge;
- This drill intercept shows an improvement of grades in the
NZ down-plunge, which makes the area of
intersection between the two high-grade zones a high-priority
exploration target both for its potential width and grade;
- This new scenario gives the Marmato Deeps Zone (MDZ)
exploration upside that could lead to an increase in the Resources
and Reserves estimate.
The following table lists the high-grade
intersection intersected by drill hole MT-IU-053A:
Hole ID |
From (m) |
To (m) |
Width (m) |
Au Grade (g/t) |
Ag Grade (g/t) |
Grade-Width |
Zone |
MT-IU-053A* |
685.7 |
772.85 |
87.15 |
3.895 |
1.7 |
340 |
NZ |
including |
690.00 |
706.43 |
16.43 |
7.156 |
2.5 |
118 |
NZ |
and |
731.30 |
749.40 |
18.10 |
6.303 |
2.6 |
114 |
NZ |
* Underground drill hole drilled at -72 degrees
from the horizontal, and the intersection length does not represent
the true width. The sample lengths are on average 1.50 meters long
but may be varied for geological and recovery factors.
Intersections were calculated using a cut-off grade of 0.5 g/t
gold, and no more than 5.0 m of continuous internal dilution for
intervals up to 50 m, no more than 10 m of continuous internal
dilution for intervals of 50-200 m, and no more than 20 m of
continuous internal dilution for intervals greater than 201 m. Gold
grades were capped at 13.0 g/t gold which affects 7 samples out of
a total of 70 samples. Intervals greater than or equal to 1.0 g/t
are reported. Grade-width is calculated as the width of the drill
intersection in meters multiplied by the Au grade in g/t.
Please refer also to the attached illustrative
image in Attachment 1 showing a cross section of the NZ that occurs
outside the current mineral resources model for the MZ.
Qualified Person
Dr. Stewart D. Redwood, PhD, FIMMM, Senior
Consulting Geologist to the Company, is a qualified person as
defined by National Instrument 43-101 – Standards of Disclosure or
Mineral Projects and prepared or reviewed the preparation of the
scientific and technical information in this press release.
Verification included a review of the quality assurance and quality
control samples, and review of the applicable assay databases and
assay certificates.
Quality Assurance and Quality
Control
The Marmato Project core samples were prepared
by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in
Medellin, and assayed in their on-site laboratory in Segovia,
Colombia. Gold was assayed by 30 g fire assay with atomic
absorption spectrophotometer (“AAS”) finish. Samples over 10.0 g/t
gold were re-assayed by 30 g fire assay with gravimetric finish.
Silver was assayed by aqua regia digestion and AAS finish. Blank,
standard and duplicate samples were routinely inserted for quality
assurance and quality control.
About Caldas Gold Corp.
Caldas Gold is a Canadian mining company
currently advancing a prefeasibility study for a major expansion
and modernization of its underground mining operations at its
Marmato Project in the Department of Caldas, Colombia with mineral
resources of 2.0 million ounces of gold in the Measured and
Indicated categories and 3.3 million ounces in the Inferred
category. A Preliminary Economic Assessment study (Preliminary
Economic Assessment Report, Marmato Project, Colombia, dated
February 6, 2020 completed by SRK Consulting (U.S.), Inc.,) is
available on the Company’s SEDAR profile at www.sedar.com.
Additional information on Caldas Gold can be
found by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to anticipated business plans or strategies, including
exploration programs and mineral resources and reserves. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative 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 statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Caldas Gold to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause actual results to differ
materially from those anticipated in these forward-looking
statements are described under the caption "Risk Factors" in the
Company's Filing Statement dated as of February 19, 2020 which is
available for view on SEDAR at www.sedar.com. Forward-looking
statements contained herein are made as of the date of this press
release and Caldas Gold disclaims, other than as required by law,
any obligation to update any forward-looking statements whether as
a result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
For Further Information,
Contact:Mike DaviesChief Financial Officer(416)
360-4653investorrelations@caldasgold.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7ff9098-83d1-4b4c-a326-0a627a8de3f0
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