Colombia Crest Gold Announces Assays From Phase 1 Drill Program, Plans for Phase 2 Drilling
December 19 2012 - 3:30PM
Marketwired Canada
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) announces final assay results
including 15.7 grams per tonne gold (g/T Au) over 1.3 metres in hole AR12-15
from the 18 hole, 6,574 metre Phase I drill program on the Arabia Porphyry
Complex, and plans for the upcoming exploration program on its Fredonia-Venecia
property located in the Middle Cauca Belt, Colombia. As reported on October 17,
2012, the Phase 1 drill program has returned typical porphyry system grades in
several sectors, including 182 metres of 0.38 g/t Au in drill hole AR12-4.
Phase 1 drill holes were widely spaced (100 - 400 metres apart), testing a
series of geophysical or geochemical anomalies across the Arabia porphyry
complex, with the goal of identifying the best potential areas for further
exploration. The Arabia porphyry complex is situated partially on the Venecia
concession under option from Colombian Mines Corp., and partially on the
Fredonia concession under option from Grupo de Bullet. Based on the results from
Phase 1, the Phase 2 drill program in 2013 will target expansion of zones with
the highest grade gold intercepts (holes 4, 8 and west of hole 15), while drill
testing the newly discovered Garrucha target.
"The amount of dispersed gold encountered in the widely spaced Phase I drill
program demonstrates there is a strong porphyry gold system at Arabia,"
commented Hans Rasmussen, President and CEO. "When compared to the prior soil
and rock chip results, along with prior airborne magnetic data, our technical
team now has a clearer picture of how to proceed with the next phase of drilling
at Arabia. In early 2013 the team will compare drill results with the recently
completed ZTEM geophysical survey, and prepare to drill test the best areas of
Arabia and the newly discovered Garrucha target."
Plans for 2013 - Phase 2 Drill Program / Property Acquisitions
The upcoming year will build on the foundation that was set during 2011-12.
Specific items include:
-- Analyze current drill results alongside new ZTEM Survey results to
attain better understanding of the location of structures in the
property.
-- Further surface sampling at the new Garrucha target where strong surface
sampling results from stream sediment sampling have already been
identified.
-- Further surface sampling at the El Retiro target - this is the eastern-
most concession of the Fredonia land package where up to 8.25 g/t gold
has been discovered in vein-type mineralization in channel chip samples
taken from outcrop.
-- Drilling at Arabia, Garrucha and possibly El Retiro to follow up on
significant gold grades from drilling, outcrop, and stream sediment
sampling.
-- Secure additional highly prospective, undervalued property in Colombia
to increase Company value.
Phase 1 Drill Program - Results Above Minimum Criteria
------------------------------------------------------------------------
------------------------------------------------------------------------
Drill From To Length Au Cu
Hole (m) (m) (m) g/t %
------------------------------------------------------------------------
------------------------------------------------------------------------
AR12-13 84 92 8 0.12 0.039
------------------------------------------------------------
98 160 62 0.22 0.041
------------------------------------------------------------
194 208 14 0.22 0.044
------------------------------------------------------------------------
------------------------------------------------------------------------
AR12-14 112.1 119.2 7.1 0.25 0.008
------------------------------------------------------------------------
------------------------------------------------------------------------
AR12-15 177 187 10 0.11 0.015
------------------------------------------------------------
199 217 18 0.13 0.012
------------------------------------------------------------
262.1 268 5.9 0.13 0.006
------------------------------------------------------------
412.4 413.7 1.3(ii) 15.7 0.018
------------------------------------------------------------------------
------------------------------------------------------------------------
AR12-16 232 246 14 0.17 0.050
------------------------------------------------------------
252 274 22 0.24 0.062
------------------------------------------------------------
284 292 8 0.20 0.026
------------------------------------------------------------------------
------------------------------------------------------------------------
AR12-18 188 220 32 0.22 0.022
------------------------------------------------------------
(i)including 212 218 6 0.34 0.038
------------------------------------------------------------
226 234 8 0.144 0.023
------------------------------------------------------------------------
------------------------------------------------------------------------
Minimum criteria are a 0.10 g/t Au cut-off grade, 6 metre length, and no
sub-intervals below cut-off that exceed 4 metres.
(ii) The exception is the sample of 15.7 g/t Au in drill hole AR12-15
(i) Intervals noted " Including" use a 0.3 g/t Au cut-off grade.
For a map of all drill hole locations click here
(http://www.colombiacrestgold.com/properties/colombia/geology2/).
Based on geologic logging, petrographic interpretation of selected intervals of
core and review of the trace element geochemistry, as well as the consistent
gold grades in the results to date, Colombia Crest's geological team believes
that the porphyry gold-copper system extends laterally and to depth. Three zones
stand out as future targets at Arabia:
1. Drill holes AR12-3 and AR12-4 (see October 17, 2012 press release) were
first to cut elevated gold grades, greater than 0.5 g/t Au, related to
porphyry-style mineralization. Hole AR12-18, was drilled to test for a
northern offset to the same mineralization, and based on the assay
results, additional holes are warranted south-southeast of hole AR12-4
to test the continuity of greater than 0.5 g/t Au material.
2. Drill hole AR12-8 (see October 17, 2012 press release) also intersected
an interval greater than 0.5 g/t Au which is located near a surface rock
chip sample that returned 3.8 g/t Au - both are located near Arabia
Creek - the mineralized zone remains open to the south and east, thus
additional drill testing is warranted in this area.
3. The high-grade gold intercept in AR12-15 is believed to be associated
with a mineralized fault zone adjacent to mineralized porphyry on the
westernmost portion of the drilled area at Arabia. Such high grade
structurally controlled mineralization has been shown to have
significant strike and depth potential in other nearby deposits such as
Continental Gold's Buritica deposit and in the Marmato district where
similar veins are known to have greater than 3 kilometre strike lengths
and more than 1,000 metres of vertical development. The technical team
is evaluating where to drill test for near-surface mineralization
related to the same fault. The source of this mineralization may be
related to the geochemical-geophysical target, called "Arabia 3" (see
May 14, 2012 press release), which is located west of AR12-15.
ZTEM Geophysical Survey
Geotech Ltd. recently completed its data collection over a portion of Colombia
Crest's Fredonia-Venecia project utilizing helicopter-borne ZTEM geophysical
technology for the first time in the Middle Cauca Belt. ZTEM is a proven
technique for identifying potential porphyry systems in the Americas with
examples from Alaska to Chile. This technology will be an important addition to
the magnetics data the team uses to identify extensive depths of conductive and
resistive elements associated with gold-copper porphyries. The electromagnetic
survey is receptive to sulfide minerals, as well as silicification and clay
alteration, all of which are associated with the porphyry and epithermal
deposits in the Middle Cauca Belt. The resulting, interpretive ZTEM resistivity
models will enhance Colombia Crest's understanding of porphyry-controlling
structures and alteration at Arabia, Garrucha and other targets that were flown
on a portion of the immense Fredonia-Venecia land package.
Sample Preparation and Assays
All drill core samples were sent to the Acme Labs Prep Laboratory in Medellin,
Colombia. The chosen preparation method was code R200-250, which consists of
crushing the entire sample to 80% passing 10 mesh (2 millimetres), split 250
grams and pulverize to 85% passing 200 mesh (75 microns). Once prepared, 200
gram pulps are shipped to the AcmeLabs in Vancouver, Canada for analysis. Gold
was assayed under package G601 which consists of 30 grams fire assay and atomic
absorption with detection limits from 0.005 to 10 parts per million and with a
gravimetric finish for over limits. A multi element package (1EX) of 41 elements
including silver, base metals and pathfinder elements was also analyzed using
ICP mass spectroscopy. The ICP multi-element analysis uses a four-acid total
digestion prior to analysis.
The technical information in this news release has been reviewed and approved by
John Bolanos, a Qualified Person in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects.
Porphyry System Characteristics
Porphyry gold systems host large, bulk tonnage deposits that range from 2 to
over 20 million ounces of gold and typically grade from 0.5 to 2 grams per
tonne. Thus, major mining companies seek out porphyry deposits for their large
scale and long mine life. Investments by major mining companies have been
announced in the Middle Cauca Belt, demonstrating a growing focus on Colombia as
a source for new long-life gold mines.
About Colombia Crest Gold Corp.
Colombia Crest is focused on systematically exploring, developing and monetizing
promising new gold projects in Colombia. The Company employs a team of seasoned
geologists, each with 20+ years of experience exploring and discovering porphyry
deposits around the world, including Argentina, Peru, Ecuador, Mexico, Alaska,
Indonesia, and Eastern Europe.
The Company is currently carrying on exploration programs at the Fredonia and
Venecia projects where it has optioned over 30,973 hectares located
approximately 40 km south of the city of Medellin, in Antioquia Province. The
properties are positioned within the Middle Cauca Belt, which is the most
prolific gold belt in Colombia with more than 500 years of gold-mining history
and several new gold discoveries.
Forward-Looking Statements
This press release contains or refers to forward-looking information, including
statements regarding exploration results, potential mineralization, exploration
plans and timing of the commencement of drilling, and is based on current
expectations that involve a number of business risks and uncertainties. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, delays in obtaining or failures to
obtain required governmental, environmental or other project approvals,
political risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration and development
industry. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof, and the Company assumes no responsibility to update them or revise
them to reflect new events or circumstances other than as required by law.
If you would prefer to receive news releases via email please contact Colombia
Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the
subject line.
Please visit the Company's website at www.ColombiaCrestGold.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colombia Crest Gold Corp.
Hans Rasmussen
President and CEO
Office: 604-684-7160
hans@colombiacrestogld.com
Colombia Crest Gold Corp.
Dan Fish
Manager, Corporate Communications
Direct: 1-888-228-4305
dan@colombiacrestgold.com
www.ColombiaCrestGold.com
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