Colombia Goldfields updates Marmato resource definition drill program
Mon Jun 2, 9:03 AM
ca.news.finance.yahoo.com
TORONTO, June 2 /CNW/ - Colombia Goldfields Ltd. (or the "Company") (TSX: GOL / OTCBB: CGDF) today provided an update on the ongoing resource definition drill program in the Zona Alta (Upper Zone) at the Marmato Mountain gold project in Colombia. The highlights are:
- New results based on 11,271.25 meters in 63 diamond drill holes;
- Intercepts included 77.50 m at 1.23 g/t Au; 30.3 m at 1.69 g/t Au;
15.65 m at 3.82 g/t Au; and 11.80 m at 3.12 g/t Au;
- Drilling to date is 25,766 meters in 124 holes with 10 additional
holes in progress;
- Part of 60,000 meter drill program;
- Completion expected in fourth quarter 2008;
- 10 diamond drill rigs operating and 3 more being mobilized;
The Company recently announced an initial NI 43-101 compliant inferred resource estimate of 2.6 million ounces of gold (at a cut-off grade of 0.3 g/Au t) for the Zona Alta at Marmato (see press release of May 12, 2008). The estimate was based on the first 12,186 meters (68 holes) of the planned 60,000-meter diamond drilling program, 1,165 meters of cross-cut samples (115 cross-cuts) and 504 meters of individual underground samples.
To May 25, 2008, 25,766 meters of drilling have been completed in 124 diamond drill holes with 10 additional holes under way. Results from 63 new holes (11,271.25 meters) have been received since the last drill results were published (see press release of February 28, 2008) and are listed in Table 1. Twenty-six of these holes (3,948.65 meters) were used in the May 12 inferred resource estimate. Results have now been received for a total of 106 holes for 19,513.62 meters. Of these, 69 holes for 12,186 meters were used for the calculation of the initial inferred resource (press release May 12, 2008). The drill hole locations are shown on the accompanying plan. See files.newswire.ca.
This drilling is part of a program of 60,000 meters that is being carried out to upgrade and define additional resources in the Zona Alta, with completion planned in the fourth quarter of 2008. There are currently ten diamond drill rigs operating at Marmato and three more rigs are being mobilized to start in June, bringing the total number of rigs to thirteen. One of the new rigs will start a 10,000-meter drill program planned on the five new gold targets in the Caramanta exploration project surrounding Marmato Mountain.
Dr Stewart D. Redwood, Vice President of Exploration of the Company, is the qualified person as defined by NI 43-101 and has prepared or supervised the preparation of all scientific and technical information contained in this press release. He is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM) of the UK, a foreign professional association and designation recognized by the Canadian regulatory authorities. The laboratories used were Inspectorate (ISO 9001:2000 and 9002:2004 certified) in Medellin, Colombia (sample preparation), Reno, Nevada (preparation and analysis), and Lima, Peru (analysis), and SGS in Medellin (preparation) and Lima (analysis). Gold was assayed by fire assay with gravimetric finish or AAS finish. Silver was assayed by fire assay with AAS finish or analyzed by ICP together with a suite of multi-elements. Blank, standard and duplicate samples are routinely inserted for quality assurance and quality control.
About Colombia Goldfields
-------------------------
Colombia Goldfields Ltd., through its subsidiaries Compania Minera de Caldas S.A. and Gavilan Minerals S.A., is developing what we believe is a multi-million ounce gold resource in Colombia's historic Marmato Mountain gold district.
Colombia Goldfields is traded in the US under the symbol CGDF, on the Toronto Stock Exchange under the symbol GOL, and in Germany under the symbol C2B. Further information about the Company's is available at www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com under the Company's profile.
Disclaimer
This release uses the terms "measured", "indicated" and/or "inferred" mineral resources. United States investors are advised that while such terms are recognized by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. United States investors are cautioned not to assume that all or any part of mineral resources will ever be converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
This release contains forward-looking statements that are based on the beliefs of Colombia Goldfield's management and reflect Colombia Goldfield's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. When used in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward-looking statements. Such statements reflect the current views of Colombia Goldfields with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ materially from the forward looking statements. In particular, there is no assurance that a definitive agreement will be executed or that the proposed transaction will be completed.
Table 1. Length weighted average gold and silver grades from diamond
drilling at Marmato Zona Alta.
-------------------------------------------------------------------------
Hole From To Interval
Number (meters) (meters) (meters) Gold (g/t) Silver (g/t)
-------------------------------------------------------------------------
MT-1012 130.00 137.00 7.00 0.649 1.7
-------------------------------------------------------------------------
MT-1013 1.95 14.00 12.05 0.965 6.0
-------------------------------------------------------------------------
MT-1013 50.00 58.00 8.00 2.043 6.3
-------------------------------------------------------------------------
MT-1013 68.00 74.00 6.00 2.424 3.5
-------------------------------------------------------------------------
MT-1013 90.00 94.00 6.00 0.308 3.1
-------------------------------------------------------------------------
MT-1013 116.00 121.80 5.80 0.314 5.2
-------------------------------------------------------------------------
MT-1014 1.80 8.00 6.20 0.348 25.1
-------------------------------------------------------------------------
MT-1014 106.50 114.50 8.00 0.342 4.5
-------------------------------------------------------------------------
MT-1017 2.00 23.00 21.00 0.719 5.9
-------------------------------------------------------------------------
MT-1017 35.00 56.00 21.00 1.164 3.9
-------------------------------------------------------------------------
MT-1017 88.00 98.00 10.00 0.721 4.2
-------------------------------------------------------------------------
MT-1019 94.50 108.50 14.00 0.330 3.8
-------------------------------------------------------------------------
MT-1019 128.70 144.35 15.65 3.816 8.9
-------------------------------------------------------------------------
MT-1022 No significant intervals
-------------------------------------------------------------------------
MT-1028 19.50 25.50 6.00 0.495 6.5
-------------------------------------------------------------------------
MT-1028 35.55 55.50 19.95 0.586 4.4
-------------------------------------------------------------------------
MT-1032 66.00 98.00 32.00 1.327 5.1
-------------------------------------------------------------------------
MT-1032 116.00 135.00 19.00 1.942 17.0
-------------------------------------------------------------------------
MT-1032 145.00 156.80 11.80 3.124 8.8
-------------------------------------------------------------------------
MT-1035 1.10 23.00 21.90 0.735 2.1
-------------------------------------------------------------------------
MT-1035 37.00 43.00 6.00 0.308 2.2
-------------------------------------------------------------------------
MT-1035 61.00 69.00 8.00 0.308 3.0
-------------------------------------------------------------------------
MT-1036 70.50 78.50 8.00 1.019 5.1
-------------------------------------------------------------------------
MT-1036 114.50 120.10 5.60 1.355 4.8
-------------------------------------------------------------------------
MT-1046 No significant intervals
-------------------------------------------------------------------------
MT-1056 10.00 16.00 6.00 0.452 4.1
-------------------------------------------------------------------------
MT-1056 77.60 89.60 12.00 0.691 4.8
-------------------------------------------------------------------------
MT-1058 110.30 119.00 8.70 2.409 3.4
-------------------------------------------------------------------------
MT-1058 203.00 217.00 14.00 0.594 2.1
-------------------------------------------------------------------------
MT-1059 24.50 30.50 6.00 0.923 14.0
-------------------------------------------------------------------------
MT-1059 36.00 66.50 30.50 0.373 3.3
-------------------------------------------------------------------------
MT-1059 183.80 201.10 17.30 0.936 7.5
-------------------------------------------------------------------------
MT-1059 205.10 213.10 8.00 0.440 1.7
-------------------------------------------------------------------------
MT-1059 217.10 229.10 12.00 0.923 5.9
-------------------------------------------------------------------------
MT-1059 233.10 243.10 10.00 0.523 2.8
-------------------------------------------------------------------------
MT-1059 245.10 253.10 8.00 0.437 2.9
-------------------------------------------------------------------------
MT-1059 335.10 341.10 6.00 0.395 2.2
-------------------------------------------------------------------------
MT-1060 No significant intervals
-------------------------------------------------------------------------
MT-1061 No significant intervals
-------------------------------------------------------------------------
MT-1062 Results pending
-------------------------------------------------------------------------
MT-1063 No significant intervals
-------------------------------------------------------------------------
MT-1064 318.50 341.50 23.00 0.410 3.3
-------------------------------------------------------------------------
MT-1065 25.00 40.60 15.60 0.490 24.3
-------------------------------------------------------------------------
MT-1065 126.00 138.50 12.50 0.564 6.7
-------------------------------------------------------------------------
MT-1065 213.70 219.60 5.90 0.490 16.2
-------------------------------------------------------------------------
MT-1065 227.70 240.70 13.00 1.191 2.8
-------------------------------------------------------------------------
MT-1065 265.20 325.20 60.00 0.460 2.6
-------------------------------------------------------------------------
MT-1066 No significant intervals
-------------------------------------------------------------------------
MT-1067 59.00 67.50 8.50 0.480 3.8
-------------------------------------------------------------------------
MT-1067 97.00 103.00 6.00 0.306 3.2
-------------------------------------------------------------------------
MT-1068 27.50 33.00 5.50 1.122 4.2
-------------------------------------------------------------------------
MT-1068 94.40 99.50 5.10 0.329 2.5
-------------------------------------------------------------------------
MT-1068 114.50 160.45 45.95 0.553 2.4
-------------------------------------------------------------------------
MT-1068 229.00 279.00 50.00 1.129 2.8
-------------------------------------------------------------------------
MT-1068 303.20 333.50 30.30 1.685 9.6
-------------------------------------------------------------------------
MT-1069 No significant intervals
-------------------------------------------------------------------------
MT-1070 No significant intervals
-------------------------------------------------------------------------
MT-1071 No significant intervals
-------------------------------------------------------------------------
MT-1072 No significant intervals
-------------------------------------------------------------------------
MT-1073 15.00 32.00 17.00 1.167 66.3
-------------------------------------------------------------------------
MT-1073 103.60 111.60 8.00 0.435 2.9
-------------------------------------------------------------------------
MT-1073 127.60 135.60 8.00 0.427 1.1
-------------------------------------------------------------------------
MT-1073 308.10 315.10 7.00 0.594 8.8
-------------------------------------------------------------------------
MT-1073 398.00 404.00 6.00 1.643 8.2
-------------------------------------------------------------------------
MT-1074 30.00 35.00 5.00 0.912 2.6
-------------------------------------------------------------------------
MT-1074 74.00 86.85 12.85 0.360 3.1
-------------------------------------------------------------------------
MT-1074 94.85 116.85 22.00 0.373 2.6
-------------------------------------------------------------------------
MT-1074 126.85 143.00 16.15 0.933 4.2
-------------------------------------------------------------------------
MT-1075 No significant intervals
-------------------------------------------------------------------------
MT-1076 4.45 10.50 6.05 3.00 7.7
-------------------------------------------------------------------------
MT-1077 23.50 31.40 7.90 0.391 4.4
-------------------------------------------------------------------------
MT-1077 53.50 60.00 6.50 0.631 11.7
-------------------------------------------------------------------------
MT-1077 96.30 104.30 8.00 0.308 3.4
-------------------------------------------------------------------------
MT-1077 122.30 142.00 19.70 0.662 8.7
-------------------------------------------------------------------------
MT-1078 11.50 19.50 8.00 0.377 4.9
-------------------------------------------------------------------------
MT-1079 8.70 38.20 29.50 0.677 3.4
-------------------------------------------------------------------------
MT-1079 42.20 50.20 8.00 0.452 1.4
-------------------------------------------------------------------------
MT-1080 2.55 15.90 13.35 0.794 7.0
-------------------------------------------------------------------------
MT-1080 40.10 69.00 28.90 0.456 2.9
-------------------------------------------------------------------------
MT-1080 155.00 161.00 6.00 0.744 2.2
-------------------------------------------------------------------------
MT-1080 165.00 177.00 12.00 0.610 7.4
-------------------------------------------------------------------------
MT-1080 267.00 273.55 6.55 0.850 0.3
-------------------------------------------------------------------------
MT-1080 299.00 324.20 25.20 0.462 2.4
-------------------------------------------------------------------------
MT-1081 330.00 341.50 11.50 1.407 5.3
-------------------------------------------------------------------------
MT-1081 427.00 435.00 8.00 1.976 12.0
-------------------------------------------------------------------------
MT-1081 441.00 453.00 12.00 0.540 4.9
-------------------------------------------------------------------------
MT-1081 461.00 467.00 6.00 0.476 2.8
-------------------------------------------------------------------------
MT-1082 13.50 27.00 13.50 1.185 6.6
-------------------------------------------------------------------------
MT-1083 57.50 75.25 17.75 0.816 4.5
-------------------------------------------------------------------------
MT-1083 77.30 83.00 5.70 0.429 2.9
-------------------------------------------------------------------------
MT-1083 167.00 175.45 8.45 1.082 6.4
-------------------------------------------------------------------------
MT-1083 187.45 201.00 13.55 0.833 3.5
-------------------------------------------------------------------------
MT-1084 111.00 117.00 6.00 0.36 5.67
-------------------------------------------------------------------------
MT-1084 149.00 165.00 16.00 0.33 2.69
-------------------------------------------------------------------------
MT-1084 187.00 209.20 22.20 0.79 4.15
-------------------------------------------------------------------------
MT-1085 12.00 44.00 32.00 0.816 4.4
-------------------------------------------------------------------------
MT-1085 50.00 56.05 6.05 0.312 6.6
-------------------------------------------------------------------------
MT-1086 2.80 39.50 36.70 0.408 5.8
-------------------------------------------------------------------------
MT-1086 57.50 63.50 6.00 0.393 1.2
-------------------------------------------------------------------------
MT-1086 91.50 111.90 20.40 1.533 7.7
-------------------------------------------------------------------------
MT-1086 117.30 123.30 6.00 0.308 2.5
-------------------------------------------------------------------------
MT-1086 269.00 275.00 6.00 0.398 1.7
-------------------------------------------------------------------------
MT-1086 300.55 306.00 5.45 1.944 13.6
-------------------------------------------------------------------------
MT-1086 317.00 341.50 24.50 1.394 5.9
-------------------------------------------------------------------------
MT-1087 No significant intervals
-------------------------------------------------------------------------
MT-1088 No significant intervals
-------------------------------------------------------------------------
MT-1089 No significant intervals
-------------------------------------------------------------------------
MT-1090 38.30 58.30 20.00 0.383 2.3
-------------------------------------------------------------------------
MT-1090 142.50 158.50 16.00 1.168 3.8
-------------------------------------------------------------------------
MT-1090 166.50 192.60 26.10 0.369 4.7
-------------------------------------------------------------------------
MT-1090 227.15 237.55 10.40 1.050 13.7
-------------------------------------------------------------------------
MT-1090 241.55 247.55 6.00 1.725 4.7
-------------------------------------------------------------------------
MT-1090 269.5 283.50 14.00 0.901 7.5
-------------------------------------------------------------------------
MT-1091 No significant intervals
-------------------------------------------------------------------------
MT-1092 2.05 10.60 8.55 0.645 4.6
-------------------------------------------------------------------------
MT-1092 58.10 66.10 8.00 0.786 3.5
-------------------------------------------------------------------------
MT-1093 297.60 325.00 27.40 0.621 5.3
-------------------------------------------------------------------------
MT-1094 No significant intervals
-------------------------------------------------------------------------
MT-1095 48.60 77.65 29.05 0.696 2.4
-------------------------------------------------------------------------
MT-1095 81.65 87.65 6.00 0.397 1.7
-------------------------------------------------------------------------
MT-1095 95.65 105.80 10.15 0.682 1.3
-------------------------------------------------------------------------
MT-1095 156.00 161.45 5.45 0.359 0.8
-------------------------------------------------------------------------
MT-1095 197.55 263.55 66.00 0.608 4.2
-------------------------------------------------------------------------
MT-1095 269.55 329.85 60.30 1.014 4.2
-------------------------------------------------------------------------
MT-1096 108.00 116.00 8.00 0.461 3.9
-------------------------------------------------------------------------
MT-1097 148.00 158.80 10.80 0.798 7.2
-------------------------------------------------------------------------
MT-1098 49.00 93.00 44.00 0.556 4.1
-------------------------------------------------------------------------
MT-1098 234.00 240.00 6.00 0.348 1.5
-------------------------------------------------------------------------
MT-1098 252.00 260.00 8.00 0.436 1.7
-------------------------------------------------------------------------
MT-1098 268.00 276.00 8.00 1.782 4.9
-------------------------------------------------------------------------
MT-1098 302.00 308.00 6.00 0.386 5.6
-------------------------------------------------------------------------
MT-1099 9.30 32.68 23.38 1.589 9.4
-------------------------------------------------------------------------
MT-1100 78.20 86.00 7.80 0.851 9.3
-------------------------------------------------------------------------
MT-1101 2.50 10.50 8.00 0.687 14.4
-------------------------------------------------------------------------
MT-1101 49.60 59.50 9.90 0.472 2.7
-------------------------------------------------------------------------
MT-1102 8.70 63.60 54.90 1.131 10.2
-------------------------------------------------------------------------
MT-1103 No significant intervals
-------------------------------------------------------------------------
MT-1104 15.10 23.10 8.00 0.408 20.5
-------------------------------------------------------------------------
MT-1104 101.10 107.10 6.00 0.328 2.6
-------------------------------------------------------------------------
MT-1104 154.50 232.00 77.50 1.233 6.1
-------------------------------------------------------------------------
MT-1105 Results pending
-------------------------------------------------------------------------
MT-1106 152.00 164.00 12.00 0.351 2.4
-------------------------------------------------------------------------
MT-1106 184.00 208.00 24.00 0.397 5.4
-------------------------------------------------------------------------
MT-1106 210.00 216.00 6.00 0.311 2.4
-------------------------------------------------------------------------
MT-1106 240.00 250.00 10.00 0.305 2.3
-------------------------------------------------------------------------
MT-1106 256.00 274.00 18.00 0.396 3.0
-------------------------------------------------------------------------
MT-1106 282.00 290.00 8.00 0.303 2.7
-------------------------------------------------------------------------
MT-1106 351.60 358.50 6.90 0.413 20.8
-------------------------------------------------------------------------
MT-1107 Results pending
-------------------------------------------------------------------------
MT-1108 Results pending
-------------------------------------------------------------------------
MT-1109 Results pending
-------------------------------------------------------------------------
MT-1110 Results pending
-------------------------------------------------------------------------
MT-1111 Results pending
-------------------------------------------------------------------------
MT-1112 Results pending
-------------------------------------------------------------------------
MT-1113 5.80 11.20 5.40 0.406 4.1
-------------------------------------------------------------------------
MT-1113 65.70 94.90 29.20 0.534 6.6
-------------------------------------------------------------------------
MT-1114 Results pending
-------------------------------------------------------------------------
MT-1115 132.50 166.50 34.00 1.387 9.8
-------------------------------------------------------------------------
MT-1115 210.50 262.10 51.60 0.531 4.2
-------------------------------------------------------------------------
The drill holes were inclined and the intersection lengths do not represent true widths. Sample widths are normally 2.0 m but can be varied for geological and recovery factors. A cut off grade of 0.10 g/t Au has been used and no more than 6.0 m of internal dilution. No top cutting of grades has been applied. Results are reported above a minimum average grade of 0.30 g/t Au and a minimum width of 5.0 m. Gold grades are by fire assay with a AA or gravimetric finish; silver grades are by ICP analysis or by fire assay with AA finish. Mean values were used where duplicate data exist. In the case of core duplicates the average value has been used. Voids from old mine workings have been assigned zero grade.
Contacts
Randy Martin
Vice Chairman and CEO
Colombia Goldfields Ltd.
8 King Street East
Suite 208
Toronto
Ontario
M5C 1B5
T: (416) 361-9640
F: (416) 361-0883
info@colombiagoldfields.com
www.colombiagoldfields.com
U.S. Investor Relations: Michelle Roth
Roth Investor Relations
Inc.
Tel. (732) 792-2200
Email: johnmenditto@rothir.com
Canadian Investor Relations: Martti Kangas
V.P. Corporate Development
Colombia Goldfields
Ltd. Tel: (416) 361-9640
martti@colombiagoldfields.com |
