Wednesday 26th October 2016

Resource Clips

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The hole was collared 150 metres west of the project’s Montagne d’Or deposit. Using a 0.4 g/t cutoff, the Montagne d’Or resource shows an inferred category of:

  • 36 million tonnes averaging 1.6 g/t gold for 1.9 million gold ounces.

The December 13 assay marks the final result for a 31-hole, 10,873-metre campaign with intercepts as far as a down-hole depth of 458 metres. The company’s now planning a resource update as well as another 15,000 metres of drilling.

Gold news from Kaminak, Columbus and Continental

Columbus Gold plans another 15,000 metres of drilling, as well as an updated resource estimate, for its Paul Isnard Project in French Guiana.

Columbus shares opened December 13 at $0.32 then closed at $0.295, a penny above the previous day’s close.

Another December 13 announcement released high-grade, short-interval gold-silver-zinc assays from Continental Gold’s TSX:CNL Buritica Project in Antioquia department, Colombia. The drilling focused on the project’s La Estera area, which consists of the Laurel, La Mano and La Estrella vein systems.

Assays from one hole in La Estrella show:

  • 3.1 g/t gold, 1,857 g/t silver and 3.2% zinc over 1.1 metres
  • 4.8 g/t gold, 538 g/t silver and 2.6% zinc over 0.9 metres
  • 9.2 g/t gold and 18 g/t silver over 2.3 metres.

About 300 metres east, a hole on the Laurel system shows:

  • 21.3 g/t gold, 96 g/t silver and 3.5% zinc over 1.05 metres
  • 13.6 g/t gold, 135 g/t silver and 12.8% zinc over 2.75 metres.

Another hole further east found mineralization interpreted to be part of La Estrella’s vein system. Assays show:

  • 36.6 g/t gold, 84 g/t silver and 6.1% zinc over 0.4 metres
  • 8.3 g/t gold, 11 g/t silver and 3.9% zinc over 1 metre.

Still at La Estrella but 500 metres even further east, drilling produced assays that include:

  • 6 g/t gold, 20 g/t silver and 0.6% zinc over 0.75 metres
  • 15.9 g/t gold and 19 g/t silver over 2.13 metres.

Some of the drilling in this campaign was conducted at elevations as high as 1,734 metres above sea level. Out of the entire campaign, the interval closest to surface started at a depth of 38 metres down hole, while the deepest stopped at 1,303 metres. True widths were estimated between 30% and 100%.

Buritica’s October 2012 resource update shows:

  • measured and indicated categories totalling 3.74 million tonnes averaging 13.6 g/t gold, 38 g/t silver and 0.7% zinc for 1.64 million gold ounces, 4.6 million silver ounces and 55.8 million zinc pounds
  • an inferred category totalling 13.33 million tonnes averaging 8.8 g/t gold, 33 g/t silver and 0.5% zinc for 3.76 million gold ounces, 14.2 million silver ounces and 156.5 million zinc pounds.

Continental has begun construction on a one-kilometre access tunnel for underground drilling. Phase IV drilling is underway to update the resource and find new targets.

Continental closed December 12 at $9.10, opening December 13 at the same price. But the December 13 closing bell found the shares at $8.80.

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