VANCOUVER, BRITISH COLUMBIA, Mar. 4, 2010 (Marketwire) -- Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold" or the "Company") is pleased to announce that its ongoing prospecting program has resulted in the acquisition of three highly prospective gold properties in Nevada, bringing its total gold portfolio in Nevada to 22 projects.
The Stevens Basin Property is located approximately 16 km (10 miles) west-southwest of Eureka, Nevada and about 10 km (6 miles) east of Barrick Gold's Archimedes open pit gold mine. Columbus controls 100% of the project which was acquired by staking new lode mining claims.
The claim block covers a 9 m by 30 m (30 ft by 100 ft) jasperoid (silicified limestone), which occurs at the base of a small hill of Devonian limestone, at the break in slope where bedrock passes under the gravel cover of Stevens Basin. Twelve samples of the jasperoid run from 1 to 2 g/t gold. Stevens Basin is an unusual semi-circular gravel basin surrounded by hills of Paleozoic sedimentary rocks, and is approximately 10-13 sq. km (4-5 sq. miles) in diameter. Columbus Gold's property is along the north margin of the basin. Mapping to date indicates the outcrop areas are mostly Devonian limestone, with areas of altered and mineralized intrusive and siltstone float.
Columbus has collected 100 grid geochemical samples in the covered areas adjoining the limestone hills or hill. Sampling was of the coarser chips screened from fine soil in areas of no outcrop. The sampling yielded a gold anomaly (all samples greater than 100 ppb, with a high of 1370 ppb and numerous samples exceeding 500 ppb) that arcs around the base of the hill for about 760 m (2,500 ft) in total length and 30-90 m (100-300 ft) in width. The gold anomaly coincides with significant anomalies of arsenic (from 100 to 1450 ppm), antimony (from 50 to 725 ppm), and mercury (from 1 to 70 ppm). The anomalous zone is still open in several areas. More sampling is necessary to define the overall shape and size of the anomaly, but drilling is clearly warranted by the results to date.
The Weepah Property is located in Esmeralda County, approximately 32 km (20 miles) west-southwest of Tonopah, Nevada. Weepah is an historic gold camp, with the most recent production from an open pit along a steep, northerly structure cutting Precambrian sedimentary rocks. Columbus has staked claims east and southeast of the open pit where gold occurs as replacements in sanded, or lightly silicified, Precambrian limestone, exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. Outcrop sampling has yielded from nil to high grade results; highlights include 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft), in two separate areas in the sparse outcrop.
The area sampled by Columbus has been drilled with shallow holes by third parties. It is reported by the previous owner that a small resource of approximately 225,000-450,000 tonnes (250,000-500,000 tons) averaging 1.7-2.4 g/t (0.05-0.07 opt) gold was indicated by historic drilling. This modest area of known gold mineralization is not likely to yield a large gold deposit, however, Columbus mapping indicates that the favorable geology extends to the south for 1,200-1,500 m (4000-5,000 ft) under what appears to be very shallow gravel cover. Drilling is warranted in the south basin.
The Eastside Property is located approximately 40 km (25 miles) west of Tonopah, Nevada and was acquired under lease from a local prospector. Sampling (530 samples) of outcrop from Eastside yielded gold values from nil up to 7.95 g/t (0.23 opt) over 900 m (3,000 ft) of strike length along a northerly-trending zone of silicified breccia. Most of the samples exceeded 0.15 g/t (0.004 opt) with several areas running from 0.8 to 3.5 g/t (0.02 to 0.10 opt). The breccia zones are hosted in altered Tertiary volcanic and sub-volcanic rocks and the highest gold values seem closely associated with breccia zones along the margins of intrusive rhyolite flow-domes. There are three historic drill holes on the east margin of the property, but none tested the mineralization identified in the recent sampling. Additional surface sampling and geologic mapping is planned to determine the best drill sites for a future drilling campaign.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this news release. Mr. Wallace is a VP of Columbus Gold's wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and is the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus on an exclusive basis.
The historic resource figures presented herein are not NI 43-101 compliant. They should not be relied upon and Columbus Gold does not treat them as current.
ABOUT COLUMBUS GOLD
Columbus Gold Corporation is a gold exploration and development company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus Gold controls a 100% interest, subject to royalties, in 22 gold projects strategically located along or near Nevada's most productive gold trends. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are managed on an exclusive basis by Cordilleran Exploration Company (Cordex), which has a long and successful history of gold discovery and mine development in the United States. Columbus Gold maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 10 of its projects joint ventured to major and junior mining companies, including Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra, President & CEO, Director
This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting the Company's exploration plans. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.
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