Frisch reingekommen!
Continental Gold Drills 17.9 metres at113.82 g/t Gold and 112 g/t Silver in the Veta Sur System, Buritica GoldProject, Colombia
11/24/2010 6:31 AM - Market Wire
TORONTO, ONTARIO, Nov 24, 2010 (MARKETWIRE via COMTEX News Network) --
ContinentalGold Ltd. ("Continental" or the "Company") (TSX: CNL) is pleased to announce further diamond drilling results from the Veta Sur and Yaraguavein systems at its Buritica gold project in Antioquia, Colombia. Seven drills continue to turn as part of a 100,000 metres Phase II diamonddrilling program, with completion anticipated prior to the end of 2011.
Highlights
-- Drill hole BUSY-131 tested the central Veta Sur system and intersected
17.9 metres @ 113.82 g/t gold and 112 g/t silver including 1.2 metres @
1432.35 g/t gold and 625 g/t silver. This hole was an offset of the
previously announced BUSY-79 which intersected 14.3 m @ 446 g/t gold and
166 g/t silver.
-- Step-out drilling on the Veta Sur system indicates significant gold
mineralization in multiple sub-parallel veins in a 100-meter wide
corridor with more than 400 meters of lateral and 350 metres vertical
extents and is open to the west and at depth.
-- High grade Stage II-style gold mineralization has now been identified
overprinting phyllic alteration and base metal/carbonate gold (Stage I)
mineralization in the Yaragua and Veta Sur systems
-- Continuing drilling in the Yaragua area family of veins intersected 11.0
meters @ 17.16 g/t gold including 1.25 meters @ 128.40 g/t gold and 55
g/t silver in hole BUSY-129 in the western portion of the San Antonio
vein.
-- Step-out and infill drill intercepts on Yaragua Vein B includes 2.95
meters @ 24.37 g/t gold with 30 g/t silver in BUSY-92 and 13.4 meters @
6.54 g/t gold in BUUY-49.
Details
The 100%-owned, 18,000 hectare Buritica gold project, located in the Department of Antioquia, Colombia, is characterized by widespread,high-grade gold mineralization in multiple vein packages as well asextensive gold-in-soil anomalies. Drilling to date has focused on the Yaragua and Veta Sur vein systems. These systems exhibit twomineralogically and geochemically distinct phases of goldmineralization. Stage I, seen in veins and breccias, consists ofsemi-massive banded iron-zinc-lead (Fe-Zn-Pb) sulfides with acarbonate-quartz gangue. The recently identified Stage II style is lowerin sulfide and consists principally of carbonate, quartz and nativegold. Bonanza-grade drill intercepts in areas dominated by Stage II mineralization previously reported from the Veta Sur zone include 14.3metres at 446 g/t gold and 166 g/t silver in Busy-79.
Total surface and underground diamond drilling on the property since its discovery in 2008 is over 42,000 meters. Seven drills are currently working on infill and step-out on the Veta Sur and Yaragua families ofveins, new exploration in targets defined by soil anomalies, anddrilling along the trend of a planned one kilometer long tunnel whichwill access the ore bodies at depth. The 100,000-metre Phase II drillingprogram is to be completed before end 2011. This release summarizes theresults of recent drilling in the Veta Sur and Yaragua systems.
Veta Sur
Results from the eight new drill-holes reported in the Veta Sur system extendthe strike length of the 100-metre wide mineralized corridor to 400 meters (Figure 1), open to the southwest. Within this corridor all holesexhibit multiple vein intersections, which preliminary modelingindicates reflect a family of five main veins. The entire Veta Surcorridor is open below the 350 vertical meters currently drill tested.Significant intercepts are tabulated below:
Interval
Hole ID From (m) To (m) (m) Gold g/t Silver g/t Zinc ppm
---------------------------------------------------------------------------
BUSY-81 236.85 239.45 2.60 20.91 7.5 7133
249.35 261.50 12.15 4.81 120.1 3527
including 256.80 258.85 2.05 11.33 254.8 12597
268.40 269.70 1.30 14.22 80.0 2616
285.10 286.35 1.25 23.93 219.2 2421
BUSY-82 68.80 70.20 1.40 14.26 20.0 53800
81.00 83.00 2.00 6.46 30.2 38040
202.10 203.20 1.10 7.62 14.0 1083
313.30 316.50 3.20 4.55 14.8 4380
343.30 346.70 3.40 12.42 23.4 871
BUSY-83 171.00 173.00 2.00 23.33 216.0 13751
252.55 254.50 1.95 12.56 160.2 1369
BUSY-86 352.90 355.00 2.10 4.12 27.8 4445
359.00 362.20 3.20 3.49 23.5 3326
BUSY-89 325.80 328.50 2.70 12.16 19.0 2403
334.50 340.55 6.05 8.93 78.2 1587
BUSY-90 260.85 262.30 1.45 9.38 79.2 3286
333.15 333.80 0.65 18.47 28.0 2036
381.70 382.60 0.90 27.24 68.6 654
405.50 409.80 4.30 16.05 14.7 200
BUSY-91 245.60 249.30 3.70 4.22 18.4 333
283.00 288.10 5.10 4.34 24.2 589
317.70 318.75 1.05 8.64 28.0 2748
BUSY-131 104.00 106.50 2.50 9.63 27.4 1887
124.00 141.90 17.90 113.82 112.4 645
including 127.30 128.50 1.20 1432.35 625.4 625
and 132.00 133.80 1.80 127.02 161.8 796
(a) True widths not known but estimated at 50% or higher of the quoted
intercept
(b) Grades are uncut and an external grade cutoff of 1.0 g/t Au used to
determine intersection thickness and grade
(c) BUSY- sequence drilled from the surface, BUUY- sequence from underground
(d) Holes not reported in numerical sequence are in sample preparation or
assay lab
BUSY-131 was drilled from south to north and in scissor pattern with thenorth-to-south drilled Busy-79, which intersected 14.3 m @ 446 g/t Augold and 166 g/t Ag silver. Both holes contain two very high gradeportions which exhibit abundant visible gold and which define asteeply-dipping high grade sub-zone of more than 10 metres truethickness. The bonanza gold grades associated with low base metals andvuggy carbonate are typical of the Stage II style mineralization which is proving to be extensive in the Veta Sur system.
Yaragua Veins
Drillingin the Yaragua area focused on defining the western extension of Vein B. Eight of the nine new drill holes into Vein B intersected good goldgrades and/or vein-set thicknesses. Higher grades were encountered tothe west where the vein shows a distinct Stage II overprintcharacterized by carbonate-native gold-stibnite mineralization. The mainintercepts from these holes are tabulated below and are shown in Figure2.
A single drill hole completed on the San Antonio vein furtherdemonstrates good grades and continuity of the western part of this vein set. The intersection of 1.25 meters @ 128 g/t Au in BUSY-129 appears to be a Phase II overprint within the broader intersection of 11meters @ 17.16 g/t Au.
Interval Gold Silver Zinc
Drillhole ID From (m) To (m) (m) g/t g/t ppm Subzone
---------------------------------------------------------------------------
BUSY-80 127.50 129.00 1.50 3.37 6.2 5795 Vein B
BUSY-84 85.00 86.15 1.15 12.58 5.1 4863 Vein B
BUSY-85 85.40 89.90 4.50 6.24 4.0 3281 Vein B
98.90 100.40 1.50 7.10 7.9 3528
BUSY-88 40.95 47.30 6.35 5.07 18.2 13015 Vein B
82.30 84.80 2.50 9.25 6.3 11824
BUSY-92 143.50 144.50 1.00 7.97 18.6 47220
157.75 160.70 2.95 24.37 30.0 18227 Vein B
198.30 198.70 0.40 38.91 10.0 562
BUSY-129 108.70 110.20 1.50 7.13 7.2 2872
118.85 129.85 11.00 17.16 9.9 3038 San Antonio
including 122.40 123.65 1.25 128.40 55.0 3963
140.10 149.60 9.50 8.52 18.1 7551
BUUY-40 136.30 138.50 2.20 15.44 25.8 4470 Vein B
BUUY-41 231.35 237.60 6.25 5.69 6.6 4143 Vein B
240.60 256.90 16.30 3.47 5.2 2423
including 243.30 246.50 3.20 9.72 11.4 1254
BUUY-43 75.00 76.50 1.50 13.10 16.3 1136 Vein B
266.55 267.95 1.40 5.59 8.4 761
BUUY-49 11.00 15.60 4.60 3.86 4.5 1541
60.10 73.50 13.40 6.54 4.6 6646 Vein B
including 65.50 70.50 5.00 13.80 6.6 10918
85.00 86.00 1.00 13.75 4.9 247
(a) True widths not known but estimated to be 50% or higher of quoted
intercept
(b) Grades are uncut and an external grade cutoff of 1.0 g/t Au used to
determine intersection thickness and grade
(c) BUSY- sequence drilled from the surface, BUUY- sequence from underground
(d) Holes not reported in numerical sequence are in sample preparation or
assay lab
Technical Information
Theresults of the Company's drilling program have been reviewed, verifiedand compiled by Vice President Exploration, Stuart Moller P.Geol., aqualified person for the purpose of NI 43-101. Mr. Moller has over 30years of mineral exploration experience and is a Licensed ProfessionalGeologist in the Province of British Colombia and a Fellow of theSociety of Exploration Geologists.
The company utilizes anindustry-standard QA/QC program. HQ and NQ diamond drill-core is sawn inhalf with one half shipped to a sample preparation lab in Medellin runby SGS Colombia. Samples are then shipped for analysis to SGS certifiedassay laboratory in Lima, Peru. The remainder of the core is stored in asecured storage facility for future assay verification. Blanks,duplicates and certified reference standards are inserted into thesample stream to monitor laboratory performance and a portion of thesamples are periodically check assayed at ACME laboratories in Vancouverand/or Inspectorate Labs in Reno.
About Continental Gold Limited
ContinentalGold Limited is an advanced-stage exploration company with eight goldprojects covering 200,000 hectares in Colombia. Spearheaded by a management team with over 40 years of exploration and mining experiencein South America, the Company has begun an aggressive explorationprogram on its extensive portfolio of properties with a focus on itsflagship high-grade gold project, Buritica and the highly-prospective Berlin gold project. Additional details on the Buritica project and therest of Continental Gold's suite of gold exploration properties is available at www.ContinentalGold.com.
Forward-Looking Statements
"Thispress release contains or refers to forward-looking information,including statements regarding the estimation of mineral resources,exploration results, potential mineralization, exploration and minedevelopment plans, timing of the commencement of operations andestimates of market conditions, and is based on current expectationsthat involve a number of business risks and uncertainties. Factors thatcould cause actual results to differ materially from any forward-lookingstatement include, but are not limited to, failure to convert estimatedmineral resources to reserves, capital and operating costs varyingsignificantly from estimates, the preliminary nature of metallurgicaltest results, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, political risks,uncertainties relating to the availability and costs of financingneeded in the future, changes in equity markets, inflation, changes inexchange rates, fluctuations in commodity prices, delays in thedevelopment of projects and the other risks involved in the mineralexploration and development industry. Forward-looking statements aresubject to significant risks and uncertainties, and other factors thatcould 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 theCompany assumes no responsibility to update them or revise them toreflect new events or circumstances other than as required by law."
Toview Figure 1 - Surface plan of current and past drilling in the VetaSur area, please visit the following link:http://media3.marketwire.com/docs/cnl_1124_fig_1.pdf
To viewFigure 2 - Plan view of the new drilling in the Yaragua family of veins(previous drilling shown in gray traces), please visit the followinglink: http://media3.marketwire.com/docs/cnl_1124_fig_2.pdf
Contacts: Continental Gold Limited Naomi Nemeth Vice President, InvestorRelations +1 416.643.7638 info@continentalgold.comwww.continentalgold.com
SOURCE: Continental Gold Ltd.
mailto:info@continentalgold.com http://www.continentalgold.com
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