Newmont sells Ontario mine to Orla for $850 million
The addition of the Musselwhite mine to its portfolio more than doubles Orla Mining's gold output to 300,000 ounces per year.
Colombia Crest Gold Corp. (TSX VENTURE:CLB)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce the discovery of porphyry gold-style alteration in the first of nine target zones being explored on the Fredonia and Venecia properties (see news release dated April 12, 2011). Alteration mapping of the highest-priority target, now named “Arabia”, has delineated an area of quartz-sericite-pyrite alteration with dimensions 700 meters east-west by 900 meters north-south which is surrounded by a halo of propylitic alteration. The area of quartz-sericite-pyrite alteration overlies a central, circular magnetic high anomaly which is often characteristic of a zoned porphyry gold-style system (please click on the attached link to view figures http://colombiacrestgold.com/_resources/maps/arabia_target_figures.pdf ). The Arabia target overlaps both the Venecia and Fredonia concessions. Rock chip sampling in two separate stream drainages on either side of the alteration zone returned assay values that vary from 50 parts per billion to 3.85 grams per tonne gold (see news release dated April 5, 2011). The Arabia target is located 10 kilometres west of Bellhaven Resource’s La Mina project and 15 kilometres south of Sunward Resources’ Cerro Vetas porphyry gold-copper resource.
“I, along with our new exploration team, am very pleased with the field results from our first target area,” states Hans Rasmussen, President and CEO of Colombia Crest Gold. “The Arabia target alteration may indicate the presence of a porphyry gold-copper system at depth. The coincidence of quartz-sericite-pyrite alteration overlying a magnetic high suggests that a potassic alteration core, which normally contains the gold-copper mineralization in these types of deposits, may be preserved at depth” says Hans. “Discovery in our first target area of quartz-sericite-pyrite alteration, coincident with a magnetic high anomaly and gold geochemistry is verification that we are on the right track with our initial exploration program at Fredonia-Venecia. The next steps are to sample, map and then drill test to determine the existence and grade of a porphyry gold-copper style potassic core at Arabia.”
Follow-up on the Arabia Target is underway, including soil sampling, geological mapping and rock chip sampling to identify any obvious mineralized outcrops. If follow up work demonstrates positive results, Arabia will be the first priority drill target in the upcoming Fredonia-Venecia drill program.
Nearby at Bellhaven’s La Mina project, the latest drill results returned 239 metres of 1.04 grams per tonne gold and 0.45 percent copper, including 135 metres of 1.53 grams per tonne gold and 0.61 percent copper (see Bellhaven Resources news release April 5, 2011). This demonstrates that porphyry gold targets in this region can also contain significant copper. Similarly, Sunward Resources has reported good copper values from drilling at their Cerro Vetas porphyry gold-copper resource.
The nine high-quality targets areas being examined in the current work program on Fredonia and Venecia were defined through the detailed integrating of mineral title maps, new airborne magnetic and radiometric data, along with stream sediment sampling data for gold and copper values, and the interpretation of geologic maps and fault intersections analysis from satellite maps. Each target area covers between three and ten square kilometers. Highest priority was given to targets with the best results from each of the data groups mentioned above, including mineral title and surface ownership as a prioritizing criteria.
The technical information in this news release has been reviewed and approved by Dr. Richard Jemielita, a technical consultant who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Colombia Crest Gold Corp.:
Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in Colombia as well as realizing the potential of its 100 percent-owned San Simon project in Bolivia. Industry experts with three decades of gold discoveries head up both the management and technical teams at Colombia Crest Gold.
Along with a strong working capital position, the Company will accelerate the exploration programs at the Fredonia and Venecia projects where it has optioned over 17,000 hectares located in the Cauca River Valley. Situated approximately 40 km south of the city of Medellín, 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 a several new gold discoveries.
The Company is focused on grass-roots discovery of porphyry-style gold-copper resources, like those of Sunward Resources, Bellhaven Resources and AngloGold-Ashanti, all located near the Fredonia and Venecia projects. The Company has employed a team of seasoned geologists with 20+ years of experience each exploring and discovering this type of gold deposit around the world, including central Mexico, the Alaska Range, Indonesia, Eastern Europe and the Andes Mountains of South America.
Image by Colombia Crest Gold Corp.
