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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 12, 2011) – Confederation Minerals Ltd. (“Confederation”) (TSX VENTURE:CFM) is pleased to report additional drill results from the on-going drilling program at the Newman Todd property in the Red Lake Gold District, Ontario. These results are from five holes, completed in wide spaced drilling along the Newman Todd Structure (“NTS”), another 11 holes have been completed and assays are pending. The highlight hole from the latest results returned 7.06 oz/ton (242.0 g/t) gold over 0.50 metre.
Lawrence Dick, President and CEO of Confederation states: “We are excited to have encountered the highest gold grades yet from our drilling at Newman Todd. 2011 has been our most aggressive and successful year of exploration and discovery at Newman Todd, and these efforts have returned our most consistent and highest gold grades. The tenor of the gold mineralization, it’s extremely wide-spread nature, and the fact that the mineralization is open to depth, have resulted in our decision to continue drilling beyond our planned program for this year. We will continue drilling, with at least two drill rigs, throughout the fall of 2011 and the winter of 2011 and 2012. Data from this expanded program will lead to a much better understanding of the lateral and vertical morphology and continuity of the mineralized structures. We are also pleased to discover that much wider zones of lower grade mineralization are being encountered (see below). Management is of the opinion that this is an indication that gold is not isolated to individual structures, and further indicates that lower-grade zones may be haloes on much higher-grade, structurally-controlled bodies yet to be defined by drill hole intersections.”
All holes completed to date in 2011 have intersected the Newman Todd Structure, and several have returned multiple high-grade gold intersections. Drilling in 2011 has intersected gold mineralization over 1.2 km of the strike of the NTS. A plan map and long section can be found on the company’s (www.confederationmineralsltd.com) web site. All assays from all holes completed to date at Newman Todd are also on the company’s web site.
Highlights from the recently completed five holes:
Section 1375:
Section 1700:
Section 2250
| Table of Significant Results: | ||||||||||
| Hole | From (m | ) | To (m | ) | Gold (g/t | ) | Width (m | ) | Section | |
| NT-069 | 305.00 | 306.00 | 2.68 | 1.00 | 1350 | |||||
| NT-069 | and | 318.00 | 319.00 | 2.05 | 1.00 | 1350 | ||||
| NT-070 | 393.50 | 394.00 | 10.40 | 0.50 | 1375 | |||||
| NT-070 | and | 412.00 | 413.00 | 4.29 | 1.00 | 1375 | ||||
| NT-070 | and | 438.50 | 439.00 | 69.70 | 0.50 | 1375 | ||||
| NT-070 | and | 450.00 | 451.00 | 4.95 | 1.00 | 1375 | ||||
| NT-070 | and | 470.00 | 471.00 | 5.04 | 1.00 | 1375 | ||||
| NT-071 | 28.00 | 29.00 | 4.94 | 1.00 | 1700 | |||||
| NT-071 | and | 62.00 | 72.50 | 1.25 | 10.50 | 1700 | ||||
| NT-071 | including | 70.00 | 70.50 | 7.16 | 0.50 | 1700 | ||||
| NT-071 | and | 138.00 | 139.00 | 10.70 | 1.00 | 1700 | ||||
| NT-071 | and | 151.00 | 151.50 | 8.88 | 0.50 | 1700 | ||||
| NT-071 | and | 177.00 | 178.00 | 12.86 | 1.00 | 1700 | ||||
| NT-071 | including | 177.50 | 178.00 | 24.50 | 0.50 | 1700 | ||||
| NT-072 | 8.00 | 9.00 | 24.10 | 1.00 | 1700 | |||||
| NT-072 | and | 137.00 | 138.50 | 8.19 | 1.50 | 1700 | ||||
| NT-072 | and | 144.00 | 147.00 | 2.60 | 3.00 | 1700 | ||||
| NT-072 | including | 145.50 | 146.00 | 11.00 | 0.50 | 1700 | ||||
| NT-072 | and | 163.00 | 191.00 | 1.13 | 28.00 | 1700 | ||||
| NT-072 | including | 182.00 | 183.50 | 5.20 | 1.50 | 1700 | ||||
| NT-072 | and | 208.00 | 209.00 | 4.78 | 1.00 | 1700 | ||||
| NT-072 | 230.00 | 239.00 | 1.42 | 9.00 | 1700 | |||||
| NT-072 | and | 241.00 | 242.00 | 31.10 | 1.00 | 1700 | ||||
| NT-072 | and | 251.00 | 258.00 | 2.42 | 7.00 | 1700 | ||||
| NT-072 | including | 253.00 | 254.00 | 13.70 | 1.00 | 1700 | ||||
| NT-072 | and | 270.00 | 271.00 | 4.06 | 1.00 | 1700 | ||||
| NT-072 | and | 294.00 | 296.00 | 4.24 | 2.00 | 1700 | ||||
| NT-072 | and | 295.00 | 296.00 | 7.36 | 1.00 | 1700 | ||||
| NT-073 | 132.00 | 133.00 | 3.91 | 1.00 | 2250 | |||||
| NT-073 | and | 161.50 | 162.00 | 242.00 | 0.50 | 2250 | ||||
| NT-073 | and | 166.00 | 170.00 | 2.89 | 4.00 | 2250 | ||||
| NT-073 | including | 166.00 | 167.00 | 5.61 | 1.00 | 2250 | ||||
| NT-073 | and | 242.00 | 244.00 | 4.51 | 2.00 | 2250 | ||||
| NT-073 | and | 255.00 | 256.00 | 10.20 | 1.00 | 2250 | ||||
| * Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.25 g/t lower cut-off. Internal dilution within reported intervals does not exceed core lengths of two metres unless otherwise indicated. ** Cross sections are spaced 25 metres apart across the entire NTS, Section 1375 marks the centre of the Heath Bull Zone. |
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Discussion of Results
The Newman Todd Structure is a large scale hydrothermal alteration and structural zone which is host to widespread gold mineralization. The gold is believed to occur in discreet shoots or lenses of silica/sulphide and magnetite replacement within the structure. Widespread anomalous gold mineralization has been encountered, a good example is hole NT-072, when averaged through the entire mineralized zone, carries 159.0 metres of 1.01 g/t gold (no cut-off applied). The latest results returned the deepest high-grade gold intercept in Hole NT-070; this indicates that the zone is still strong at depths down to 400 metres vertically below the surface. No drilling has been done to depths exceeding 400 metres along the structure. Upcoming drilling will continue to focus on expanding gold mineralization along strike, and on following the system at depth.
Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Red Lake Ontario, an accredited mineral analysis laboratory, for analysis. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Confederation’s quality control/quality assurance program.
Bob Singh, P.Geo., is the qualified person as defined by National Instrument 43-101 and has reviewed this news release. Mr. Singh has been engaged through a third party service provider by Confederation Minerals Ltd. to manage the project, and is also the Canadian Exploration Manager for Redstar Gold Corp.
About Confederation Minerals Ltd.
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. holds an option agreement to acquire up to 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario as well as 100% ownership in two other properties in the Red Lake Mining District of Ontario.
On Behalf of the Board, Confederation Minerals Ltd.
Lawrence A. Dick, Ph.D., P.Geo, President, CEO, and Director
Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that Confederation Minerals Ltd. (the “Company”) expects to occur are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
