VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE: CLB)(PINKSHEETS: ECRTF)(FRANKFURT: EAT) is pleased to announce the discovery of high-grade stream sediment sample results collected from the El Retiro target area, in the eastern portion of the Fredonia project, Middle Cauca Belt, Colombia. A total of 16 samples were collected over about 35 square kilometres. The sample results showed from below detection to 839 parts per billion gold (0.84 grams per tonne). The results indicate five distinct drainages with anomalous gold eroding from a bedrock lode-gold source - all targets for follow up sampling. Each basin represents approximately two square kilometres in aerial extent. The Company now has both disseminated porphyry style and high-grade vein style gold targets on the same property.
"These samples are very promising gold grades for stream sediment sample results, guiding us to further explore this area of the Fredonia project this year. We saw occurrences of high-grade vein gold in this portion of the Fredonia Project (up to 8.25 grams per tonne gold; see news release, December 20, 2010), and these new results indicate the mineralized area is much larger than previously thought," commented Hans Rasmussen, President and CEO. "Stream sediment sampling is our most effective first-pass tool in this area of Colombia because it allows our crews to samples large areas efficiently. Stream sediments are basically the eroded, dispersed version of the same rock coming from upstream somewhere - the next step is to find the bedrock source of the gold."
Over the past year, the Company has mainly focused on exploring the Arabia target where geophysics combined with outcropping gold-mineralized porphyry rock gave the team a starting point on the property. Because the phase 1 drilling has been completed at Arabia, the geologic team now has time to evaluate some of the other targets in the 30,000 hectare Fredonia land package, including the Garrucha target and the newly-sampled El Retiro target area described above.
In the eastern sector of the Fredonia project, named El Retiro, rock chip samples taken in 2010 from a 0.8 metre channel sample returned values up to 8.25 grams per tonne gold and up to 47.5 grams per tonne silver. Gold mineralization occurs in quartz veins, hosted in Paleozoic meta-sedimentary rocks of the Cajamarca Complex. The area was first identified by Grupo de Bullet personnel (announced August 18, 2010 - Option Agreement) where they had observed small-scale artisan mining along several vein-structures in the area. Numerous veins in outcrop were also identified for follow-up on future field campaigns. As a first pass, stream sediment sampling is the most effective tool in this evaluation phase because of its efficiency at evaluating such a large area fairly quickly. Based on the results above, additional stream sediment sampling will continue, along with rock chip sampling on new mineralized outcrops that might exist.
At Garrucha porphyry target, a second pass of stream-sediment sampling program was completed and results yield anomalous gold up to 98 parts per billion showing a clear anomalous area on the north-east part of the concession 7350-B. Multivariate statistics have been applied to data indicating a probable Cu-Mo-Au porphyry mineralization style. These are coincident with magnetic anomalies and will lead to additional field work, e.g. soil sampling and rock chip sampling, trenching and eventually drilling if warranted. These anomalies are located less than five kilometres south of the La Mina project, currently being explored by Bellhaven Copper and Gold (TSX VENTURE: BHV).
All stream sediment samples were sent to the AcmeLabs Prep Laboratory in Medellin, Colombia. The chosen preparation method was direct in-situ sample sieving up to -200 ASTM mesh (75 microns) to avoid lab crushing. About 100 grams of sediment sample was sent to lab in Colombia for drying. After drying, sample was re-sieved using the same mesh (to avoid lumps) and the fine fraction was sent to AcmeLabs in Vancouver, Canada for analysis using 15 grams of pulp sample by the analytical package code 1F-MS, which corresponds to ICP mass spectroscopy (multi element package of 37 elements including gold, silver, base metals and pathfinder elements); gold detection limits are 0.2 parts per billion to 100 parts per million. The ICP multi-element analysis uses aqua regia digestion prior to analysis.
The technical information in this news release has been reviewed and approved by John Bolanos, 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. The Company employs a team of seasoned geologists, many with 20+ years of experience exploring and discovering porphyry deposits around the world, including Argentina, Peru, Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe.
The Company is currently carrying on exploration programs at the Fredonia and Venecia projects where it has optioned over 30,000 hectares located approximately 40 km south of the city of Medellin, in Antioquia Province. The properties are positioned within the Middle Cauca Belt, the most prolific gold belt in Colombia with more than 500 years of gold mining history and several new gold discoveries.
If you would prefer to receive news releases via email please contact Colombia Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the subject line.
Colombia Crest Gold Corp.
President and CEO
Colombia Crest Gold Corp.
Manager, Corporate Communications
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Unemployed Wait as Lawmakers Debate
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts
- Questions Remain in Jenni Rivera's Death
- General Dynamics Plans 200 New Jobs in N.M.
- Authorities Close to Deal with JPMorgan Chase over Madoff Response
- Harley Issues Motorcycle Recall
- Auto Dealer Builds Big Solar Project