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TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce the results of surface exploration that has outlined four new precious metal-mineralized systems at the Company's Buritica Project in Antioquia, Colombia. These new prospects are outside of the future Higabra valley infrastructure site ("VIS"), where expansion and resource delineation drilling continues in the Yaragua, Veta Sur, La Estera and San Agustin vein systems.
Highlights
Referenced in Figures 1 and 2
-- Three of the new prospects - Pinguro North, Pinguro and Obispo - are located 1 kilometre south, 3 kilometres south and 6 kilometres southeast of the VIS, respectively. Additionally, each of these prospects is situated to the east of the Tonusco fault.-- The Guarco-Pajarito prospect is 4 to 10 kilometres northwest of the VIS.-- Each prospect displays distinctive styles of mineralization, including precious metal-bearing vein systems, spatially related to andesitic/microdioritic intrusions similar to those at the Yaragua and Veta Sur vein systems.-- In the Obispo area, northeast-trending and steeply-dipping vein systems have been mapped and partially sampled along approximately 3,500 metres of potential strike length. These veins and a distinct set of intersecting northwest trending veins occur over an elevation range of more than 500 metres and are open in all directions. The Obispo vein sets locally exhibit very high-grade precious metals, accompanied by low to moderate base-metal and high tellurium contents. Highlights of vein sampling include:----------------------------------------------------------------------------Gold Silver Zinc Bismuth Telluriumg/t g/t ppm ppm ppm----------------------------------------------------------------------------188.50 258.0 304 166.0 greater than 500.078.61 106.0 2538 3.6 270.170.09 420.0 645 3.5 229.763.62 92.0 2700 3.0 234.245.80 78.0 801 0.6 129.341.40 436.0 2560 1.3 greater than 200.041.03 55.0 1506 1.1 159.237.38 175.0 984 2.5 126.734.96 227.0 1481 2.1 131.731.85 244.0 862 1.6 159.7----------------------------------------------------------------------------
The geochemical signature of Obispo mineralization is akin to Stage II mineralization in the Veta Sur vein system, but also exhibits highly anomalous vanadium contents, similar to bonanza-grade mineralization at the Porgera gold mine in Papua New Guinea and elsewhere.
-- At Pinguro, soil geochemical work, geological mapping, and near-surface sampling have outlined a 1 square-kilometre area containing multiple families of veins. Two orientations of vein sets have been recognized - north-northwest-striking and east-northeast-striking and moderately southwest-dipping; the latter vein set having potential strike length of over 300 metres, and a vertical extent of more than 300 metres. Rock- chip sampling to date indicates that both vein orientations may exhibit high-grade gold mineralization and are base-metal rich, geochemically similar to Yaragua Stage I mineralization. Highlights of vein sampling include:----------------------------------------------------------------------------Gold Silver Zinc Bismuth Telluriumg/t g/t ppm ppm ppm----------------------------------------------------------------------------88.18 630.0 1531 10.9 5.253.67 80.0 15600 26.1 24.349.9 81.0 19200 71.1 42.436.73 30.0 3604 13.5 8.728.38 77.0 2127 34.9 30.1------------------------------------------------------------------------------ Reconnaissance mapping and sampling has recognized several auriferous vein systems in the 1 square-kilometre Pinguro North area, located proximal to the site of proposed future development in the Higabra valley.-- The Guarco-Pajarito prospect displays broad areas of soil gold and copper anomalism. Within these areas, porphyry gold-copper and vein gold mineralization has been sampled in limited outcrop and by trenching. Auriferous vein systems exhibit low to moderate base-metal contents and are both shallowly and steeply dipping. Systematic sampling of one of the latter veins averaged 5.3 g/t gold and 33 g/t silver over an average width of 0.3 metres along 400 metres of strike length.-- The high-grade vein systems in the Pinguro and Obispo prospects will be drilled as soon as the required regulatory permits are in place, anticipated in Q2 2013.
