VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/23/13 -- Corazon Gold Corp. ("Corazon" or the "Company") (TSX VENTURE: CGW)(OTCBB: RMZFF) is pleased to provide an update of this year's activities on the Goldfield Bonanza Project and to announce that the Company has successfully renegotiated the terms of the option agreement it holds to acquire the Goldfield Bonanza property. The project is located in the historic Goldfield mining district of Nevada. The Goldfield district is well known for multi-ounce, bonanza grade gold ores and has recorded historic production in excess of 4.2 million ounces of gold at an average grade of greater than 17 g/t Au (0.5 opt). In May 2011, ICN Resources released drill results in core hole ICN-003 that intercepted 45.6 metres of 96.3 g/t Au (uncut).
Corazon is pleased to announce it has successfully revised the terms of the Option Agreement with Lode Star Gold Inc. ("Optionor") and has reduced a payment due in April 2013 from $400,000 to $50,000. The Company will make another payment of $50,000 on October 7, 2013 and $300,000 in April 2014, $800,000 in April 2015 with a final payment of $1,600,000 in April 2016. Corazon has also reduced the Area of Interest (AOI) around the Goldfield Bonanza property from one mile to one-half mile. This reduced AOI will allow Corazon to increase its land position elsewhere in the Goldfield area to explore new targets. Corazon will issue 500,000 shares to Lode Star in consideration for these amendments.
The Company has focused much of its activities this year on the Goldfield Project, post its business combination with ICN Resources. Geologic work has identified numerous new target areas for further exploration based on analysis of additional bio-geochemical survey results, detailed GIS compilation of all available historic data and a recent program of underground mapping and sampling. A map of this latest work can be found at: http://www.corazongold.com/i/maps/goldfield_bonanza/GF_GT_Bio_CSAMT_ltr.pdf.
In December 2012, additional bio-geochemical samples were collected in an expanded phytogeochemical survey, following up on the positive results from an initial orientation survey (see ICN News Release dated June 4, 2012 for details of results and explanation of technique: http://www.corazongold.com/s/NewsReleasesICN.asp?ReportID=546451&_Type=ICN-News-Releases&_Title=New-Exploration-Targets-Identified-at-ICNs-Goldfield-Project).
Reno, Nevada based Minerals Exploration & Environmental Geochemistry, interpreted results from this sampling earlier this year and identified new priority exploration targets (see full report: http://www.corazongold.com/i/pdf/GOLDFIELD_FinalReport_1-23-12.pdf). The author and well-known exploration geochemist, Shea Clark Smith, stated: "The author notes that gold concentrations in these samples are exceptionally high for sagebrush and rabbit brush in Nevada. Concentrations above 5 ppb Au are rare, and most of the samples from this survey are 5-80 ppb. This attests to the probability that ground water is interacting with significant gold concentrations in the subsurface, near and below the ground water saturation zone." He also noted: "Significant gold concentrations ranging from 2-120 ppb represent the top 99th percentile of concentrations normally found in Nevada phytogeochemical data."
Eight target areas are identified and are undergoing further geologic interpretation. The five most significant anomalies appear to be:
1. A north-northwest trend just west of the historic Red Top Pit,
2. A strong northwest structural trend on strike from the Phelan shaft in the northern portion of the land holdings,
3. An apparent northwest zone to the west of the Florence and Little Florence workings,
4. An area immediately to the west of the high grade Church discovery area (see ICN News Release May 17, 2011: http://www.corazongold.com/s/NewsReleasesICN.asp?ReportID=546437&_Type=ICN-News-Releases&_Title=ICN-Reports-Initial-Drill-Results-from-Goldfield-Project), and
5. Intersecting northwest and northeast anomalies above the Newmont Lode (http://www.corazongold.com/i/maps/goldfield_bonanza/GF_GT_Bio_CSAMT_ltr.pdf).
Large anomalies in the southeastern portion of the claim block require further evaluation in order to properly interpret, and two smaller but open-ended anomalies occur in the virtually untested southern portion of the Lode Star patented claims. Both of these anomalies coincide with significant CSAMT geophysical features. Clearly, new exploration target areas have been identified from this work that may not otherwise have been highlighted given the post mineral cover in the areas.
In addition to this work, Corazon personnel have completed an exhaustive GIS compilation of all available historic data. Drill holes were re-logged to tighten up the geologic model, old underground maps were scanned so that information could be added to the database and all available data was registered and incorporated into a 3-D model for identification of priority target areas. More recently, an underground mapping and sampling program was conducted on the 300-level workings utilizing access from the February Premier shaft. Over 200 underground chip samples were collected and have been submitted for analysis. Results from these samples will be reported upon receipt. Corazon geologists will cross reference bio-geochemical anomalies and CSAMT geophysical anomalies with the detailed geologic and structural 3-D model to identify highest priority exploration targets for future drill testing.
Tom Temkin, CPG, and a Qualified Person as defined by NI 43-101 and consultant for the Company, has reviewed and approved the technical information contained in this news release.
On behalf of the Company, Corazon Gold Corp.
Patrick Brauckmann, President and CEO
Disclaimer for Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The Company is awaiting TSX approval for the revised option agreement with Lodestar Gold Inc.
Corazon Gold Corp.
President and CEO
Corazon Gold Corp.
Most Popular Stories
- Doctor Who Christmas Episode Begins Production
- HCL America Adding 1,200 IT Jobs
- Medical Mfg. Jobs Coming to Dayton
- Michael Jackson, Freddie Mercury on Previously Unreleased Queen Cut
- Longtime Unemployed to Get Help in Las Vegas
- SpaceX Aims for Predawn Launch on Saturday
- Women Key to Democratic Party: Clinton
- U.S. Chamber Caught Up in Tax Inversion Question
- Feds Won't Say How Many Border Crossers Jailed
- Christie Didn't Order Bridge Shut Down, Feds Say