VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/13 -- Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE: CLB)(PINKSHEETS: ECRTF)(FRANKFURT: EAT) is pleased to announce that recent follow-up float chip sampling in the El Retiro area, eastern Fredonia Project, returned up to 4.1 and 59.3 grams per tonne gold, with 35 and 253 grams per tonne silver. More-dispersed areas of up to 1.27 grams per tonne gold were also discovered in a contact between intrusive and metamorphic rocks which contained numerous sheeted quartz veinlets related to the mineralization, and could represent a larger-tonnage type gold target.
Since outcrop is limited, the recent follow-up sampling was of float chip samples in the area of the original high-grade prospect. A previous channel sample reported by Colombia Crest on December 20, 2010 was from a small prospect which returned 8.25 grams per tonne gold. El Retiro has consistently been returning interesting gold results, and now silver and tellurium are also anomalous. In the same area, on January 14, 2013, the Company reported stream-sediment gold results of 839 parts per billion (0.839 grams per tonne), which was confirmed by a follow-up sample with 656 parts per billion. Because this area has such strong numbers, additional field work will continue to delineate the high-grade structures in this area, as well as the potential for low-grade, bulk mineable gold from the quartz veinlet zone at the mineralized meta-sediment/intrusive contact.
"The El Retiro area continues to surprise and encourage our geologic team - these new results further support our original concept of having a high-grade gold-silver target in the eastern portion of the Fredonia Project," commented Hans Rasmussen, the Company's President and CEO. "I like the association of gold mineralization to an intrusive source where we could find a larger area, and thus larger tonnage, with moderate to high-grade gold. Additionally, we see that others have found gold in the same area as evidenced by collapsed historic tunnels/workings from small-scale miners. More follow-up ground work is necessary to assess the full potential of this area before a drill program is planned."
The geology of the gold-anomalous area consists mainly of micaceous and graphitic schist. A medium-grained dioritic stock is also near to the gold- bearing samples from quartz veinlets filling structures associated with the contact zone. There is evidence of more than one mineralized structure, and multi-stage quartz phases associated with the mineralized contact zone near the intrusive. Three types of gold-bearing mineralization have been observed:
1. Gold bearing orogenic/mesothermal quartz veins (up to 8.5 g/t Au);2. Outcropping intrusive related mesothermal quartz veinlets (4.1 and 59.3 g/t Au from nearby float); and,3. A sheeted veinlets zone (up to 1.27 g/t Au). Potential for larger tonnages and lower gold grade overall.
Additional work is recommended: including shallow trenching around the strong float samples reported above, more detailed rock sampling to the extent outcrop is available and close-spaced soil sampling near the old workings and along the intrusive/schist contact.