TORONTO, ONTARIO -- (Marketwired) -- 07/09/13 -- Continental Gold Limited (TSX: CNL) (OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce results for the initial four underground diamond drill-holes from the Veta Sur vein system and two additional surface holes from the La Estera vein system, as part of the Company's ongoing exploration program at the Buritica project in Antioquia, Colombia. Eight drills are currently on site as part of the Company's Phase IV diamond drill program for 2013-2014, with a goal of delivering robust growth to the total number of mineral resource ounces while simultaneously upgrading existing inferred ounces into the measured and indicated resource categories under National Instrument 43-101 ("NI 43-101") guidelines ahead of a prefeasibility study scheduled for 2014.
Veta Sur System (Referenced in Figures 1 and 2)
-- All four initial underground drill-holes at Veta Sur were successful in infilling the deposit, extending existing veins and encountering new veins outside the current mineral resource envelope.-- BUUY121 and BUUY118, intersected, respectively: -- 16.7 metres @ 58.7 g/t gold and 233 g/t silver, including 5.15 metres @ 184 g/t gold and 671 g/t silver (elevation of 1,639 metres); and -- 18.7 metres @ 22.4 g/t gold and 80 g/t silver, including 3.8 metres @ 99.6 g/t gold and 254 g/t silver (elevation of 1,654 metres).
These intercepts, characterized by Stage II visible gold-bearing mineralization, extend a broad high-grade subzone that is open vertically in central Veta Sur.
-- Portions of the four drill-holes aimed at infilling the Veta Sur vein system intersected vein domains with significantly higher grades and/or thicknesses than in the current mineral resource model (see "Technical Information" below). Such intercepts include: -- 7.42 metres @ 7.7 g/t gold and 12 g/t silver, including 0.5 metres @ 91.9 g/t gold and 44 g/t silver (BUUY110, elevation of 1,688 metres); -- 3.4 metres @ 8.3 g/t gold and 178 g/t silver, including 1.2 metres @ 16.7 g/t gold and 340 g/t silver (BUUY116, elevation of 1,710 metres); -- 0.5 metres @ 11.2 g/t gold and 105 g/t silver (BUUY121, elevation of 1,557 metres); and -- 0.5 metres @ 8.9 g/t gold and 246 g/t silver (BUUY121, elevation of 1,493 metres).-- Each of the four underground drill-holes at Veta Sur also intersected vein domains outside of the current mineral resource envelope. Significant intercepts, extending vein domains, include: -- 1.8 metres @ 18.8 g/t gold and 8 g/t silver, (BUUY110, elevation of 1,703 metres); -- 3.5 metres @ 5.2 g/t gold and 8 g/t silver, including 1 metre @ 13 g/t gold and 11 g /t silver (BUUY116, elevation of 1,710 metres); -- 1 metre @ 11.3 g/t gold and 28 g/t silver (BUUY118, elevation of 1,444 metres; new northerly vein); and -- 0.51 metres @ 6.9 g/t gold and 11 g/t silver (BUUY121, elevation of 1,692 metres).
La Estera System
-- BUSY337, in western La Estera, extended the Laurel vein family to the west and vertically. Significant intercepts include: -- 0.4 metres @ 12.9 g/t gold and 32 g/t silver (elevation of 1,014 metres); -- 0.4 metres @ 23 g/t gold and 53 g/t silver (elevation of 992 metres); and -- 1.25 metres @ 5.7 g/t gold and 17 g/t silver (elevation of 957 metres).-- Some 600 metres further to the northeast, BUSY342 intersected a broad zone of base metal-rich veining, interpreted as the Laurel vein family, including: -- 3.5 metres @ 13.3 g/t gold, 181 g/t silver and 5.3% zinc, including 1 metre @ 21.3 g/t gold, 362 g/t silver and 8.2% zinc (elevation of 1,753 metres).-- Further to the south and deeper, BUSY342 also intersected a family of veins, the most southerly yet encountered in the La Estera area, including: -- 0.55 metres @ 16.2 g/t gold and 23 g/t silver (elevation of 596 metres).