Colombia Crest Gold Announces Assays From Phase 1 Drill Program, Plans for Phase 2 Drilling; Shrs Near Yr Lows
Colombia Crest Gold Corp. (CLB.V), which is trading near year lows, announced final assay results including 15.7 grams per tonne gold (g/T Au) over 1.3 metres in hole AR12-15 from the 18 hole, 6,574 metre Phase I drill program on the Arabia Porphyry Complex, and plans for the upcoming exploration program on its Fredonia-Venecia property located in the Middle Cauca Belt, Colombia. As reported on October 17, 2012, the Phase 1 drill program has returned typical porphyry system grades in several sectors, including 182 metres of 0.38 g/t Au in drill hole AR12-4.
Phase 1 drill holes were widely spaced (100 - 400 metres apart), testing a series of geophysical or geochemical anomalies across the Arabia porphyry complex, with the goal of identifying the best potential areas for further exploration. The Arabia porphyry complex is situated partially on the Venecia concession under option from Colombian Mines Corp., and partially on the Fredonia concession under option from Grupo de Bullet. Based on the results from Phase 1, the Phase 2 drill program in 2013 will target expansion of zones with the highest grade gold intercepts (holes 4, 8 and west of hole 15), while drill testing the newly discovered Garrucha target.
Plans for 2013 - Phase 2 Drill Program / Property Acquisitions
The upcoming year will build on the foundation that was set during 2011-12. Specific items include:
- Analyze current drill results alongside new ZTEM Survey results to attain better understanding of the location of structures in the property.
- Further surface sampling at the new Garrucha target where strong surface sampling results from stream sediment sampling have already been identified.
- Further surface sampling at the El Retiro target - this is the eastern-most concession of the Fredonia land package where up to 8.25 g/t gold has been discovered in vein-type mineralization in channel chip samples taken from outcrop.
- Drilling at Arabia, Garrucha and possibly El Retiro to follow up on significant gold grades from drilling, outcrop, and stream sediment sampling.
- Secure additional highly prospective, undervalued property in Colombia to increase Company value.
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