VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2013) - Colombian Mines Corporation (TSX VENTURE:CMJ)(X6C.F) ("Colombian Mines" or "the Company") is pleased to announce hole D13-05 intersected mineralization with an average sample grade of 16.81 grams gold equivalent per metric tonne (g/T Au Eq) over 6.85 meters from 86.5 to 93.35 meters within a broader 26.55 meter intercept averaging 4.53 g/T Au Eq 68.95 to 95.50 meters. Hole D13-04 contained two high grade intercepts, the first averaging 6.57 g/T Au Eq over the 5.1 meters from 72 to 77.1 meters, and a second intercept averaging 8.49 g/T Au Eq over 7.6 meters from 93 to 100.6 meters, both within a larger 29.6 meter intercept averaging 3.79 g/T Au Eq from 71 to 100.6 meters. Hole D13-03 did not intersect significant mineralization. Individual averages for gold, silver, copper and zinc are presented in Table 1 below.
Table 1. Summary D13-03, D13-04 and D13-05 Drill Results, El Dovio
|Drill Hole||From||To||Length |
|D13-03||No Significant Intercept|
|Metal Conversion Price*||$1,000||$16.00||$2.50||$0.70|
|Gold Equivalent values adjusted for metallurgical Extraction as noted.|
|* Assumed Metal Price is price per troy ounce for gold and silver, and price per pound for copper and zinc.|
|** 31.1 grams equals 1 troy ounce|
Discussion of Drilling Program and Results
Hole D13-03 was drilled at an azimuth of 202° and an inclination of 55° below horizontal to a depth of 180 meters. The hole encountered geochemically significant mineralization with maximum values of 1.9 g/T Au, 3 g/T Ag, 216 PPM (0.02%) Cu and 1,323 PPM (0.13%) Zn in individual samples but does not appear to have cut the Sabana Blanca zone as projected from geologic information in holes 1A, 2 and 3, and surface data. It appears that the Sabana Blanca zone, while nearly vertical at the surface, is folded or "rolls" over to a steep southerly dip. As a result, hole 3 appears to have been drilled in the footwall of, and nearly parallel to the down dip extension of the Sabana Blanca zone. A more accurate determination of the three-dimensional geometry of this zone will require additional drilling.
Hole D13-04 was drilled at an azimuth of 220°, inclined 45° below horizontal to a total depth of 109 meters. This hole cut the Sabana Blanca zone as projected at a point roughly 12 meters south of, and 20 meters below the elevation of Trench 1.
Hole D13-05 was drilled at an azimuth of 210°, 45° below horizontal, to a total depth of 100 meters. Hole 5 successfully cut the projection of the Sabana Blanca zone as anticipated roughly midway between the portal of the Sabana Blanca adit and Trench 1, and roughly 15 meters below the elevation of the Sabana Blanca adit.
These drill results corroborate the Company's earlier surface channel sampling and continue to expand and verify the continuity of high grade mineralization in the Sabana Blanca zone. Mineralization in holes 4 and 5, like that intersected in the earlier drill holes, consists of multi-phased, coliform banded quartz, with locally abundant chalcopyrite, sphalerite and pyrite. Crenulated veins and veinlets indicate that compressional deformation and folding may affect the system.
To better define the apparent change in orientation of the mineralized zones from near vertical to a more moderate southerly dip, the Company has constructed a drill site to the south of the zone and is drilling hole 6 in a north-northwesterly direction. Hole 6 is designed to test the postulated south dipping projection of mineralization in the Sabana Blanca zone beneath the intercept in hole D13-02 and is based upon the premise that the mineralized zones have been folded. Assuming hole 6 confirms the southerly dip of mineralization additional holes may be drilled from the same site to test further down dip extensions of the Sabana Blanca zone.
For the purposes of this press release the Company has not applied any "capping" or "top cutting" to the drill results. The presence of numerous high grade samples in the surface and underground channel sampling results, and the apparent continuity of high grades zones does not currently justify capping or top cutting of the sample grades in these drill holes at this time. Drill intercept lengths reported here, are the actual drilled length. While these correspond well with interpreted true widths from surface sampling, they may be longer than the true width of mineralization. At this point there is insufficient information as to the overall dip of the structure to estimate the true width in the drill holes. The Company will continue to assess the possible need for capping of high grade and the apparent true width of the mineralized system as more data is developed.
Drill Sections and a map of drill hole locations are available for viewing on the Company's web site.
Gold Equivalent Calculations and Metallurgical Considerations
Gold equivalency calculations are included to more clearly present the approximate value of the polymetallic mineralization at El Dovio. The gold equivalency for silver, copper and zinc are adjusted for the recovery rate of the respective metal and as such approximate the recoverable metal and may under report the gross metal gold equivalent content. The recovery rates used are actual recoveries achieved on mineralization from the Sabana Blanca adit using conventional froth flotation as reported to the Company by McCllelan Laboratories, a prominent metallurgical laboratory based in Reno. Nevada. Recovery rates as reported in the Company's press release of April 24, 2012, are 96.4% for gold, 91.1% for silver, 97.8% for copper and 96.8% for zinc. In commenting on the flotation results, Mr. Gene McCllelan, principal of McCllelan Laboratories stated that "in more than 38 years of experience the El Dovio mineralization is some of the most responsive to flotation recovery that I have ever seen." Recoveries may be somewhat higher in actual practice because oxidation products seen in the adit that are known to reduce recovery by flotation methods are not observed in this hole and are not expected to occur widely in the zone of mineralization.
Current Drill Program
The current, Phase 1 program is planned to consist of 10 drill holes focused on the Sabana Blanca zone. In general, drilling is progressing from the Sabana Blanca adit eastward. Holes 1A and 2 tested mineralization at modest depths below the surface as have holes 4 and 5. New drill hole information indicates the zone "rolls" to a southerly dip down dip from core hole D13-02 intercepts. As a result, drill hole 6 will be completed from a site on the southern side of the zone and inclined to the north to test the projection of the Sabana Blanca zone to the south and down dip from hole 2.
About El Dovio
The Company's 100% owned El Dovio project is comprised of four contiguous Concession Contracts registered in the name of Colombian Mines wholly owned subsidiary, Corporacion Minera de Colombia. The Property is comprised of 10,106 hectares that cover a high grade, gold rich, poly-metallic vein system hosted in metamorphosed marine volcanic rocks.
Saw cut channel samples from surface trenches in the Sabana Blanca zone indicate a zone ranging from 30 to 68 meters wide with an average sampled grade of 4.5 grams gold per tonne (g/T Au) and 0.5 to 2% copper (Cu) with sub-intervals to 27 g/T Au over 7 meters and individual samples ranging from 20 to 104 g/T Au. Mineralization and alteration in the other zones on the property indicate they are similar in nature to the Sabana Blanca zone. Additional information on the geology and mineralization at El Dovio is available on the Company's website and in past news releases.
Sample Collection - Quality Control - Quality Assurance
The Company's exploration samples are collected in accordance with accepted industry best practices. Core is collected from the drill site and under the supervision of Company personnel is transported to SGS Laboratory's Medellin sample preparation facilities and analyzed at SGS's new laboratory in Medellin, Colombia (ISO9001:2000). For all samples, gold is analyzed by fire assay with an ICP/AES finish, and silver and base metal analyses are determined with ICP/AES techniques. The Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks and field duplicates at a rate of no less than 1 in 30.
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed and verified the technical information contained in this news release.
About Colombian Mines Corporation
Colombian Mines Corporation is an aggressive exploration and development stage company with a distinct "first mover" advantage in Colombia and one of the largest portfolios of 100% direct owned mineral assets among comparable companies in Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is also one of Colombia's leading "Prospect Generators" and applies an aggressive business model of organic growth through exploration while leveraging shareholder value through strategic alliances and joint ventures. Colombia is widely recognized as a highly prospective, under-explored country with exceptional mineral potential. Further information can be found on our website at www.colombianmines.com.
Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Colombian Mines Corporation. Actual results may differ materially from those currently anticipated in such statements.