VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Colombian Mines Corporation (TSX VENTURE:CMJ)(X6C.F) ("Colombian Mines" or "the Company") reports that hole D13-02 (hole 2) intersected 12.4 meters of high grade, sulfide rich mineralization assaying 4.02 grams gold per metric tonne (g/T Au), 20.23 grams silver per metric tonne (g/T Ag), 4.17% copper (Cu) and 0.46% Zinc (Zn) from 79.5 to 91.9 meters with a combined gold equivalent (Au_Eq) of 11.51 g/T Au_Eq. This impressive zone of mineralization was intersected in a 30 meter horizontal step out from high grade mineralization intersected in hole D13-01A (hole 1) and occurs within a larger mineralized intercept averaging 3.43 g/T Au, 17.93 g/T Ag, 3.6% Cu and 0.40% Zn over 15.4 meters from 77.5 to 92.9 meters. Contained within these mineralized zones is a high grade sub-interval averaging 9.36 g/T Au, 30.06 g/T Ag, 5.16% Cu and 0.5% Zn from 89.3 to 91.9 meters. This mineralization corresponds with projections of high grade mineralization found in the Sabana Blanca Adit, previously announced hole D13-01A and mapped surface outcrop confirming both lateral and vertical continuity of high grade mineralization in the El Dovio System.
|Table 1. Summary D13-02, El Dovio|
|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|
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. 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 are as reported in the Company's press release of April 24, 2012, are 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.
Discussion of Drilling Program and Results
The Phase I drilling program began drilling near the western most exposure of the Sabana Blanca zone near the Sabana Blanca adit where surface and underground sampling identified mineralization varying from 9 to 30 meters in estimated true width. The results of holes D13-01A and D13-02 (hole 1 and 2 respectively) corroborate this and importantly are showing lateral and vertical continuity of mineralization, a critical condition for future mine planning, design and production.
Drilling is planned to progress along trend to the east toward Trench number 2, located roughly 180 meters east of the Sabana Blanca adit. Surface, saw cut channel sampling in Trench 2 returned a composite interval of 68 meters averaging 4.7 g/T Au, 6.2 g/T Ag, 0.5% Cu and .5% Zn that contained a high grade sub-interval as reported in the Company's press release of May 11, 2011 averaging 58.6 g/T Au, 14.6 g/T Ag, 0.26% Cu and 0.81% Zn over 3 meters.
Hole D13-02 was drilled at an inclination of -45° below horizontal at an azimuth of 210° to a total depth of 190 meters with HQ diameter core utilizing the same platform as D13-01A. The mineralized intercept in D13-02 lies approximately 60 meters vertically below its surface collar location and 30 to 40 meters below outcropping mineralization. The mineralized intercept in hole 2 is at roughly the same elevation as the high grade intercept in D13-01A. These drill results corroborate results from the surface channel sampling and mapping, expand the known mineralization and continue to verify continuity of high grade mineralization both along strike and down dip in the Sabana Blanca zone.
Mineralization in D13-02, like that intersected in the first hole consists of multi-phased, coliform banded quartz, with locally abundant chalcopyrite, sphalerite and pyrite.
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 grade range of 30 to 104 g/T Au in the surface channel sampling results and the apparent continuity of high grades zones does not justify capping or top cutting at this time. The drill intercept lengths reported here, are the actual drilled length and 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 sufficient data is developed.
Current Drill Program
The current, Phase 1 program is planned to consist of 10 drill holes focused on the Sabana Blanca zone. Drilling is progressing from the Sabana Blanca adit eastward. Holes 1A and 2 have tested mineralization at modest depths below the surface as will planned holes 3, 4 and 5. After that holes will be drilled to test down dip extensions of mineralization. In all Phase 1 is designed to test 180 to 200 meters of the strike length of the Sabana Blanca zone at depth to 100 meters below the outcrop of mineralization. Future work will focus on further extending the Sabana Blanca zone as well as assessing other nearby zones the Company has identified including the Brazo 1, Graizales and Silencio zones.
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.