VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 4, 2012) - Greg Myers, CEO and President of Caza Gold Corp. (TSX VENTURE:CZY)(CZGDF)(CZ6.F) is pleased to announce that initial reconnaissance sampling has identified a large area of mineralized and silicified igneous rocks containing up to 45.9 grams per tonne (gpt) gold and 1.82% copper at the Piedra Iman Project.
The Company has received assay results from the first 125 surface rock chip samples in an area 800 meters long by 300 meters wide at the Piedra Iman target in Northern Nicaragua. Thirty seven of the 125 samples collected by the Company contained more than 0.1 gpt gold with 12 samples containing more than 0.5 gpt gold up to 45.99 gpt.
Copper values range from 0.01% to 1.82% and 41 of the 125 samples are over 0.5% copper. Magnetite and specular hematite are common in the mineralized zone. Alteration consists of several highly silicified igneous breccia bodies surrounded by sericite- and clay-altered intrusive rocks. Secondary biotite has been observed in several samples. The initial interpretation of the limited rock exposures suggest the mineralization could be related to a porphyry copper-gold system or an IOCG (iron oxide-copper-gold) system.
Link to maps and results: http://cazagold.com/projects/nicaragua/piedra_imam/
The Piedra Iman area was previously explored in the 1970''s with some reported drill holes and an exploration tunnel beneath the target zone. The Nicaraguan civil war from 1978-1999 disrupted all exploration and development activities and the property was abandoned.
Caza''s geologic team found reference to the project in the literature but no actual data from previous work, acquired a 100% interest in the prospective area, and prospected the area. The drill sites and exploration tunnel from the 1970''s program have now been identified within the area of the current sampling and several mineralized outcrops have been excavated by hand to expose strong copper staining and visible gold.
Company President and CEO Dr. Greg Myers stated, "We were excited when our initial samples returned high grade gold values in both heavily copper stained rocks as well as rocks without appreciable copper mineralization. It took considerable effort for our field crew to dig through the heavy brush and soil cover in order to discover the old drill sites and the collapsed portal of the exploration tunnel. The discovery of high grade gold and copper samples on surface in a large area of mineralization is very encouraging."
Caza is now evaluating the next phase of exploration for both the Piedra Iman and Los Andes properties. Caza holds nine high sulfidation gold properties, and other porphyry copper-gold targets in Nicaragua, comprised of more than 460,000 hectares covering at least 23 separate gold and copper targets.
Caza Gold Corp. (TSX VENTURE:CZY)(CZGDF)(CZ6.F) is a growth-oriented gold exploration company focused discovering new gold deposits in Nicaragua and Mexico. The Company is one of the largest landholders in the highly prospective but largely undeveloped country of Nicaragua, and holds attractive properties in historic mining districts in the mineral-rich country of Mexico. Caza Gold Corp is dedicated to discovering gold, defining deposits, and developing value.
Greg Myers, Ph.D. P. Geo, CEO of the Company, is the Qualified Person who reviewed and approved the contents of this News Release.
CAZA GOLD CORP.
Greg Myers, President and CEO
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Certain statements contained herein constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company''s filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.