VANCOUVER, British Columbia, April 25, 2019 (GLOBE NEWSWIRE) -- Columbus Gold Corp. (CGT: TSX, CGTFF: OTCQX) (“Columbus”) is pleased to provide an update on the development of the newly acquired Maripa gold project located in French Guiana, France:
- Columbus entered into an agreement in July 2018 with IAMGOLD Corporation to acquire up to a 70% interest in the Maripa gold project (news release dated August 14, 2018).
- Historical exploration data in digital format was received from IAMGOLD. The data was integrated into an ArcGIS project.
- Geological, geochemical and geophysical compilation maps were produced from the dataset to conduct a comprehensive appraisal of past exploration results.
- Historical drill core was recovered and transported to Columbus’ core shack facilities located at the outskirts of Cayenne.
- A regional 256 km2 high-resolution LiDAR topographic survey with orthophoto coverage was completed in September 2018. The processed survey data will be applied to enhance geological features, such as lithological contacts and structural lineaments, identify subtle topographic feature from past exploration such as trails, drill pads and trenches, and provides a topographic base for exploration, economic assessments, mine planning and development.
- The objective of the 2019 exploration program is two-fold:
- Conduct a detailed interpretation of the five partially drill-defined gold zones previously identified on the project; and
- Acquire additional regional data for geological interpretation and targeting.
- The ongoing 2019 work program entails:
- Core relogging and drill hole database validation;
- Geological mapping and field validation;
- 256 km2 airborne geophysical survey at 100-meter line spacing;
- Processing and merging of 2018 LiDAR topographic and airborne magnetic data;
- Regional and target specific geological/structural modelling and interpretation; and
- Infill and step-out drilling program planning.
The Maripa gold project is located in eastern French Guiana along paved national road RN2, some 50 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits (PER) that cover an area of approximately 120 square kilometers. The project area has easy access, which provides simple and low-cost logistics for exploration and development.
A Maripa project location map is available at the following link: www.columbusgold.com/i/nr/2019-04-25-map.pdf
Maripa is situated along the southern border of a regional deformation zone known as the Northern Guiana Trough (NGT), which can be traced across northern French Guiana into neighboring Suriname. The NGT is recognized as a highly favorable geological setting for gold mineralization. The geological setting at Maripa is similar IAMGOLD’s world-class Rosebel gold mine (15.2 Moz) in Suriname, highlighted by a faulted contact between volcanic assemblages of the Paramaca Formation and younger pull-apart basin sediments of the Upper Detrital Unit (UDU or Rosebel Formation). The presence of thick sections of UDU sediments in the Maripa area attest to an extensional structural regime favorable to hydrothermal activity and associated gold mineralization.
Maripa has been subject to several phases of exploration, beginning with the Bureau Minier Guyanais (BMG), from 1958-59, and ending with IAMGOLD, from 2000 to 2008. Exploration consisted of ground and airborne geophysical surveying, soil and auger grid sampling, geological mapping and rock sampling, trenching, and core drilling. To date, a total of 134 shallow core holes have been drilled (average core length 67 meters), for a total of 9,000 meters. Past exploration was successful in delineating several wide zones/shears of gold mineralization along the Paramaca-UDU contact, in the Paramaca volcanics to south of the contact, and within granitic stocks that intrude the Paramaca volcanics. Gold mineralization is associated with quartz and quartz-pyrite veining.
The majority of the drilling was conducted by IAMGOLD (106 of the 134 holes) and was focused on five large gold geochemical anomalies, the Changement, Filon Dron, Maripa Sud‑Est, Rhyodacite and Filon Scieur targets. Although first pass drilling of these targets was limited to shallow depths within the oxidized saprolite layer, all five targets returned drill intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Additionally, several large gold geochemical anomalies remain untested. Near-surface drill intercepts of economic interest include:
- 36 meters of 4.3 g/t gold
- 10.5 meters of 12.4 g/t gold
- 34.5 meters of 1.8 g/t gold
- 25.5 meters of 2.5 g/t gold
- 21.5 meters of 2.2 g/t gold
A Maripa project geology and historical drill result map is available at the following link: www.columbusgold.com/i/nr/2019-04-25-map-geo.pdf
Rock Lefrançois, President & Chief Executive Officer for Columbus Gold and Qualified Person under National Instrument 43-101, has reviewed the technical content of this news release.
Columbus is French Guiana’s leading gold exploration and development company. Columbus holds a major interest in the world-class Montagne d'Or gold deposit. A feasibility study for Montagne d'Or was filed in May 2017, and the mine permitting process is currently underway. Columbus is also earning into the Maripa gold exploration project where past drilling has returned excellent near surface results, including 36 meters of 4.3 g/t gold. Columbus’ objective is to assemble a portfolio of high-quality gold exploration projects in the highly prospective and underexplored Guiana Shield.
ON BEHALF OF THE BOARD,
President & CEO
For more information contact:
(604) 634-0970 or
Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding: exploration objectives and plans; the potential for Maripa to host a significant gold deposit; advancing Maripa to the drill definition stage in 2019 or at all; the exercise of the First Option or the entering into a joint venture with IAMGOLD; the election for Columbus to earn an additional 20% interest in Maripa; the construction and development plans for the Montagne d’Or gold mine, including anticipated costs and timing thereof; the satisfaction of additional requirements to the construction of the Montagne d’Or gold mine; and the submission and processing of mine permit applications. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in the Annual Information Form of Columbus Gold Corp., available on SEDAR under Columbus’ profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Columbus undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.