Confederation Minerals Ltd. Announces Initiation of Aggressive Drilling Program for Newman Todd
09 Maggio 2011 - 3:20PM
Marketwired
Confederation Minerals Ltd. (TSX VENTURE: CFM) is pleased to
announce that crews have been mobilized to prepare for an
aggressive, approximately 12,000 meter drill program at the Newman
Todd gold project near Red Lake, Ontario. Two diamond drills will
continue the successful drilling program (recently terminated due
to snow-melt conditions) which is testing the Newman Todd Structure
and Alteration Zone ("NTS"). Drilling will begin mid-May and will
continue into the fall of 2011, as long as weather permits. Total
drill meters may exceed that currently planned should results, and
logistics, permit.
Drilling will focus on the NTS, which spans the entire length
(approximately 2.2 kms) of the property. The structure has been
only sparsely drilled along strike, and not tested at depths below
400 metres. Results from previous drill programs have been
extremely encouraging, and complete assay results and geological
information can be viewed on the Company's website at
www.confederationmineralsltd.com. The current drill program will
follow up on highly significant results from the winter 2011
program, which included values such as 3.0 meters grading 42.84 g/t
gold, including a1.0 meters interval grading 122.0 g/t gold (see
press release dated March 14, 2011).
Confederation Minerals Ltd. is funding the exploration as part
of an earn-in agreement with Redstar Gold Corp. (TSX VENTURE: RGC)
which allows Confederation to earn a 70% interest in the project.
Confederation can earn a 50% interest in the project from Redstar
by spending $5.0 million in exploration within three years and an
additional 20% by producing a Preliminary Economic Assessment (PEA)
within six years.
Dr. Lawrence Dick, President and CEO of Confederation Minerals
states: "Our geological understanding of the Newman Todd project
has increased dramatically as a result of winter 2010-2011
drilling. Gold mineralization has been intersected in every hole in
the NTS, which has focused on four separate zones over the length
of the structure. Gold mineralization is wide open to depth and
along strike and recent high-grade results have begun to show
continuity in both the vertical and lateral dimensions. The
objectives of our expansive, two-drill program will be to expand
known mineralization along the 2.2 kilometer strike length of the
NTS zone and to probe the down-plunge continuity of high-grade,
gold-bearing structures. The exceptional frequency of significant
and high-grade gold intersections returned from previous drilling
bodes well for the future of the program. Large sections of the 2.2
kilometer long NTS have not been drilled, while significant
intersections have been returned from drilling well in excess of
one kilometer of strike length within the structure."
Details of the 2011 Exploration Program
To date, four areas along the NTS containing high-grade gold
mineralization have been identified; the four areas are denominated
the HB, Hinge, NE and NE Breccia areas and are identified
graphically on the Company's website, while drill results are
recorded in past news releases. The pending 2011 drill program will
have two main objectives. One drill will follow the known
high-grade gold zones within the HB and Hinge areas along strike
and to depth while the second drill will probe the yet-untested NTS
between the known areas of gold mineralization on 100 to 200 meter
spacings.
In addition to the drilling, a property-wide geological mapping
and litho-geochemical sampling program will be undertaken. These
activities will consist of detailed structural mapping to determine
local controls on gold mineralization, and target potential gold
zones outside of the NTS. The property has seen little mapping or
prospecting since the 1980's, and there are several gold anomalies
outside of the NTS which warrant further work. The Company has also
contracted the services of a structural consultant who will assist
with on-going exploration and drill hole locations.
Geological summary
The NTS is a large-scale alteration/deformation zone within the
Red Lake Greenstone Belt, and is one of three principal areas
within the Belt recognized for widespread iron-carbonate
alteration. The other two principal areas exhibiting similar
geological characteristics are the Red Lake Mine and the East Bay
Deformation Zone - host to Rubicon's Phoenix zone. The scale and
style of alteration within the NTS is considered to be associated
with large, multi-stage hydrothermal systems with sources deep in
the earth's crust. High-grade gold mineralization is associated
with silica, sulphide minerals, and magnetite replacement of the
iron-carbonate zones. These high-grade zones can often form
distinct lenses or shoots of high-grade gold mineralization with
extensive down-dip continuity and are often associated with wider
zones of lower grade gold mineralization.
Significant gold intercepts (core widths) from previously-reported drilling
at Newman Todd
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Hole From To Width(m)(i) Au (g/t) Area
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NT-060 250.00 251.00 1.00 11.65 NE
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NT-061 67.00 68.00 1.00 7.12 NE
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NT-061 301.00 302.00 1.00 7.33 NE
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NT-036 231.00 233.00 2.00 12.08 NE Bx
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NT-036 Incl. 232.00 233.00 1.00 16.35 NE Bx
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NT-039 158.00 159.00 1.00 14.00 NE Bx
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NT-042 250.00 251.00 1.00 25.70 Hinge
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NT-046 171.00 174.00 3.00 10.87 Hinge
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NT-046 Incl. 173.00 174.00 1.00 23.50 Hinge
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NT-046 Incl. 234.60 234.90 0.30 15.70 Hinge
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NT-053 335.50 336.00 0.50 11.60 Hinge
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NT-031 Incl. 225.00 228.00 3.00 24.89 HB
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NT-031 Incl. 226.00 227.00 1.00 69.02 HB
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NT-040 Incl. 220.00 221.00 1.00 15.00 HB
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NT-040 and 258.00 263.00 5.00 14.23 HB
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NT-040 Incl. 258.00 259.00 1.00 61.20 HB
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NT-047 Incl. 360.70 362.00 1.30 12.84 HB
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NT-047 Incl. 360.70 361.35 0.65 24.86 HB
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NT-047 Incl. 361.00 361.35 0.35 45.30 HB
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NT-048 And 167.00 168.50 1.50 26.80 HB
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NT-055 292.00 293.00 1.00 24.00 HB
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NT-056 208.00 211.00 3.00 42.84 HB
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NT-056 Incl. 208.00 209.00 1.00 122.00 HB
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NT-056 and 275.00 278.00 3.00 22.49 HB
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NT-056 Incl. 275.00 276.00 1.00 63.60 HB
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NT-056 And 370.90 372.00 1.10 32.60 HB
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NT-056 Incl. 370.90 371.40 0.50 62.90 HB
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NT-058 284.00 286.00 2.00 25.55 HB
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NT-058 Incl. 284.00 284.50 0.50 75.80 HB
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NT-058 and incl. 285.50 286.00 0.50 23.30 HB
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Bob Singh P.geo is the qualified person as defined by National
Instrument 43-101 and has reviewed this news release. Mr. Singh is
the Canadian Exploration Manager for Redstar Gold Corp. Core
samples from the program were cut in half using a diamond cutting
saw and were sent to ALS Laboratory Group in, an accredited mineral
analysis laboratory in Thunder Bay, Ontario, for preparation and
analysis utilizing fire assay methods. Certified gold reference
standards, blanks and field duplicates were routinely inserted into
the sample stream as part of Redstar's quality control/quality
assurance program.
On Behalf of the Board,
Confederation Minerals Ltd.
Lawrence Dick, Ph.D., P.Geo, President, CEO and Director
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, and continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made. Except as required by applicable securities laws, the Company
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
Contacts: Confederation Minerals Ltd. Lawrence Dick President,
CEO and Director 604.688.9588 778.329.9361 (FAX)
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com
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