Core Gold Announces High Grade Gold Results and Delineates 910m & 500m Long High Grade Strike Lengths at Linderos Project
23 Febbraio 2018 - 3:53PM
InvestorsHub NewsWire
Vancouver, B.C. --
February 23, 2018 -- InvestorsHub NewsWire -- Core Gold Inc. ("Core
Gold" or the "Company") (TSX-V: CGLD, OTCQX: CGLDF)
is pleased to announce 10 further trench
results (Trenches 30 – 39) in addition to the previously announced
29 trench results (please refer to November 30th, 2017 news
release) along the mineralized structure #1 at Linderos as
well as fifteen initial trench results from a second parallel high
grade gold mineralized structure discovered by the Company.
Both sets of trenching results provide
compelling evidence that the high-grade mineralization previously
reported over a 150 meter strike length on the western end of the
initial Linderos discovery extends east for approximately 1
kilometer.
At structure #1, five trenches
were sampled at the eastern side of the 1 kilometer long strike
length, all of which returned significant mineralization
highlighted by 32m at 3.02 g/t Au and 4.4m at 11.11 g/t Au. These
high-grade results strongly conform to our geological assessment
that the shear zone related structures are well-mineralized along a
1 kilometer strike length.
The discovery of a second high-grade gold
bearing structure parallel to structure #1 expands the footprint of
high-grade mineralization immediately to the south. The initial 15
trenches along a 500 m strike length at shear structure #2 averaged
2.41m at 9.22 g/t Au, highlighted by 2m at 21.88 g/t Au and 4m at
14.9 g/t Au.
Trenching Results
A total of 810 rock samples have been collected in the porphyry
sector and in trenches perpendicular to the mineralized shear zone
and irregularly spaced (where available outcrops existed), trying
to fill the entire spacing along the structures. There were 54
trenches excavated perpendicular to the mineralized and brecciated
structures. Two main structures (#1 and #2) with very encouraging
gold and silver assays have been defined with the trenching
exploration program. They are as follows:
Structure 1
The weighted averaged results of preliminary perpendicular trench
sampling to date across Structure 1 are:
8.4m in width along a strike of 910m grading 8.18 g/t Au
and 13.81 g/t Ag
This structure has been mainly sampled on the western and eastern
ends remaining without sampling about 300m in the central portion
due to coverage by an alluvial paleo-channel. To date, these are
exploration results and are not meant to imply any mineral resource
under National Instrument 43-101 ("NI 43-101").
Structure 2
The weighted averaged results of preliminary perpendicular trench
sampling to date across Structure 2 are:
2.4m in width along a strike of 500m grading 9.22 g/t Au,
10.46 g/t Ag
To date, these are exploration results and are not meant to imply
any mineral resource under NI 43-101.
Table 1: Trenching Results in Structure 1 (North
Structure)
Trench
Number |
Interval
(m) |
Gold Grade g/t
Au |
Silver Grade g/t
Ag |
Linderos
30 |
4.40 |
11.11 |
70.01 |
Linderos
31 |
4.80 |
6.54 |
55.24 |
Linderos
32 |
1.25 |
7.00 |
70.88 |
Linderos
33 |
1.60 |
14.37 |
73.28 |
Linderos
34 |
3.60 |
5.43 |
4.01 |
Linderos
35 |
4.00 |
0.78 |
3.56 |
Linderos
36 |
32.00 |
3.02 |
6.33 |
Linderos
37 |
2.70 |
9.38 |
53.42 |
Linderos
38 |
2.00 |
5.37 |
275.96 |
Linderos
39 |
4.90 |
5.22 |
82.31 |
Table 2: Trenching Results in Structure 2 (New South
Structure)
Trench
Number |
Interval
(m) |
Gold Grade g/t
Au |
Silver Grade g/t
Ag |
Linderos
2-1 |
2.00 |
21.88 |
23.73 |
Linderos
2-2 |
1.60 |
11.95 |
43.33 |
Linderos
2-3 |
1.50 |
12.43 |
7.30 |
Linderos
2-4 |
1.15 |
0.91 |
10.30 |
Linderos
2-5 |
2.00 |
1.32 |
2.61 |
Linderos
2-6 |
2.00 |
2.41 |
1.34 |
Linderos
2-7 |
2.70 |
10.78 |
10.63 |
Linderos
2-8 |
1.40 |
8.72 |
12.21 |
Linderos
2-9 |
4.00 |
14.90 |
12.74 |
Linderos
2-10 |
2.00 |
0.85 |
2.16 |
Linderos
2-11 |
2.00 |
2.28 |
1.30 |
Linderos
2-12 |
2.00 |
12.26 |
34.29 |
Linderos
2-13 |
2.00 |
21.29 |
5.51 |
Linderos
2-14 |
1.60 |
1.05 |
5.70 |
Linderos
2-15 |
5.50 |
8.21 |
4.65 |
Core Gold CEO Keith
Piggott commented: “These additional high-grade results along with
the extension of structure #1’s strike length to nearly 1 kilometer
and the discovery of another high grade structure
immediately to the south strongly support our thesis that Linderos
represents a uniquely high grade, near surface gold mineralized
body that is striking both in terms of its average grades of almost
10 g/ton within the high-grade shear structures as well as the very
large footprint of gold mineralization that has markedly increased
the probability of defining a gold deposit. We look forward to
initiating a drill program as soon as permits are in place in order
to test the depth of the mineralization and confirm our geological
model”.
The Linderos Project
The Linderos Project is an exploration property located in Macara
county, Loja province, southern Ecuador. It is composed of four
contiguous concessions totalling 14,317 hectares, located
approximately 45 Km southwest of the Company’s Dynasty Goldfield
project. The Linderos project comprises gold-copper porphyry system
style mineralization.
Figure 1 Above: The Cretaceous volcanics of the Celica Formation in
Green. Diorite porphyry in violet, the quartz-diorite porphyry in
bricks pattern, the tonalite porphyry in sky blue color, the
rhyolite-dacite high level porphyry in squares pattern. Structure 1
to the north and Structure 2 to the south into the rhyolite-dacite
porphyry. IMAGE AVAILABLE HERE: https://www.coregoldinc.com/assets/img/Linderos
Geologic Map.png
Geologically, the
mineralized area is located within a trend with structural
north-east direction that extends from Peru and is projected to the
north as far as the historic mining district of Zaruma-Portovelo in
Ecuador. As an example of those lineations, the Catamayo River
flows along a regional fault with north-east direction cut by a
secondary orthogonal fault system with a general northwest –
southeast direction.
The main structural directions that control porphyry intrusions and
gold bearing mineralized structures have preferential
northwest-southeast and west-east directions. This is evidenced
through the main drainages alignment (i.e. Higueron and Vicin
rivers).
For more information on the Linderos project please refer to the
Operations Overview section of our website at www.coregoldinc.com.
Porphyry Mineralization at Linderos
The porphyry deposit covers an area of about 1.5 Km2 and
has a central core with potassic hydrothermal alteration surrounded
by phyllic and propylitic alterations on the periphery. The host
rock corresponds to a diorite porphyry which has been intruded by
multiple early phases of intrusive pulses of different composition
such as a quartz-diorite, tonalite and rhyolite-dacite. The entire
package is hosted within Cretaceous volcanics of the Celica
Formation.
Copper and molybdenum mineralization is mainly related to
quartz-diorite porphyry containing disseminated chalcopyrite and
veinlets of molybdenite. Locally, an oxidized zone with occurrence
of malachite and chrysocolla has been observed.
Mineralization in the Shear Zone
The porphyritic body is emplaced
along a shear zone that runs northwest-southeast and west-east.
Mineralization along the shear zone has been observed to occur for
about 1,000 metres in length and about 100 metres width in the
entire zone. To date the two high grade structures sampled within
this shear zone host oxidized gold bearing, brecciated quartz veins
and veinlets with visible gold particles, pyrite, arsenopyrite and
sphalerite. Some chalcopyrite has been observed only related to
veinlets. All of these structures were confirmed during the last
mapping and sampling program carried out between October and
December 2017. Faulting and mineralized structures are subparallel
to the shear zone; preferential strike and dip range between
130-160° / 65-75° NE.
Discussion on Mineralization and Future Exploration
Activities
The porphyry body shows structural control and a classic pattern of
hydrothermal alterations. There exist related meso and epithermal
gold bearing structures (veins and veinlets) with associated
stockwork and breccia bodies.
The shear zone with related gold bearing mineralized
structures/veins extends for about 1,000m x 100m. The Company is
currently planning a drill program along the known structures
aiming to target high-grade Au mineralization in order to further
complete the geological model.
Qualified Person
Mr. John E. Bolanos, who is a qualified person under NI 43-101, has
reviewed and approved the technical content of this news release
and will continue consulting the Company for future press releases.
Mr. Bolanos is a M.Sc. Mining Geologist from Camborne School of
Mines (U.K.) and a Professional Geologist Eng. from The Central
University of Ecuador (honours degree). He is a registered member
(ID 4172671) of the Society for Mining, Metallurgy &
Exploration (SME) of the United States; Director of the Ecuadorian
College of Engineers in Geology, Mines, Oil and Environment; and a
member of the Mining Chamber of Ecuador. He has 27 years of
experience in the exploration and mining industry throughout the
Americas.
Sampling and Assaying
Rock samples were collected by Core Gold personnel, placed in
plastic bags, labeled and sealed, and stored in a secure place
until delivery by Core Gold employees to the Golden Valley S.A lab
in Portovelo, El Oro Province, Ecuador.
Rock samples were prepared crushing 70% passing (10 mesh),
splitting 250 g and pulverizing to 85% passing 200 mesh (75
microns). Prepared 30 g pulp samples were assayed for gold (fire
assay/atomic absorption) and over-limits for gold (> 10 g/t Au)
were treated by gravimetry.
10% of the pulp samples were sent to the certified Bureau Veritas -
Inspectorate Lab [Certification Holding SAS France: ISOTS 16949
(IATF), MDL (UNFCCC), SA8000 (SAAS), IRIS (UNIFE), FSC (ASI) and
Bureau Veritas Certification Holding SAS – U.K.: ISO9001, ISO14001,
ISO22001, FSCC, BRC, ISO 27001, EMAS, EN9100 / 9110/9120, EUETS
(UKAS)] in Lima, Peru for re-assaying and control purposes.
Comparative results were coherent and matching, with a general
average difference of about 7%, showing a good correlation among
assays.
Quality Assurance and Quality Control (QA/QC)
The Analytical Laboratory Inspectorate-Bureau Veritas Lab (ISO
9001) is a qualified assayer that performs and makes available
internal assaying controls. Duplicates, certified blanks and
standard material are systematically used (1 control sample every
20-25 samples) as part of the QA/QC program. Rejects and 100 g
pulps supports are stored for future checking and control
purposes
About Core Gold Inc.
The Company is a Canadian based mining company involved in the
mining, exploration and development of mineral properties in
Ecuador. The Company is currently focused on gold production at its
wholly-owned Dynasty Goldfield project and continued development at
its Zaruma mine. Mineral is treated at the Company’s wholly-owned
Portovelo treatment plant close to the Zaruma mine operations. The
Company also owns other significant gold exploration projects
including the Copper Duke area in southern Ecuador all of which are
on the main Peruvian Andean gold-copper belt extending into
Ecuador.
For further information please contact:
Keith Piggott, CEO
Suite 1201 – 1166 Alberni Street
Vancouver, B.C. V6E 3Z3
Phone: +1 (604) 345-4822
Email: info@coregoldinc.com
Cautionary
Notice:
This news
release contains statements which are, or may be deemed to be,
“forward-looking information” which are prospective in nature. Such
information in this news release includes statements regarding the
Company's interpretation of the Linderos trenching results and the
potential geological merits of the Linderos project.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause Core Gold’s actual
results, revenues, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Important
risks that could cause Core Gold’s actual results, revenues,
performance or achievements to differ materially from Core Gold’s
expectations include, among other things,
risks relating
to the actual results of additional exploration activities;
fluctuating prices in metals and other commodities; possibility of
accidents, equipment breakdowns, labor disputes or other
unanticipated difficulties with or interruptions in operations;
exploration cost overruns; the geology, grade and continuity of
mineral deposits; currency fluctuations; availability of capital
and financing to maintain the Company's operations and plans;
general economic, market or business conditions; regulatory
changes; timeliness of government or regulatory approvals; and
other risks detailed herein and in Core Gold’s Annual Information
Form for the year ended December 31, 2016, which is available on
SEDAR at www.sedar.com. Other than in accordance with regulatory
obligations, Core Gold is not under any obligation and Core Gold
expressly disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
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