Caza Gold Shareholder Update-2011 Results and 2012 Outlook
17 Gennaio 2012 - 1:58PM
Marketwired Canada
Greg Myers, CEO and President of Caza Gold Corp. (TSX
VENTURE:CZY)(FRANKFURT:CZ6), is pleased to provide shareholders with the
following update of the results of Caza's 2011 exploration and acquisition
programs and the outlook and proposed exploration programs for 2012.
Los Andes Project, Nicaragua
-- Mapping has further defined 8 gold targets based on surface rock chip
sampling.
-- Three areas have been selected as phase one drill targets for early
2012.
-- In general, high sulfidation epithermal gold and silver mineralization
has been found to be associated with large fault zones, well developed
silicification, and advanced argillic alteration hosted by andesitic
volcanic rocks in a caldera setting.
-- Multiple breccia and intrusive-hosted mineralized zones at the Cerro
Quisaltepe gold target contain gold values ranging from nil to 2.53 gpt
Au in an area approximately 2.5 km long and up to 2.5 km wide.
-- The Pedregal silver target has been exposed along the entire 100 meter
long breccia outcrop with continuous rock chip channel samples ranging
from nil to 106 gpt Ag. The silver anomaly continues in discontinuous
exposures for at least 300 meters before it disappears under soil cover.
This target is topographically 150 meters higher than the Cerro
Quisaltepe gold target.
Nicaragua Regional Program
-- The Nicaragua regional program has now acquired 8 individual high
sulfidation gold prospect zones similar in size, alteration, and
geochemistry to the Los Andes Project over an area 120 kilometers long
and 45 kilometers wide.
-- Mapping, rock chip, and soil sampling has identified significant gold
bearing zones on the Cerro Grande target to the south of the Los Andes
Claim.
-- Cerro Grande hand trenching has defined gold mineralization in a 30
meter wide fault zone with strong silicification. Trench sampling is
underway along the outcropping zone which is at least 500 meters long.
Individual 2 meter long, rock chip channel samples across the structure
returned assays ranging from nil to 1.3 gpt gold.
Balleza Project, Moris Property, Mexico
-- In 2011, Caza completed a Phase One, 12 hole, 3,519 meter drilling
program at the Balleza gold target on the Moris property.
-- Gold mineralization was intersected in all 12 drill holes defining a
broad zone of silica-alunite alteration and gold-pyrite mineralization.
-- Mineralization occurs from the surface to an average depth of
approximately 100 meters and the overall weighted grade averages 0.53
grams per tonne (gpt) gold.
-- The mineralized zone was drill tested over 300 meters of strike length,
is up to 350 meters wide, and remains open in all directions.
-- The thickest intercept of gold mineralization was 137.8 m grading 0.64
grams per tonne (gpt) Au in drill hole 2011-08 which included 24 m
grading 1.02 gpt Au.
-- The mineralized zone is hosted in tuffaceous andesitic volcanics
intruded by a dacite sill. Gold mineralization is associated with
disseminated pyrite, strong silica flooding, adularia and illite
alteration, and quartz stock-work veining.
Santiago Project, Mexico
-- A Phase One, 4 hole, 1,194 meter drill program was completed to test the
low grade Road Zone porphyry target using existing road access. Drilling
intersected potassically altered quartz monzonite and breccia containing
minor copper and zinc mineralization, and low concentrations of gold.
-- Road construction could not access the high grade Cliff Zone gold veins
for drilling so two drill pads were constructed for a helicopter
supported drill program in 2012.
-- Given Caza's success in Nicaragua and at the Balleza project in Mexico,
Caza is seeking a partner to continue drilling at Santiago.
2012 Outlook
-- Los Andes Project: Three of the initial eight gold target areas within
the Los Andes project in Nicaragua will be drill tested in 2012. Caza's
Los Andes budget is approximately $2 million for 2012. The proposed
drill program will complete at least 5,000 meters.
-- Nicaragua Regional: Property mapping and sampling has begun on outlying
claims in order to prioritize the 8 regional targets defined and
acquired during 2011. Exploration work will initially focus on a
significant area of gold mineralization recently discovered at the Cerro
Grande Property, south of the Los Andes property.
-- Balleza-Cienega: The 2012 exploration program at Balleza will focus on
mapping, sampling and possible property acquisitions along the 7 km long
mineralized trend in order to define and prioritize additional drill
targets. Caza's initial budget for the Balleza-Cienega program is
approximately $250,000 in preparation for a second phase drill program.
Further to earlier news releases dated March 18, 2011 and December 14, 2010, the
Company advises that, pending final TSX Venture Exchange approval, it will issue
a total of up to 631,145 common shares to Inversiones Ecologicas S.A. pursuant
to the terms of a formal option agreement between the Parties dated January 31,
2011 (the "Agreement"). Under the terms of the Agreement, 300,000 shares will be
issued for the initial Los Andes gold properties, and an additional 331,145
shares will be issued for additional staked property held in the area of mutual
interest, on the basis of 1.6 shares for each additional hectare retained on
behalf of the Company. The shares will be subject to a four month plus one day
hold period from the date of issuance.
Additionally, a total of 60,000 incentive stocks options have been granted to
our senior geologists in Mexico. These stock options have an exercise price of
$0.30, expire in 5 years and are subject to vesting provisions in which 20% are
exercisable immediately and 20% every 6 months thereafter.
Greg Myers, Ph.D., P. Geo, is the Qualified Person who reviewed and approved the
contents of this news release.
Caza Gold Corp., is a growth-oriented gold exploration company listed on the
(TSX VENTURE:CZY) and (FRANKFURT:CZ6). The Company is focused on the acquisition
and exploration of strategic gold properties in Mexico and Latin America.
CAZA GOLD CORP.
Greg Myers, President and CEO
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
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.
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