More High Grade Gold Continental Gold surges on more high grade gold hits in Colombia
Continental Gold announces important high grade gold extensions to its chief vein families at Buriticá and shows strong continuity of gold grades in underground sampling.
Author: Kip Keen
Posted: Thursday , 08 Mar 2012
HALIFAX, NS (MINEWEB) -
Continental Gold (TSX: CNL) reported drilling and underground sampling results from its Buriticá gold-silver project in Antioquia state, Colombia, showing high-grade drillhits outside resource boundaries and continuity of gold mineralization within veins.
Ari Sussman, Continental Gold's CEO, singled out underground channel sampling in a prepared statement, noting that "continued drilling success and particularly the continuity and grade of the underground channel samples bodes well for our future exploration efforts."
Especially notable was a vertical interval from the HW vein in the Yaragua zone of Buriticá @ 24.4 g/t gold, 43.5 g/t silver and 1.9 percent zinc over 61 metres. On the same vein Continental also sampled 38 metres @ 9.98 g/t Au, 8.1 g/t Ag and 0.88 percent Zn along strike.
Continental made channel samples every three metres.
Meanwhile there were numerous highlights from 13 drillholes. The best of the batch was 7 metres @ 139.4 g/t Au and 94 g/t Ag outside Yaragua resources to the west. About 200 metres farther west and beyond that highlight hole, Continental also hit as much 1 metre @ 46.7 g/t Au. The far western intercept came as a further indication that Yaragua gold mineralization extends a fair ways beyond the existing Yaragua resource.
In the Veta Sur area, another vein system just southwest of Yaragua, Continental also cut an impressive 14 metres @ 28 g/t Au and 57.3 metres Ag, including 3 metres @ 131.1 g/t Au and 201 g/t Ag. The drillhit was outside Veta Sur resources and Continental said it "may align with shallower intercepts to partially outline a moderately plunging high-grade shoot."
As of presstime Continental Gold had surged on news of the exploration results. Its shareprice was up seven percent to C$7.97 on modest trading volume.
This year the company has planned to a 60,000 metre drill program at Buriticá, with 10 drill rigs now turning.
Continental Gold has estimated there are 630,000 ounces gold @ 17.8 g/t Au, 1,500,000 ounces silver 42 g/t and 19 million pounds zinc @ 0.8 percent Zn in measured and indicated resources at Buriticá. Quite a bit more mineralization lies in inferred resources with 2.5 million ounces gold @ 11.4 g/t Au, 9.5 million ounces silver @ 43 g/t Ag and 88 million pounds zinc @ 0.6 percent zinc.