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Post by BlackAdder23on Oct 02, 2017 7:37am

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Post# 26765331

More High-Grade gold in drilling results

Continental Gold Drills High-Grade Gold Intervals at the Yaragua Deposit at Buritica, Colombia
Monday, October 02, 2017 10:30:00 AM (GMT)

TORONTO, ON--(Marketwired - October 02, 2017) - Continental Gold Inc. (TSX: CNL) (OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce additional results from its 25,000-metre drilling program at its 100%-owned Buritic project in Antioquia, Colombia. The Company presently has four diamond drill rigs in operation with four additional rigs scheduled to start drilling over the next few weeks. The focus of the program is to increase and upgrade mineral resources to higher classification categories by testing for high-grade and broad mineralized zones ("BMZ") within the mineral reserve and resource envelopes and testing high-impact targets along strike of existing mineral resources as well as grassroots targets proximal to existing and proposed infrastructure. The Company remains well financed with approximately US$350 million of available liquidity as of August 31, 2017.

Highlights (referenced in Figures 1, 2 and 3)

6.10 metres @ 67.69 g/t gold and 136.8 g/t silver (BUUY320)
7.55 metres @ 19.96 g/t gold and 33.5 g/t silver (BUUY321)
6.72 metres @ 28.07 g/t gold and 36.8 g/t silver (BUUY322)
3.25 metres @ 51.76 g/t gold and 95.3 g/t silver (BUUY324)
7.85 metres @ 39.13 g/t gold and 44.2 g/t silver (BUUY326)

"Our team continues to do excellent work targeting areas within the mineral reserves for high precious metal grades. In particular, we are extremely pleased with the results as the intercepts reported herein average almost 200% more precious metals than the current mineral resource block model estimate for the corresponding areas in the Yaragu deposit," commented Ari Sussman, CEO. "With the infill drilling campaign in this area complete, the drill will be mobilized to a new chamber to resume testing for broad mineralized zones and infilling other parts of the Yaragu deposit."

Details: Yaragu Drill Results and Planned Trial Mining Stope

A fan of 10 underground diamond drill holes from a chamber located off a ramp in the Yaragu vein system were completed, the results of which are reported inTable 1. Although the drill holes were not targeting a potential BMZ in the Yaragu deposit, the precious metal grades and widths are in aggregate 193% higher than the current mineral resource block model estimate for this specific area of the Yaragu deposit. Furthermore, the drilling successfully confirmed the continuity of the vein system.

In addition, the objective of the drilling program was also to infill the HW2 vein in this location of the Yaragu deposit for the purpose of estimating a local area mineral resource prior to extracting a mechanized long-hole trial mining test stope (see Figure 1). The Company will release further details of the upcoming trial mining test in the near term.

Table 1: Yaragu Drill Results

Hole ID

From

Intercept

Gold**

Silver**

Vein

Elevation

(m)

Interval*

(g/t)

Domain

(m)

BUUY319

24.30

27.70

3.40

13.80

28.1

NWSE3

1522

incl

26.25

27.70

1.45

26.45

55.9

BUUY319

31.60

33.20

1.60

4.25

4.3

FWV11

1520

BUUY319

47.85

48.75

0.90

13.90

10.3

SA12

1515

BUUY319

52.50

53.00

0.50

8.71

19.1

HWV2

1514

BUUY319

62.00

63.40

1.40

2.27

7.3

HWV1

1510

BUUY319

64.80

65.35

0.55

3.30

3.4

1510

BUUY319	82.50	84.60	2.10	20.82	17.8	SOF10	1504
incl	83.60	84.60	1.00	39.19	32.3
BUUY319	100.80	104.55	3.75	15.17	6.1	C10	1497
incl	100.80	101.90	1.10	39.00	7.7

BUUY320	14.80	16.00	1.20	4.56	3.3		1529
BUUY320	18.30	19.00	0.70	10.45	4.3	VND10	1529
BUUY320	22.60	23.40	0.80	1.12	6.3		1529
BUUY320	27.25	27.80	0.55	5.42	4.4		1529
BUUY320	30.90	31.45	0.55	19.25	3.9	NWSE3	1529
BUUY320	36.00	42.10	6.10	67.69	136.8	FWV11 +SA12	1529
incl	36.00	37.00	1.00	49.37	67.1
incl	39.00	40.50	1.50	235.68	501.2	SA12***
BUUY320	47.80	52.50	4.70	8.52	16.7	HWV1+HWV2	1528
incl	48.90	50.00	1.10	27.23	52.1
BUUY320	54.10	55.20	1.10	1.69	11.4		1528
BUUY320	76.75	78.60	1.85	5.67	5.5	SOF10	1528

BUUY321	22.45	23.10	0.65	3.36	6.0	VND10	1527
BUUY321	32.60	33.70	1.10	8.34	10.1	NWSE3	1525
BUUY321	36.00	43.55	7.55	19.96	33.5	FWV11 +SA12
incl	40.55	42.40	1.85	70.54	79.8	SA12***
BUUY321	48.80	49.30	0.50	4.09	6.0		1523
incl	52.50	53.90	1.40	14.62	11.1	HWV2***
BUUY321	62.60	63.10	0.50	3.32	4.4		1522
BUUY321	69.20	70.40	1.20	4.78	7.6	HWV1	1521
BUUY321	79.45	82.65	3.20	4.10	4.5	SOF10	1520

BUUY322	19.95	20.45	0.50	3.13	8.7	VND10	1530
BUUY322	36.80	43.52	6.72	28.07	36.8	FWV11 +SA12
incl	38.30	39.35	1.05	116.71	42.1
incl	41.50	43.00	1.50	34.19	74.5	SA12***
BUUY322	54.95	58.20	3.25	4.22	16.3	HWV2	1531
incl	54.95	56.10	1.15	7.46	8.0		1531
BUUY322	59.80	61.45	1.65	6.27	32.5	HWV1	1531
BUUY322	93.85	94.35	0.50	6.91	7.6	SOF10	1532
BUUY322	111.40	111.95	0.55	32.60	9.8	C40	1533
BUUY322	121.95	125.00	3.05	2.16	8.4	CB18	1534

BUUY323	16.55	17.20	0.65	13.00	3.6	VND09	1526
BUUY323	25.45	26.15	0.70	5.93	7.1	VND10	1523
BUUY323	27.20	27.80	0.60	12.15	3.8	NWSE3	1523

BUUY323	31.50	33.00	1.50	4.60	3.4		1522
BUUY323	38.10	38.60	0.50	17.35	138.0	FWV11	1520
BUUY323	40.90	44.45	3.55	5.93	9.2	SA12 + HWV2
incl	40.90	42.90	2.00	7.35	10.5	SA12***
BUUY323	45.50	46.50	1.00	4.96	8.7		1518
BUUY323	50.50	52.60	2.10	6.23	12.5	HWV1	1517
BUUY323	65.35	67.00	1.65	2.54	6.0	SOF10	1513
BUUY323	79.30	80.30	1.00	2.84	2.8		1510
BUUY323	85.80	86.80	1.00	12.49	5.5	C10	1509

BUUY324	15.40	15.90	0.50	7.11	2.8	VNAD9	1526
BUUY324	18.30	19.00	0.70	4.67	1.8		1526
BUUY324	22.10	22.70	0.60	7.27	8.4	VND10	1525
BUUY324	37.75	41.00	3.25	51.76	95.3	FWV11 +SA12
						+NWS3
incl	37.75	38.80	1.05	4.93	11.7	NWSE3	1522
incl	40.00	41.00	1.00	162.24	293.8	FWV11+SA12***
BUUY324	44.35	45.00	0.65	5.85	6.5		1520
BUUY324	61.60	62.65	1.05	3.85	7.8	HWV2	1517
BUUY324	65.10	65.60	0.50	3.34	4.3		1516
BUUY324	71.50	78.50	7.00	2.89	10.9	HWV1	1514
incl	76.40	78.50	2.10	4.69	13.8

BUUY325	17.80	19.10	1.30	2.13	2.2		1532
BUUY325	20.30	20.80	0.50	4.87	11.1	VND10	1532
BUUY325	23.10	23.76	0.66	16.40	6.8	NWSE3	1532
BUUY325	32.50	33.20	0.70	7.82	5.3	FWV11	1533
BUUY325	36.90	40.60	3.70	4.72	28.1	SA12
incl	39.30	40.60	1.30	10.08	43.3	SA12***
BUUY325	49.20	55.95	6.75	2.32	6.1	HWV2+NW2	1535

BUUY326	13.00	14.55	1.55	2.71	1.8	VNAD9	1525
BUUY326	18.60	19.10	0.50	6.18	17.0	VND10	1524
BUUY326	20.60	21.70	1.10	2.71	3.7		1523
BUUY326	35.45	43.30	7.85	39.13	44.2	FWV11 +SA12
incl	38.50	39.75	1.25	40.30	2.6		1516
	42.30	43.30	1.00	245.64	304.2	SA12***
BUUY326	47.35	50.80	3.45	4.65	7.3	HWV2	1512
incl	47.35	48.65	1.30	9.28	7.8		1513
BUUY326	61.20	61.70	0.50	3.67	3.4		1508
BUUY326	63.30	65.90	2.60	3.30	9.4	NW2	1507
BUUY326	74.65	79.80	5.15	3.32	9.2	HWV1	1502

BUUY326	81.00	82.10	1.10	2.48	8.6	SOF10	1501
BUUY326	85.45	86.00	0.55	3.89	6.6	C11	1500

BUUY327	7.95	8.50	0.55	14.55	5.0	VNAD9	1528
BUUY327	15.73	16.30	0.57	6.42	6.7	VND10	1526
BUUY327	41.45	46.85	5.40	13.91	22.3	FWV11 +SA12
incl	42.80	44.20	1.40	28.47	44.6	FWV11***
incl	45.20	46.35	1.15	26.03	38.3		1517
BUUY327	49.70	50.35	0.65	26.70	6.9	NWSE3	1516
BUUY327	52.20	54.10	1.90	4.52	12.7		1515
BUUY327	57.50	59.15	1.65	2.18	4.4		1514
BUUY327	64.00	64.60	0.60	6.01	6.0	HWV2	1512

BUUY328	30.00	31.00	1.00	3.06	3.2	VND10	1527
BUUY328	40.30	40.80	0.50	3.96	2.6	FWV11	1526
incl	42.30	44.20	1.90	42.36	96.2	SA12***
BUUY328	48.00	49.40	1.40	11.30	22.1	NWSE3	1525
BUUY328	56.67	58.10	1.43	4.27	2.8	HWV2	1525
BUUY328	62.70	63.20	0.50	3.03	1.8	HWV1	1524

Intercepts calculated at a composite 1 g/t gold equivalent (70:1 Au/Ag) for minimum intervals of 0.5 metres, with up to 20% internal dilution. True widths are estimated to be between 75-100%.
Grades herein are reported as uncapped values.
Certain drill holes went through narrow mined-out tunnels and, for those intersections, precious metal grades from either the May 2015 NP 43- 101 mineral resource block model or channel sampling results previously announced were incorporated into the overall interval. If neither were available, a grade of nil was assigned.

Note: Drill holes designated "BUUY" were collared from underground.

Geological Description of the Buritic Project

Continental's 100%-owned, 70,764-hectare project, Buritic, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style ("Stage I") variably overprinted by texturally and chemically distinctive high-grade ("Stage II") mineralization. The two most extensively explored of these areas (the Yaragu and Veta Sur systems) are central to this land package. The Yaragu system has been drill-outlined along 1,100 metres of strike and 1,700 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill-outlined along 1,000+ metres of strike and 1,800 vertical metres and has been partially sampled in underground developments. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated mineralization and both remain open at depth and along strike, at high grades.

Technical Information

Mauricio Castaeda, Vice-President, Exploration of the Company and a qualified person for the purpose of NI 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release.

The Company utilizes a rigorous, industry-standard QA/QC program. HQ and NQ core is sawn or split with one- half shipped to a sample preparation lab in Medelln run by ALS Colombia Limited ("ALS") in Colombia, whereas BQ core samples are full core. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at SGS Colombia S.A., a certified assay laboratory in Medelln, Colombia.

The Company does not receive assay results for drill holes in sequential order; however, all significant assay results are publicly reported. A listing of assay results to date for the Buritic project is available on the Company's website at www.continentalgold.com.

For information on the Buritic project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buritic Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia" and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website atwww.continentalgold.com.

About Continental Gold

Continental Gold Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company - led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America -- is focused on advancing its fully-permitted high-grade Buritic gold project to production with first gold pour on track for early 2020. Additional details on Continental Gold's suite of gold exploration properties are also available at www.continentalgold.com.

Forward-Looking Statements

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding timing of a production decision, advancing the Buritic project, exploration results, potential mineralization, potential development of mine openings, potential improvement of mining dilution grades, increasing the drill program and amount of equipment and exploration and mine development plans and is based on current expectations that involve a number of significant business risks and uncertainties. Forward-looking statements are subject to other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, an inability to advance the Buritic project to the next level, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Specific reference is made to the most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements, and are made as of the date hereof. The Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Differences in Reporting of Resource Estimates

This press release was prepared in accordance with Canadian standards, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" that may be used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

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For further information, please contact:
Paul Begin
Chief Financial Officer
Continental Gold Inc.
+1.416.583.5610
info@continentalgold.com
www.continentalgold.com

Countries: CA, US
Industries: Environment, Environment:Natural Resource Management, Financial Services, Financial Services:Commercial and Investment Banking, Financial Services:Investment Services and Trading, Financial Services:Retail Banking, Government, Government:International, Government:National, Manufacturing and Production, Manufacturing and Production:Mining and Metals
Primary Identifiers: CGOOF-US, CNL-CA
Related Identifiers: CGOOF-US, CNL-CA
Subjects: Mining Drilling Results

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