VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2014) - (TSX VENTURE:CMJ)(FRANKFURT:X6C) - Colombian Mines Corporation ("Colombian Mines" or the "Company") is pleased to announce drilling in the Sabana Blanca zone at the Company's El Dovio project intersected mineralization 230 meters to the east along strike from the Sabana Blanca tunnel materially expanding the drill indicated strike length of the Sabana Blanca zone. Drilling also identified a new zone of zinc dominated mineralization south of the Sabana Blanca adit and a scout drill hole in the Brazo 1 zone resulted in an important geological discovery, intersecting a massive to semi-massive bedded sulfides in a previously unknown sequence of carbonaceous sediments, a geological environment with potential to host a bedded Volcanogenic Massive Sulfide ("VMS") style mineralization.
Discussion and Results
Sabana Blanca Zone:
Drilling in the Sabana Blanca Creek ("SBC") outcrops approximately 230 meters to the east along strike from the Sabana Blanca tunnel intersected mineralization typical of the Sabana Blanca zone. Multiphase bituminous crystalline quartz with semi-massive to massive pyrite (iron sulfide) and chalcopyrite (copper sulfide) cut by veinlets and irregular masses of sphalerite (zinc sulfide) were intersected in both holes drilled in the SBC area and indicate confirmation of the strike extent of mineralization in the high grade Sabana Blanca zone.
Table 1. Summary Drill Intercepts Sabana Blanc Creek Outcrop Area
| Hole |
From (m) |
To (m) |
Intercept Length (m) |
Au g/T |
Ag g/T |
|
Cu % |
|
Zn % |
|
AuEq (g/T) |
| SBC14-01 |
61.0 |
64.0 |
3.0 |
8.02 |
4.90 |
|
0.83 |
|
0.5 |
|
9.7 |
| SBC14-02 |
35.5 |
40.8 |
5.3 |
1.58 |
15.42 |
|
3.96 |
|
0.1 |
|
8.4 |
| |
56.9 |
61.7 |
4.8 |
2.14 |
7.46 |
|
1.05 |
|
1.5 |
|
4.7 |
*Note: Gold Equivalent values were calculated using the following metal prices, Gold $40.99 / gram, Silver $0.63 / gram, Copper $3.04 / pound and Zinc $0.96 / pound.
New Zone:
Drill holes SB14-01, 02 and 03 were drilled from a point roughly 82 meters south of the outcropping mineralization and in the structural hanging-wall of the Sabana Blanca zone. SB14-01 did not intersect significant mineralization. Holes SB10-02 and 03 intersected significant mineralization that may be indicative of a new zone of mineralization.
This mineralization is interpreted to be separate and distinct from that of the main Sabana Blanca zone. Sphalerite is the dominant mineral and has a distinctive brick red color while that of the Sabana Blanca zone is typically a dark brown color, possibly indicating higher iron content and higher temperatures of formation. Unlike mineralization in the Sabana Blanca zone, where chalcopyrite is a major component, in the newly identified zone chalcopyrite is present in trace amounts. Logging and interpretation suggests this zone is situated well above the and in the structural hanging wall of the main Sabana Blanca zone.
Table 2. Summary Drill Intercepts - New Zone
| Hole |
From (m) |
To (m) |
Intercept Length (m) |
|
Au g/T |
|
Ag g/T |
|
Cu % |
|
Zn % |
|
Au Eq (g/T) |
| SB14-01 |
No Significant Intercepts |
| Sb14-02 |
17.0 |
22.0 |
5.0 |
|
0.57 |
|
4.96 |
|
0.23 |
|
4.0 |
|
3.1 |
| SB14-03 |
53.5 |
64.3 |
10.8 |
|
1.18 |
|
3.77 |
|
0.26 |
|
0.4 |
|
1.9 |
| |
73.6 |
79.5 |
5.9 |
|
0.78 |
|
3.34 |
|
0.24 |
|
0.2 |
|
1.3 |
*Note: Gold Equivalent values were calculated using the following metal prices, Gold $40.99 / gram, Silver $0.63 / gram, Copper $3.04 / pound and Zinc $0.96 / pound.
Brazo 1 Zone:
Scout hole BR14-01, discovered a previously unknown sequence of well developed bedded, semi-massive to massive sulfides consisting of fine grained pyrite and pyrrhotite with traces of chalcopyrite and sphalerite in thin bedded, fine grained silty carbonaceous sediments including minor intervals of chert and metamorphosed volcanic rocks. The sedimentary package appears to strike nearly north - south and the east - northeast trending Sabana Blanca zone is projected to intersect this important horizon between BR14-01 and SBC14-01 in an area wholly lacking outcrop. This important discovery materially expands the exploration potential for the El Dovio project and further indicates that the high grade Sabana Blanca zone is a large feeder or "stringer" zone beneath a highly prospective VMS horizon. Values in the bedded sulfides and surrounding sediments are moderately to highly anomalous, ranging from 0.01 to 0.16 g/T Au, 0.02 to 1.7 g/T Ag, 0.011 to 0.033 % Cu, and 0.01 to 0.07 % Zn and clearly indicate elevated metal content well above background levels.. Hole BR14-01, was drilled to a depth of 98 meters at an azimuth of 59 degrees and an inclination of 45 degrees, lack of outcrop in the area resulted in the hole being drilled sub-parallel to the dip of the sedimentary package that hosts the bedded sulfides and therefore testing a comparatively narrow portion of this previously unknown bedding controlled mineralization. The Company has formulated plans to establish suitable drill sites to allow drilling that will cut across the sedimentary package and test high grade surface mineralization in the Brazo 1 zone where surface channel sampling by the Company returned composite surface channel results grading 3.8 g/T Au, 4.1 g/T Ag and 0.3% Zn over 9 meters as announced November 5, 2012.
Ongoing Drilling
The Company has initiated a program of underground drilling utilizing the Company's man portable hydraulic drill. This will allow the Company to explore certain very high grade targets it has not been able to test from the surface. Once underground drilling is completed, the Company plans to continue surface drilling where priority targets will include expansion of drilling in the Sabana Blanca zone and the projected intersection of the Sabana Blanca and Brazo 1 zones.
Notes and Comments
All drill intercepts in reported herein are drilled intercept length. It is believed true width of these intercepts is between 80 to 100 percent of the reported intercept length, however insufficient drilling has yet to be done in these drill area to reasonably determine the geometry and true width of the intervals.
Gold equivalency calculations are included to more clearly present the approximate value of the polymetallic mineralization at El Dovio. All gold equivalent values (opt AuEq) were calculated using the following metal prices, Gold (1275 per troy ounce ($40.99 / gram), Silver $19.75 per troy ounce ($0.63 / gram), Copper $3.04 / pound and Zinc $0.96 / pound. One troy ounce contains approximately 31.1 grams and one percent equals approximately 22 pounds per metric tonne.
Sample Collection - Quality Control - Quality Assurance
The Company's samples are collected in accordance with accepted industry best practices. Core is transported from the site to the Company's core facility in Medellin, Colombia by Company personnel. After being logged, photographed, diamond saw cut and sampled, samples are delivered the SGS's Medellin laboratory for preparation and analyses, (ISO9001:2000). Gold is analyzed by fire assay with an ICP/AES finish. Silver and base metal analyses were determined with ICP/AES techniques. The Company maintains and continuously monitors its rigid QC-QA through insertion of a series of blank, duplicate, certified standard samples at a rate of 1:30 or higher into the sample stream.
Mr. Robert G. Carrington, P.Geo., a Qualified Person as defined by National Instrument 43-101 and President of the Company, has reviewed and verified the technical information in this news release.
About Colombian Mines Corporation: Colombian Mines Corporation is an aggressive exploration and development stage company with a distinct "first mover" advantage in Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is also one of Colombia's leading "prospect generators". Further information can be found on our website at www.colombianmines.com.
Robert G. Carrington, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Colombian Mines Corporation. Actual results may differ materially from those currently anticipated in such statements.