CLB Colombia Crest Gold Corp

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce two
additional areas of anomalous gold were defined by the latest soil sample
results, bringing the total to four large porphyry targets at the Arabia
Porphyry Gold-Copper Complex, Antioquia Province, Colombia. Assay results from
all 588 soil samples have been received, covering an additional 5.3 square
kilometres around the soil grid announced December 6, 2011. By comparison,
in-house airborne magnetic data over the same area also verifies coincidence of
the four anomalous soil zones to magnetic highs, thus validating that porphyry
targets exist. 


Click the following link to view a map of the soil sample grids:
http://media3.marketwire.com/docs/CLB_ArabiaSoils.pdf. 


"The new soil results indicate that we have discovered a total of four large
porphyry gold-copper targets at Arabia based on surface soil, rock chips and
airborne geophysical data," commented Hans Rasmussen, President and CEO. "I am
not just excited about the number of mineralized zones, but more about the size
of the anomalies and their exact coincidence to magnetic features - all
suggesting that Arabia is a porphyry gold-copper complex. These four soil
anomalies are weathered mineralization close to surface. As is typical in a
porphyry complex, most likely, there are other mineralized targets just beneath
the surface, as our neighboring explorers are finding in their exploratory
drilling. With our own drilling program underway at Arabia 1, we are
systematically testing each of these large porphyry targets for gold grade and
advancing our geologic knowledge." 


A total of 588 soil samples were collected on a 100 by 100 metre grid covering
5.28 square kilometres around the prior Arabia soil grid to the north, west and
south. Soil samples from the recently expanded grid returned up to 148 ppb gold;
because of the hilly terrain and overgrowth, soil sampling is the best
first-pass exploration tool. Consistent with other porphyry gold discoveries in
the Andes Mountains of South America, the new soil results show that gold is
strongly correlated to copper, molybdenum and tellurium. All the samples were
collected from residual soil that is thought to represent decayed and eroded
bedrock. 


Soil sample results from the first area announced on December 7, 2011 had gold
assays that varied from below detection up to 405 ppb, or 0.4 grams per tonne
gold. In one area, referred to as Arabia 1 - the area currently being drilled,
the anomalous soil assays coincided with rock chip samples of potassic-altered
porphyry outcrop that varied from below detection up to 3.8 parts per million
gold. Anomalous gold values are those greater than 40 parts per billion ("ppb").



The Arabia area is located just 10 kilometres west of Bellhaven Copper and
Gold's (TSX VENTURE:BHV) La Mina project and 15 kilometres south of Sunward
Resources' (TSX VENTURE:SWD) Titiribi project. The Arabia Porphyry targets lie
partially on a concession that is held under the Venecia Agreement with
Colombian Mines Corporation (TSX VENTURE:CMJ) (see news release dated April 5,
2011) and partially on one of the 16 concessions held under the Fredonia
Agreement with Grupo de Bullet (see news release dated August 25, 2011). 


The soil samples were sent to the ACME Prep Laboratory in Colombia who forwarded
sample pulps to the ACME Lab in Vancouver, Canada for analysis. The chosen
preparation method was Preparation Code SS80 Dry at -60 degrees C, which
consists of up to 500 gram sample sieved through 80 mesh screen so that up to
100 gram sample remains. The 100 gram sample then uses the SP100 Preparation;
the soils are pulverized to -100 mesh in a mild-steel pulverizer. A multi
element package of 41 elements (IF02 Analysis) including silver, base metals and
pathfinder elements were analyzed using ICP mass spectrometry. The ICP
multi-element analysis uses an aqua regia digestion prior to analysis.


As described in a news release dated June 1, 2011, the Arabia area was
discovered as part of the Company's ongoing porphyry gold exploration program,
which is focused on the prolific Middle Cauca Belt, Colombia. A total of 20
prospective target areas were identified by Colombia Crest in the Fredonia and
Venecia projects. These target areas were defined through the detailed
integrating of the airborne magnetic and radiometric data, along with stream
sediment sampling data and the interpretation of geologic maps and fault
intersections analysis from satellite maps. Each of the targets was prioritized
for field follow up. Highest priority was given to targets with the best results
from each of the data groups mentioned above, including mineral title and
surface ownership as a prioritizing criteria. Arabia was one of the first
targets visited. Field work continues on the 34,000 hectares (81,600+ acres) of
mineral title. 


The technical information in this news release has been reviewed and approved by
Peter Ellsworth, a technical consultant who is a Qualified Person in accordance
with National Instrument 43-101 Standards of Disclosure for Mineral Projects.


Incentive Options

Subject to acceptance by the TSX Venture Exchange, the Company has granted to a
member of the technical management team and certain other consultants, incentive
options for the purchase of up to 450,000 common shares of the Company. These
options have an exercise price of $0.35 per share and expire May 14, 2015.


Any shares issued to directors and officers pursuant to the exercise of options
granted to them will be subject to a four month hold period commencing on the
date of the grant. Shares issued to other optionees on the exercise of such
options will not be subject to any hold period.


About Colombia Crest Gold Corp.

Colombia Crest Gold Corp. is focused on systematically exploring, developing and
monetizing promising new gold projects in Colombia as well as realizing the
potential of its 100 percent-owned San Simon project in Bolivia. The Company
employs a team of seasoned geologists, each with 20+ years of experience
exploring and discovering this type of porphyry deposit around the world,
including Argentina, Peru, Ecuador, Mexico, Alaska, Indonesia, and Eastern
Europe. 


Along with a strong working capital position, the Company will accelerate the
exploration programs at the Fredonia and Venecia projects where it has optioned
over 34,000 hectares (81,600+ acres) located in the Cauca River Valley. Situated
approximately 40 km south of the city of Medellin, in Antioquia Province, the
properties are positioned within the Middle Cauca Belt, which is the most
prolific gold belt in Colombia with more than 500 years of gold-mining history
and several new gold discoveries. 


Forward-Looking Statements

This press release contains or refers to forward-looking information, including
statements regarding exploration results, potential mineralization, exploration
plans and timing of the commencement of drilling, and is based on current
expectations that involve a number of business risks and uncertainties. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, 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. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof, and the Company assumes no responsibility to update them or revise
them to reflect new events or circumstances other than as required by law.


If you would prefer to receive news releases via email, please contact Colombia
Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the
subject line.

Colombia Crest Gold Corp. (TSXV:CLB)
Historical Stock Chart
From Oct 2024 to Nov 2024

Colombia Crest Gold Corp. (TSXV:CLB)
Historical Stock Chart
From Nov 2023 to Nov 2024