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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Visionstate Corp | TSXV:VIS | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.015 | 0.015 | 0.02 | 0.015 | 0.015 | 0.015 | 8,000 | 01:00:00 |
Hot Features
Premium
Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company")
is pleased to announce the results of surface exploration that has outlined four
new precious metal-mineralized systems at the Company's Buritica Project in
Antioquia, Colombia. These new prospects are outside of the future Higabra
valley infrastructure site ("VIS"), where expansion and resource delineation
drilling continues in the Yaragua, Veta Sur, La Estera and San Agustin vein
systems.
Highlights
Referenced in Figures 1 and 2
-- Three of the new prospects - Pinguro North, Pinguro and Obispo - are
located 1 kilometre south, 3 kilometres south and 6 kilometres southeast
of the VIS, respectively. Additionally, each of these prospects is
situated to the east of the Tonusco fault.
-- The Guarco-Pajarito prospect is 4 to 10 kilometres northwest of the VIS.
-- Each prospect displays distinctive styles of mineralization, including
precious metal-bearing vein systems, spatially related to
andesitic/microdioritic intrusions similar to those at the Yaragua and
Veta Sur vein systems.
-- In the Obispo area, northeast-trending and steeply-dipping vein systems
have been mapped and partially sampled along approximately 3,500 metres
of potential strike length. These veins and a distinct set of
intersecting northwest trending veins occur over an elevation range of
more than 500 metres and are open in all directions. The Obispo vein
sets locally exhibit very high-grade precious metals, accompanied by low
to moderate base-metal and high tellurium contents. Highlights of vein
sampling include:
----------------------------------------------------------------------------
Gold Silver Zinc Bismuth Tellurium
g/t g/t ppm ppm ppm
----------------------------------------------------------------------------
188.50 258.0 304 166.0 greater than 500.0
78.61 106.0 2538 3.6 270.1
70.09 420.0 645 3.5 229.7
63.62 92.0 2700 3.0 234.2
45.80 78.0 801 0.6 129.3
41.40 436.0 2560 1.3 greater than 200.0
41.03 55.0 1506 1.1 159.2
37.38 175.0 984 2.5 126.7
34.96 227.0 1481 2.1 131.7
31.85 244.0 862 1.6 159.7
----------------------------------------------------------------------------
The geochemical signature of Obispo mineralization is akin to Stage II
mineralization in the Veta Sur vein system, but also exhibits highly anomalous
vanadium contents, similar to bonanza-grade mineralization at the Porgera gold
mine in Papua New Guinea and elsewhere.
-- At Pinguro, soil geochemical work, geological mapping, and near-surface
sampling have outlined a 1 square-kilometre area containing multiple
families of veins. Two orientations of vein sets have been recognized -
north-northwest-striking and east-northeast-striking and moderately
southwest-dipping; the latter vein set having potential strike length of
over 300 metres, and a vertical extent of more than 300 metres. Rock-
chip sampling to date indicates that both vein orientations may exhibit
high-grade gold mineralization and are base-metal rich, geochemically
similar to Yaragua Stage I mineralization. Highlights of vein sampling
include:
----------------------------------------------------------------------------
Gold Silver Zinc Bismuth Tellurium
g/t g/t ppm ppm ppm
----------------------------------------------------------------------------
88.18 630.0 1531 10.9 5.2
53.67 80.0 15600 26.1 24.3
49.9 81.0 19200 71.1 42.4
36.73 30.0 3604 13.5 8.7
28.38 77.0 2127 34.9 30.1
----------------------------------------------------------------------------
-- Reconnaissance mapping and sampling has recognized several auriferous
vein systems in the 1 square-kilometre Pinguro North area, located
proximal to the site of proposed future development in the Higabra
valley.
-- The Guarco-Pajarito prospect displays broad areas of soil gold and
copper anomalism. Within these areas, porphyry gold-copper and vein gold
mineralization has been sampled in limited outcrop and by trenching.
Auriferous vein systems exhibit low to moderate base-metal contents and
are both shallowly and steeply dipping. Systematic sampling of one of
the latter veins averaged 5.3 g/t gold and 33 g/t silver over an average
width of 0.3 metres along 400 metres of strike length.
-- The high-grade vein systems in the Pinguro and Obispo prospects will be
drilled as soon as the required regulatory permits are in place,
anticipated in Q2 2013.
"Preliminary results from surface exploration are very encouraging and
demonstrate further support that there are potentially multiple high-grade
mineralized systems outside of the Yaragua and Veta Sur vein systems," commented
Ari Sussman, CEO. "We look forward to drill-testing all of these prospects as
soon as possible, with Pinguro and Obispo up first."
Details
Continental's 100%-owned, 57,641-hectare project, Buritica, 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 Yaragua and Veta Sur systems, are
central to this land package. The Yaragua system has been drill-outlined along
900 metres of strike and 1,300 vertical metres and partially sampled in
underground developments. The Veta Sur system has been drill intersected along
570 metres of strike and 1,180 vertical metres. 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. See "About
Continental Gold" (below) for a precis of the updated mineral resource estimates
for the Buritica project prepared in accordance with National Instrument 43-101
("NI 43-101"). This news release documents the initial results of Continental's
surface exploration work in the broader Buritica project, in areas spatially
separated and distinct from Yaragua, Veta Sur and other prospects drilled
to-date.
Systematic exploration, involving ridge-and-spur soil geochemistry, geological
mapping and rock-chip sampling has been undertaken in several areas of
Continental's tenements judged to be prospective in light of earlier stream
sediment geochemistry and geological and geophysical settings. The prime outcome
of this work has been the discovery of four precious-metal mineralized systems.
Three of the new prospect areas are to the east of the Tonusco fault (Figure 1)
- Pinguro North and Pinguro are, respectively, 1 and 3 kilometres to the south,
and Obispo is 6 kilometres to the southeast, of the VIS. The Guarco-Pajarito
prospect is 4 to 10 kilometres to the northwest of the central Buritica project
area (Figure 2). Each of the prospects displays distinctive styles of
mineralization, including precious metal-bearing vein systems, spatially related
to andesitic/microdiortic intrusions similar to those in the central project
area.
Obispo Vein Target
In this area, northeast-trending, steeply-dipping vein systems have been
outlined and partially sampled along approximately 3,500 metres of potential
strike length (Figure 1). These vein sets and an intersecting set of
northwest-trending veins occur over an elevation range of more than 500 metres
and are open in all directions. The Obispo vein system is localized in a
radiometric anomaly, which corresponds to phyllicly-altered late Cretaceous
tonalitic pluton containing inclusions and lenses of Cretaceous metasediments
that are intruded by the pluton. Small bodies of Tertiary andesite porphyry crop
out in the mineralized area.
The Obispo vein sets locally exhibit very high-grade precious metals,
accompanied by low to moderate base-metal and high tellurium contents.
Highlights of channel-chip and soil sampling are listed in Table I and outlined
in Figure 1.
Table I: Vein Sampling Highlights, Obispo
----------------------------------------------------------------------------
SampleID Gold Silver Zinc Lead Copper
g/t g/t ppm ppm ppm
----------------------------------------------------------------------------
S907814 188.50 258.0 304 37 1590
904261 78.61 106.0 2538 3239 1514
904198 70.09 420.0 645 2715 1598
904196 63.62 92.0 2700 3713 1616
904164 45.80 78.0 801 1364 1416
907462 41.40 436.0 2560 5210 4870
(i)904162 41.03 55.0 1506 4740 1568
904183 37.38 175.0 984 2229 1015
904184 34.96 227.0 1481 3247 1157
904178 31.85 244.0 862 268 657
906061 29.68 16.0 38 41 4844
904188 22.92 160.0 361 223 575
904157 21.97 329.0 1186 501 1771
904148 21.86 33.0 945 2903 904
904163 21.18 149.0 509 2903 1255
906049 20.10 33.0 845 4096 1730
904191 18.73 82.0 729 1636 279
904153 13.51 123.0 433 783 887
904159 10.05 47.0 212 838 340
904161 9.58 30.0 390 299 416
904177 9.37 76.0 592 766 166
904146 8.18 129.0 1770 3126 1507
906070 8.04 137.0 647 2585 93
906037 7.88 6.2 327 534 316
904204 7.54 184.0 379 805 989
904167 6.78 113.0 624 2105 865
904169 5.51 176.0 691 3502 796
907458 5.49 31.9 293 863 155
907148 5.47 238.0 901 121 224
906053 5.12 13.0 340 2683 369
906005 4.22 75.0 731 2491 196
904176 3.72 60.0 1141 1186 412
906007 3.18 13.0 248 440 76
904197 3.11 51.0 515 3262 586
906008 3.03 6.6 1281 5261 648
907146 2.77 11.9 243 90 246
906045 2.27 14.0 98 275 191
904166 2.27 42.0 707 659 361
904165 2.26 57.0 480 869 407
904199 1.98 106.0 265 1784 408
907471 1.90 2.9 116 51 60
907470 1.68 3.8 150 47 32
904175 1.51 16.0 432 246 75
904160 1.35 5.2 2189 723 454
906048 1.29 65.0 130 6720 188
S907810 1.17 16.5 334 152 136
904174 1.08 9.2 684 1264 161
906006 1.01 11.0 488 812 59
----------------------------------------------------------------------------
SampleID Arsenic Bismuth Antimony Tellurium Vanadium
ppm ppm ppm ppm ppm
----------------------------------------------------------------------------
greater than
S907814 106 166.0 6 500.0 148
904261 652 3.6 225 270.1 140
904198 595 3.5 822 229.7 1763
904196 566 3.0 211 234.2 427
904164 308 0.6 220 129.3 105
greater than
907462 687 1.3 1150 200.0 153
(i)904162 233 1.1 879 159.2 186
904183 320 2.5 336 126.7 201
904184 257 2.1 298 131.7 107
904178 293 1.6 809 159.7 599
906061 128 0.2 19 26.0 71
904188 232 2.2 118 135.5 874
904157 953 0.9 971 159.9 119
904148 287 1.5 146 107.0 441
904163 266 0.8 366 76.0 228
906049 395 0.2 1866 20.8 463
904191 147 1.0 132 64.9 190
904153 220 0.4 336 73.9 123
904159 62 0.3 102 57.7 239
904161 40 0.6 192 72.9 111
904177 242 1.2 103 34.8 547
904146 208 0.7 678 127.6 306
906070 259 1.3 481 63.8 509
906037 494 0.1 50 4.9 290
904204 250 0.9 257 37.5 700
904167 69 1.1 368 102.9 755
904169 96 1.1 462 84.3 366
907458 285 0.8 81 26.8 150
907148 229 2.7 1465 53.5 1290
906053 156 5.8 74 4.1 1325
906005 180 1.4 146 13.0 46
904176 178 0.8 128 29.0 318
906007 363 0.2 35 1.1 193
904197 188 1.1 84 11.1 260
906008 223 0.3 77 8.1 228
907146 54 0.4 4 6.4 48
906045 466 0.1 52 6.7 4192
904166 41 0.5 96 21.5 203
904165 29 1.0 268 45.1 213
904199 119 0.5 40 9.3 72
907471 1140 0.0 211 0.1 478
907470 1080 0.0 224 0.1 401
904175 39 0.8 29 7.3 281
904160 67 0.1 201 11.9 160
906048 147 1.4 496 14.8 85
S907810 98 34.4 1 5.7 443
904174 42 0.5 30 4.1 69
906006 207 0.1 36 1.3 117
----------------------------------------------------------------------------
(i)Rock-chip/ channel and soil samples (designated SampleID) above 1 g/t
gold. Sample true widths average 0.32 metres. Background vanadium values
average 50 ppm.
The geochemical signature is akin to Stage II mineralization in the Veta Sur
system, but also exhibits highly anomalous vanadium contents, similar to bonanza
grade mineralization at the Porgera gold mine in Papua New Guinea and elsewhere.
Pinguro Vein Target (Figure 1)
The Pinguro prospect is located in a 1 square-kilometre area containing multiple
families of auriferous veins, outlined by soil geochemical work, geological
mapping and near-surface rock-chip sampling. Two orientations of vein sets have
been recognized, north-northwest-striking and east-northeast-striking and
moderately southwest-dipping, the latter vein sets with potential strike lengths
of over 300 metres, vertical extents of potentially more than 300 metres and
open in all directions. Country rocks are mainly Cretaceous metabasalts and
metasediments locally intruded by andesitic bodies.
Limited rock-chip sampling indicates that both vein orientations may exhibit
high-grade, gold-silver mineralization. Highlights of vein channel sampling are
included in Table II and outlined in Figure 1 along with gold-anomalous soil
samples.
Table II: Vein Sampling Highlights, Pinguro
----------------------------------------------------------------------------
SampleID Gold Silver Zinc Lead Copper
g/t g/t ppm ppm ppm
----------------------------------------------------------------------------
906020 88.18 630.0 1531 17300 1069
906014 53.67 80.0 15600 221 682
904132 49.9 81.0 19200 662 5881
906025 36.73 30.0 3604 1155 741
906015 28.38 77.0 2127 403 841
904133 11.6 156.0 7372 232 1286
906021 8.63 15.0 8021 129 330
904134 7.88 95.0 3679 140 511
904129 6.23 30.0 2420 106 349
904104 3.66 108.0 5469 1371 205
906022 2.79 4.7 616 82 164
904128 2.70 7.0 1716 45 603
907125 1.93 2.2 40 3 23
904105 1.73 8.3 2122 127 171
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SampleID Arsenic Bismuth Antimony Tellurium Vanadium
ppm ppm ppm ppm ppm
----------------------------------------------------------------------------
906020 6299 10.9 1643 5.2 271
906014 774 26.1 34 24.3 132
904132 902 71.1 278 42.4 143
906025 265 13.5 10 8.7 369
906015 866 34.9 54 30.1 94
904133 434 17.3 453 10.3 110
906021 630 3.8 71 1.1 127
904134 393 4.7 285 0.5 43
904129 556 8.8 119 2.9 158
904104 272 1.4 111 1.1 47
906022 149 1.7 7 0.6 283
904128 114 1.9 26 1.2 274
907125 2640 0.0 66 0.2 119
904105 140 0.7 24 0.1 266
----------------------------------------------------------------------------
(i)Rock-chip/ channel above 1 g/t gold. Sample true widths average 0.41
metres.
Sampling to date indicates that most of the Pinguro gold-silver veins are
base-metal rich and geochemically similar to Yaragua Stage I mineralization.
Pinguro North Vein Target (Figure 1)
Reconnaissance mapping and sampling has recognized several auriferous vein
systems in the 1 square-kilometre Pinguro North area, close to the VIS. Three
sets of vein orientations have been observed over a 400-metre range of
elevations, but the lateral extents of the vein systems remain to be clarified.
Country rocks are mainly Cretaceous metabasalts and metasediments intruded in
some areas by Tertiary andesitic bodies.
Sampling to date (Table III and Figure 1) has indicated mainly base-metal poor,
gold+/-silver bearing veins. One carbonate-rich vein sample has a 1,445 g/t
silver grade. A vein sample in the northeast of the area, assaying 1.77 g/t gold
and 18 g/t silver, exhibits highly anomalous tellurium and vanadium contents
similar to the geochemical signature of mineralization in the Obispo prospect
further east.
Table III: Rock-chip Sampling Highlights, Pinguro North
----------------------------------------------------------------------------
SampleID Gold Silver Zinc Lead Copper
g/t g/t ppm ppm ppm
----------------------------------------------------------------------------
906984 3.58 15.7 97 81 532
906031 3.36 9.0 34 14 54
906985 2.78 9.9 272 44 125
906991 2.70 3.6 75 12 179
906996 2.62 2.3 57 6 110
906994 2.57 6.5 62 8 115
907164 2.38 35.2 661 156 160
907457 1.77 18.1 45 4 98
906989 1.71 2.2 605 66 78
906990 1.71 3.7 57 7 82
906921 1.71 2.3 74 4 11
906999 1.68 7.5 46 7 64
906933 1.58 0.7 64 8 26
906944 1.39 0.8 42 6 23
906995 1.39 5.9 93 7 179
907414 1.34 0.3 27 1 7
907453 1.31 9.1 79 29 37
906997 1.28 8.0 46 5 69
907454 1.07 9.7 128 21 65
906983 1.01 4.8 64 19 385
907166 0.11 1445.0 433 581 7830
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SampleID Arsenic Bismuth Antimony Tellurium Vanadium
ppm ppm ppm ppm ppm
----------------------------------------------------------------------------
906984 518 -0.01 249 1.1 156
906031 420 -0.04 43 3.2 781
906985 110 -0.01 44 7.2 113
906991 506 0.01 63 2.0 416
906996 512 -0.01 48 1.2 303
906994 384 -0.01 31 3.8 329
907164 5220 0.01 126 0.4 265
907457 114 0.01 53 10.2 1690
906989 204 -0.01 40 1.0 240
906990 237 -0.01 57 1.7 355
906921 94 -0.01 10 1.7 722
906999 221 -0.01 36 3.0 338
906933 412 -0.01 98 0.2 231
906944 236 -0.01 28 0.5 282
906995 259 0.01 37 3.3 388
907414 137 -0.01 11 0.3 101
907453 449 0.04 59 0.8 338
906997 281 -0.01 26 6.9 437
907454 194 0.02 82 0.9 219
906983 188 -0.01 89 0.7 165
907166 2880 -0.01 5630 -0.1 39
----------------------------------------------------------------------------
(i)Rock-chip/ channel above 1 g/t gold-equivalent (Au + Ag/50 g/t). Sample
true widths average 0.52 metres.
Guarco-Pajarito Vein Target (Figure 2)
The Guarco-Pajarito prospects are located 4 to 10 kilometres to the northwest
and west-northwest respectively of the Yaragua vein system.
The Guarco area exhibits extensive areas of soil gold and also copper-gold
anomalism spatially associated with microdiorite intrusions. The latter
anomalies (greater than 500 ppm copper) are up to 200 and 500 metres in extent
and overlie porphyry gold-copper style mineralization evidenced by
quartz-magnetite stockworks and weak potassic alteration. Higher grade (0.5 g/t
to 6.47 g/t) gold-in-soil anomalies occur within, and also separated from the
broad gold and copper anomalies. Mapping and limited rock chip sampling of
outcrop, trenches and artisanal workings (Table IV and Figure 2) indicate that
the higher grade anomalies are associated with vein and sheeted-vein style gold
mineralization (channel samples are up to 5.6 g/t gold), variably enriched in
copper, zinc and arsenic. Both shallowly and steeply dipping vein sets have been
observed but strike and vertical extents remain unknown. The geochemical
characteristics, associated alteration and morphology of the mineralization is
consistent with moderate to high temperature styles compatible with their
intrusion proximal character and the deeper erosion levels inferred for the
Guarco area.
Gold and copper soil anomalism is less extensive in the Pajarito area, where
mineralization sampled to date (Table IV and Figure 2) appears to be of vein
styles, channel samples including 10.1 g/t gold, 9.5 g/t gold and 44 g/t silver.
Both steeply and shallowly-dipping vein sets have been observed in outcrop,
trenches and artisanal workings. Systematic sampling of one of a family of veins
with Yaragua orientations averaged 5.3 g/t gold and 33 g/t silver over an
average width of 0.3 metres along 400 metres of strike length.
Table IV: Sampling Highlights, Guarco-Pajarito
----------------------------------------------------------------------------
SampleID Gold Silver Zinc Lead Copper Arsenic Bismuth Antimony
g/t g/t ppm ppm ppm ppm ppm ppm
----------------------------------------------------------------------------
906219P 10.10 1.8 23 10 11 908 0.1 18.4
215392P 9.50 44.2 - - - - - -
215393P 7.70 43.8 - - - - - -
S905236 6.47 1.6 161 11 31 42 0.5 0.6
903113P 6.11 3.5 157 16 25 1586 0.1 33.3
215388P 6.00 29.3 - - - - - -
902579 5.55 6.3 977 61 930 251 -2.0 11.0
S903263P 4.71 1.0 93 6 175 3 0.0 0.6
215389P 4.70 48.0 - - - - - -
906221P 3.70 1.0 60 13 15 421 0.1 22.5
215390P 3.30 52.7 - - - - - -
903065P 3.26 37.0 1160 243 283 1185 2.0 53.0
215395P 3.20 12.5 - - - - - -
215396P 2.70 22.2 - - - - - -
225061 2.52 1.6 220 9 8 95 0.7 2.6
906276 2.33 1.7 71 6 1023 11 0.2 2.2
903105P 2.15 11.0 27 24 125 2228 0.5 117.4
906335P 1.41 4.6 1610 14 4410 18.9 0.3 1.5
906626 1.34 0.5 28 7 185 3 0.7 0.9
906307 1.27 0.8 56 6 927 5 0.1 1.4
----------------------------------------------------------------------------
(i)Rock chip/ channel (Pajarito samples labeled SampleIDP) and soil samples
(designated SampleID) above 1 g/t gold-equivalent (Au + Ag/50 g/t) Sample
true widths average 0.8 metres.
Further work will be undertaken to clarify potentially bulk tonnage and vein
system drill targets in the Guarco-Pajarito area.
Technical Information
Vic Wall, PhD, special advisor to 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. Dr. Wall is a geologist with 35 years' experience in the minerals
mining, consulting, exploration and research industries. Following a career in
Australian and North American academes, he held senior positions in a number of
multinational major and junior minerals companies. A Fellow of the Australian
Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a
Brisbane-based consultancy that provides geoscientific services to mineral
companies and government agencies, worldwide.
The Company utilizes a rigorous, industry-standard QA/QC program. Reconnaissance
soil samples are taken at regular intervals along ridges and spurs and mostly
comprise 2-3 kilograms of Zone C soils. Where exposure permits rock chip
sampling is undertaken in channels across the apparently mineralised entities
and their wall rocks, assay samples typically greater than 2 kilograms mass.
Soil and rock samples are shipped to a sample preparation lab in Medellin run by
ALS Colombia Limited ("ALS") in Colombia. Samples are then shipped for analysis
to an ALS-certified assay laboratory in Lima, Peru. Gold is fire-assayed with
instrumental & gravimetric finishes on 30gram aliquots, other elements by
instrumental finishes on the products of four-acid digestions, overlimits values
re-assayed by element specific methods. 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 ACME
Analytical Laboratories in Vancouver, British Columbia and/or Inspectorate
America Corp. in Reno, Nevada. Crush rejects and pulps are returned and stored
in a secured storage facility for future assay verification.
For additional technical information on the Buritica project, please refer to
the Company's technical report (the "Technical Report") entitled "2012 Mineral
Resource Estimate of the Buritica Gold Project, Colombia" dated November 15,
2012 with an effective date of October 22, 2012, prepared by Andrew J Vigar,
BAppSc Geo, FAusIMM, MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining
Associates Pty Limited, available on SEDAR at www.sedar.com, on the OTCQX
International at www.otcmarkets.com and on the Company website at
www.continentalgold.com.
About Continental Gold
Continental Gold Limited is an advanced-stage exploration and development
company with an extensive portfolio of 100%-owned gold projects in Colombia.
Spearheaded by a team with over 40 years of exploration and mining experience in
Colombia, the Company is focused on advancing its high-grade Buritica gold
project to production. On October 1, 2012, the Company announced an updated
mineral resource estimate for the Buritica project prepared in accordance with
NI 43-101 which covers two major vein systems, with combined Measured and
Indicated mineral resource of 3,740,000 tonnes of mineralized material
containing 1,640,000 ounces of gold grading 13.6 g/t gold, 4,600,000 ounces of
silver grading 38 g/t silver, and 55,800,000 pounds of zinc grading 0.7% zinc.
The combined Inferred mineral resource is 13,330,000 tonnes of mineralized
material containing 3,760,000 ounces of gold grading 8.8 g/t gold, 14,200,000
ounces of silver grading 33 g/t silver and 156,500,000 pounds of zinc grading
0.5% zinc.
In August 2012, Continental achieved an important milestone, receiving formal
approval for the modification of its existing Environmental Impact Assessment.
The amendment allows the Company to build a six-kilometre switchback road and
begin underground development by constructing a one-kilometre access tunnel.
With a goal of being the newest hard rock gold producer in Colombia, Continental
has commenced the construction of the access tunnel, which will initially
provide access for underground drilling and eventually used for commercial
production. A Phase IV drill program is underway at the Buritica project to
further delineate the mineral resource and drill new target zones identified
within its concessions.
Additional details on the Buritica project and the rest of Continental's suite
of gold exploration properties are 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 the estimation
of mineral resources, exploration results, potential mineralization, exploration
and mine development plans, and timing of the commencement of operations, and is
based on current expectations that involve a number of business risks and
uncertainties. 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. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not limited to,
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
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.
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" 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. The term "resource" does not equate to the term "reserves."
Under U.S. standards, mineralization may not be classified as a "reserve" unless
the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is made.
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. The
requirements of NI 43-101 for identification of "reserves" are also not the same
as those of the SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as "reserves" under SEC standards. 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.
To view "Figure 1 - Plan view of Pinguro North, Pinguro, and Obispo Prospects,
Showing Highlights of Surface Sampling, Inferred Vein Domains on
Geology-topography and the Yaragua and Veta Sur Vein Systems with Related
Proposed Infrastructure" please visit the following link:
http://media3.marketwire.com/docs/Figure1_cnl02282013.pdf.
To view "Figure 2 - Plan view of the Guarco-Pajarito Prospects, Showing
Highlights of Surface Sampling, Inferred Vein Domains on Geology-topography and
the Yaragua and Veta Sur Vein Systems with Related Proposed Infrastructure"
please visit the following link:
http://media3.marketwire.com/docs/Figure2_cnl02282013.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com
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