Caza Gold Options Piedra Iman Project in Nicaragua to B2Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/13 -- Greg Myers, CEO and President of Caza Gold Corp. (TSX VENTURE: CZY)(FRANKFURT: CZ6)(OTCQX: CZGDF) is pleased to announce that a binding letter agreement has been signed with B2Gold Corp (B2Gold), whereby B2Gold can earn an initial 60% interest and an ultimate 75% interest in Caza's Piedra Iman copper-gold exploration project in Nicaragua.
Piedra Iman is located approximately 25 kilometers north of B2Gold's operating El Limon gold mine at the northwest end of Caza's large property package in the central gold belt of Nicaragua (Link to Piedra Iman Property Page on Website - http://www.cazagold.com/projects/nicaragua/piedra_imam/). The main exploration target appears to be bulk tonnage porphyry style copper-gold deposits.
The main copper-gold mineralized zone is hosted by strongly altered igneous rocks over an area at least 800 meters long by 400 meters wide. Alteration consists of several highly silicified igneous breccia bodies surrounded by sericite and clay-altered intrusive rocks. Sheeted magnetite veins in intrusive rocks have been discovered up to 1.5 km from the main mineralized area. The Piedra Iman property has some geologic similarities to the Primavera copper gold porphyry target currently being explored by B2Gold and Calibre Mining in eastern Nicaragua.
This prospective area was explored by Latin American Exploration S.A. (Laminex) in the 1970's, as evidenced by one old adit, now caved, and several old drilling sites. The adit is reportedly at least 300 feet long and trends under the historic drilling sites. Historic reports refer to multiple drill intercepts of high grade copper mineralization from a 1972 drilling program. Gold and silver were not assayed for by Laminex.
Original drill hole location maps, drill logs, assay reports and core samples have not been located so this historic information has not been verified. New drilling, sampling and assaying will be required to verify the historic data and determine the potential of the target zone. Historic drill highlights are as follows:
----------------------------------------------------------------------------
From (feet) To (feet) Total (feet) Meters Cu%
----------------------------------------------------------------------------
DDH 787 15 53 38 11.6 0.8
----------------------------------------------------------------------------
53 92 39 11.9 0.21
----------------------------------------------------------------------------
92 159 67 20.4 0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH 790 10 61 51 15.5 0.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH 794 10 65 55 16.8 0.3
----------------------------------------------------------------------------
65 105 40 12.2 0.53
----------------------------------------------------------------------------
105 167 62 18.9 0.31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH 818 117 156 39 11.9 0.23
----------------------------------------------------------------------------
156 180 24 7.3 1.4
----------------------------------------------------------------------------
294 304 10 3.0 0.7
----------------------------------------------------------------------------
344 354 10 3.0 1.2
----------------------------------------------------------------------------
365 395 30 9.1 1.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH 846 381 400 19 5.8 2.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH 851 0 90 90 27.4 0.4
----------------------------------------------------------------------------
Caza reported previously that thirty-seven of the 125 samples collected by the Company contained more than 0.1 grams per tonne (gpt) gold and 12 samples assayed more than 0.5 gpt gold, with a peak value of 46.0 gpt (link to Dec. 4, 2012 News Release - http://www.cazagold.com/_resources/news/120412.pdf). Copper values range from 0.01% to 1.82% and 41 of the 125 samples returned over 0.5% copper. All samples were representative surface rock chip grab samples which were prepared by Inspectorate Laboratories in Managua, Nicaragua and analyzed at their facilities in Reno, Nevada. Check samples and blanks were included with the samples to monitor QAQC of preparation and assay procedures.
B2Gold can earn an initial 60% interest by spending $2.5 million on exploration over 4 years. B2Gold can earn up to a 75% interest by funding and completing a technical report and feasibility study.
B2Gold Corp. (TSX: BTO)(NYSE MKT: BTG)(NAMIBIAN: B2G)(OTCQX: BGLPF) is a Vancouver based gold producer with three operating mines (two in Nicaragua and one in the Philippines) and a strong portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay. B2Gold is the largest gold producer in Nicaragua.
Caza Gold Corp. (TSX VENTURE: CZY)(FRANKFURT: CZ6)(OTCQX: CZGDF) is a gold-copper exploration company focused on discovering new gold deposits in Nicaragua and Mexico. The Company is one of the largest landholders in the highly prospective but largely undeveloped country of Nicaragua, and holds attractive properties in historic mining districts in the mineral-rich country of Mexico. Caza Gold Corp. is dedicated to discovering gold, defining deposits, and developing value.
Greg Myers, Ph.D. P. Geo, President and CEO of the Company, is the Qualified Person who reviewed and approved the contents of this News Release.
CAZA GOLD CORP.
Per:
Greg Myers, President and CEO
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Caza Gold Corp.
Terry Johnston
(604) 267-3007 or toll free 1 (855) 685-9750
(604) 685-9744 (FAX)
terry@cazagold.com
www.cazagold.com