Confederation Reports on Additional Assays from their Mid-Summer Drilling Program at Newman Todd: 9.5 meters grading 10.39 g/t gold including 0.5 meters at 103 g/t gold
Vancouver, B.C.; August 28th, 2013; Confederation Minerals Ltd. (TSX.V:CFM; OTCQX:CNRMF): ("Confederation" or the "Company") is pleased to announce assay results from three additional holes of their 2013 summer drilling program at their Newman Todd gold project in the Red Lake District, northern Ontario. Confederation has the right to earn a 70% interest in the project from Redstar Gold Corp. (TSXV:RGC).
Holes NT-152, NT-153 and NT-154 were drilled into the structural zone known as the Newman Todd Structure ("NTS") in the northeast of an area referred to as the "Hinge Zone". The NTS is a zone of quartz-carbonate alteration and brecciation reaching over 200 meters in width and exceeding 2 km in strike length within the property boundaries. Highlights include wide intervals such as 3.0 meters grading 12.42 g/t gold; 9.50 meters grading 10.39 g/t gold; 4.0 meters grading 15.70 g/t gold; as well as shorter intervals grading up to 98.6, 28.8, 35.0, 57.05, and 103.0 g/t gold respectively. Much wider, lower-grade intervals, such as 13.0 meters grading 3.11 g/t gold are potentially indicative of halos to higher-grade mineralized sections or "shoots".
For a complete description of the geological setting, local geology, a list of drill holes completed to date along with assay results for all drill holes, please refer to the Company's web site at www.confederationmineralsltd.com. Results from the first drill hole of the current drilling phase were reported on in a press release issued by the Company on August 23, 2013. Included in this previous press release are potential "going forward" plans for advancing the exploration on this advanced-stage, gold-bearing discovery, and the reader is referred to that recent document.
The most recent, and up-to-date results returned from the on-going Newman Todd drilling are listed below:
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|Hole | |From (m)|To (m)|Width (m)|Au (g/t)|
|ID | | | | | |
|-------------------------------------------------------|
|NT-152| |253.0 |254.0 |1.0 |3.26 |
|-------------------------------------------------------|
|NT-152|and |264.0 |269.0 |5.0 |3.97 |
|-------------------------------------------------------|
|NT-152|including |264.0 |264.5 |0.5 |26.50 |
|-------------------------------------------------------|
|NT-152|and |287.0 |288.0 |1.0 |98.60 |
|-------------------------------------------------------|
|NT-153| |67.0 |70.0 |3.0 |12.42 |
|-------------------------------------------------------|
|NT-153|including |67.0 |68.5 |1.5 |17.16 |
|-------------------------------------------------------|
|NT-153|and including|68.0 |68.5 |0.5 |28.80 |
|-------------------------------------------------------|
|NT-153|and |178.0 |179.0 |1.0 |4.48 |
|-------------------------------------------------------|
|NT-153|and |231.0 |240.5 |9.5 |10.39 |
|-------------------------------------------------------|
|NT-153|including |232.5 |233.0 |0.5 |35.00 |
|-------------------------------------------------------|
|NT-153|and including|236.5 |240.5 |4.0 |15.70 |
|-------------------------------------------------------|
|NT-153|and including|238.0 |239.0 |1.0 |57.05 |
|-------------------------------------------------------|
|NT-153|and including|238.0 |238.5 |0.5 |103.00 |
|-------------------------------------------------------|
|NT-153|and including|240.0 |240.5 |0.5 |6.91 |
|-------------------------------------------------------|
|NT-154| |37.0 |38.0 |1.0 |3.47 |
|-------------------------------------------------------|
|NT-154|and |44.0 |45.0 |1.0 |3.11 |
|-------------------------------------------------------|
|NT-154|and |122.0 |123.0 |1.0 |4.31 |
|-------------------------------------------------------|
|NT-154|and |130.0 |143.0 |13.0 |3.11 |
|-------------------------------------------------------|
|NT-154|including |133.0 |134.0 |1.0 |4.25 |
|-------------------------------------------------------|
|NT-154|and including|137.0 |138.0 |1.0 |7.70 |
|-------------------------------------------------------|
|NT-154|and including|142.0 |143.0 |1.0 |16.70 |
|-------------------------------------------------------|
|NT-154|and |182.0 |183.0 |1.0 |3.07 |
|-------------------------------------------------------|
|NT-154|and |205.0 |209.0 |4.0 |3.28 |
|-------------------------------------------------------|
|NT-154|and |280.0 |281.0 |1.0 |3.23 |
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Table 1: Significant Results
* Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.20 g/t lower cut-off. Internal dilution within reported intervals does not exceed core lengths of 3 metres unless otherwise indicated.
Locations of the three holes summarized above are shown on Figure 1 below, with drill highlights and geological interpretations illustrated on Figures 2 and 3, which represent cross sections through the NTS looking north-east.
Assays from additional holes will be reported on as they are received from the laboratory and have passed quality control criteria implemented by the Company.
Company CEO Lawrence Dick, Ph.D., P.Geo. states "our drilling continues to intersect significant gold-bearing zones in virtually every drill hole completed, now over a strike length of approximately 1.8 km, attesting to the enormous tenor of gold in the Newman Todd gold-bearing system. With continued new data being returned from on-going drilling, geological interpretations indicating continuity of gold-bearing zones within the large Newman Todd mineralized system are beginning to take shape, allowing the planning of more efficient, and geologically-predictive drill hole placing."
Drill Hole Locations
Drill hole NT-152 was drilled approximately 25 east-northeast of hole NT-151 (as reported in the Company's last press release dated August 23rd, 2013), at an angle of -50 degrees towards the southeast. Visible gold was observed in the drill core and assay highlights included an intersection of 1 m of 98.60 g/t gold at a depth of 287 to 288 meters.
Drill hole NT-153 was drilled along the same drill section line as hole NT-151 and approximately 35m south of hole NT-152, at an angle of -45 degrees towards the southeast. Several occurrences of visible gold were noted in quartz veins in the drill core and assay highlights included a 4 meter intersection grading 15.70 g/t gold at a depth of 236.5 to 240.5 m, which included a narrower high grade intersection of 0.5 m at 103 g/t gold at 238 to 238.5 m depth, and a 9.5 m interval of 10.39 g/t gold from 231 to 240.5 m depth, including 0.5 m at 35 g/t gold from 232.5 to 233 m.
Drill hole NT-154 was drilled to the southeast of hole NT-152 along the same drill section line, at an angle of -45 degrees towards the southeast. Visible gold in drill core was observed at a relatively shallow depth of 41.5 m as well as at other deeper locations. Assays highlights include 13 m at 3.11 g/t gold at 130 to 143 m depth, including 1 meter at 16.70 g/t gold at a depth of 142 - 143 m.
Total drilling on the property now totals 53,677 meters in 160 holes over approximately 1.8 km of strike length within the highly-altered, gold-bearing NTS. Total drilling by Confederation at Newman Todd during 2011, 2012 and 2013 now totals 41,525 meters in 106 holes. A complete list of assay results, descriptions of the geological and structural setting, representative cross sections and long sections which illustrate the emerging morphology of the mineralized zones, as well as the location of all drill holes completed to date can be observed on Confederation's website at www.confederationmineralsltd.com.
Andrea Diakow, P.Geo, is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical content relating to the disclosed drill results in this news release. Core samples from the program were cut in half using a diamond cutting saw and were sent to Activation Laboratories Ltd. in Red Lake, Ontario, an accredited mineral analysis laboratory. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks, and field duplicates were routinely inserted into the sample stream as part of Confederation's quality control/quality assurance program.
About CFM
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. holds an Option Agreement to acquire up to 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario, as well as 100% ownership in another property in the Red Lake Mining District of Ontario.
This press release was prepared by Lawrence Dick, Ph.D., P.Geo.and CEO
On Behalf of the Board:
"Brian Bapty"
Brian Bapty, Ph.D.
President and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Brian Bapty, President and Director
604-652-3950
brian.bapty@confederationmineralsltd.com
www.confederationmineralsltd.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "proposes", "project", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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Figure 1: Plan View of Property showing Drill Hole Locations
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Figure 2: Cross Section 2000 Showing Geology and Assay Highlights
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Figure 3: Cross Section 2025 Showing Geology and Assay Highlights
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