California Gold Identifies Multiple New Promising Exploration Targets at Fremont
California Gold Mining Inc. (“California Gold” or the “Company”; TSXV-CGM; OTCQX-CFGMF) is pleased to announce results from a recently completed property-wide surface geological mapping program at its 100%-owned flagship Fremont property (the “Property”) in Mariposa County, California.
Despite the presence of numerous historically producing gold mines on the Property, the Company believes that only about 15% of the total 3,351 acre Fremont land package had been geologically mapped prior to the completion of this program, which was designed to achieve two main objectives:
1) Compilation of the first-ever geological map covering a majority of the Company’s 100%-owned 3,351 acre Fremont land package; and
2) Identification of high-potential surficial gold mineralization targets in addition to the already known substantial mineralized zones on the Property.
The Company’s management is delighted to report that the first objective was achieved successfully and results for the second objective exceeded expectations.
“We are especially pleased with the discovery of 5 (five) new large exploration targets on the Property that have the potential to host sizeable amounts of near-surface high-grade gold mineralization. The areal footprint of each one of the newly discovered targets is quite substantial and the information gained in this low-cost exploration campaign has the potential to be a game-changer for the Company. We hope to test each one of these promising new targets in our next phase of exploration drilling,” said Chad Williams, Interim President and CEO.
The mapping program included 55 line-kilometers of geological traverses. It was commenced on July 8, 2014 and took approximately six weeks to complete. The new Property-wide lithological compilation map, along with a map showing the footprints of the five newly identified exploration targets can be found at http://www.caligold.ca/i/maps/Geology-General-Map.pdf and http://www.caligold.ca/i/maps/Targets-Map.pdf, respectively.
Limited rock chip samples were collected from the new exploration targets during the program. These samples have been sent to American Assay Laboratories in Sparks, Nevada for assay analysis. The assay results shall be released as they become available.
Description of the Five New Exploration Targets
1 Golden Chain Oblique-Extensional Vein System
This exploration target is located in the northwestern corner of the Property with a footprint that covers an area of approximately 2,200ft x 650ft (670m x 200m). It is hosted within meta-sediments of the Mariposa Formation, and is characterized by strong sericitic alteration and multiple strong quartz veins each 3-5ft thick (0.9-1.5m) right on the surface.
2 Vermont Slab Oblique-Extensional Vein System
This exploration target is also located in the northwestern corner of the Property with a footprint that covers an area of approximately 4,200ft x 300ft (1,300m x 100m). It is hosted within a highly-strained and deformed slab of Mariposa Formation meta-sediments. It contains a 220ft (67m) wide zone of strong sericite and carbonate alteration cut by multiple quartz veins. This lone exposure suggests potential for both narrow high-grade lodes and bulk-tonnage zones.
3 Golden Slope Stacked Tensional Vein System
This exploration target is located in the east central portion of the Property with a footprint that covers an area of approximately 5,500ft x 500ft (1,700m x 150m). It is hosted within competent pillowed basalt flows of the Bullion Mountain Formation in close proximity to the terrane-bounding Silver Cliff Fault. The surface expression provides evidence for potentially long and continuous high-grade zones localized within multiple stacked quartz veins. Though limited mining occurred at the historic French, Lucky Boy, and Evans mines within this target area, the potential for a larger system of high-grade veins is compelling. An intense sericitic alteration bloom localized along the Silver Cliff Fault suggests a large robust mineralized system lies at depth.
4 Ogle Canyon Oblique-Extensional Vein System
This exploration target is located in the southwestern portion of the Property with a footprint that covers an area of approximately 4,200ft x 800ft (1,300m x 250m). This target features a quartz vein system in close proximity to a major fault system (Ogle Canyon Fault Zone), and the contact between the Mariposa Formation meta-sediments and Penon Blanco meta-volcanics. Reconnaissance mapping identified moderate sericitic alteration blooms, vein quartz float, and topographic expressions of faulting.
5 Race Track Meadow Oblique-Extensional Vein System
This exploration target is also located in the southwest portion of the Property with a footprint that covers an area of approximately 4,000ft x 650ft (1,200m x 200m), and remains open in all directions. Reconnaissance geologic mapping identified a significant linear sericitic alteration bloom coincident with abundant vein quartz float, and strongly incised topographic expression cutting through meta-sediments of the Mariposa Formation. This target appears to be a NW-SE trending link between two prominent fault zones (Hell Hollow Fault Zone and Ogle Canyon Fault Zone). Observed vein quartz mineralization appears to extend northward and southward from the diagonally-linking fault. The geology of this target is analogous to that of the Golden Chain Target.
In addition to the five new exploration targets discussed above, the surface mapping program provided some critical structural information for a previously known mineralized zone known as Chicken Gulch that was the subject of limited RC drilling in the 1980’s. The observations on Chicken Gulch are as follows:
Chicken Gulch Zone
This is a known exploration target and was the subject of a 9-hole RC drill program in 1986, which intersected eighteen discrete quartz veins with gold values exceeding 0.08 oz/ton gold (2.7g/t). The Chicken Gulch target is located in the south central portion of the property with a footprint that covers an area of approximately 1,600ft x 600ft (500m x 200m). The target is hosted within the Mariposa serpentinite-matrix tectonic mélange. The geology in this portion of the mélange is analogous to that encountered in the past-producing Pine Tree – Josephine mine 0.7 miles (1.1km) along strike to the north.
The laboratory being used for assay analyses is American Assay Laboratories Inc. (“AAL”) based in Sparks, Nevada (ISO/IEC 17025:2005 Certified).
The Company’s on-site Quality Assurance & Quality Control (“QA/QC”) protocols, and AAL’s assay QA/QC protocols have received third-party verification by Paul Daigle, P.Geo., a Qualified Person (“QP”) as defined under NI 43-101, representing Tetra Tech WEI Inc. Mr. Vishal Gupta, P.Geo., the Company’s Chief Operating Officer, has also reviewed and verified the Company’s on-site QA/QC protocols.
About California Gold Mining Inc.
California Gold Mining Inc. is focused on developing its flagship Fremont gold project in Mariposa County, California. The project consists of a land package totalling 3,351 acres of historically producing gold mines. The Fremont Property lies within California’s prolific Mother Lode Gold Belt that has produced over 50 million oz of gold historically. The Company purchased the property in March 2013.
Mr. Vishal Gupta, the Company's Chief Operating Officer has reviewed and approved this press release. Mr. Gupta is a P.Geo., registered with the Association of Professional Geoscientists of Ontario (APGO), and a Qualified Person (QP) as defined under National Instrument 43-101 regulations.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of California Gold contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause California Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such 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”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding planned exploration work on the Company’s Fremont Property as well as mineralization potential of exploration targets described above. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward looking statements. Any factor could cause actual results to differ materially from California Gold's expectations. California Gold undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.
Neither the 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.
For further information contact:
Vishal Gupta
Chief Operating Officer
647-977-9267 x333
Website: www.caligold.ca
Contact
California Gold Mining Inc.
Vishal Gupta, 647-977-9267 x333
Chief Operating Officer