Caza Gold Updates on 2015 Exploration Program at Los Andes Project, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2015) - Brian Arkell, CEO and President of Caza Gold Corp. (the "Company") (TSX VENTURE:CZY)(FRANKFURT:CZ6) is pleased to provide an update on the progress of the 2015 exploration program currently underway on the Los Andes Project in Nicaragua. The Los Andes project is located one hour east of Managua along the Pan American highway and is close to major infrastructure.
The Los Andes Project is a district-scale exploration area covering over 6,500 hectares (65 sq. km). Early stage exploration by Caza has identified a number of high sulfidation epithermal centers within the district as well as low sulfidation epithermal veins along the periphery. Tertiary andesitic volcanic rocks associated with multiple intrusive rocks and caldera complexes host alteration and Au-Ag mineralization. Caza has identified 11 targets along a structural corridor over 11 km long. Au-Ag mineralization has been identified on surface associated with silicification, argillic alteration, breccia pipes, and diatremes.
San Francisco
Field work has been completed on the San Francisco project including detailed (1:1000 scale) mapping of a 10 sq. km area, sampling, and a first pass of trenching. The field work identified a new area of phreatic breccia and widespread silicification, south of the previously identified San Francisco target. Approximately 180 surface samples were taken from outcrops and trenches. Initial assay results show strong trace element signature in a number of areas with gold and silver values of up to 1.4 g/t Au and 4.6 g/t Ag respectively. At least four drill targets have been identified from the initial phase of work.
Further plans include a phase two program with additional trenching, road construction and drilling.
Pedregal
At Pedregal, land access agreements are in place and fieldwork has begun. The first phase of 2015 exploration at Pedregal will include detailed mapping at 1:1000 scale over an area of 12 square kilometers, soil and rock sampling, followed by trenching. Drilling is planned for later this year.
Airborne Magnetic Survey
A high resolution helicopter-borne magnetic and radiometric survey covering some 55 square kilometers over the main Los Andes area is in progress. The survey totals approximately 550 line kilometers at 100 meter spacing flown at a 50 meter altitude. Geotech Ltd. based in Ontario, Canada, is conducting the survey.
The Company plans further work this year on a number of other targets at Los Andes and other concessions in the region. Exploration plans include reconnaissance prospecting on the early stage targets as well as detailed mapping, sampling, and geophysics on the more advanced targets. Drilling is budgeted for at least three first-pass drilling projects.
Caza Gold controls over 750 square kilometers of prospective ground within the central Nicaragua Gold Belt. In addition to the Los Andes Gold Project, Caza is exploring the Piedra Iman porphyry in northern Nicaragua along with five high sulfidation volcanic hosted Au-Ag targets located in west-central Nicaragua near the Pan-American Highway.
Caza Gold Company has a quality control and quality assurance program in place for the San Francisco Project. Samples and trenching were collected and carried out under the supervision of Company personnel and transported to a secure storage facility. Coarse, blind, blanks and blind commercial standard gold reference materials for analysis control are inserted in the sample stream. Samples in sealed bags are trucked to the primary laboratory. All samples were prepared at the Inspectorate prep facility in Managua, Nicaragua and analyzed at their Reno, Nevada and Vancouver, Canada analytical labs. Blanks and standard reference material results are within acceptable ranges.
Management Share Issuance
The Company has also issued 1,250,000 common shares of the Company to Mr. Arkell under the terms of his initial contract with the Company. Approximately one half or Mr. Arkell's compensation is to be based in shares of the Company. Under the policies of the TSX Venture Exchange, at the Company's next annual general meeting, the Company will be seeking disinterested shareholder approval for any similar future share issuances to Mr. Arkell. The shares are subject to a 4-month hold period.
Brian Arkell, MSc. Geology, SME Registered, Fellow AusIMM, President and CEO, is the Qualified Person who reviewed and approved the contents of this news release.
About Caza Gold
Caza Gold Corp. is a greenfields exploration company focused on discovering new gold deposits in Nicaragua. The Company controls a large land position in the highly prospective but largely undeveloped gold belts of Nicaragua. Caza Gold has developed a large portfolio of projects in Nicaragua, including the Los Andes gold-silver project and the Piedra Iman copper-gold project.
Brian Arkell, President and CEO
"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."
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.
Contact
Caza Gold Corp.
Brian Arkell
President and CEO
(604) 685-9744
Toll Free: 1-877-684-9700 or (604) 685-9750
brian.arkell@cazagold.com
www.cazagold.com