Confederation Minerals Ltd.: Newman Todd-High Grade Drill Results Continue; 58.88 g/t Gold/1.0m Including 117.0 g/t Gold/0.50m
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/16/11 -- Confederation Minerals Ltd. (TSX VENTURE: CFM) is pleased to report results from the on-going, two-drill program at the Newman Todd property in the Red Lake Gold District, Ontario. High-grade gold results continue to be returned from the drilling over a strike length of greater than two kilometers within the Newman Todd zone of alteration and structural deformation which hosts the gold-bearing structures.
Highlights from the recent results (five holes) include Hole NT-067 which returned multiple zones of high grade gold. The first zone contained 58.88 g/t gold over 1.0 metre, including 117.0 g/t gold over 0.5 metres, in a new area located approximately 175 metres northeast of the centre of the Heath Bull Zone where previous drilling has intersected up to 42.84 g/t gold over 3.0 metres, including 122.0 g/t gold over 1.0 metre (see news release dated March 14, 2011).
Complete results to date, and maps showing drill hole locations as well as Zones of highest grade mineralization, can be found on Confederation's web site at www.confederationmineralsltd.com.
Significant intersections returned from recently completed drilling include:
-- NT-064 intersected 8.25 g/t gold over 1.0 metre including 15.10 g/t gold
over 0.50 metres;
-- NT-067 intersected 58.88 g/t gold over 1.0 metre including 117.0 g/t
gold over 0.50 metres; and 2.08 g/t over 29.0 metres including 5.98 g/t
gold over 5.0 metres and including 19.3 g/t gold over 1.0 metre;
-- NT-068 intersected 7.88 g/t gold over 1.0 metre including 14.30 g/t gold
over 0.50 metres;
-- A complete list of significant intersections from the latest round of
drilling is shown in the table below.
Highlights of the program to date, which includes 57 drill holes completed
include;
-- The drilling continues to intersect high grade gold along the entire
Newman Todd Structure ('NTS') which traverses the Newman Todd property
for over two kilometers; the NTS is a zone of intense quartz-carbonate
alteration which exhibits internal deformation and mineralization hosted
by through-going structural zones. Gold mineralization is accompanied by
magnetite, pyrrhotite, sphalerite and galena in quartz-sulphide-rich
structures within the NTS;
-- 2011 drilling has returned some of the highest grade gold values ever
drilled on the property (greater than 100 g/t in 3 of the 13 holes
released so far in 2011);
-- The gold-hosting NTS zone remains open both along strike and at depth.
Current drilling is only testing to a vertical depth of approximately
400 metres, a very shallow depth when compared to the vertical extent of
mineralization at most Archaean, greenstone-hosted gold deposits;
-- A total of 57 holes have been drilled into the NTS since 2005. Of these,
results of 40 holes have been released and all have intersected gold
mineralization. The remainders of the holes (currently 17) are in the
laboratory and results are pending.
The current work program includes 12,000 metres of drilling utilizing two drill rigs. One rig continues to drill fans of holes along the entire NTS while the second rig is carrying out closer-spaced step-outs from known high-grade zones to determine the lateral and vertical continuation characteristics of the gold mineralization.
To date, a total of 30 holes have been completed during this phase of drilling which began during the winter of 2011. Previously, the results of eight holes were reported in Confederation's news releases. This current release reports on an additional five holes within the south-western part of the Newman Todd Structure ('NTS'). There are currently 17 completed holes awaiting analysis in the laboratory, all of which have intersected the NTS.
Table showing significant results for drill holes NT-064 to NT-068:
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From To Width(i) Gold Section
Hole (m) (m) (m) (g/t) (ii)
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NT-064 84.50 85.50 1.00 8.25 1425
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NT-064 incl. 85.00 85.50 0.50 15.10 1425
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NT-064 and 302.00 303.00 1.00 3.59 1425
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NT-065 295.00 297.00 2.00 3.21 1550
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NT-065 incl. 296.50 297.00 0.50 6.93 1550
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NT-065 362.00 364.00 2.00 4.38 1550
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NT-065 incl. 362.00 363.00 1.00 6.91 1550
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NT-066 and 361.50 365.00 3.50 2.55 1425
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NT-066 incl. 361.50 362.00 0.50 6.85 1425
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NT-066 and 364.50 365.00 0.50 7.33 1425
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NT-067 164.00 165.00 1.00 58.88 1550
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NT-067 incl. 164.00 164.50 0.50 117.00 1550
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NT-067 incl. 164.50 165.00 0.50 0.76 1550
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NT-067 and 175.00 176.00 1.00 5.56 1550
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NT-067 incl. 175.50 176.00 0.50 9.70 1550
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NT-067 292.00 321.00 29.00(iii) 2.08 1550
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NT-067 incl. 292.00 296.00 4.00 3.20 1550
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NT-067 and incl. 294.00 295.50 1.50 6.66 1550
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NT-067 and incl. 294.00 294.50 0.50 8.00 1550
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NT-067 and incl. 295.00 295.50 0.50 9.39 1550
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NT-067 and incl. 300.50 301.00 0.50 5.32 1550
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NT-067 and incl. 316.00 321.00 5.00 5.98 1550
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NT-067 and incl. 317.00 321.00 4.00 7.34 1550
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NT-067 and incl. 317.00 318.00 1.00 19.30 1550
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NT-067 and incl. 320.00 321.00 1.00 8.63 1550
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NT-067 and incl. 320.50 321.00 0.50 11.30 1550
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NT-067 and 324.00 325.00 1.00 4.08 1550
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NT-067 and 405.50 406.50 1.00 3.76 1550
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NT-067 incl. 406.00 406.50 0.50 5.91 1550
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NT-068 202.00 203.00 1.00 7.88 1325
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NT-068 incl. 202.00 202.50 0.50 14.30 1325
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(i) Width is calculated as core length and does not imply true width of
the zone. Weighted average gold intervals apply a 0.25 g/t lower
cut-off. Internal dilution within reported intervals does not exceed
core lengths of two metres unless otherwise indicated.
(ii) Cross sections are spaced 25 metres apart across the entire NTS,
Section 1375 marks the centre of the Heath Bull Zone.
(iii) Includes 5.0 metres of 0.12 g/t gold internal dilution.
Lawrence Dick, Ph.D., P.Geo., President and CEO of Confederations Minerals Ltd. states: 'Drilling at Newman Todd continues to return high grade results along the entire length of the NTS within the property limits. With significant gold values along a strike length of over 2 kilometers and to depths of over 300 metres, we are very optimistic about the future of the project and the possibility of demonstrating continuity in both the lateral and vertical dimensions. For example, drilling along Section 1550 (approximately 175m NE of the centre of the Heath Bull Zone) has returned the second-highest-grade individual assay on the property. As we continue to drill both along strike and step out laterally and vertically below known areas of gold mineralization, we continue to be impressed by the overall gold grades being intersected within the NTS. While there are approximately 3000 metres of drilling remaining in this planned phase of work, which is anticipated to be completed by the end of September 2011, the success of the program and the potential indicated by results to date, justifies continued drilling. Preparations are currently underway to continue drilling into fall and winter of 2012 with two drills. It is anticipated that an additional 10,000 metres will be completed early in 2012.'
Geological Discussion of Results
Holes NT-065 and NT-067 were drilled on Section 1550, which is approximately 175 metres northeast of the center of the Heath Bull Zone (refer to Confederations' web site for geographic locations). This section is approximately 200 metres southwest of the Hinge Zone and remains open in both directions and at depth. The geological characteristics of the mineralization in these holes are similar to other gold-bearing intercepts across the property, reinforcing the potential predictability of high-grade gold within the NTS. At present, gold mineralization has been identified in silicified zones, sulphide and magnetite replacement zones, near lithological contacts and within quartz veins. Technical crews have been able to identify several field relationships which may assist with identifying gold-bearing structures for future drill hole targeting, such as:
-- Wide spread deformation within the NTS (brecciation, hydrothermal
alteration, faulting and folding;
-- Wide spread iron-magnesium carbonate alteration (recognized in the Red
Lake district as an early stage alteration preceding the major gold
deposition events);
-- Multi-stage gold mineralization associated with hydrothermal events
(silicification, sulphide / magnetite replacement, quartz veining;
-- Faulting and folding to further concentrate gold mineralization into
high grade corridors.
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, for analysis. 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.
Bob Singh, P.Geo., is the qualified person as defined by National Instrument 43-101 and has reviewed this news release. Mr. Singh has been engaged through a third party service provider by Confederation Minerals Ltd. to manage the project and is also the Canadian Exploration Manager for Redstar Gold Corp.
About Confederation Minerals Ltd.
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 two other properties in the Red Lake Mining District of Ontario.
On Behalf of the Board,
Confederation Minerals Ltd.
Lawrence A.Dick, Ph.D., P.Geo., President, CEO, and Director
Forward-Looking Information
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address events or developments that Confederation Minerals Ltd. (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', 'projects', '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.
Contacts:
Confederation Minerals Ltd. - Corporate Inquiries
Lawrence Dick
President
604.688.9588
778.329.9361 (FAX)
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com