High-Grade Gold Results From Drilling In Red Lake (including 20.15g/t gold over 2.0 meters within 22.0 metres grading 5.23 g/t gold at Newman Todd)
(via Thenewswire.ca)
Confederation Minerals Ltd. ("Confederation":TSX.V:CFM) is pleased to report additional results from the on-going drilling program at the Newman Todd property in the Red Lake Gold District, Ontario. The work is being funded and operated by Confederation under option from Redstar Gold Corp. ("Redstar":TSX.V:RGC). These results are from wide spaced drilling along the Newman Todd Structure ("NTS") where drilling has been continuing since January of 2011. The NTS is a large-scale structural zone which is host to widespread high-grade gold mineralization over a strike length of 1.6 kilometres. The highlight hole from the latest results returned 22.0 metres of 5.23 g/t gold from the area of the prospect known as the "Hinge Zone". Within the 22.0 meter interval, a 2.0 meter interval contains 20.15 g/t gold and a 1.0 meter interval contains 41.20 g/t gold. Historical drilling and geophysics indicate that the NTS extends for at least 2.2 kilometres on the property and has significant on-strike exploration potential beyond the 1.6 kilometers already shown to host high-grade gold. For a complete list of drill hole locations and assay results from the Newman Todd drilling program, refer to the Company's website at www.confederationmineralsltd.com.
Highlights from recently completed 4 drill holes:
-NT-076 intersected 22.0 metres of 5.23 g/t gold including 2.0 metres of 20.15 g/t gold and including 1.0 metres of 41.20 g/t gold.
-NT-075 intersected 10 metres of 2.27 g/t gold including 0.50 metres of 8.86 g/t gold and 2.0 metres of 7.16 g/t gold including 1.0 metres of 10.80 g/t gold
Analysis of Results
Drilling at Newman Todd has discovered multiple sub-parallel zones of high-grade gold mineralization often associated with significant widths of lower grade mineralization (see table 1) in a number of target areas. The Hinge Zone has emerged as a priority target returning some of the highest grades and broadest widths (see Table 2). The Hinge Zone is located at a kink or bend in the NTS and is associated with a distinct magnetic anomaly. In addition the Hinge Zone has several alteration and mineralization similarities to Goldcorp's high-grade Red Lake mine located 20 kilometres to the southeast.
To date 44 drill holes have been completed in 2011 and results have been received for 21. Two drills continue to be active on the project and additional results will be released when received.
Table 1. Summary of significant results from recent drilling.
--------------------------------------------------------------------
|Hole |? |From (m)|To (m)|Width (m)*|Gold (g/t)|Section|
|------------------------------------------------------------------|
|NT-074|? |256.00 |268.00|12.00 |1.00 |1400 |
|------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------------|
|NT-075|? |169.00 |191.00|22.00 |1.29 |2250 |
|------------------------------------------------------------------|
|NT-075|including |175.50 |176.00|0.50 |8.86 |2250 |
|------------------------------------------------------------------|
|NT-075|and including|180.00 |184.00|4.00 |2.90 |2250 |
|------------------------------------------------------------------|
|NT-075|? |266.00 |267.00|1.00 |6.07 |2250 |
|------------------------------------------------------------------|
|NT-075|? |341.00 |349.00|8.00 |1.60 |2250 |
|------------------------------------------------------------------|
|NT-075|including |344.50 |345.00|0.50 |5.21 |2250 |
|------------------------------------------------------------------|
|NT-075|? |412.00 |414.00|2.00 |7.16 |2250 |
|------------------------------------------------------------------|
|NT-075|including |413.00 |414.00|1.00 |10.80 |2250 |
|------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------------|
|NT-076|? |215.00 |216.00|1.00 |5.38 |1900 |
|------------------------------------------------------------------|
|NT-076|? |240.00 |262.00|22.00 |5.23 |1900 |
|------------------------------------------------------------------|
|NT-076|including |240.00 |246.00|6.00 |8.28 |1900 |
|------------------------------------------------------------------|
|NT-076|and including|244.00 |246.00|2.00 |20.15 |1900 |
|------------------------------------------------------------------|
|NT-076|? |255.00 |262.00|7.00 |8.34 |1900 |
|------------------------------------------------------------------|
|NT-076|including |259.00 |262.00|3.00 |18.17 |1900 |
|------------------------------------------------------------------|
|NT-076|and including|261.00 |262.00|1.00 |41.20 |1900 |
|------------------------------------------------------------------|
|NT-076|? |268.00 |275.00|7.00 |1.69 |1900 |
|------------------------------------------------------------------|
|NT-076|including |273.00 |274.00|1.00 |7.81 |1900 |
|------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------------|
|NT-077|? |87.00 |88.00 |1.00 |6.08 |2300 |
|------------------------------------------------------------------|
|NT-077|? |339.00 |340.00|1.00 |5.05 |2300 |
--------------------------------------------------------------------
Table 2. Summary of Hinge Zone results reported to date:
--------------------------------------------------------------
|Hole |? |From |To |Width*|Gold (g/t)|Section|
|------------------------------------------------------------|
|NT-062|? |170.00|175.00|5.00 |18.25 |2050 |
|------------------------------------------------------------|
|NT-062|including |171.00|173.70|2.70 |32.43 |2050 |
|------------------------------------------------------------|
|NT-062|and including|173.00|173.70|0.70 |103.00 |2050 |
|------------------------------------------------------------|
|NT-062|? |330.00|331.00|1.00 |8.86 |2050 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-063|? |213.00|213.50|0.50 |27.30 |2050 |
|------------------------------------------------------------|
|NT-063|? |243.50|244.00|0.50 |8.11 |2050 |
|------------------------------------------------------------|
|NT-063|? |288.00|289.00|1.00 |7.66 |2050 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-042|? |250.00|251.00|1.00 |25.70 |1850 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-046|? |171.00|174.00|3.00 |10.87 |1850 |
|------------------------------------------------------------|
|NT-046|Including |173.00|174.00|1.00 |23.50 |1850 |
|------------------------------------------------------------|
|NT-046|? |234.60|234.90|0.30 |15.70 |1850 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-053|? |335.50|336.00|0.50 |11.60 |1850 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-076|? |215.00|216.00|1.00 |5.38 |1900 |
|------------------------------------------------------------|
|NT-076|? |240.00|262.00|22.00 |5.23 |1900 |
|------------------------------------------------------------|
|NT-076|including |240.00|246.00|6.00 |8.28 |1900 |
|------------------------------------------------------------|
|NT-076|including |244.00|246.00|2.00 |20.15 |1900 |
|------------------------------------------------------------|
|NT-076|and including|255.00|262.00|7.00 |8.34 |1900 |
|------------------------------------------------------------|
|NT-076|and including|259.00|262.00|3.00 |18.17 |1900 |
|------------------------------------------------------------|
|NT-076|and including|261.00|262.00|1.00 |41.20 |1900 |
|------------------------------------------------------------|
|NT-076|? |273.00|274.00|1.00 |7.81 |1900 |
|------------------------------------------------------------|
|NT-076|? |240.00|275.00|35.00 |3.66 |1900 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-071|? |28.00 |29.00 |1.00 |4.94 |1700 |
|------------------------------------------------------------|
|NT-071|? |62.00 |72.50 |10.50 |1.25 |1700 |
|------------------------------------------------------------|
|NT-071|including |70.00 |70.50 |0.50 |7.16 |1700 |
|------------------------------------------------------------|
|NT-071|? |138.00|139.00|1.00 |10.70 |1700 |
|------------------------------------------------------------|
|NT-071|? |151.00|151.50|0.50 |8.88 |1700 |
|------------------------------------------------------------|
|NT-071|? |177.00|178.00|1.00 |12.86 |1700 |
|------------------------------------------------------------|
|NT-071|Including |177.50|178.00|0.50 |24.50 |1700 |
|------------------------------------------------------------|
|NT-071|And |220.00|220.50|0.50 |3.66 |1700 |
|------------------------------------------------------------|
|NT-071|And |231.00|231.50|0.50 |3.22 |1700 |
|------------------------------------------------------------|
|? |? |? |? |? |? |? |
|------------------------------------------------------------|
|NT-072|? |8.00 |9.00 |1.00 |24.10 |1700 |
|------------------------------------------------------------|
|NT-072|? |137.00|142.00|5.00 |2.95 |1700 |
|------------------------------------------------------------|
|NT-072|Including |137.00|138.50|1.50 |8.19 |1700 |
|------------------------------------------------------------|
|NT-072|? |144.00|147.00|3.00 |2.60 |1700 |
|------------------------------------------------------------|
|NT-072|Including |145.50|146.00|0.50 |11.00 |1700 |
|------------------------------------------------------------|
|NT-072|? |163.00|191.00|28.00 |1.13 |1700 |
|------------------------------------------------------------|
|NT-072|Including |182.00|183.50|1.50 |5.20 |1700 |
|------------------------------------------------------------|
|NT-072|? |208.00|209.00|1.00 |4.78 |1700 |
|------------------------------------------------------------|
|NT-072|? |230.00|239.00|9.00 |1.42 |1700 |
|------------------------------------------------------------|
|NT-072|? |241.00|242.00|1.00 |31.10 |1700 |
|------------------------------------------------------------|
|NT-072|? |251.00|258.00|7.00 |2.42 |1700 |
|------------------------------------------------------------|
|NT-072|Including |253.00|254.00|1.00 |13.70 |1700 |
|------------------------------------------------------------|
|NT-072|And |270.00|271.00|1.00 |4.06 |1700 |
|------------------------------------------------------------|
|NT-072|And |294.00|296.00|2.00 |4.24 |1700 |
|------------------------------------------------------------|
|NT-072|And |295.00|296.00|1.00 |7.36 |1700 |
--------------------------------------------------------------
* 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.
** Cross sections are spaced 25 metres apart across the entire NTS, Section 1375 marks the centre of the Heath Bull Zone.
Hole NT-076 is a 50 metre step out northeast of the "Hinge Zone" mineralization identified in 2008. This area is interpreted to be part of a major bend in the NTS where cross cutting - structures have been identified in drilling and geological mapping. Drilling in this area has returned nine > 20 g/t gold intercepts along a 400 metre corridor in shallow drilling in eight holes. Table 2 shows a summary of all reported results from the Hinge Zone area.
Hole NT-075, on section 2250, intersected gold mineralization approximately 40 metres below the high-grade intercept in Hole NT-073 (242 g/t gold over 0.50 metres).
Lawrence Dick, President and CEO of Confederation states: "We continue to be impressed by the results from the ongoing drill program at Newman Todd. The latest results continue to highlight the potential of this new high grade gold discovery in the Red Lake camp. Drilling within the Hinge Zone area has now returned some of the widest intercepts of high grade gold mineralization on the property. While gold mineralization is being intersected across the entire strike of the NTS, the Hinge Zone area is quickly becoming a priority target - eight of the nine holes completed in the area returned gold values greater than 10 g/t including 9 intercepts of greater than 20g/t gold and 4 intercepts greater than 30 g/t gold. The aggressive drill program in 2011 is adding significantly to our understanding of the nature and continuity of the gold mineralization at Newman Todd. With two drills currently still active on the project and results still pending for 23 holes, management expects significant news flow from Newman Todd for the remainder of 2011."
Exploration work at the Newman Todd project is funded by Confederation and it can earn a 50% interest in the project by spending $5.0 million in exploration by November 2013, and an additional 20% by producing a Preliminary Economic Assessment (PEA) by November 2016. Confederation is the operator of the project during the earn-in period.
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 Dick"
Lawrence A.Dick, Ph.D., P.Geo
President, CEO, and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Lawrence Dick, President
604.688.9588
lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com
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.
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