Colombia Crest Gold Discovers 1.5 Kilometres of Potassic Alteration at the Arabia Porphyry Gold-Copper Target Area, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/11 -- Colombia Crest Gold Corp. (TSX VENTURE: CLB)(PINK SHEETS: ECRTF)(FRANKFURT: EAT) ('Colombia Crest'; the 'Company') is pleased to announce that recent rock chip sampling and mapping at the Arabia target, which lies partially on the Venecia Project and partially on the Fredonia Project, has resulted in the discovery of potassic-altered diorite porphyry rocks in outcrop. Porphyry-style potassic-altered outcrops have been discovered over an area extending more than 1.5 kilometres of strike length in a northeastern trend of outcrops. Ongoing field work will continue to fill in the areas between these sites at the project (please click here to view figures: http://bmcms1.com/staging/colombiacrestgold.com/_resources/news/CLB_NR_Oct192011_Arabia_Target_Figures.pdf).
'We are very excited with the new discoveries of fingers of exposed potassic-alteration by our geologic team in Colombia. This is critical to locating the gold-rich zones of a porphyry. Credit goes to our experienced field crews for finding these exposures, which are limited due to the steep terrain and thick forest cover, which is typical of Antioquia Province,' commented Hans Rasmussen, President and CEO. 'We are also finding that because these samples are dispersed over such a large area, there is significant size potential to the Arabia porphyry gold-copper mineralization which is believed to have been brought to the surface by faults. Because there is a limited amount of outcrop, we have completed a soil sampling program over almost three square kilometers where over 1,200 samples were taken. Once we receive the assay results from the soil sampling, we will have a more complete picture of the distribution of gold mineralization at the Arabia Porphyry, and from these results our geologic team can select sites for the upcoming drill program.'
A total of 153 rock chip samples were analyzed as part of the first pass sampling in the Arabia area. Almost all samples were collected in exposures of bedrock in stream drainages with active flowing streams. Assay results varied from below detection up to 1.08 grams per tonne gold, up to 1,544 parts per million (0.15%) copper and up to 17.70 parts per million molybdenum; two samples show strong correlation of gold-copper-molybdenum. Out of the total samples, 12 returned values greater than 0.1 grams per tonne gold, with five having greater than 0.5 grams per tonne.
Gold mineralization at Arabia coincides with a stockwork of quartz-magnetite veins and sometimes traces of chalcopyrite associated with potassic alteration. Potassic alteration is readily apparent by a pink color tinting the feldspars and the presence of secondary biotite. Host rocks are fine-grained diorite composition. The exposures of potassic-altered rocks and thus anomalous gold-copper assays are almost always associated with faults that are oriented northeast and vertical. Some of the faults mapped during the sampling are north-trending. Dikes intrude the dioritic intrusive and they are oriented east-west and northwest-southeast.
The Arabia target is located 10 kilometres west of Bellhaven's (TSX VENTURE: BHV) La Mina porphyry gold-copper project and 15 kilometres south of Sunward Resources' (TSX VENTURE: SWD) Titiribi project. The Arabia Porphyry Complex lies partially on a concession that is held under the Venecia Agreement with Colombian Mines Corporation (TSX VENTURE: CMJ) (see news release dated April 5, 2011) and partially on one of the 16 concessions held under the Fredonia Agreement with Grupo de Bullet (see news release dated August 25, 2011).
As described in a news release dated June 1, 2011, the Arabia area was discovered as part of our ongoing porphyry gold program focused on the prolific Middle Cauca Belt, Colombia. A total of 20 highly prospective areas were identified by Colombia Crest in the Fredonia and Venecia projects. Areas were defined through the detailed integrating of the airborne magnetic and radiometric data, along with stream sediment sampling data for gold and copper values, and the interpretation of geologic maps and fault intersections analysis from satellite maps. Each of the targets was prioritized for field follow up. Highest priority was given to targets with the best results from each of the data groups mentioned above, including mineral title and surface ownership as a prioritizing criteria. Arabia was one of the first targets visited. Field work continues on the 34,000 hectares of mineral title. Crews are currently collecting stream sediment samples and evaluating multiple gold occurrences that are known to exist on concessions in the Armenia area, located west of Medellin.
All rock samples taken in this preliminary sampling were sent to the ACME Prep Laboratory in Colombia and sample pulps forwarded to the ACME Lab in Vancouver, Canada for analysis. The chosen preparation method was Preparation Code R200-250, which consists of a 1 kilogram sample crushed so that 80% passes an 800 micron mesh (0.8 millimetres), which is then split and 250 grams are pulverized to better than 85% passing 75 microns mesh. Gold was assayed by fire assay and atomic absorption using a nominal sample weight of 30 grams with detection limits of 0.005 to 10 parts per million. A multi element package of 41 elements including silver, base metals and pathfinder elements was also analyzed using ICP mass spectrometry. The ICP multi-element analysis uses a four-acid digestion prior to analysis.
The technical information in this news release has been reviewed and approved by Dr. Richard Jemielita, a technical consultant who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in Colombia as well as realizing the potential of its 100 percent-owned San Simon project in Bolivia. The Company employs a team of seasoned geologists, each with 20 years of experience exploring and discovering this type of porphyry deposit around the world, including Argentina, Mexico, Alaska, Indonesia, and Eastern Europe.
Along with a strong working capital position, the Company will accelerate the exploration programs at the Fredonia and Venecia projects where it has optioned over 34,000 hectares located in the Cauca River Valley. Situated approximately 40 km south of the city of Medellin, in Antioquia Province, the properties are positioned within the Middle Cauca Belt, which is the most prolific gold belt in Colombia with more than 500 years of gold mining history and a several new gold discoveries.
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Please visit the Company's website at www.ColombiaCrestGold.com.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Colombia Crest Gold Corp.
Hans Rasmussen
President and CEO
604-684-7160
hans@colombiacrestgold.com
www.ColombiaCrestGold.com
Progressive Investor Relations
Benjamin Curry
604-689-2881
ben@progressive-ir.com