Clifton Star Announces Exploration Results at Duparquet, Including 1.29 g/t Au Over 26 m
QUEBEC CITY, QUEBEC -- (Marketwire) -- 10/23/12 -- Clifton Star Resources Inc. ("CFO" or "Clifton") (TSX VENTURE: CFO)(FRANKFURT: C3T) is pleased to announce the results from an additional 19 drill holes from its ongoing 2012 drill program at the Duparquet Project of Quebec's Abitibi region.
This recent phase of drilling focused on the exploration potential to the East of the Donchester pit shell, towards Central Duparquet. The positive assay results demonstrate the potential for expansion of the Duparquet mineralized zones with significant gold grades extending for over 400m to the east of the current Donchester pit shell. All of the drill holes listed in this press release were completed after the closing date and therefore will not be included in the new resource estimate, on which the upcoming PEA will be based.
Drill Highlights include:
-- Hole CD12-07 with 26.0 meters grading 1.29 g/t Au (Exploration - Outside
Pit Shell)
-- Hole D12-13 with 4.0 meters grading 5.86 g/t Au (Exploration - Outside
Pit Shell)
-- Hole D12-15 with 4.1 meters grading 5.94 g/t Au (Exploration - Outside
Pit Shell)
-- Hole D12-18 with 2.7 meters grading 4.40 g/t Au (Exploration - Outside
Pit Shell)
-- Hole D12-27 with 3.0 meters grading 13.12 g/t Au (Exploration - Outside
Pit Shell)
-- Hole BD12-17 with 4.5 meters grading 3.10 g/t Au and 5.8 meters grading
2.34 g/t Au (South Zone - Resource)
These and other significant assay results from the recent phase of drilling are listed in Table 1 and Figures 1 to 5 accompanying this news release.
Click here to see Table 1: http://www.cfo-star.com/wp/wp-content/uploads/2012/10/Duparquet-Project-Table-1.pdf
Click here to see the figures: http://www.cfo-star.com/wp/wp-content/uploads/2012/10/PR-10-23-2012-Graphs.jpg
Overview of 2012 Drilling Program
Clifton Star continues to delineate and expand the resources at the Duparquet Project at a steady pace with 2 drill rigs. The year to date drill program on the Duparquet project includes the completion of 68 holes totalling 25,111 m. Since the most recent press release regarding the 2012 drilling (August 30, 2012), the Company has completed an additional 17 drill holes for a total of 5,234m.
Drill Results
The results of the 2012 drill program continue to be very encouraging for both the holes within the current proposed pit shell and in the exploration holes outside of the pit shells. The true thicknesses of the intersections are typically 60-80% of the core lengths.
Clifton Star's first integrated NI43-101 report on the Duparquet property dated July 5th, 2012 had outlined 3 general pit shells which included the Beattie, Donchester and Central Duparquet properties. Clifton's recent exploration drilling program focused on targeting a 750m wide area between the Donchester and Central Duparquet pit shells. The area was tested by 19 exploration drill holes that are shown on the attached figures.
Click here to see the figures: http://www.cfo-star.com/wp/wp-content/uploads/2012/10/PR-10-23-2012-Graphs.jpg
The shallow exploration drilling program confirmed that the mineralized envelope extends at least 400m to the east of the Donchester pit shell. While additional drilling will be needed to confirm, actual results seems to indicate a gradual shift of the zones toward the south as drilling progresses towards the east. High-grade gold mineralization of 13.12 g/t Au (15.82 g/t Au uncut) over 3.0m was intersected in hole D12-27, located 200m to the east of the Donchester pit shell. The widest intersection which included 1.29 g/t Au over 26.0m in hole D12-20 was located 400m to the east of the Donchester pit shell, halfway between the Donchester and Central Duparquet pit shells. Other high-grade intersections to the east of the Donchester pit shell included 5.86 g/t Au over 4.0m (D12-13), 5.94 g/t au over 4.1m (D12-15) and 4.40 g/t Au over 2.7m (D12-18).
Hole BD12-17 was completed as part of the in-pit series of holes with the aim of converting Inferred Resources to Indicated Resources. The hole confirmed the continuity of the South Zone with intersections of 3.10 g/t Au over 4.5m and 2.34 g/t Au over 5.8m.
Work on the Preliminary Economic Assessment (PEA) Report is continuing and is expected to be completed by the end of the 2012 calendar year. Clifton Star is continuing its drill program for the remainder of the year with 2 drills. The drills will continue to test both in-pit resources and out-of-pit exploration targets. Clifton has also initiated an extensive resampling program and QA/QC review of historical holes on the Dumico property, located approximately 1 km to the east of the Central Duparquet pit shell.
Technical Information and Qualified Persons
Diamond drill holes are drilled to recover NQ size core. The core boxes are sealed and delivered to the company's core logging facilities on site at the end of each shift where they are photographed, logged and sampled. Core samples are sawed in half, bagged and sealed prior to being transported directly by the Company to Activation Laboratories Ltd. (Ste-Germaine de Boule), an independent accredited laboratory, for assay analysis. The assay analyses performed during Clifton's drill programs are subject to a formal quality assurance and quality control (QA/QC) program with standard reference materials, blanks, and field duplicates samples inserted prior to shipment from site to monitor the quality control of the data. Samples with higher grade gold (greater than 10 grams per tonne) are reassayed using a gravimetric and/or pulps and metallic procedure. All gold results reported are cut, assays greater than 25 grams per tonne are cut to 25 grams.
The Company's exploration team designed and executed the 2012 drilling program under the supervision of Clifton's Vice President of Exploration, Mr. Louis Martin. The content of this news release has been written and approved by Mr. Louis Martin, P.Geo, a Qualified Person as defined by National Instrument 43-101.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Michel F. Bouchard
President and CEO
Clifton Star Resources Inc.
mbouchard@cfo-star.com
418-914-9922