CB Gold Inc. Intercepts 1.00m at 127.14 g/t Au and 8.03m at 5.34 g/t Au at the Vetas Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- CB Gold Inc. (TSX VENTURE: CBJ) ("CB Gold" or the "Company") is pleased to provide summary drilling results from its Vetas Gold Project, District of Santander, Colombia ("Vetas Gold Project"), located 10 km south of AUX's La Bodega and La Mascota deposits. Results include 12 separate intercepts of 5 g/t Au or greater.
Real Minera Stockwork Zone Drill Results:
The Company has now received assays from holes 126, 128, 137, 139, and additional assays for hole 117 including silver assays not previously released. The Company is pleased to report that the latest holes have intercepted wider zones of mineralization in the sheeted vein structures, including 8.03m at 5.34 g/t Au (RM-DDH12-128), 9.53m at 3.33 g/t Au (RM-DDH12-137) and 7.73m at 3.02 g/t Au (RM-DDH12-128). The recent drilling at Real Minera has demonstrated the lateral continuity of the sheeted vein mineralization. Compilation of all drilling to date has resulted in the generation of a predictive model for mineralization. At least three parallel sheeted vein zones have been identified to date.
In addition, there were numerous intercepts of higher-grade narrow structures including 1.00m at 127.14 g/t Au (RM-DDH12-128), 1.21m at 23.20 g/t (RM-DDH12-137) and 1.00m at 16.14 g/t (RM-DDH12-137).
Real Minera:
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HoleID From (m) To (m) Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
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RM-DDH12-117 92.71 93.50 0.79 5.69 14.70 5.95
and 112.16 121.06 8.90 3.06 1.78 3.09
and 194.72 198.88 4.16 3.73 1.22 3.75
including 194.72 195.87 1.15 12.79 4.30 12.87
and 316.57 319.44 2.87 2.27 16.53 2.56
RM-DDH12-126 99.65 102.10 2.45 6.86 7.89 7.00
including 101.20 102.10 0.90 16.76 18.50 17.09
and 162.72 166.11 3.39 3.51 1.14 3.53
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All Intervals are reported as drilled thicknesses and are believed to be
between 70-100% of the true widths of the mineralization. AuEq in this table
and the subsequent tables was calculated using the 12 month trailing average
for Au and Ag through March 1, 2011 (US$1268/oz Au and US$22.28/oz Ag).
Using ratio of US$Au:US$Ag (56.9), assuming 100% recovery of both metals and
no NSR the AuEq formula is: AuEq = Au g/t + (Ag g/t / 56.9).
Further details of the drillholes mentioned in the news release can be found at www.cbgoldinc.com.
Real Minera:
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HoleID From (m) To (m) Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
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RM-DDH12-128 18.20 25.93 7.73 3.02 0.76 3.03
including 22.30 23.05 0.75 24.86 4.50 24.94
and 62.90 70.93 8.03 5.34 1.42 5.37
including 62.90 64.17 1.27 32.41 5.40 32.50
and 75.20 77.72 2.52 2.11 5.00 2.20
and 100.90 101.90 1.00 127.14 22.00 127.53
and 129.54 130.28 0.74 7.42 16.90 7.72
and 230.30 231.40 1.10 5.41 2.40 5.45
RM-DDH12-137 33.50 34.50 1.00 16.14 7.30 16.27
and 168.46 178.55 10.09 0.56 1.30 0.58
and 205.35 214.88 9.53 3.33 3.55 3.39
and 285.57 291.63 6.06 0.72 0.43 0.73
and 320.76 326.06 5.30 4.62 3.36 4.68
including 322.95 324.16 1.19 23.20 4.30 23.28
and 406.16 407.80 1.64 4.44 2.00 4.48
RM-DDH12-139 6.31 9.45 3.14 0.97 0.70 0.98
and 111.18 113.80 2.62 1.12 7.43 1.25
and 159.56 168.83 9.27 1.77 2.06 1.80
including 163.35 164.29 0.94 9.67 4.90 9.76
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El Dorado Vein System Drill Results:
Results from holes 99, 105, 114, 115 and 122 from the El Dorado and Santa Isabel properties confirm the consistent nature of the structure predicted by the existing 3D model developed in conjunction with SRK, adding further confidence to the predictability of the vein system.
The El Dorado vein system has now been drill defined over 1,000 metres and has the potential to extend a further 700 metres to the southwest and 300 metres to the northwest. The company is planning to drill test the potential of parallel vein systems to the west of the El Dorado vein system, projected to be the extension of high-grade systems currently under production on adjacent properties to the north.
The Santa Isabel drilling reported in the following table was from the area where the El Dorado and San Bartolo vein systems are interpreted to intersect. The intercepts reported here are generally thicker than previously noted and may be a result of structural preparation related to the intersection of the two intersecting structures.
El Dorado:
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HoleID From (m) To (m) Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
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ED-DDH12-099 419.00 422.50 3.50 1.03 64.70 2.17
SI-DDH12-105 130.25 140.77 10.52 1.55 3.78 1.62
including 137.17 140.77 3.60 2.19 5.21 2.28
SI-DDH12-114 87.93 92.35 4.42 1.88 9.59 2.05
ED-DDH12-115 261.92 264.65 2.73 2.90 23.99 3.32
SI-DDH12-122 69.11 73.45 4.34 3.86 4.15 3.93
including 72.46 73.45 0.99 12.23 2.30 12.27
and 118.85 121.79 2.94 3.30 8.50 3.45
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Complete intercepts of mineralization for all these holes can be viewed at www.cbgoldinc.com. Hole 96, 102, 107, 109, 111, 112 and 138 did not return significant intercepts, but did intercept mineralized intervals, which can also be viewed at the Company website.
2013 Exploration Program:
CB Gold is planning to continue drill testing existing targets at the Vetas Gold Project in 2013. The 2013 program will test the extension of the El Dorado structure, the San Antonio structure and the Real Minera sheeted vein complex. The previously untested La Triada property will also be drilled early in 2013.
Three drill platforms are presently prepared at the Vetas Gold Project, including one at Real Minera and two at San Antonio. Two additional platforms are planned at Real Minera, five at La Triada and three platforms at La Verada. A hand trenching program at La Triada is planned in order to better understand known mineralization in the area. A program of 25m spaced surface panel samples at Real Minera is planned for the first half of 2013 to add confidence to future resource calculations. The sampling will be done with a rock saw with all QA/QC procedures followed to allow the data to be included in the resource database.
Vetas Gold Project - Sampling and QA/QC:
All the samples taken by CB Gold at its Vetas Gold Project were analyzed by ACME Labs in Vancouver, Canada, and in Santiago, Chile. The Company has a standard QA/QC program, which includes regular insertion of blank material, certified reference material and duplicate samples. All reported gold values were determined from coarse and fine (+/- 200 mesh) metallic screen fractions of a 1 kg sample, using 50 g fire assay charges from each fraction, followed by an AA finish, or gravimetric finish for samples grading higher than 10 g/t Au. Silver grades were determined by dissolution of a 30 g sample in aqua regia with an ICP-MS finish. The QA/QC program has been reviewed by various independent consultants experienced in QA/QC work.
The scientific and technical information on which this news release has been based was reviewed and approved by Marius Mare, Vice President Exploration and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Amendment of Option Exercise Price and Issuance of Options:
The Board of Directors of CB Gold have authorized an amendment to increase the exercise price on the incentive options issued on December 14, 2012 to $0.90 from $0.84. The options are exercisable for a period of five years. Additionally, on January 7, 2013, the Company issued 150,000 incentive stock options to a new employee of the Company. The incentive stock options have been issued under the Company's existing Stock Option Plan, having an exercise price of $0.90 and are exercisable for a period of five years.
About CB Gold Inc.:
CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of previously operating mines and exploration concessions.
For more information on CB Gold, please visit our web site at www.cbgoldinc.com.
The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither the 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 news release.
Contacts:
CB Gold Inc.
Fabio Capponi
CEO
+1 (604) 630-5870
CB Gold Inc.
Orin Baranowsky
V.P. Investor Relations
+1 (416) 847-1845
info@cbgoldinc.com
www.cbgoldinc.com