Caza Gold Shareholder Update-2012 Results and 2013 Outlook
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Greg Myers, CEO and President of Caza Gold Corp. (TSX VENTURE: CZY)(OTCQX: CZGDF)(FRANKFURT: CZ6), is pleased to provide shareholders with the following update of the results of Caza's 2012 exploration and reconnaissance programs and the outlook for 2013.
Caza is very encouraged with the initial exploration results in Nicaragua during 2012. Drilling at the Los Andes high-sulfidation epithermal gold project confirmed an extensive and well developed alteration and mineralized system in the Pedregal Zone, but did not intercept economic mineralization in the first 6 drill holes. Most of the world's high-sulfidation gold deposits have required dozens of exploration drill holes before intersecting an economic gold intercept. We are excited to have discovered an upper 120 meter thick oxidized zone underlain by at least 150 meters of strongly silicified, sulfide bearing rocks, with anomalous gold, copper, and silver. No drill holes were able to drill through the alteration and sulfide bearing zone into unaltered rocks beneath the extensive silicified and clay altered volcanic rocks.
In addition to our encouragement at Los Andes, Caza's regional program discovered a large copper-gold system at the Piedra Iman Target in northern Nicaragua within the Aguas Calientes Property. The initial reconnaissance sampling returned a gold assay of 45.9 grams per tonne (gpt) in a silicified and weakly iron stained igneous rock. Follow up sampling confirmed a gold-copper zone at least 800 meters long by 300 meters wide as reported in Caza's December 4, 2012 news release.
Mapping and sampling continued during 2012 at the Balleza Project in Mexico and several new gold and silver targets were identified. Extensions to the low grade mineralized zone drilled in 2011 and multiple zones of veins and vein stock-works with high gold and silver values were discovered.
Los Andes Project, Nicaragua
-- Los Andes
-- Pedregal: Drilling confirmed a well-developed, high sulfidation
system at least 250 meters thick, which contains intervals of nearly
massive pyrite with lesser enargite, digenite, and chalcocite. Six
drill holes have been completed at the Pedregal target. The first 5
were closely spaced fans of holes to determine the orientation of
the altered zones. The sixth hole was a 350 meter step-out targeting
Au, Ag, and Cu soil anomalies. Thin intervals of elevated silver and
gold were intersected, (best intercepts 1.3 meters of 2.1 gpt Au and
1.8 meters of 305 gpt Ag).
-- Quisaltepe: Progress has been made with the local community and land
owners to gain access to drill target areas.
-- Rodeo: Three holes were completed in the low temperature opal-
chalcedony zone. The drill holes cut about 50 meters of strongly
silicified rock and passed into chlorite altered andesite. Minor
gold anomalies were intersected in the drilling.
Agua Caliente Property
-- Piedra Iman: The Piedra Iman copper-gold target has been extended to an
area at least 800 meters long by 300 meters wide. Very little
reconnaissance has been completed in the area and the ultimate extent of
altered igneous rocks with gold and copper values is not known. Several
old drill pads have now been discovered in the field and the reported
collapsed portal of an exploration drift has been located. Assay results
from the first 125 surface rock chip samples in an area 800 meters long
by 300 meters wide at the Piedra Iman target in Northern Nicaragua.
Thirty seven of the 125 samples collected by the Company contained more
than 0.1 gpt gold with 12 samples containing more than 0.5 gpt gold up
to 45.99 gpt.
Copper values range from 0.01% to 1.82% and 41 of the 125 samples are
over 0.5% copper. Magnetite and specular hematite are common in the
mineralized zone. Alteration consists of several highly silicified
igneous breccia bodies surrounded by sericite- and clay-altered
intrusive rocks. The initial interpretation of the limited rock
exposures suggest the mineralization could be related to a porphyry
copper-gold system or an IOCG (iron oxide-copper-gold) system.
Balleza Project, Moris Property, Mexico
Mapping and rock chip sampling was expanded along the 7 kilometer long mineralized trend in the Balleza-Cienega zone. Multiple gold and silver bearing veins zones were better delineated and new areas were discovered which not only include individual or sub-parallel sets of veins, but several areas of gold bearing vein stockworks and additional silicified dacite dikes similar to the Balleza zone which was drilled in 2011. The Balleza drilling tested a 300 meter long zone within a 1200 meter long mineralized zone of outcropping silicified dacite and overlying silicified rhyolitic tuff. This zone is up to 140 meters in true thickness from the surface and drill hole simple weighted average grades range from 22 meters grading 0.42 gpt gold to 137.8 meters grading 0.64 gpt gold using a 0.1 gpt gold cutoff and including internal waste below the cutoff grade. The area drilled tested approximately 25% of the outcropping target area. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of a mineral resource. Vein sampling, in multiple zones along the 7 km long trend, returned assays from nil to 18.46 gpt gold with silver values from nil to 723 gpt.
2013 Outlook
Caza will work to advance 3 projects during 2013, the Los Andes and Piedra Iman projects in Nicaragua and the Balleza project in Mexico. The Company will also pursue a strategic partner to assist in advancing projects in Nicaragua. Work programs in Nicaragua will focus on further defining drill targets by completing a large airborne geophysical survey over the Los Andes and Piedra Iman targets and utilizing this new data with existing alteration mineralogy and geochemical results.
-- Los Andes Project: Caza is planning an airborne geophysical survey to
assist in drill targeting early in 2013. Drilling confirmed the presence
of extensive silicification and sulfide mineralization, both of which
will be detected in the TDEM (time domain electromagnetic method),
aeromagnetic, and radiometric geophysical survey. Other companies have
found this survey to be a useful addition to mapping and geochemical
analyses of the surface rocks. Caza plans to utilize this data to help
target drillholes in the Quisaltepe gold zone and will initiate the
drilling once the geophysical results are completed and access roads are
completed.
-- Piedra Iman Project: Caza is planning a follow-up mapping program and an
airborne geophysical survey (TDEM, aeromagnetic, and radiometric) to
assist with drill targeting. Permit applications have been submitted and
approval is expected by mid 2013. Once environmental permits are
approved Caza plans an initial drilling program to test the copper and
gold bearing outcrops.
-- Balleza-Cienega: The 2013 exploration program at Balleza will continue
mapping and sampling along the 7 km long mineralized trend in order to
define and prioritize additional drill targets. Trenching programs are
planned to further delineate the high grade gold and silver bearing vein
systems and stockwork zones believed to feed larger, low-grade target
areas. Drilling is planned for later in 2013 pending favorable mapping
results.
Dr. Myers, President and CEO commented, "I am excited with the drilling at Pedregal in 2012. When the drill core came out of the ground we could not have hoped for better looking rock, the drill core was beautiful from the beginning of the hole to the end. We were disappointed when we received the assays which contained anomalous but un-economic values for gold, but we are certainly on the right track. The addition of the new high grade gold and copper discovery at Piedra Iman is a great success for the regional exploration program. I am looking forward to an exciting 2013!"
Greg Myers, Ph.D. P. Geo, is the Qualified Person who reviewed and approved the contents of this news release.
Caza Gold Corp. (TSX VENTURE: CZY)(OTCQX: CZGDF)(FRANKFURT: CZ6) is a growth-oriented gold exploration company focused on discovering gold deposits in Latin America and is currently working in Nicaragua and Mexico. The Company controls one of the largest mining claim positions in the highly prospective but under-explored country of Nicaragua. Company management includes geologists and business professionals with extensive exploration and mining experience and a proven track record of mineral discovery and mining success, with the determination to succeed again. Caza is dedicated to building shareholder value, working responsibly in the local communities, and protecting the environment.
CAZA GOLD CORP.
Greg Myers, President and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.
"Neither 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 release."
Contacts:
Caza Gold Corp.
Greg Myers
Toll Free: 1-877-684-9700 or (604) 685-9750
(604) 685-9744 (FAX)
gmyers@cazagold.com
www.cazagold.com