Core Gold Announces High Grade Gold Discovery at Linderos Target in Ecuador, Trench Assays of 21M @18.51 G/T Au
Vancouver, B.C., November 30th, 2017 – Core Gold Inc. (“Core Gold” or the “Company”) (TSX: CGLD, OTCQX: CGLDF) is pleased to announce high‐grade gold results from trenching activities at the Company’s newly identified Linderos gold target within its emerging Dynasty District in Ecuador.
- The first twenty-nine trenches at the Linderos epithermal gold prospect within the Dynasty District have yielded encouraging initial results including:
- 21.00m at 18.51 g/t Au
- 19.95m at 14.31 g/t Au
- 18.20m at 14.74 g/t Au
- 2.00 m at 326.8 g/t Au
- Rock geochemistry and geological detail mapping indicate that the mineralized zone extends for 1,000 meters to the southeast adjacent to the area of trenching. Further trenching is ongoing with additional results due in early 2018.
- The Company has applied for bulk sampling and drilling permits and is aiming to drill and bulk sample Linderos in Q1 2018.
These results are from the first 29 trenches of a planned 60 trench program.
The twenty-nine trenches were sampled over an area of 100m x 150m located within a larger 120m x 1,000m long brecciated shear zone defined by pervasive rock gold geochemical anomalies that have been confirmed by this initial trenching sampling program.
The trenches, which were dug no more than 2.5m deep, were extracted according to industry protocols, sampling the basement rock in a continuous and systematic method. Trenches were designed perpendicular to the shear zone. Sampling (810 samples) was executed across the oxidized quartz veins/structures as well as in the porphyry wall rock.
The Linderos target is a new discovery identified by Core Gold during its 2017 exploration efforts and has not undergone any previous trenching or historical drill testing. The Company’s four contiguous Linderos Project concessions total 14,317 hectares and are located approximately 45 kilometers southwest of Core Gold’s Dynasty Goldfield project. Further assays from subsequent trenches are now pending and Core Gold plans to start drill testing at Linderos as soon as all the necessary permits are in place.
Keith Piggott, Chief Executive Officer of Core Gold commented: “The initial trenching high-grade gold results at the Linderos target and the overall size of the anomalous shear zone suggest that we are just beginning to test and understand the potential of a major discovery at Linderos. It is precisely this type of potential that attracted us to this large and undeveloped district to begin with and these initial results reinforce our thesis”.
The full results from the initial Linderos trenching program are provided in the table below and a map with trench locations, intersections and grade can be found on the company website via this link:
Complete Trench Gold & Silver Assay Results – Linderos Target
|Trench Number||Interval (m)||Gold Grade g/t Au||Silver Grade g/t Ag||Comments|
Discussion of Trenching Results
Surface trench gold results and mineralized structures suggest that mineralization continues at depth.
The shear zone related gold bearing mineralized structures/veins correspond to epithermal type mineralization and are connected laterally and at depth to the porphyry body, suggesting the existence of a porphyry system that will be explored in detail in 2018.
The Company is currently planning a drill program along the known structure aiming to target high-grade Au mineralization in order to further complete the geological model.
For more information on the Linderos project please refer to the Operations Overview section of our website at www.coregoldinc.com.
Mr. John E. Bolanos, who is a qualified person under NI 43-101 guidelines, has reviewed and approved the technical content of this news release and will continue consulting the Company for future press releases. Mr. Bolanos is a M.Sc. Mining Geologist from Camborne School of Mines (U.K.) and a Professional Geologist Eng. from The Central University of Ecuador (honours degree). He is a registered member (ID 4172671) of the Society for Mining, Metallurgy & Exploration (SME) of the United States; Director of the Ecuadorian College of Engineers in Geology, Mines, Oil and Environment; and a member of the Mining Chamber of Ecuador. He has 27 years of experience in the exploration and mining industry throughout the Americas.
Sampling and Assaying:
Rock samples were collected by Core Gold personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by Core Gold employees to the Golden Valley S.A lab in Portovelo, El Oro Province, Ecuador.
Rock samples were prepared crushing 70% passing (10 mesh), splitting 250 g and pulverizing to 85% passing 200 mesh (75 microns). Prepared 30 g pulp samples were assayed for gold (fire assay/atomic absorption) and over-limits for gold (> 10 g/t Au) were treated by gravimetry.
10% of the pulp samples were sent to the certified Bureau Veritas - Inspectorate Lab [Certification Holding SAS France: ISOTS 16949 (IATF), MDL (UNFCCC), SA8000 (SAAS), IRIS (UNIFE), FSC (ASI) and Bureau Veritas Certification Holding SAS – U.K.: ISO9001, ISO14001, ISO22001, FSCC, BRC, ISO 27001, EMAS, EN9100 / 9110/9120, EUETS (UKAS)] in Lima, Peru for re-assaying and control purposes. Comparative results were coherent and matching, with a general average difference of about 7%, showing a good correlation among assays.
Quality Assurance and Quality Control (QA/QC)
The Analytical Laboratory Inspectorate-Bureau Veritas Lab (ISO 9001) is a qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standard material are systematically used (1 control sample every 20-25 samples) as part of the QA/QC program. Rejects and 100 g pulps supports are stored for future checking and control purposes.
About Core Gold Inc.
The Company is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production at its wholly-owned Dynasty Goldfield project and continued development at its Zaruma mine. Mineral is treated at the Company’s wholly-owned Portovelo treatment plant close to the Zaruma mine operations. The Company also owns other significant gold exploration projects including the Copper Duke area and the Linderos area in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador, and the Jerusalem Project (located 30 kilometers south of the Fruta del Norte project).
For further information please contact:
Keith Piggott, CEO
Suite 1201 – 1166 Alberni Street
Vancouver, B.C. V6E 3Z3
Phone: +1 (604) 345-4822
This news release contains statements which are, or may be deemed to be, “forward-looking information” which are prospective in nature. Such information in this news release includes statements regarding the Company’s interpretation of the Linderos trenching results and the potential geological merits of the Linderos target. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Core Gold’s actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Important risks that could cause Core Gold’s actual results, revenues, performance or achievements to differ materially from Core Gold’s expectations include, among other things, risks relating to the actual results of additional exploration activities; fluctuating prices in metals and other commodities; possibility of accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in operations; exploration cost overruns; the geology, grade and continuity of mineral deposits; currency fluctuations; availability of capital and financing to maintain the Company’s operations and plans; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory approvals; and other risks detailed herein and in Core Gold’s Annual Information Form for the year ended December 31, 2016, which is available on SEDAR at www.sedar.com. Other than in accordance with regulatory obligations, Core Gold is not under any obligation and Core Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.