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Continental Gold Drilling Extends BMZ1 to more than 400 Vertical Metres with High-Grade Gold intercepts at the Buriticá Project, Colombia

 

 

 

 

 

Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to announce additional high-grade assay results from seven definition holes and 11 expansion and infill holes drilled into the Yaraguá system as part of its 2018 definition and exploration drilling program at its 100%-owned Buriticá project in Antioquia, Colombia. The Company presently has 11 diamond drill rigs in operation; four rigs are being utilized for the ongoing stope definition drilling program and the other seven rigs are conducting infill and mineral resource expansion drilling at the Yaraguá and Veta Sur deposits.

 

“BMZ1 results continue to impress both in terms of grades and widths and will undoubtedly lead to greater flexibility for mining. We also continue to encounter high-grades in the Murcielagos vein family as these intercepts are located close to our existing tunnel development from the Higabra Valley and, as a result, will be accessed early in the mine life,” commented Ari Sussman, CEO. “Our planned updated mineral resource estimate remains on track for completion in Q1 2018.”

 

Detail Summary (see Table 1 and Figures 1, 2 and 3)

 

located along the main access ramp in the central portion of the Yaraguá system located slightly east of BMZ1. Results to date are being used to verify and finalize stope designs and schedule production from this area, anticipated in 2020. Definition drilling into BMZ1 is anticipated to continue throughout 2019 as development advances vertically and new chambers are constructed.

 

Definition drill holes DYR0079-DYR0086 were designed to define the eastern lateral portion of BMZ1 at elevations ranging from 1,492-1,455 RL. The western lateral portion at similar elevations of BMZ1 will be tested at a later date from a drill chamber located west of BMZ1. Each of the definition holes intercepted broad zones of medium to high-grade gold at or near true widths, demonstrating the robust continuity of this zone with key results including:

 

  • 12.05 metres @ 7.47 g/t gold and 12.4 g/t silver (DYR0079, 1,488 RL)
  • 13.40 metres @ 8.04 g/t gold and 18.2 g/t silver (DYR0081, 1,489 RL)
  • 11.50 metres @ 52.35 g/t gold and 33.5 g/t silver (DYR0085, 1,465 RL)
  • 15.50 metres @ 20.27 g/t gold and 15.5 g/ t silver (DYR0086, 1,473 RL)

 

The BUUY401 deviation drill hole series consisted of four drill holes (including the mother hole) and were designed to both infill and extend BMZ1 to the elevation of the Higabra tunnel. The drill holes were successful in extending the vertical extent of BMZ1 by an additional 63 metres and now reaches the elevation of the Higabra tunnel at 1,195 RL. Importantly, the zone—which now covers over 400 metres in vertical extent—remains open in high grade for expansion with future drilling. Broad and high-grade intercepts from this series of holes are as follows:

 

  • 16.20 metres @ 10.11 g/t gold and 11.9 g/t silver (BUUY401D, 1,337 RL)
  • 7.15 metres @ 34.80 g/t gold and 15.6 g/t silver (BUUY401D01, 1,225 RL)
  • 7.10 metres @ 13.52 g/t gold and 29 g/t silver (BUUY401D02, 1,224 RL)
  • 24.40 metres @ 10.20 g/t gold and 32.5 g/t silver (BUUY401D03, 1,224 RL)
  • 22.25 metres @ 9.30 g/t gold and 18.1 g/t silver (BUUY401D03, 1,195 RL)

 

Both drill hole BUUY401D01 and BUUY401D02 continued through BMZ1 to the south and intercepted high-grade gold in the Murcielagos vein family at an elevation approximately 100 metres below the elevation of the Higabra tunnel, with results as follows:

 

  • 0.50 metres @ 51.90 g/t gold and 417 g/t silver (BUUY401D01, Vein MU51, 1,095 RL)
  • 2.20 metres @ 85.20 g/t gold and 113.7 g/t silver (BUUY401D02, Vein MU51, 1,091 RL)

 

These results, coupled with earlier results announced on April 16, 2018 (i.e. BUUY370D01: 4.25 metres @ 83.65 g/t gold and 29.3 g/t silver) confirm the pervasive nature of this high-grade shoot and warrants infill and definition drilling in 2019 to outline stope designs for future mining.

 

Infill drilling into a central-east portion of the Yaraguá system have intercepted narrow veins containing high-grade gold and have confirmed the mineral resource block model estimate for this area with results including:

 

  • 3.30 metres @ 77 g/t gold and 23.6 g/t silver (BUUY401D01, Vein PRE20, 1,178 RL)
  • 1.55 metres @ 53.56 g/t gold and 48.6 g/t silver (BUUY380, Vein SA, 1,484 RL)
  • 2.20 metres @ 64.37 g/t gold and 95.9 g/t silver (BUUY383, Vein SA, 1,491 RL)

 

Table I: Drill Hole Results

 

 

                 
Hole ID From
(m)
To
(m)
Intercept
Interval*
(m)
Gold**
(g/t)
Silver**
(g/t)
Gold
Equivalent**
(g/t)
Mid Point
Elevation
(m)
Vein
BUUY364 26.25 28.20 1.95 2.67 6.1 2.76 1492 MU06
  37.20 42.00 4.80 1.28 7.5 1.38 1489 MU07
  43.00 48.60 5.60 2.08 12.5 2.24 1487 VNE30
  55.60 58.20 2.00 3.14 9.8 3.27 1485 vne31
  60.00 63.10 3.10 1.56 7.0 1.65 1484 pre20
  86.00 87.70 1.70 2.88 7.4 2.98 1478 VNC18_V
  94.10 95.70 1.60 5.86 11.2 6.01 1476 C40_V
incl 94.10 94.65 0.55 13.95 25.0 14.28    
BUUY365 Did not reach target
BUUY369 149.90 150.90 1.00 4.16 6.5 4.25 1398 SOF10
  154.40 156.50 2.10 9.48 17.6 9.72 1395 NW2
incl 154.90 155.50 0.60 22.80 52.2 23.50    
  177.90 180.80 2.90 2.74 1.4 2.76 1379 HWV2
  218.60 221.50 2.90 1.56 3.3 1.60 1354 VND10
BUUY380 16.00 18.35 2.35 1.96 10.4 2.10 1497 MU06+MU07
  44.10 45.10 1.00 5.43 19.7 5.69 1494 VNE1
  131.20 131.70 0.50 55.60 31.2 56.02 1485 HWV2
  143.55 145.10 1.55 53.56 48.6 54.21 1484 SA
incl 143.55 144.05 0.50 138.00 81.8 139.09    
  204.90 206.00 1.10 3.84 20.5 4.11 1481 VNA8
  208.60 209.10 0.50 5.05 7.3 5.15 1480 New
  228.90 231.70 2.80 12.85 53.3 13.56 1479 N20
  242.70 243.80 1.10 21.95 83.9 23.07 1479 CNT
BUUY383 16.70 18.75 2.05 2.24 12.0 2.40 1498 MU6+MU7
  44.50 45.50 1.00 3.82 27.1 4.18 1496 VNE31
  48.70 51.30 2.60 2.12 2.3 2.15 1496 PRE20
  130.80 131.40 0.60 26.10 30.6 26.51 1492 HWV2
  142.20 144.40 2.20 64.37 95.9 65.65 1491 SA
incl 142.80 143.40 0.60 63.90 305.0 67.97    
and 143.90 144.40 0.50 204.00 45.7 204.61    
  176.10 180.50 4.40 4.51 5.9 4.58 1490 VNAD9
  208.70 210.20 1.50 2.75 7.4 2.85 1488 VNA8
  232.50 233.50 1.00 3.76 27.2 4.12 1487 N20
  248.80 249.50 0.70 14.35 75.4 15.36 1487 CNT
BUUY388 51.10 51.60 0.50 34.30 15.9 34.51 1493 VNE31
  95.00 97.10 2.10 21.18 7.0 21.27 1487 NW2
incl 96.10 97.10 1.00 35.65 8.3 35.76    
  130.40 131.60 1.20 4.32 10.8 4.46 1482 HWV2
  146.80 147.80 1.00 24.71 98.7 26.03 1480 SA12_V+FWV11
incl 146.80 147.50 0.70 34.50 139.6 36.36    
  213.90 215.40 1.50 3.08 18.4 3.32 1473 CNT1
  232.00 235.50 4.00 4.48 37.5 4.98 1470 N20
incl 233.00 233.50 0.50 16.10 213.0 18.94    
BUUY396 41.50 44.80 3.30 2.19 6.9 2.28 1458 MU6
  211.10 212.10 1.00 4.76 31.7 5.18 1306 C30
  227.10 228.70 1.60 12.43 23.8 12.75 1291 C11
incl 227.10 227.70 0.60 31.10 55.6 31.84    
  251.90 252.40 0.50 8.46 96.0 9.74 1269 SOF10
  310.00 310.50 0.50 7.39 66.9 8.28 1217 HWV2
  323.80 324.85 1.05 4.62 17.0 4.85 1203 SA12
BUUY401D 65.00 67.35 2.35 4.35 3.8 4.40 1469 NWSE3
  76.30 77.80 1.50 3.65 6.0 3.73 1459 NW2
  205.50 221.70 16.20 10.11 11.9 10.27 1337 BMZ1
incl 209.30 209.80 0.50 48.60 121.0 50.21    
and 215.30 216.30 1.00 69.55 44.3 70.14    
  232.80 234.80 2.00 7.77 9.5 7.90 1319 C11
incl 234.30 234.80 0.50 15.20 9.8 15.33    
BUUY401D01 31.50 38.65 7.15 34.80 15.6 35.00 1225 BMZ1
incl 37.00 38.65 1.65 111.74 37.6 112.24    
  56.30 57.60 1.30 3.75 2.2 3.78 1209 CB18
  76.40 77.00 0.60 8.85 3.7 8.90 1193 VNB19
  92.40 95.70 3.30 77.00 23.6 77.32 1178 PRE20
incl 6.00 93.90 0.50 314.00 70.5 314.94    
  193.15 193.65 0.50 51.90 417.0 57.46 1095 MU51
BUUY401D02 3.60 10.70 7.10 13.52 29.0 13.91 1224 BMZ1
and 8.90 9.70 0.80 57.10 21.2 57.38    
  40.95 48.70 7.75 5.83 7.8 5.93 1195 CB18
incl 41.45 42.55 1.10 17.56 15.4 17.77    
and 47.70 48.20 0.50 26.10 16.9 26.33    
  172.30 174.50 2.20 85.20 113.7 86.71 1091 MU51
incl 172.30 173.50 1.20 154.26 120.2 155.86    
and 173.00 173.50 0.50 311.00 232.0 314.09    
BUUY401D03 16.30 40.70 24.40 10.20 32.5 10.66 1224 BMZ1
incl 26.70 28.30 1.60 60.60 85.6 61.82    
and 35.00 36.20 1.20 31.90 51.7 32.64    
  52.75 75.00 22.25 9.30 18.1 9.56 1195 BMZ1
incl 53.80 54.35 0.55 89.10 69.2 90.09    
and 55.50 56.10 0.60 40.90 19.1 41.17    
and 68.20 68.75 0.55 67.10 4.0 67.16    
DYR0079 55.80 56.90 1.10 4.92 9.0 5.04 1486  
  61.35 73.40 12.05 7.47 12.4 7.64 1488 Partial BMZ1
incl 62.24 62.81 0.57 38.60 36.1 39.08    
and 67.70 69.43 1.73 19.92 38.2 20.43    
DYR0080 16.65 21.90 5.25 2.80 5.8 2.87 1467 C20_V
  40.00 48.60 8.60 4.22 7.5 4.32 1451 C11_V
incl 42.25 43.20 0.95 13.22 18.4 13.46    
  65.50 66.30 0.80 17.97 15.2 18.17 1440 HWV1
  78.90 82.60 3.70 6.60 22.2 6.90 1431 Partial BMZ1
incl 80.90 81.40 0.50 18.08 36.8 18.57    
DYR0081 22.00 28.00 6.00 5.95 2.6 5.98 1484 C11_V
incl 24.00 25.00 1.00 24.04 3.5 24.09    
  30.68 34.65 3.97 2.71 7.2 2.81 1485 SOF10
  62.60 76.00 13.40 8.04 18.2 8.29 1489 Partial BMZ1
and 65.60 67.00 1.40 14.64 53.0 15.35    
and 71.60 73.25 1.65 20.14 30.6 20.55    
  81.00 84.00 3.00 8.17 3.3 8.21 1492 FWV11
incl 81.00 82.00 1.00 21.13 6.0 21.21    
DYR0082 34.10 38.00 3.90 2.89 9.6 3.02 1486 C11_V
  57.30 68.20 10.90 5.88 12.6 6.05 1488 Partial BMZ1
incl 66.00 66.60 0.60 60.70 131.0 62.45    
DYR0083 54.85 60.60 5.75 8.05 12.4 8.21 1455 Partial BMZ1
incl 55.77 56.07 0.30 88.91 131.1 90.66    
DYR0085 53.70 65.20 11.50 52.35 33.5 52.80 1465 Partial BMZ1
incl 62.78 65.00 2.22 253.54 127.6 255.24    
incl 62.78 63.60 0.82 615.26 331.5 619.68    
DYR0086 10.40 11.40 1.00 5.05 6.5 5.13 1480 C30
  26.35 30.25 3.90 3.40 9.7 3.53 1477 C11_V
  50.30 65.80 15.50 20.27 15.5 20.47 1473 BMZ1
incl 62.54 65.10 2.56 89.91 54.2 90.63    
   
* Intercepts calculated for minimum intervals of 0.5 metres. DYR series of drill holes are between 95-100% true widths while BUUY holes are between 65-100% true widths. Internal dilution within reported intervals generally does not exceed 20%
** Grades herein are reported as uncapped values
*** Gold equivalent in this release and table was calculated at Au:Ag ratio of 1:75 with no assumptions made for metallurgical recovery rates

 

 

Geological Description of the Buriticá Project

 

Continental’s 100%-owned, 75,023-hectare project, Buriticá, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style (“Stage I”) variably overprinted by texturally and chemically distinctive high-grade (“Stage II”) mineralization. The two most extensively explored of these areas (the Yaraguá and Veta Sur systems) are central to this land package. The Yaraguá system has been drill-outlined along 1,350 metres of strike and 1,800 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill-outlined along 1,000+ metres of strike and 1,800 vertical metres and has been partially sampled in underground developments. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated mineralization and both remain open at depth and along strike, at high grades.

 

BMZ Details

 

The broad mineralized zone consists of a group of modelled precious metal-bearing veins in the current mineral resource estimate block model with mineralization occurring between these veins, generally in the form of veinlets at oblique angles to strike. The majority of the mineralization between modelled veins is not in the current mineral resource estimate, providing potential upside both in terms of identifying significantly broader and more productive zones for mining and increased mineral resources. To date, the Company has identified up to seven BMZ targets for testing and will systematically drill each target zone as underground mine development advances. BMZ1 encompasses a matrix of the east-west trending FW, San Antonio and HW veins as well as a package of a NW‑SE vein and subsidiary veinlets.

 

Technical Information

 

Mauricio Castañeda, Vice-President, Exploration of the Company and a Qualified Person for the purpose of NI 43‑101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release.

 

Reported intervals include minimum weighted averages of 3 g/t gold equivalent (75:1 Au/Ag) over core lengths of at least 1.0 metres. Assays are uncut except where indicated.

 

Besides rigorous chain-of-custody procedures, the Company utilized a comprehensive quality control/quality assurance program for the channel samples. All quality control anomalies were addressed and/or corrected as necessary to assure reliable assay results; no material quality control issues were encountered in the course of the program. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. Although historic correlation between analytical results from the Company’s internal laboratory and certified independent laboratories for gold and silver analysis have been within acceptable limits, the Company’s internal laboratory is neither independent nor certified under NI 43-101 guidelines and, as such, channel sampling results in this release should only be taken by the reader as indicative of future potential.

 

For exploration and infill core drilling, the Company applied its standard protocols for sampling and assay. HQ and NQ core is sawn or split with one-half shipped to a sample preparation lab in Medellín run by ALS Colombia Limited in Colombia, whereas BQ core samples are full core. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at SGS Colombia S.A., a certified assay laboratory in Medellín, Colombia.

 

For stope definition core drilling, the Company applied its standard protocols for sampling and assay. The HQ3 samples were full core and provided sample widths between 0.2 to 1.0 metres weighing approximately 2 to 8 kilograms. Custody of the Samples were transferred at the mine site to Actlabs Colombia using rigorous chain-of-custody procedures. Full-core HQ3 samples are prepped and analyzed at Actlabs Colombia’s ISO 9001 accredited assay in Medellín, Colombia. The remainder of crushed rejects and pulps are stored in a secured storage facility for future assay verification. Blanks, pulps duplicates, coarse duplicates and purchased certified reference standards are inserted into the sample stream to monitor laboratory performance. A portion of the samples are periodically check-assayed at ALS Peru’s ISO 9001 accredited assay laboratory in Lima, Peru.

 

The Company does not receive assay results for drill holes in sequential order; however, all significant assay results are publicly reported.

 

For information on the Buriticá project, please refer to the technical report, prepared in accordance with NI 43‑101, entitled “Buriticá Project NI 43–101 Technical Report Feasibility Study, Antioquia, Colombia” and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com.

 

About Continental Gold

 

Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing it’s 100% owned Buriticá project in Antioquia. Buriticá is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buriticá project is on schedule with first gold pour anticipated during the first half of 2020.

 

Posted December 4, 2018

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