Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to announce results from nine diamond drill holes into the Veta Sur system as part of its 2018 drilling program at its 100%-owned Buriticá project in Antioquia, Colombia. The Company currently has 14 diamond drill rigs in operation, focusing on increasing and upgrading the mineral resources to higher classification categories by testing for high-grade and broad mineralized zones within the mineral reserve and resource envelopes and testing high-impact targets along strike and below existing mineral resources, as well as grassroots targets proximal to existing and proposed infrastructure. The Company has US$208 million of available liquidity as of June 30, 2018.
“With excellent progress being made in underground development for the mine, we are becoming much better-positioned to drill the orebodies from short distances,” commented Ari Sussman, CEO. “The analytical results today continue to confirm our hypotheses for the Veta Sur system—namely that infill drilling improves the grade of master veins, which will provide the bulk of mine production, and that the vertical dimension of high-grade veins remains continuous at depth, providing additional mining flexibility and potential for production to continue many years past the feasibility mine plan.”
Veta Sur System (see Figures 1, 2, 3 and 4)
In the past, drill-testing the depth potential of Veta Sur was limited due to lack of access. With underground development advancing at a productive rate and providing suitable drilling locations, the Company will be more aggressive in drilling the orebody and extensions over the balance of the year.
The following is a complete list of results from diamond drill-holes announced in this news release:
|*||Intercepts calculated at a composite 4.8 grams X metre gold equivalent (70:1 Au/Ag) for minimum intervals of 0.5 metres, with generally no more than 20% internal dilution. True widths are generally estimated to be between 80-100%.|
|**||Grades herein are reported as uncapped values.|
|Note: Drill holes designated “BUUY” were collared from underground.|
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 1,100 metres of strike and 1,700 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.
Mauricio Castañeda, Vice-President, Exploration of the Company and a qualified person for the purpose of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release.
The Company utilizes a rigorous, industry-standard QA/QC program. 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.
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 Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company – led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America – is focused on advancing its fully-permitted high-grade Buriticá gold project to production with first gold pour on track for H1 2020.
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