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Continental Gold Discovers a Third Broad Mineralized Zone at Buriticá With High-Grade Gold Drill Results Including 5.50 Metres @ 202.56 Grams per Tonne Gold Equivalent

 

 

 

 

 

Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to announce additional high-grade assay results from six holes drilled into the Yaraguá vein system as part of the exploration drilling program at its 100%-owned Buriticá project in Antioquia, Colombia. The Company is currently operating six underground definition drill rigs and one exploration drilling rig. As previously announced, the Company plans to drill up to 73,500 metres in 2019, consisting of approximately 55,000 metres of capitalized definition drilling and approximately 18,500 metres of exploration-led infill drilling. Supporting information for results discussed in this release can be found in Table 1 and Figures 1 and 2.

 

“The discovery of BMZ3 is an important milestone for the Buriticá Project as it delivers another potential bulk mineable zone to our mine-planning group ahead of anticipated first gold pour in H1 2020,” said Ari Sussman, CEO. “With the construction of the Buriticá mine continuing on schedule at a brisk pace, excitement and momentum are growing rapidly with our employees and the Buriticá community.”

 

Interpretation of the newly-discovered breccia hosted BMZ3, which is located approximately 150 metres west of BMZ1 in the Yaraguá system, began after a single definition drill-hole intercepted high-grade gold over bulk mineable widths averaging 37.55 metres @ 7.92 g/t gold and 8.7 g/t silver (DYR0050, 1,460-metre elevation) (see Company release dated October 1, 2018). Consequently, a series of six exploration holes were drilled to test for BMZ3 potential with four of the holes intercepting high-grade gold over bulk mineable widths, one hole intercepting lower-grade gold over potentially bulk mineable widths (BUUY416: 20.80 metres @ 4.02 g/t gold and 4.1 g/t silver) and one hole (BUUY424) stopping short of the target due to technical difficulties. Key results from BMZ3 are as follows:

 

    • 5.50 metres @ 202.23 g/t gold and 24.5 g/t silver (BUUY420)
    • 30.15 metres @ 7.97 g/t gold and 5.5 g/t silver (BUUY426)
    • 12.45 metres @ 9.74 g/t gold and 2.4 g/t silver (BUUY428)
    • 6.90 metres @ 9.90 g/t gold and 35.6 g/t silver (BUUY431).

 

Drilling results announced in this release have intercepted high-grade gold over significant dimensions measuring approximately 300 metres laterally by 300 metres vertically.

 

The Company also anticipates receiving additional assay results shortly for recently completed drill-holes into the BMZ2 discovery announced on January 15, 2019. Results will be reported once they are compiled and interpreted.

 

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
BUUY416 40.80 42.90 2.10 3.90 20.5 4.18 1497 NW+NWSE
  68.00 69.70 1.70 4.98 24.8 5.31 1476  
  90.20 90.80 0.60 28.20 30.2 28.60 1425  
  98.50 100.20 1.70 14.57 81.5 15.66 1452  
  103.00 105.10 2.10 7.60 4.0 7.66 1448  
  131.30 134.60 3.30 11.11 19.5 11.37 1426  
incl 132.00 132.60 0.60 29.00 53.5 29.71 1426  
  156.70 159.30 2.60 6.72 22.0 7.01 1406  
incl 156.70 157.30 0.60 24.60 34.5 25.06 1407  
  176.30 178.70 2.40 5.45 7.7 5.55 1390  
incl 178.20 178.70 0.50 19.40 23.6 19.71 1390  
  270.40 291.20 20.80 4.02 4.1 4.08 1304 BMZ3
incl 275.70 278.80 3.10 19.01 19.0 19.26 1314  
incl 276.20 276.70 0.50 93.10 93.1 94.34 1315  
BUUY420 35.10 37.90 2.80 9.02 38.7 9.54 1501 NW
incl 36.90 37.90 1.00 22.10 85.2 23.24 1501  
  55.50 56.60 1.10 4.35 9.6 4.48 1487  
  62.80 65.30 2.50 4.02 3.4 4.07 1481  
  85.40 88.00 2.60 15.28 31.2 15.70 1464 SA
incl 85.40 85.90 0.50 66.70 96.0 67.98 1465  
  168.00 173.50 5.50 202.23 24.5 202.56 1400 BMZ3
incl 168.00 168.50 0.50 2190.00 239.0 2193.19 1402  
  228.90 233.10 4.20 2.14 4.2 2.20 1353 PRE
  250.25 253.10 2.85 1.96 10.1 2.09 1338  
  272.20 279.10 6.90 3.19 4.2 3.25 1318 MU
  281.35 286.80 5.45 2.30 5.0 2.36 1312  
BUUY424 29.30 31.30 2.00 29.97 54.3 30.69 1510 NWSE+NW
incl 30.70 31.30 0.60 58.50 143.0 60.41 1510  
  68.70 69.20 0.50 25.80 169.0 28.05 1487 SA
  96.20 98.70 2.50 14.15 23.6 14.46 1470 HW
incl 96.70 97.20 0.50 38.40 97.7 39.70 1470  
  117.70 122.60 4.90 1.39 25.1 1.72 1455 BMZ3
BUUY426 31.70 32.30 0.60 6.99 8.0 7.10 1508 NW
  72.30 74.25 1.95 5.45 19.4 5.71 1480 SA
incl 72.30 72.80 0.50 10.75 66.2 11.63 1481  
  83.25 84.95 1.70 57.14 94.3 58.40 1473  
incl 84.40 84.95 0.55 173.50 279.0 177.22 1473  
  113.90 116.30 2.40 3.37 13.6 3.56 1453 HW
  120.60 127.25 6.65 9.94 29.8 10.34 1447 HW
incl 120.60 121.10 0.50 108.00 355.0 112.73 1449  
  187.30 217.45 30.15 7.97 5.5 8.05 1384 BMZ3
incl 199.90 200.45 0.55 392.00 139.0 393.85 1395  
  219.80 222.25 2.45 2.16 3.6 2.21 1381 PRE
  261.50 268.10 6.60 1.46 3.2 1.50 1349 MU
  296.40 300.25 3.85 5.74 12.2 5.90 1327 New
incl 298.05 298.55 0.50 24.20 59.8 25.00 1328  
  304.45 311.75 7.30 20.66 58.7 21.45 1321 New
incl 306.30 307.40 1.10 84.78 125.5 86.45 1322  
and 311.20 311.75 0.55 54.90 15.0 55.10 1319  
  328.40 329.05 0.65 6.97 14.5 7.16 1308 New
BUUY428 49.00 50.60 1.60 15.16 113.9 16.68 1487 NWSE
incl 49.50 50.00 0.50 35.40 247.0 38.69 1487  
  89.25 90.20 0.95 7.22 33.6 7.67 1454  
  104.70 106.20 1.50 5.33 21.9 5.62 1441 SA
incl 105.70 106.20 0.50 12.30 61.0 13.11 1441  
  182.20 185.00 2.80 7.92 11.0 8.06 1374 SA
  208.70 210.00 1.30 17.15 42.3 17.72 1354  
  276.90 289.35 12.45 9.74 2.4 9.77 1291 BMZ3
incl 279.55 280.10 0.55 96.30 16.7 96.52 1294  
and 288.85 289.35 0.50 112.50 28.9 112.89 1287  
  311.00 312.70 1.70 3.59 14.5 3.79 1268  
  315.15 319.05 3.90 8.19 11.6 8.35 1263  
incl 315.15 315.70 0.55 41.30 37.8 41.80 1265  
  342.65 363.20 20.55 2.42 3.0 2.46 1226 MU
incl 356.90 357.70 0.80 11.80 23.0 12.11 1230  
BUUY431 37.70 42.50 4.80 6.03 78.0 7.07 1499 NWSE
incl 37.70 38.20 0.50 50.30 719.0 59.89 1502  
  95.40 98.10 2.70 9.39 20.8 9.66 1459 SA
incl 95.90 96.45 0.55 23.00 16.0 23.21 1460  
  145.30 146.35 1.05 13.64 259.5 17.10 1424  
  183.45 188.00 4.55 3.49 4.0 3.55 1394 HW
incl 187.00 187.50 0.50 17.40 4.2 17.46 1394  
  251.50 258.40 6.90 9.90 35.6 10.37 1345 BMZ3
incl 255.70 256.25 0.55 50.40 13.0 50.57 1344  
  278.90 292.30 13.40 2.19 1.8 2.22 1319 PRE
incl 281.80 282.50 0.70 11.35 2.6 11.38 1326  
incl 291.15 291.70 0.55 10.20 3.6 10.25 1319  
  305.20 325.00 19.80 1.37 1.7 1.40 1295 MU
  357.35 359.70 2.35 10.93 4.7 10.99 1270 New
incl 357.35 357.85 0.50 41.80 8.7 41.92 1271  
  362.15 363.40 1.25 7.95 11.7 8.11 1267 New
incl 362.15 362.75 0.60 15.50 20.0 15.77 1268  
  369.80 373.15 3.35 3.74 10.3 3.88 1260 New
Intercepts calculated for minimum intervals of 0.5 metres.
**   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 1,300+ 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. 

 

BMZ3 Details

 

BMZ3 consists of a group of modelled precious metal-bearing vein domains that interlope within an intrusive breccia with pervasive hydrothermal alteration (quartz, sericite and pyrite), resulting in a fracturally controlled zone of mineralization. As a result, bulk mineralization is pervasive in this zone albeit at somewhat lower grades than the individual modeled veins presenting potential for more productive mineable zones. 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.

 

Technical Information

 

Mauricio Castañeda, Vice-President, Exploration of the Company and a Qualified Person for the purpose of Canadian National Instrument 43‑101 (“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 (1:75 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 laboratory in Medellín run by ALS Colombia Limited (“ALS”), 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 necessarily 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. Additional information on the Company’s updated mineral resource estimate for the Buriticá project, with an effective date of January 26, 2019 and prepared by the Company under the guidance and supervision of Mr. Ivor W.O. Jones, M.Sc., FAusIMM, CPgeo, P.Geo (an independent Qualified person under NI 43-101 guidelines), is available in the Company release dated January 30, 2019. The technical report and Company release are 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 February 21, 2019

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