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Continental Gold Drills Visible Gold in All Holes Targeting the Centena Vein at Buriticá

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Continental Gold Drills Visible Gold in All Holes Targeting the Centena Vein at Buriticá

 

 

 

 

 

Continental Gold Inc. (TSX:CN) (OTCQX:CGOOF) is pleased to announce assay results for four diamond drill holes at its 100% owned Buriticá project in Antioquia, Colombia. Assay results reported herein are for the initial exploration holes drilled into the northeastern portion of the Yaraguá system targeting the Centena vein family.

 

The Company currently has 11 diamond drill rigs operating as part of its 73,500-metre definition and exploration drill program for 2019. Construction of the Buriticá project was 67% complete as of May 31, 2019 and remains on schedule for first gold pour in H1 2020.

 

Highlights (Referenced in Figures 1 and 2 and Image 1)

 

  • Four underground diamond drill holes were completed into the northeastern portion of the Yaraguá vein system as part of a systematic program targeting the Centena vein with the objective of converting Inferred mineral resources to the Indicated category and adding new ounces by stepping out along extensions to the northwest. Centena is a northwest-to-southeast high-grade master vein with a continuous strike of more than 800 metres and vertical extension drilled for more than 1,000 metres.
  • High-grade visible gold (see Image 1) was encountered in all four holes covering a block measuring 50 x 50 metres on the Centena vein with results as follows:
    • 1.20 metres @ 44.90 g/t gold and 50.4 g/t silver (BUUY433)
    • 0.50 metres @ 582.00 g/t gold and 159.0 g/t silver (BUUY434)
    • 0.50 metres @ 47.20 g/t gold and 363 g/t silver (BUUY435)
    • 2.10 metres @ 35.54 g/t gold and 47.9 g/t silver (BUUY435)
    • 1.05 metres @ 44.41 g/t gold and 273.1 g/t silver (BUSY436, Centena vein splay)
  • Importantly, these intercepts are grading significantly higher than the current Inferred mineral resource block model estimate for this area of the Centena vein on a gram x metre (true width) basis. Individual results measured against the block model compare as follows:

 

Comparison between 2019 Block Model and Drill Hole on a grams/ton x metre (true width) Basis

 

 

           
Hole ID Intercept
Interval
(1)
(m)
Gold(2)
(g/t)
Silver(2)
(g/t)
Block Model
(g/t x m)
Drill Hole
(g/t x m)
(true width)
(3)
BUUY433 1.20 44.90 50.4 5.49 40.86
BUUY434 0.50 582.00 159.0 5.50 180.42
BUUY435 2.10 35.54 47.9 7.86 47.97
BUUY436 3.90 5.26 11.0 6.28 15.04
(1) Intercepts calculated at a composite 3-gram x metre gold equivalent (70:1 Au/Ag) for minimum intervals of 0.5 metres, with up to 30% internal dilution. True widths are estimated to be between 65-100%.
(2) Grades herein are reported as uncapped values.
(3) Drill hole grams/ton x metres are gold values calculated at the true width in order to make a comparison with the existing block model.

 

  • The high-grade mineralization remains open along strike and down dip. Six new drill holes are currently progressing to test the Centena vein with additional drill holes planned. Assay results will be reported in due course.
  • This portion of the Centena vein is located approximately 100 metres below current underground mine development and plans are being implemented to drive towards this zone in the near term to enable further definition drilling and incorporation of this area into the earlier years of the new mine plan.

 

“Our strategy of drill-testing targets that have potential for being incorporated into the first three years of mine life at Buriticá has yielded excellent results in 2019. With the recent discovery of BMZ4 and assay results from drilling of the Centena Vein yielding, on a weighted average basis, greater than a 500% higher grade of gold than the mineral resource block model in the corresponding locations, we have plenty to look forward to in the coming months,” commented Ari Sussman, CEO.

 

Details and Assay Table

 

Centena is a northwest-to-southeast high-grade master vein with a continuous strike of more than 800 metres, which crosses the majority of the east-west trending Yaraguá master vein system. The intersection of the Centena vein with the Yaraguá vein system typically results in zones of higher-grade gold and silver over wider intervals. Broad mineralized zones (BMZ) are typically developed at the intersection of the NW (Centena and NW veins) and EW (Yaraguá) vein systems. Due to difficult topography limiting the Company’s ability to drill the northern portion of the Yaraguá system, significant potential exists for discovery of new east-west trending veins along the intersection with the Centena vein. With underground development rapidly advancing, new areas are being installed for further drilling to the north and the potential exists for new mineralization to be incorporated into the early years of a revised mine plan for the Yaraguá system.

 

Table 1: Assay Results

 

 

               
Hole ID From
(m)
To
(m)
Intercept
Interval*
(m)
Gold**
(g/t)
Silver**
(g/t)
Mid-Point
Elevation
(m)
Vein
BUUY433 2.40 3.40 1.00 5.51 1.3 1479 New
  15.70 17.50 1.80 4.36 8.2 1470 New
  21.80 22.50 0.70 4.50 3.1 1467 New
  47.60 49.40 1.80 2.11 8.8 1450 VNAD
  75.40 76.00 0.60 4.19 18.5 1433 New
  93.70 94.90 1.20 44.90 50.4 1421 CNT
incl 93.70 94.30 0.60 88.50 98.8 1422  
BUUY434 21.50 23.35 1.85 3.04 4.7 1463 New
  85.80 86.50 0.70 3.59 14.4 1413 New
  97.00 97.50 0.50 582.00 159.0 1405 CNT
  105.85 107.40 1.55 4.46 11.2 1397 New
incl 105.85 106.35 0.50 10.20 16.5 1398  
BUUY435 15.25 15.75 0.50 7.06 2.8 1470 New
  98.60 99.10 0.50 47.20 363.0 1412 New
  103.20 105.30 2.10 35.54 47.9 1408 CNT
incl 103.20 103.70 0.50 146.00 185.0 1408  
BUUY436 20.35 20.90 0.55 5.39 4.8 1469 New
  75.40 76.00 0.60 16.15 18.0 1440 VNAD
  85.70 86.75 1.05 44.41 273.1 1434 New
incl 85.70 86.25 0.55 76.20 498.0 1434  
  93.90 97.80 3.90 5.26 11.0 1428 CNT
Note: Drill holes designated “BUUY” were collared from underground. CNT refers to the Centena Vein.
* Intercepts calculated at a composite 3-gram x metre gold equivalent (70:1 Au/Ag) for minimum intervals of 0.5 metres, with up to 30% internal dilution.
  True widths are estimated to be between 65-100%.
** Grades herein are reported as uncapped values.

 

 

Geological Description of the Buriticá Project

 

Continental’s 100%-owned, 75,604-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.

 

Technical Information

 

David J Reading, M.Sc., FIMM, the special advisor to Continental and an independent Qualified Person as defined under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Mr. Reading has over 35 years’ experience in the mining industry covering all stages of mine development, including exploration, feasibility, financing, construction and operations. He has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining.

 

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.

 

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.

 

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.

 


Figure 1 – Plan View of Drilling Targeting the Centena Vein in the Yaraguá System (CNW Group/Continental Gold Inc.)

 

 


Figure 2 – Cross Section A-A’ Through the Centena Vein in the Yaraguá System (CNW Group/Continental Gold Inc.)

 

Image 1 – Visible Gold in BUUY434 in the Centena Vein; 97-97.5 metres @ 582 g/t Gold and 159 g/t Silver (CNW Group/Continental Gold Inc.)

 

Posted June 24, 2019

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