Columbus Gold Corporation (TSX-V:CGT) (OTCQX:CBGDF) is pleased to report that a third drill rig, operating on a 24 hour basis, has commenced drilling at Columbus Gold’s Montagne d’Or gold deposit, Paul Isnard Project, French Guiana.
There are approximately 10,500 metres in 46 holes remaining in the current Phase II program, which is scheduled to be completed in about 7 weeks.
Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d’Or gold deposit hosts a resource of 140.1 million tonnes grading 1 g/t gold for a total of 4.31 million contained Inferred ounces of gold. The best mineralized and most consistent zones on the Montagne d’Or deposit, based on current interpretation, are located in the principal Upper Felsic Zone. Drilling of the UFZ on a 50 metre spacing array began on June 23, 2014.
The drilling is being funded by Nord Gold N.V. (LSE:NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d’Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.
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