Columbus Gold Announces Updated In-pit Gold Resource and Increased Grade at Paul Isnard Project, French Guiana

Columbus Gold (TSXV:CGT) reported an updated mineral resource estimate from drilling at its Montagne d’Or deposit at its Paul Isnard project in French Guiana. The resource consists of 3.8 million ounces in indicated resources and 1.08 million ounces in inferred resources at a breakeven gold cut-off grade of 0.40 grams per tonne.

As quoted in the press release:

The updated resource estimates will support the completion of a Preliminary Economic Assessment (“PEA”) on the Montagne d’Or deposit on target to be completed in Q2 of 2015. The work 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. Earn-in also includes completing a bankable feasibility study no later than March 2017.

Columbus Gold chairman and CEO, Robert Giustra, said:

Phase II drilling has successfully achieved the dual objective of significantly lifting the average grade, and moving a substantial amount of Inferred ounces into the Indicated category. In parallel with those milestones, the current resource estimates are now 100% pit-confined, versus our previous estimates, which were global resources. This deposit can still grow; it’s open in all directions with additional potential within presently loosely-drilled sub-parallel zones and in the surface saprolitic oxide layer, which will be systematically drilled this year.

Click here to read the Columbus Gold (TSXV:CGT) press release