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Feb. 25, 2015 04:30PM PST
Columbus Gold continues to release positive drill results from the Montagne d’Or gold deposit at its Paul Isnard project in French Guiana.
Columbus Gold (TSXV:CGT) continues to release positive drill results from the Montagne d’Or gold deposit at its Paul Isnard project in French Guiana, and it’s become evident that the Vancouver-based company is onto something good.
The company completed a 126-hole, 25,570-meter Phase II drill program at the deposit in November 2014, and since then it’s made the TSX Venture Exchange’s 2015 TSX Venture 50 List. It’s also, of course, been slowly but surely releasing results from the program — results from 105 holes have been released to date, and only 21 remain.
A Wednesday report covers seven holes within the central and western sections of the principle Upper Felsic zone (UFZ) at Montagne d’Or, and it states that all seven demonstrate continuity of gold mineralization. In a note released the same day, Haywood Securities highlights holes MO-14-218 and Mo-14-208, noting that the former shows 142.2 meters grading 1.21 g/t gold from a downhole depth of 121.8 meters, including 16.8 meters grading 6.56 g/t gold from a downhole depth of 209 meters. The latter saw 87 meters grading 1.4 g/t gold from a downhole depth of 194 meters.
The Phase II program was focused on converting inferred resources to the indicated and measured categories, with extra attention on areas within the UFZ that are potentially amenable to open-pit mining. While Haywood Securities notes that the project’s Footwall zone remains poorly tested, results show that Mo-14-208 intersected high-grade gold mineralization within the Hanging Wall zone.
Moving forward, the company plans to complete a preliminary economic assessment (PEA) on Montagne d’Or in the spring. It said Wednesday that an updated resource estimate and comprehensive metallurgical tests are on target to support the PEA.
The work is being funded by Nord Gold (OTCMKTS:NRDVY), which has the option to earn a 50.01-percent interest in Montagne d’Or and the Paul Isnard mineral claims provided it spends a minimum of US$30 million and completes a bankable feasibility agreement no later than March 2017.
At close of day Wednesday, Columbus’ share price was sitting at $0.425, up 1.19 percent.
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.
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