Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company")
is pleased to announce results for 12 diamond drill-holes through the Yaragua
and Laurel vein systems at the Company's 100%-owned Buritica project in
Antioquia, Colombia. Drilling continues throughout 2014 with the goal of
upgrading Inferred resources into the Measured and Indicated categories under
National Instrument 43-101 ("NI 43-101") guidelines, and delivering overall
robust mineral resource growth.
Highlights (referenced in Figures 1, 2 and 3)
Yaragua Vein System
-- Drilling from underground was successful in infilling eastern areas of
the May 2014 Yaragua mineral resource envelope across 200 metres of
lateral strike by 400 metres of vertical strike. Importantly, the infill
drill-holes are all within 200 vertical-metre ranges above and below the
elevation of the Higabra Valley Tunnel (approximately 1,190 metres above
sea level), where drilling is focused on converting existing Inferred
resources into the Measured and Indicated categories.
-- Drilling through most of the central and southern Yaragua vein envelope
commonly encountered vein grades X thicknesses that are significantly
above those expected from the May 2014 mineral resource block model.
Related intercepts and veins include:
-- 1.35 metres @ 190.5 g/t gold and 95 g/t silver (BUUY222, MUS1,
elevation of 1,211 metres);
-- 0.9 metres @ 64 g/t gold and 6 g/t silver (BUUY225, VNC2, elevation
of 1,354 metres);
-- 2.5 metres @ 20.4 g/t gold and 44 g/t silver (BUUY225, MU1,
elevation of 1,172 metres);
-- 3.95 metres @ 50.2 g/t gold and 26 g/t silver (BUUY253, PRE,
elevation of 1,299 metres);
-- 0.5 metres @ 70 g/t gold and 19 g/t silver (BUUY253, MU2, elevation
of 1,248 metres);
-- 0.58 metres @ 752 g/t gold and 124 g/t silver (BUUY258, MU,
elevation of 1,231 metres);
-- 4.2 metres @ 25 g/t gold and 18 g/t silver (BUUY264, PRE, elevation
of 1,284 metres);
-- 2.4 metres @ 28 g/t gold and 9 g/t silver (BUUY264, MU, elevation of
1,201 metres);
-- 1.0 metres @ 219.4 g/t gold and 72 g/t silver (BUUY269, VNB,
elevation of 1,301 metres);
-- 4.1 metres @ 17.4 g/t gold and 170 g/t silver (BUUY272, MU3,
elevation of 1,288 metres);
-- 3.8 metres @ 62.4 g/t gold and 249 g/t silver (BUUY274, VNC,
elevation of 1,352 metres);
-- 0.55 metres @ 66.2 g/t gold and 15 g/t silver (BUUY274, MU,
elevation of 1,277 metres);
-- 0.6 metres @ 22.3 g/t gold and 5 g/t silver (BUUY275, MU2, elevation
of 1,273 metres); and
-- 3.2 metres @ 12.7 g/t gold and 93 g/t silver (BUUY276, PRE,
elevation of 1,277 metres).
-- Step-out drilling in nine holes intersected multiple veins below the
south-eastern Yaragua mineral resource envelope. High-grade intercepts
include:
-- 0.5 metres @ 17.4 g/t gold and 9 g/t silver (BUUY264, elevation of
1,085 metres);
-- 0.5 metres @ 10.4 g/t gold and 13 g/t silver (BUUY269, elevation of
1,032 metres); and
-- 2.0 metres @ 7.4 g/t gold and 3 g/t silver (BUUY269, elevation of
1,022 metres).
Laurel Vein System
-- Further to the south, step-out drilling up to 300 metres along strike in
three holes encountered multiple veins interpreted as relatively deep,
eastern extensions of the Laurel vein system. These holes extended the
strike length of Laurel to approximately 1,100 metres, with the system
remaining open to the southwest, northeast and at depth. High-grade
intercepts include:
-- 1.45 metres @ 84 g/t gold and 7 g/t silver (BUUY258, elevation of
976 metres); and
-- 0.6 metres @ 9.2 g/t gold and 20 g/t silver (BUUY269, elevation of
990 metres).
"It's pleasing to see the underground infill drilling successfully demonstrate
consistent and even higher-grade intercepts at elevations around the Higabra
Valley Tunnel, as this is pivotal for our goal of upgrading current Inferred
resources at these elevations into the Measured and Indicated categories",
commented Ari Sussman, CEO of Continental. "Additionally, the size of the Laurel
vein system target continues to grow impressively and we are hopeful that over
time, it will prove economic and represent another mineable front at Buritica."
Details
Continental's 100%-owned, 59,095-hectare project, Buritica, 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 Yaragua and Veta Sur systems) are central to this
land package. The Yaragua system has been drill-outlined along 1,120 metres of
strike and 1,300 vertical metres and partially sampled in underground
developments. The Veta Sur system has been drill-outlined along 1,040 metres of
strike and 1,400 vertical metres. 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. See "About Continental
Gold" below for a precis of updated mineral resource estimates for the Buritica
project prepared in accordance with NI 43-101. The Laurel vein system, to the
south of Yaragua and Veta Sur, is at an earlier stage of drilling definition.
This release documents the results of infill and extension drilling (completed
after the December 31, 2013 closure of the database for the Buritica 2014
mineral resource estimate) through eastern Yaragua and to the south of the
Yaragua vein system. Significant new drill intercepts are listed below in Table
I and are referenced in Figures 1, 2 and 3.
Table I: Drilling Highlights
----------------------------------------------------------------------------
HoleID m m Intercept Au Ag Zn Intercept Vein(ii)
From To Interval(i) (g/t) (g/t) (%) RL (m)
----------------------------------------------------------------------------
BUUY219 54.05 54.90 0.85 1.34 3.1 0.16 1358 MU1
76.00 77.20 1.20 1.71 2.0 0.01 1348 MUS
100.80 102.00 1.20 3.38 11.7 1.12 1337 MUS11
103.90 104.60 0.70 3.13 15.1 0.29 1336 MUS1
135.20 135.70 0.50 5.52 4.0 0.34 1322 MUS2
137.60 138.10 0.50 4.98 45.2 3.16 1321 MUS2
BUUY222 25.25 26.50 1.25 2.00 1.3 0.01 1360 MU2
56.90 58.10 1.20 1.11 2.2 0.31 1334 MU10
79.00 79.50 0.50 4.96 161.0 3.49 1317 MU11
90.00 91.00 1.00 1.39 6.3 0.81 1308 CNT
132.20 133.83 1.63 4.73 13.5 0.07 1274 MIC
145.95 147.10 1.15 11.43 46.4 1.66 1264 MUS
162.83 163.35 0.52 3.92 5.9 6.23 1251 MUS11
171.86 172.50 0.64 2.28 11.3 0.26 1244 Below
184.43 185.01 0.58 4.20 46.6 0.94 1234 Below
214.00 215.35 1.35 190.50 94.8 4.54 1211 MUS1
220.20 221.20 1.00 4.61 11.9 0.39 1206 MUS21
236.50 237.08 0.58 2.08 1.1 0.06 1194 MUS2
264.20 264.90 0.70 1.48 10.5 1.00 1173 MUS31
297.30 297.90 0.60 3.71 2.5 0.22 1148 Below
345.00 345.80 0.80 2.28 17.3 0.24 1112 Below
366.80 367.30 0.50 1.96 4.0 0.30 1096 ?Laurel
BUUY225 26.70 27.70 1.00 3.96 1.4 0.01 1357 SOF
30.30 31.20 0.90 64.00 6.1 0.03 1354 VNC2
38.35 39.50 1.15 2.85 1.3 0.07 1347 VNC1
46.30 47.35 1.05 1.83 0.8 0.01 1340 VNC
58.50 59.00 0.50 3.23 34.3 0.33 1330 CBE
75.30 76.50 1.20 3.59 13.1 0.01 1315 VNB
87.70 92.00 4.30 3.57 29.0 3.95 1301 PRE
113.60 114.15 0.55 2.73 10.6 1.86 1282 MU4
118.20 119.40 1.20 2.87 8.7 2.90 1277
121.90 122.40 0.50 6.44 5.9 3.43 1275 MU3
131.00 132.00 1.00 2.16 78.9 4.15 1266 MU2
146.20 146.70 0.50 10.65 7.8 0.01 1254 MU
170.30 178.50 8.20 2.31 4.2 0.37 1227 MU10
215.50 216.50 1.00 3.35 2.6 0.11 1194 MU11
225.80 227.60 1.80 2.95 16.8 0.56 1185 CNT
240.90 243.40 2.50 20.43 44.3 1.23 1172 MU1
incl 241.70 243.20 1.50 32.44 69.9 1.74
252.30 254.10 1.80 2.67 4.4 0.14 1163 MIC
288.80 289.40 0.60 4.49 10.7 0.12 1134 Below
291.80 294.20 2.40 2.22 3.4 0.11 1130 Below
311.80 312.30 0.50 3.76 6.6 1.07 1115 Below
367.50 370.20 2.70 1.00 7.1 0.61 1069 Below
382.80 384.60 1.80 2.07 25.7 0.82 1056 Below
412.20 418.20 6.00 2.15 17.4 1.27 1030 Below
BUUY242 33.60 34.20 0.60 2.39 32.7 1.89 1350 VNC2
39.90 40.40 0.50 1.62 1.4 0.17 1345 VNC1
54.95 57.00 2.05 2.20 42.7 0.06 1330 CBE
67.20 68.60 1.40 7.25 2.1 0.01 1320 VNC
91.00 92.00 1.00 5.79 8.0 0.47 1299
96.75 99.00 2.25 7.88 8.7 0.66 1292
incl 96.75 98.00 1.25 12.76 2.0 0.01 VNB
102.70 103.30 0.60 39.10 47.3 3.75 1288 PRE
115.00 115.50 0.50 3.26 3.8 2.38 1278 VNE
123.00 124.00 1.00 1.99 23.5 0.07 1270 MU4
153.60 154.10 0.50 2.02 3.1 0.27 1244
173.00 173.75 0.75 10.70 1.7 0.02 1227 MU2
180.00 182.45 2.45 9.13 7.9 0.02 1219
incl 181.00 182.45 1.45 13.49 12.1 0.02 CNT
188.30 190.75 2.45 7.82 29.9 1.67 1212
incl 189.00 190.15 1.15 13.40 25.9 2.35 MU
197.40 198.40 1.00 4.11 44.3 1.29 1205
202.10 203.50 1.40 2.63 12.8 0.54 1201 MU10
235.00 239.40 4.40 4.82 15.0 0.28 1170 MU11
253.50 255.60 2.10 2.55 4.8 0.30 1157 MU1
283.00 284.65 1.65 2.33 3.3 0.20 1133 MUS1
287.00 289.50 2.50 1.97 2.3 0.35 1129 Below
312.00 313.60 1.60 1.84 3.6 0.10 1109 Below
353.50 354.50 1.00 3.72 32.3 0.26 1075 Below
376.60 377.30 0.70 2.93 9.2 2.75 1056 Below
389.70 391.70 2.00 2.01 29.8 0.36 1044 Below
434.28 434.90 0.62 3.16 3.8 0.42 1009 Below
460.20 460.78 0.58 1.16 2.0 0.02 988 Below
BUUY253 24.00 25.65 1.65 1.81 1.6 0.08 1360 SOF
30.70 33.20 2.50 2.44 1.4 0.02 1353 VNC2
34.60 36.20 1.60 2.34 2.3 0.11 1350 VNC1
61.00 63.10 2.10 5.74 11.0 0.01 1327 VNC
65.50 66.75 1.25 25.20 1.0 0.01 1324 CBE
70.80 72.00 1.20 6.10 6.2 0.01 1319 VNB
87.60 89.10 1.50 4.08 1.5 0.01 1305
91.55 95.50 3.95 50.22 26.4 1.04 1299 PRE
incl 91.55 94.00 2.45 74.25 34.6 0.99
99.10 102.00 2.90 14.01 22.2 2.76 1294 MU3
103.80 107.60 3.80 3.95 6.8 1.35 1288
110.25 111.20 0.95 9.76 34.6 0.34 1285 VNE
153.75 154.25 0.50 70.00 18.9 0.82 1248 MU2
161.00 161.70 0.70 26.30 39.9 1.02 1242 CNT
168.00 168.60 0.60 7.37 100.0 0.47 1236
181.70 182.30 0.60 5.04 206.0 1.92 1224 MU
185.65 188.05 2.40 2.28 20.2 2.57 1219
221.75 222.50 0.75 4.49 34.3 0.04 1190 MU11
237.55 238.70 1.15 2.12 2.0 0.18 1176 MIC
263.15 264.40 1.25 1.17 0.6 0.03 1154 MAR
287.15 288.85 1.70 5.15 5.6 0.41 1134 MUS
314.20 315.68 1.48 2.19 2.9 0.22 1112 Below
317.70 318.25 0.55 3.94 5.6 0.05 1109 Below
351.90 352.60 0.70 1.46 12.1 0.21 1081 Below
412.25 412.75 0.50 1.07 2.5 0.07 1031 Below
499.10 500.58 1.48 1.97 0.8 0.09 959 Below
505.40 506.20 0.80 7.93 2.9 0.17 954 Below
BUUY258 25.40 25.90 0.50 3.03 18.8 2.00 1359 SOF
70.10 72.77 2.67 5.81 43.3 0.08 1318 BC
78.30 82.32 4.02 5.65 40.4 1.75 1310 VNB
incl 78.30 79.50 1.20 13.19 102.5 2.64 1312
90.30 91.35 1.05 1.11 880.0 0.81 1302 PRE
124.30 124.90 0.60 1.67 18.0 2.37 1272 MU4
135.65 136.70 1.05 2.66 8.0 0.88 1262
147.90 148.40 0.50 1.60 3.0 0.01 1252 MU2
171.07 171.65 0.58 752.00 124.0 3.00 1231 MU
178.40 179.10 0.70 8.47 7.7 0.32 1225 CNT
188.60 189.20 0.60 4.41 16.6 3.00 1216 MU10
190.90 193.13 2.23 1.52 10.6 0.84 1213
208.00 209.60 1.60 2.63 3.7 0.36 1198 MU11
220.45 221.45 1.00 1.95 16.0 2.58 1188
240.00 241.50 1.50 6.96 39.3 4.67 1171 MU1
247.70 257.35 9.65 3.30 10.4 1.12 1157 MUS
278.50 279.00 0.50 3.97 123.0 4.59 1137 MUS1
306.00 306.50 0.50 5.01 11.5 0.25 1114 Below
350.45 352.00 1.55 1.33 14.7 0.47 1075 Below
414.00 415.30 1.30 4.80 0.5 0.01 1020 Below
437.20 439.00 1.80 1.32 7.5 0.05 1000 Below
465.85 467.30 1.45 84.03 6.7 0.01 976 ?Laurel
473.80 477.40 3.60 0.90 2.9 0.11 968 ?Laurel
BUUY264 26.30 29.50 3.20 2.62 11.5 0.35 1355 SOF
51.00 51.60 0.60 2.09 34.1 0.85 1334 VNC1
103.40 107.60 4.20 25.04 18.0 1.52 1284 PRE
incl 106.00 107.60 1.60 61.44 24.1 2.30
121.20 121.70 0.50 5.77 45.6 3.15 1271 MU3
127.20 127.80 0.60 41.10 61.2 0.49 1265 VNE
151.50 152.10 0.60 2.04 16.2 1.26 1243 MU4
169.50 171.05 1.55 2.48 8.4 0.03 1227
178.60 179.10 0.50 4.80 71.8 4.47 1219 MU2
198.20 200.60 2.40 27.96 9.4 0.60 1201 MU
214.65 215.30 0.65 2.25 1.9 0.05 1187
241.20 241.70 0.50 3.82 10.2 0.78 1164 MU10
249.50 251.70 2.20 2.62 20.2 0.03 1155
254.50 255.60 1.10 11.51 125.9 0.20 1152 MU11
257.30 258.30 1.00 21.95 27.0 0.36 1150 CNT
283.80 284.40 0.60 2.44 32.4 0.05 1127 Below
332.00 332.50 0.50 17.40 9.3 1.46 1085 Below
346.00 346.50 0.50 2.14 12.7 0.21 1073 Below
382.80 383.35 0.55 1.87 28.7 0.92 1041 Below
400.00 401.15 1.15 1.38 34.3 0.08 1027 Below
435.00 436.20 1.20 2.09 1.7 0.07 997 Below
466.50 467.10 0.60 3.05 7.5 0.40 971 Below
BUUY269 10.00 10.50 0.50 0.50 94.5 0.09 1372 HWV
31.80 32.80 1.00 3.76 0.6 0.01 1352 SOF
36.00 36.70 0.70 3.42 2.9 0.01 1348 VNC2
66.30 66.95 0.65 11.90 259.0 1.09 1321 CBE
89.00 90.00 1.00 219.35 71.7 0.31 1301 VNB
105.30 106.00 0.70 36.40 121.0 2.83 1286 MU3
135.90 136.40 0.50 15.90 21.2 5.17 1259 MU4
154.00 156.20 2.20 1.63 16.3 0.83 1242
157.80 158.30 0.50 4.97 7.1 0.24 1240 MU2
179.10 179.80 0.70 1.29 13.6 1.77 1221
185.00 185.50 0.50 2.49 2.1 0.18 1216 MU
200.00 200.50 0.50 1.78 153.0 0.99 1203
218.70 219.85 1.15 1.10 17.0 4.47 1186
221.00 223.30 2.30 2.73 12.4 2.25 1183 MU11
229.95 231.40 1.45 2.06 5.7 0.47 1177 MU10
256.50 257.00 0.50 1.20 11.8 2.20 1154
265.87 266.37 0.50 22.40 51.2 1.01 1146 MU1
282.40 282.90 0.50 2.77 30.5 4.77 1132 MUS1
331.80 333.20 1.40 1.40 7.5 0.79 1090 Below
337.75 338.25 0.50 0.08 116.0 0.06 1086 Below
342.00 342.50 0.50 1.47 7.6 0.36 1082 Below
371.50 374.00 2.50 1.79 3.1 0.40 1056 Below
395.50 396.00 0.50 7.88 19.5 0.33 1037 Below
401.30 401.80 0.50 10.40 13.3 0.37 1032 Below
412.00 414.00 2.00 7.44 2.7 0.21 1022 Below
445.50 446.50 1.00 3.66 1.5 0.12 995 ?Laurel
452.20 452.80 0.60 9.19 19.8 0.03 990 ?Laurel
459.00 460.00 1.00 6.71 5.2 0.33 984 ?Laurel
464.70 465.30 0.60 3.88 8.1 0.03 979 ?Laurel
510.90 511.40 0.50 1.03 0.5 0.01 941 ?Laurel
BUUY272 18.00 18.65 0.65 16.05 26.3 3.48 1365 SOF
29.05 29.55 0.50 1.29 4.2 0.87 1355
35.00 36.00 1.00 1.54 4.2 0.35 1349 VNC2
53.00 53.55 0.55 5.91 94.3 0.94 1333 VNC
69.00 70.50 1.50 1.33 0.8 0.01 1318 CBE
98.20 98.70 0.50 5.99 39.6 1.69 1293 PRE
100.90 105.00 4.10 17.38 169.8 7.19 1288 MU3
incl 101.40 102.60 1.20 42.03 487.3 10.55
106.00 109.10 3.10 2.93 8.2 1.61 1284 VNE
124.75 125.35 0.60 1.22 175.0 0.92 1269 MU4
152.00 152.55 0.55 1.94 6.2 0.06 1246
160.35 160.95 0.60 3.17 10.5 0.58 1238 MU2
171.65 172.90 1.25 1.05 14.4 1.00 1228
177.10 178.00 0.90 2.94 4.2 0.09 1224
181.10 188.70 7.60 8.86 16.3 0.44 1215 MU
incl 181.10 184.50 3.40 17.31 13.6 0.32
190.70 192.20 1.50 9.57 143.0 0.94 1212 MU10
229.50 232.00 2.50 9.61 80.3 0.18 1178 MU11
incl 230.10 232.00 1.90 11.93 101.9 0.22
BUUY274 21.70 23.05 1.35 4.64 41.6 1.10 1364 VNC2
35.40 39.20 3.80 62.41 249.3 0.12 1352 VNC
incl 36.00 37.00 1.00 171.78 496.0 0.21
45.25 45.75 0.50 2.02 48.6 0.38 1346 CBE
66.30 69.05 2.75 0.94 3.4 1.00 1329 PRE
76.80 78.40 1.60 17.60 10.7 0.89 1322 MU3
82.00 84.75 2.75 3.48 4.9 0.40 1317 VNE
130.50 131.00 0.50 21.50 35.5 6.14 1282 MU2
137.15 137.70 0.55 66.20 15.1 1.38 1277 MU
149.60 150.10 0.50 2.34 13.6 0.96 1268 MU10
159.85 160.50 0.65 2.40 31.2 1.47 1260 MU11
172.10 175.55 3.45 3.96 11.4 4.76 1249 MU1
195.00 195.50 0.50 1.19 8.3 0.49 1234 MIC
214.55 216.35 1.80 1.18 3.1 0.26 1220 MUS11
244.50 245.00 0.50 1.28 3.7 0.17 1199 MUS1
260.10 261.13 1.03 6.73 13.6 0.62 1188 MUS21
275.10 275.60 0.50 2.16 17.8 1.38 1178 MUS2
282.90 284.15 1.25 1.17 4.5 3.09 1172 MUS31
BUUY275 8.70 9.20 0.50 0.83 167.0 0.23 1374 HWV
25.00 26.00 1.00 2.98 3.7 0.50 1360 VNC2
41.50 44.20 2.70 2.16 77.4 4.76 1345 VNC
50.75 51.50 0.75 2.13 34.5 1.60 1339
53.08 54.68 1.60 10.02 111.5 7.38 1337 CBE
58.00 61.50 3.50 5.10 25.4 1.37 1331
incl 60.15 61.50 1.35 9.88 10.5 1.85 VNBC
64.10 67.30 3.20 4.32 13.7 2.09 1326
70.30 73.00 2.70 8.83 76.0 4.64 1322 VNB
74.50 77.50 3.00 2.92 5.0 0.28 1318 PRE
79.50 81.00 1.50 1.15 4.0 0.21 1315 MU3
95.00 95.50 0.50 3.10 33.4 0.05 1303 VNE
114.40 115.50 1.10 1.07 1.5 0.16 1286 MU4
130.70 131.30 0.60 22.30 5.4 0.41 1273 MU2
143.20 143.70 0.50 2.11 32.6 12.60 1263
160.00 160.60 0.60 1.30 8.9 0.71 1249 MU
187.80 188.43 0.63 2.22 4.6 0.22 1226 MU10
192.00 192.80 0.80 3.18 0.7 0.02 1223 MU11
218.40 219.20 0.80 2.00 1.9 0.02 1201 MU1
238.75 241.85 3.10 2.51 20.2 1.09 1183 MUS
245.80 246.30 0.50 20.90 15.8 0.11 1179 MUS11
250.50 251.40 0.90 4.64 1.3 0.01 1175 MUS1
253.00 254.00 1.00 2.68 25.6 0.14 1173
302.00 305.00 3.00 2.21 1.6 0.14 1132 Below
330.10 331.00 0.90 1.91 10.5 1.02 1110 Below
BUUY276 14.50 15.90 1.40 2.90 0.9 0.01 1367 HWV
29.50 30.00 0.50 1.70 29.7 2.04 1354 SOF
68.75 69.60 0.85 2.21 16.2 0.16 1319 VNC
79.00 79.55 0.55 2.01 30.7 0.48 1309 CB
83.00 84.20 1.20 4.70 2.1 0.06 1306 VNBC
112.80 116.00 3.20 12.74 92.9 0.61 1277 PRE
117.80 124.15 6.35 8.87 33.7 0.14 1269
incl 117.80 119.95 2.15 16.14 29.5 0.07 MU3
132.65 133.25 0.60 4.92 20.1 2.26 1261 VNE
159.60 162.70 3.10 5.40 5.4 1.13 1235
incl 159.60 161.00 1.40 9.25 6.5 1.35 1236 MU4
165.25 165.75 0.50 4.45 15.9 0.20 1232
170.10 172.10 2.00 1.23 10.0 0.51 1227
188.20 188.70 0.50 6.84 13.6 0.63 1211 MU2
196.90 198.40 1.50 1.19 7.3 0.75 1203
213.85 216.15 2.30 1.61 8.8 0.26 1187
218.70 219.20 0.50 4.50 17.9 0.01 1184 MU
243.20 243.70 0.50 6.51 48.9 0.80 1162 MU11
260.70 261.30 0.60 1.78 5.7 0.31 1147
274.00 274.60 0.60 5.02 32.9 10.45 1135 MU1
280.50 281.00 0.50 5.06 32.1 2.11 1129 MUS
302.05 304.40 2.35 4.01 23.1 3.89 1109 Below
315.90 316.50 0.60 2.91 10.5 0.02 1098 Below
322.90 323.40 0.50 1.76 27.2 1.04 1092 Below
369.50 370.00 0.50 0.95 8.3 0.59 1051 Below
389.70 390.50 0.80 1.43 9.6 1.79 1033 Below
404.20 405.00 0.80 1.53 18.3 0.08 1020 Below
----------------------------------------------------------------------------
(i) Intercepts calculated at 1 g/t gold + 50 g/t silver cut-off grades for
minimum intervals of 0.5 metres, with up to 30% internal dilution. True
widths not accurately known but generally are between 30% of the down-hole
interval and near true width. Drill-holes designated "BUUY" were collared
from underground, and drill-holes designated "BUSY" were collared at
surface.
(ii) Intercepts in Yaragua vein domains are respectively nominated by vein
code (e.g. VNC) or as "below" the mineral resource envelope. Intercepts
interpreted as Laurel vein extensions are labelled accordingly.
Two fans of holes were drilled to the south of Yaragua, from underground
platforms in the Yaragua mine (Figure 1). Drilling was primarily focused on
infilling the Yaragua mineral resource envelope, but some holes also targeted
depth extensions of the Yaragua vein system and, further south, possible
extensions to the Laurel vein system (Figures 2 and 3).
Within the Yaragua mineral resource envelope, drilling through most of the
central and southern Yaragua vein system commonly encountered vein grades X
thicknesses that are significantly above those expected from the May 2014
mineral resource block model. Related intercepts and veins include:
-- 1.35 metres @ 190.5 g/t gold and 95 g/t silver (BUUY222, MUS1, elevation
of 1,211 metres);
-- 0.9 metres @ 64 g/t gold and 6 g/t silver (BUUY225, VNC2, elevation of
1,354 metres);
-- 2.5 metres @ 20.4 g/t gold and 44 g/t silver, including 1.5 metres @
32.4 g/t gold and 70 g/t silver (BUUY225, MU1, elevation of 1,172
metres);
-- 2.25 metres @ 7.9 g/t gold and 9 g/t silver, including 1.25 metres @
12.8 g/t gold and 2 g/t silver (BUUY242, VNB, elevation of 1,292
metres);
-- 0.6 metres @ 39.1 g/t gold and 47 g/t silver (BUUY242, PRE, elevation of
1,288 metres);
-- 2.45 metres @ 9.1 g/t gold and 8 g/t silver, including 1.45 metres @
13.5 g/t gold and 12 g/t silver (BUUY242, CNT, elevation of 1,219
metres);
-- 1.25 metres @ 25.2 g/t gold and 1 g/t silver (BUUY253, CBE, elevation of
1,324 metres);
-- 3.95 metres @ 50.2 g/t gold and 26 g/t silver, including 2.45 metres @
74.3 g/t gold and 35 g/t silver (BUUY253, PRE, elevation of 1,299
metres);
-- 2.9 metres @ 14 g/t gold and 22 g/t silver (BUUY253, MU3, elevation of
1,294 metres);
-- 0.5 metres @ 70 g/t gold and 19 g/t silver (BUUY253, MU2, elevation of
1,248 metres);
-- 0.7 metres @ 26.3 g/t gold and 40 g/t silver (BUUY253, CNT, elevation of
1,242 metres);
-- 1.05 metres @ 1.11 g/t gold and 880 g/t silver (BUUY258, PRE, elevation
of 1,302 metres);
-- 0.58 metres @ 752 g/t gold and 124 g/t silver (BUUY258, MU, elevation of
1,231 metres);
-- 4.2 metres @ 25 g/t gold and 18 g/t silver, including 1.6 metres @ 61.4
g/t gold and 24 g/t silver (BUUY264, PRE, elevation of 1,284 metres);
-- 0.6 metres @ 41.1 g/t gold and 61 g/t silver (BUUY264, VNE, elevation of
1,265 metres);
-- 2.4 metres @ 28 g/t gold and 9 g/t silver (BUUY264, MU, elevation of
1,201 metres);
-- 1.0 metres @ 219.4 g/t gold and 72 g/t silver (BUUY269, VNB, elevation
of 1,301 metres);
-- 0.7 metres @ 36.4 g/t gold and 121 g/t silver (BUUY269, MU3, elevation
of 1,286 metres);
-- 4.1 metres @ 17.4 g/t gold and 170 g/t silver, including 1.2 metres @ 42
g/t gold and 487 g/t silver (BUUY272, MU3, elevation of 1,288 metres);
-- 7.6 metres @ 8.9 g/t gold and 16 g/t silver, including 3.4 metres @ 17.3
g/t gold and 14 g/t silver (BUUY272, MU, elevation of 1,215 metres);
-- 3.8 metres @ 62.4 g/t gold and 249 g/t silver, including 1.0 metres @
171.8 g/t gold and 496 g/t silver (BUUY274, VNC, elevation of 1,352
metres);
-- 0.55 metres @ 66.2 g/t gold and 15 g/t silver (BUUY274, MU, elevation of
1,277 metres);
-- 0.6 metres @ 22.3 g/t gold and 5 g/t silver (BUUY275, MU2, elevation of
1,273 metres);
-- 3.2 metres @ 12.7 g/t gold and 93 g/t silver (BUUY276, PRE, elevation of
1,277 metres); and
-- 6.35 metres @ 8.9 g/t gold and 34 g/t silver, including 2.15 metres @
16.1 g/t gold and 30 g/t silver (BUUY276, MU3, elevation of 1,269
metres).
Elsewhere, within the mineral resource envelope, intercepts were generally of
grade X thicknesses consistent with the May 2014 Yaragua mineral resource block
model. Intercepts between modelled vein domains are presented in Table 1 without
vein domain names.
Nine drill-holes intersected multiple veins below the south-eastern Yaragua
mineral resource envelope, representing extensions at depth of the southern
Yaragua vein system. Higher-grade intercepts included:
-- 0.8 metres @ 7.9 g/t gold and 3 g/t silver (BUUY253, elevation of 954
metres);
-- 0.5 metres @ 17.4 g/t gold and 9 g/t silver (BUUY264, elevation of 1,085
metres);
-- 0.5 metres @ 10.4 g/t gold and 13 g/t silver (BUUY269, elevation of
1,032 metres); and
-- 2.0 metres @ 7.4 g/t gold and 3 g/t silver (BUUY269, elevation of 1,022
metres).
The southern Yaragua vein system remains open at depth and to the west and east
of these intersections.
Further to the south, three drill-holes encountered multiple veins interpreted
as relatively deep, eastern extensions of the Laurel vein system, up to 300
metres to the northeast of previous drill intercepts. High-grade intersections
included:
-- 1.45 metres @ 84 g/t gold and 7 g/t silver (BUUY258, elevation of 976
metres); and
-- 0.6 metres @ 9.2 g/t gold and 20 g/t silver (BUUY269, elevation of 990
metres).
All of the infill drill intercepts and also extensions to the vein systems are
within 200 vertical-metre ranges above and below the 1,190-metre elevation of
proposed development infrastructure from the Higabra Valley Tunnel (Figures 2
and 3).
Technical Information
Vic Wall, PhD, special advisor to the Company and a qualified person for the
purpose of NI 43-101, has prepared or supervised the preparation of, or
approved, as applicable, the technical information contained in this press
release. Dr. Wall is a geologist with 35 years' experience in the minerals
mining, consulting, exploration and research industries. Following a career in
Australian and North American academes, he held senior positions in a number of
multinational major and junior minerals companies. A Fellow of the Australian
Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a
Brisbane-based consultancy that provides geoscientific services to mineral
companies and government agencies, worldwide.
The Company utilizes a rigorous, industry-standard QA/QC program. HQ core is
sawn or split with one-half shipped to a sample preparation lab in Medellin run
by ALS Colombia Limited ("ALS") in Colombia, 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 ACME Analytical
Laboratories in Vancouver, British Columbia and/or Inspectorate America Corp. in
Reno, Nevada.
The Company does not receive assay results for drill-holes in sequential order;
however, all significant assay results are publicly reported. A listing of assay
results to date for the Buritica project is available on the Company's website
at www.continentalgold.com.
For additional technical information on the Buritica project, please refer to
the Company's technical report (the "Technical Report") entitled "Independent
Technical Report and Resource Estimate on the Buritica Gold Project 2013" with
an effective date of December 31, 2013, prepared by Andrew J Vigar, BappSc Geo,
FAusIMM, MSEG, and Martin Recklies, BappSC Geo, MAIG, each of Mining Associates
Pty Limited, available on SEDAR at www.sedar.com on the OTCQX(R) at
www.otcmarkets.com and on the Company website at www.continentalgold.com.
About Continental Gold
Continental Gold Limited is an advanced-stage exploration and development
company with an extensive portfolio of 100%-owned gold projects in Colombia.
Spearheaded by a team with over 40 years of exploration and mining experience in
Colombia, the Company is focused on advancing its high-grade Buritica gold
project to production. On May 13, 2014, the Company announced an updated mineral
resource estimate for the Buritica project prepared in accordance with NI
43-101. This estimate covers the Yaragua and Veta Sur vein systems, with a
combined Measured mineral resource of 0.99 million tonnes of mineralized
material containing 0.65 million ounces of gold grading 20.4 g/t gold, 1.54
million ounces of silver grading 48 g/t silver, and 15.0 million pounds of zinc
grading 0.7% zinc, and a combined Indicated mineral resource of 7.41 million
tonnes of mineralized material containing 2.15 million ounces of gold grading
9.0 g/t gold, 6.89 million ounces of silver grading 29 g/t silver, and 75.1
million pounds of zinc grading 0.5% zinc. The combined Inferred mineral resource
is 16.7 million tonnes of mineralized material containing 4.2 million ounces
grading 7.8 g/t gold, 13.1 million ounces of silver grading 24 g/t silver and
111 million pounds of zinc grading 0.3% zinc.
In August 2012, Continental achieved an important milestone, receiving formal
approval for the modification of its existing Environmental Impact Assessment.
The amendment allows the Company to build a six-kilometre switchback road and
begin underground development by constructing a one-kilometre access tunnel.
With a goal of being the newest hard rock gold producer in Colombia, Continental
has achieved major advances with the access tunnel, which is providing access
for underground drilling and will eventually be used for commercial production.
A Phase V drill program is underway at the Buritica project to further delineate
the mineral resources and drill new target zones identified within its
concessions.
Additional details on the Buritica project and the rest of Continental's suite
of gold exploration properties are available at www.continentalgold.com.
Forward-Looking Statements
This press release contains or refers to forward-looking information under
Canadian securities legislation, including statements regarding the estimation
of mineral resources, exploration results, potential mineralization, and
exploration and mine development plans, and is based on current expectations
that involve a number of business risks and uncertainties. Forward-looking
statements are subject to significant risks and uncertainties, and other factors
that could cause actual results to differ materially from expected results.
Readers should not place undue reliance on forward-looking statements. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to convert estimated mineral
resources to reserves, capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental, environmental or other
project approvals, political risks, uncertainties relating to the availability
and costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and the other risks involved in the mineral
exploration and development industry forward-looking statements are subject to
significant risks and uncertainties, and other factors that could cause actual
results to differ materially from expected results. These forward-looking
statements are made as of the date hereof and the Company assumes no
responsibility to update them or revise them to reflect new events or
circumstances other than as required by law.
Differences in Reporting of Resource Estimates
This press release was prepared in accordance with Canadian standards, which
differ in some respects from United States standards. In particular, and without
limiting the generality of the foregoing, the terms "inferred mineral
resources," "indicated mineral resources," "measured mineral resources" and
"mineral resources" used or referenced in this press release are Canadian mining
terms as defined in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects under the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ
significantly from standards in the United States. While the terms "mineral
resource," "measured mineral resources," "indicated mineral resources," and
"inferred mineral resources" are recognized and required by Canadian
regulations, they are not defined terms under standards in the United States.
"Inferred mineral resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral resource will ever
be upgraded to a higher category. Under Canadian securities laws, estimates of
inferred mineral resources may not form the basis of feasibility or other
economic studies. Readers are cautioned not to assume that all or any part of
measured or indicated mineral resources will ever be converted into reserves.
Readers are also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian
regulations; however, United States companies are only permitted to report
mineralization that does not constitute "reserves" by standards in the United
States as in place tonnage and grade without reference to unit measures.
Accordingly, information regarding resources contained or referenced in this
press release containing descriptions of our mineral deposits may not be
comparable to similar information made public by United States companies.
To view Figure 1 - Plan View of highlights of new drilling, please click the
following link:
http://www.marketwire.com/library/20140725-July282014_Figure1.jpg
To view Figure 2 - Long Section, (line A-B on Figure 1), please click the
following link:
http://www.marketwire.com/library/20140725-July282014_Figure2.jpg
To view Figure 3 - Cross Section (line C-D on Figure 1), please click the
following link:
http://www.marketwire.com/library/20140725-July282014_Figure3.jpg
FOR FURTHER INFORMATION PLEASE CONTACT:
Continental Gold Limited
+1.416.583.5610
info@continentalgold.com
www.continentalgold.com
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