Cosigo drills high grade gold-bearing strata at Machado

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CSG: TSX-V

VANCOUVER, Jan. 27, 2014 /CNW/ - Cosigo Resources Ltd. (TSX-V: CSG) today announced the receipt of assay results from fifteen reverse-circulation drill holes on its Machado project in southeastern Colombia.

Highlight intercepts include:

  • 17.19 g/t Au over 3.04m from 68.58m down hole depth in drill hole13MR007, which ended in mineralization
  • 2.53 g/t Au over 13.72m from 9.14m down hole depth in drill hole13MR018, which successfully intersected metasedimentary strata historically targeted by artisanal gold producers
  • 8.32 g/t Au over 1.52m from 44.19m down hole depth in drill hole 13MR011

"Machado is a 35 km long ridge and part of a district-scale metasedimentary system. We are very encouraged by the results to date, which indicate that the Machado property is underlain by several zones of stratabound gold mineralization." stated Dennis Milburn, President and CEO of Cosigo.

Assay results have now been had for 17 of the 20 drill holes drilled by Cosigo on the Machado project in 2013. Results for the remaining three drill holes are expected shortly.

Table 1. Machado screen fire assay results

Drill Hole From (m) To (m) Width (m)* Au (g/t)
13MR003 32.00 35.04 3.04 1.08
13MR004 62.48 64.00 1.52 1.56
13MR005 57.91 64.00 6.09 1.76
13MR007 18.29 21.34 3.04 2.18
and 68.58 71.62 3.04 17.19
13MR008 73.15 88.39 15.24 0.50
13MR009 50.29 51.81 1.52 0.66
13MR011 42.67 45.71 3.04 4.44
incl. 44.19 45.71 1.52 8.32
13MR012 3.04 4.56 1.52 1.14
and 48.77 50.29 1.52 1.11
13MR013 No significant values
13MR014 No significant values
13MR015 No significant values
13MR016 0.00 1.52 1.52 0.74
13MR017 0.00 3.04 3.04 1.08
Drill Hole From (m) To (m) Width (m)* Au (g/t)
13MR018 0.00 3.04 3.04 1.70
and 9.14 22.86 13.72 2.53
incl. 15.24 16.76 1.52 18.50
13MR019 27.43 28.95 1.52 1.26

*Interval widths are down-hole. True widths are yet to be determined

Complete results with maps and sections of the drill holes will be available within the next few days on the Cosigo website (www.cosigo.com).

In addition to gold fire assays, multi-element analysis was carried out on Cosigo's drill samples. The gold and multi-element data, as well as geological information from the drill holes, will be interpreted by Cosigo's technical team in order to guide the Company's exploration efforts.

QA / QC
Cosigo's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Joseph H. Montgomery, P.Eng., Executive Vice President of Cosigo Resources Ltd., who serves as a Qualified Person as defined in National Instrument 43-101. Cosigo's quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill-sample string. Drill chip samples were split and placed in sealed containers prior to shipping to the ALS Minerals laboratory in North Vancouver for gold screen fire assay and multi-element analysis.

About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company with mineral interests in properties in Brazil, Colombia and Canada. Cosigo has assembled a strong team, well experienced in the exploration and mining-finance industries. The Company's main focus is in the Taraira Gold Belt, which straddles the border between northwestern Brazil and southeastern Colombia. In Brazil, geological mapping has identified more than 250 km2 of prospective geology and sampling has identified gold-bearing strata over long strike-lengths in several locations. Cosigo's ongoing work in the Taraira Gold Belt is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.

On behalf of the Board of Directors
Cosigo Resources Ltd.
/s/ "Dennis Milburn"
President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. 

SOURCE Cosigo Resources Ltd.

For further information:

Barry Holmes, VP Corporate Development
Tel: +1-604-515-5970
Toll-free: 1-877-866-8688 (North America)
E-mail: bholmes@cosigo.com