TORONTO, March 1, 2012 /CNW/ - Celtic Minerals Ltd. (CWE) ("Celtic" or the "Corporation") is pleased to announce the following selected highlights of drill campaigns on its Dawson Gold Project, Colorado, USA, totaling 142 diamond drill holes for 27,206 metres conducted by former operators, U.S. Borax and Chemical Corporation Ltd., Jascan Resources Inc. and Uranerz U.S.A. Inc. between 1984 and 1992. The property has been dormant since 1992, during which time no further diamond drilling was undertaken. Celtic is presently in the process of completing a National Instrument 43-101 ("NI 43-101") compliant resource estimate and obtaining permitting for an underground drilling and bulk sampling program. The necessary permits are anticipated to be in hand by September 30, 2012.
Please also see the press release dated December 6, 2010 with respect to a description of the updates to the Historical Resource Estimate of the Dawson Gold Project at http://celticminerals.com/press/04-10.pdf.
Selected Drill Highlights - 1984-19921
|Windy Gulch and Windy Point Zones|
|1||The reported assays are historical in nature and are as stated by previous operators. The reported assays have not yet been verified by the Company.|
|*||True width is approximately 75-85% of intercept width.|
The Dawson Gold Project is host to three gold mineralized zones which occur over a distance of approximately 2 km and are known, from east to west as the Dawson Deposit, Windy Gulch Zone and the Windy Point Zone. Celtic's current focus is the Dawson Deposit which is the most advanced of the three zones and is characterized by attractive grades and widths, relatively shallow depth and favourable metallurgy (90-96% recoveries).
The planned underground drilling program will comprise both infill drilling to increase the confidence level of current drill results and exploration drilling to test high potential areas along strike and at depth. There is limited scope for further surface drilling due to difficult terrain necessitating drilling from underground.
Historic drill and assay information is presently being digitized by Mercator Geological Services Ltd. to support a NI 43-101 resource estimate. All relevant drill intercepts generated during the course of this program, as well as the identification of barren holes will be reported as they become available. Generation of updated drill intercepts is warranted given the fourfold increase in the gold price since the 1984-1992 period. In addition, previously excluded copper + low grade gold assays in the hanging wall of the Dawson Deposit may provide further enhancement to the NI 43-101 resource estimate. An example is drill hole GC-12 which assays 3.07% copper, 5.6 g/t silver and 1.8 g/t gold over a width of 4.66 metres.
Celtic holds a 100% interest in the Dawson project subject to a royalty interest to a third party.
The Company will be attending the PDAC 2012 at , booth # 2537.
The Corporation does not make any representation or warranties as to the accuracy of the reported assays . Dr. Wayne Ewert, Ph.D., P.Geo is the qualified person who has reviewed the technical contents of this news release. Dr. Ewert has not verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure. Dr. Wayne Ewert is a qualified person who is not independent as Dr. Ewert is a director of the Company.
Forward Looking Statements:
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. In particular, this release contains forward looking information relating to the initiation of the National Instrument 43-101 report, the commencement of the underground development program and timing of the related permit application. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.
For further information:
Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.