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VANCOUVER, Dec. 20, 2013 /CNW/ - Cosigo Resources Ltd. (TSXV: CSG) today announced the receipt of assay results from the first two reverse-circulation drill holes on its Machado project in southeastern Colombia. A total of 20 holes were drilled during Cosigo's 2013 drill program. Assay results from the remaining drill holes will be released as they become available over the next few weeks.
Both holes 13MR001 and 13MR002 were located within a very restrictive Forestry Reserve Subtraction area that was granted to the Company for an initial time period of 90 days. The holes targeted a previously unsampled area immediately to the west of a historic open-pit gold recovery operation.
Hole 13MR001, which was drilled vertically to a depth of 64 m, intersected minor occurrences of gold. Hole 13MR002, drilled at a 60 degree angle to a depth of 68.5 m, intersected significant near-surface gold mineralization (see Table 1).
"We are very pleased to have intersected gold in the first two holes of our drill program", stated Dennis Milburn, President and CEO of Cosigo. "Our technical staff is very optimistic about the results expected from our remaining drill holes".
Table 1. 13MR001 and 13MR002 screen fire assay results
|Drill Hole||From (m)||To (m)||Width (m)*||Au (g/t)|
|13MR001||Minor gold mineralization in 3 zones|
|*Interval widths are down-hole. True widths are yet to be determined|
Maps and sections of drill holes 13MR001 and 13MR002 will be available shortly on the Cosigo website (www.cosigo.com).
Gold mineralization in the Taraira Gold Belt is thought to be associated with silicified quartz-sandstones, quartz-veins and with iron-oxide rich sedimentary strata. The gold belt is, at least in part, a coarse gold environment although the contribution by coarse gold to the grades in holes 13MR001 and 13MR002 was minor. In addition to gold fire assays, multi-element analysis was carried out on Cosigo's drill samples. Over the coming months 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.
The Company also announced that it has received relief from the Colombian government with respect to future surface royalty payments on the Machado property. This relief applies while the government finalizes the re-organization of forestry zones in the southeastern quadrant of Colombia.
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
Toll-free: 1-877-866-8688 (North America)
E-mail: [email protected]