Antioquia Gold's Latest Drilling Intersected New Mineralized Structures at Cisneros in Colombia
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On Wednesday January 12, 2011, 9:10 am EST
CALGARY, ALBERTA--(Marketwire - Jan. 12, 2011) - Antioquia Gold Inc. (NYSE:AGD) Antioquia today announced continued success of the drilling program in expanding the extent of the known structures and the latest drill results from the four remaining holes in the current drilling program on its Guayabito Prospect at the Cisneros Gold project in Colombia (holes PC10-46 through PC10-49).
Results continue to demonstrate zones of high grade gold mineralization in the Guayabito area and augment those previously reported in press releases (December 21, 2009; January 25, 2010; June 14, 2010; August 9, 2010; September 27, 2010 and December 20, 2010). Mineralized structures were encountered in all of the final four holes of the 2010 drill program. Drilled intersections continue to define the system of sub-parallel mineralized structures previously defined. The structures in this system remain open to depth and to the east.
Hole PC10-48 intersected two new mineralized structures parallel to and to the east of the previously drilled structures. The second of these structures is interpreted as relating to one of the IP (Induced Polarization) ground geophysical anomalies (refer to press release dated December 1, 2010) to the east of the main Guayabito structural system. The new structure is predicted to extend some 300 metres to the north based on the IP interpretation. Future drill programs will continue to test further IP ground geophysical targets at depth in search of additional mineralized structural systems like Guayabito within the Cisneros Project area.
"The results from the 2010 program are extremely encouraging and important to our understanding of the overall Cisneros project and controls on mineralization," said Brad Van Den Bussche, VP Exploration, Antioquia Gold. "The fact that we are able to predict and intersect mineralized structures in the majority of the drill holes is significant. The 2010 drilling has validated our model and structural interpretation of the Guayabito Prospect and expanded its size and potential."
Highlights include drill hole PC10-46 encountering 2.5 metres at 8.8 g/t gold, and PC10-47 encountering 1.75 metres at 8.8 g/t gold. Table 1 below shows significant intersections and gold values from the latest drill program.
Table 1 - Select drill hole intercepts, January 2011.
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Drill From To Interval(i) GOLD
Hole No. (metres) (metres) (metres) (grams/tonne)
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PC10-46 92.83 95.88 3.05 4.58
including 92.83 93.68 0.85 13.52
132.30 134.80 2.50 8.82
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PC10-47 49.70 50.25 0.55 24.55
85.35 87.10 1.75 8.81
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PC10-48 178.50 179.50 1.00 5.15
including 179.00 179.50 0.50 9.98
246.30 248.00 1.70 2.28
including 246.30 246.67 0.37 10.43
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PC10-49 72.30 74.30 2.00 3.34
including 73.30 74.30 1.00 6.06
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(i)(interval reported is drilled thickness and may not represent true width)
Drilling and geological modeling to date has identified a series of parallel structures on the Guayabito prospect area containing high grade mineralization in a plane oriented (striking) approximately north-south and vertical. Two of these structures (Bolo and Guayabito) have been traced over approximately 150m along strike to the north and to a depth of 325m on the property. As previously reported these structures are dominated by mineralization consisting of quartz and sulphides (chalcopyrite, and pyrite). The gold is closely associated with sulphides and quartz.
Drilling has continued to validate the model and structural interpretation provided by Bob Casaceli, a highly-respected geologist with 35+ years of experience with gold systems, like Cisneros. He suggested that the east-west driving structures have acted as left-lateral strike-slip faults that have locally created en echelon dilational jogs with maximum extension having been developed along secondary north-south faults, such as the structures currently being drilled at Guayabito, where attendant low-pressure zones favored fluid injection and subsequent gold deposition. This interpretation explains why higher gold grades at Cisneros tend to occur along north-south faults and along east-west faults near intersections with north-south faults.
Total drilling to date on the Cisneros project is approximately 13,343 metres of core drilling in 79 holes. The Antioquia team is currently working on updating the geological model and working on internal resource evaluation for the project to date. The Company intends to continue with an aggressive drilling program of 10,000+ metres in late February as well as begin work on two planned exploration tunnels. The tunnels are intended to provide access to the deeper reaches of the deposit for underground drilling and to obtain bulk samples for grade control and metallurgical testing (press release dated December 8, 2010).
About Antioquia Gold Inc.
Antioquia is a precious metal exploration company with projects in Colombia since 2007. Antioquia's principal asset, which is being actively explored, is its Cisneros Project, located 70 km northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has drilled over 13,300 metres, conducted extensive geophysical programs and is well versed in the understanding of the deposit type and the project's path to production. The Cisneros Project consists of 5,630 hectares and forms the nucleus of the Company's 37,500 hectare land package located throughout Colombia.
This press release has been prepared under the supervision of Brad Van Den Bussche, P. Geol., Vice President of Exploration for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.
To ensure reliable sample results Antioquia has a rigorous QA/QC program in place that monitors the chain of custody of the samples and includes the insertion of blanks, preparation duplicates, field duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one-half retained in a secured facility for future reference if needed. Sample preparation (crushing and pulverizing) is performed at SGS laboratories in Medellin, Colombia.
Prepared samples are direct-shipped to SGS Laboratories in Lima, Peru, an ISO certified laboratory, for analysis. Assay for gold is performed by fire assay with 30 g charge and AAS finish, with a gravimetric finish for over limit samples.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com.
To receive Company news by email, contact holly@chfir.com and mention "Antioquia Gold" news in the subject line.
Forward-Looking Statements: This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There is no certainty that the recently conducted metallurgical tests are indicative of the needs, or applicable methods, of the overall project. There is no certainty that the diamond drilling will commence when indicated. For any forward-looking information given, Management has assumed that the results it has received and the interpretation thereof are reliable, and has applied metallurgical methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, the Company claim safe harbour for future releases. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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 or accuracy of this release.
