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Columbus Gold announces a high-grade gold discovery at Maripa Project in French Guiana

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The project, comprised of up to five contiguous exploration permits covering an area of 120 square kilometres, is situated along the southern border of a regional deformation zone known as the Northern Guiana Trough, which can be traced across northern French Guiana into neighboring Suriname.

Additional Information:

Company: Columbus Gold Corp.
Website: http://www.ColumbusGold.com
Stock Symbol: TSX: CGT
Date Published: Oct 31, 2019
Transcript: Available

Video Transcript:

I’m Nadika Viswakula for Investmentpitch Media

Columbus Gold Corp. announced a high-grade gold discovery at the Maripa gold project in French Guiana.

Maripa is located in eastern French Guiana along a paved national road, approximately 50 kilometres south of the capital city of Cayenne.

The geological setting is similar to IAMGOLD’s world-class Rosebel gold mine, with 15.2 million ounces of gold, located in Suriname.

The project, comprised of up to five contiguous exploration permits covering an area of 120 square kilometres, is situated along the southern border of a regional deformation zone known as the Northern Guiana Trough, which can be traced across northern French Guiana into neighboring Suriname.

Maripa adjoins the Boulanger project being developed by Reunion Gold, where a recent high-grade gold discovery was reported.

Past exploration at Maripa includes 134 core holes, for a total of 9,000 metres, which partially defined five broad gold zones.

Following the field work on the Filon Dron gold zone, prospecting shifted in late September to the north in the vicinity of the past producing Changement mine, where numerous old trenches were resampled with assay results anticipated next week.

Both Filon Dron and Changement, two of the five partially drill-defined gold zones at Maripa, were prioritised for comprehensive evaluation, extension drilling and resource definition.

Field investigation of microrelief anomalies recorded by the airborne Lidar topographic survey identified numerous abandoned mine shafts and adits excavated by illegal artisanal miners, located some 800 metres to the south of the Changement mine main pit.

Stockpiles of rock extracted from the mine workings consist of mineralised quartz-pyrite veins and mafic volcanic wall rock.

Assay results received for 32 select samples of material taken from the stockpiles returned 15 values above 1 gram per tonne gold, including 7 high-grade values of 115.70, 42.60, 15.51, 83.48, 14.70, 68.43 and 29.57 grams per tonne gold.

Field observations from outcrops in proximity to the mine workings indicate the gold mineralised vein system dips moderately to the east, opposite to the moderate west dips recognised at the Changement mine, which leads the company to believe that this newly uncovered gold mineralised zone is distinct from the Changement mine and remains completely unexplored.

Rock Lefrançois, President & CEO, stated: “Field work in the Filon Dron and Changement areas in the last few months has already uncovered two new gold mineralised structures with high-grade potential. The initial work confirms that the local geological setting is highly prospective and underexplored.”

Columbus is French Guiana’s leading gold exploration and development company.

Columbus holds a major interest in the world-class Montagne d’Or gold deposit, for which a feasibility study was filed in May 2017, with a mine permitting process currently underway.

In addition, Columbus has entered into an agreement to acquire a 100% interest in the Rhea gold exploration property.

Columbus’ objective is to assemble a portfolio of high-quality gold exploration projects in the highly prospective and underexplored Guiana Shield.

The shares are trading at $0.15.

For more information, please visit the company’s website at www.ColumbusGold.com, contact investor relations at 604-634-0970 or email info@ColumbusGold.com.

I’m Nadika Viswakula for Investmentpitch Media