Touchstone Gold Announces the Discovery of a New High-Grade Gold Zone at its Segovia Gold Project in Colombia
27.06.2013 | Marketwire
TORONTO, ONTARIO -- (Marketwired) -- 06/27/13 -- Touchstone Gold (TSX: TCH)(AIM: TGL)("Touchstone" or the "Company") is pleased to announce the discovery of a new high-grade mineralized trend, known as the Bonanza Zone, at the Company's Segovia Gold Project ("the Project") in Colombia. The Bonanza Zone is located approximately 350 metres due west of the Project's Pepas-Filodehambre trend, which has been the focus of over 15,000 metres of diamond drilling by Touchstone.Highlights
- The newly discovered high-grade zone is located in the recently acquired El Cinco property
- The new high-grade zone is located 350 metres due west of the Segovia Gold Project's Pepas- Filodehambre trend and measures 600 metres by 30 metres
- Initial results from the soil survey indicates the presence of two significant gold geochemical anomalies:
1. a north-south trending gold anomaly, parallel to the Pepas Trend, measuring approximately 900 metres in strike length and approximately 150 metres in width, and
2. a northwest-trending gold anomaly, located adjacent to and on a northwest trend to the first anomaly, measuring approximately 1000 metres in strike length and approximately 150 metres wide, remaining open to the northwest
- 18 rock samples over a distance of 500 metres were collected over the North Bonzana trend, results of which include: JWR013031- 50.50 g/t Au; JW013014 - 14.80 g/t Au; JWR13024 - 8.646 g/t Au; JWR013032 - 5.423 g/t Au
"We are encouraged by the discovery of another mineralized trend that is similar in size to our Pepas- Filodehambre-1141 zone. Finding the Bonanza Zone enhances the high-grade profile of our land package and increases our confidence in the multi-million ounce potential of our Segovia Gold Project. Touchstone continues to move forward in our pursuit to build a low-cost, near-surface, high-grade gold production scenario" commented David Wiley, President and CEO of Touchstone Gold.
Details
The Bonanza Zone was identified in deforested areas of the El Cinco Property. The Bonanza Zone is characterized by numerous quartz boulders ranging in size from 0.5 to 4.0 metres in size, dispersed along a strong linear trend of approximately 30 metres by 600 metres. Sulphide mineralization observed within the quartz boulders is typically pyrite and chalcopyrite occurring as disseminations along fracture planes and as boxwork textured clots. Initial observations suggest that the characteristics of the mineralization observed at the Bonanza Zone are very similar to the style of mineralization observed in the Pepas-Filodehambre-1141 and Tagual zones of Touchstone's Rio Pescado Property.
Interpretation of LiDar imagery from the Bonanza Zone area indicates that the mineralized boulders are associated with both north and northwest- trending structural linears. Both of these structural linears are believed to be important with respect to gold-bearing structures in the Pepas-Filodehambre and 1141 zones.
A total of 72 stream sediment samples were initially taken from drainages in the immediate area of the newly discovered quartz boulders. Several drainages with anomalous gold values were identified. A detailed soil geochemical survey and rock sampling program, consisting of 464 soil samples and 30 rock samples were collected on a grid basis over the mineralized boulder trend and covering the area of geochemically anomalous stream sediment samples. The soil geochemical grid covered an area of 650 metres x 1000 metres with samples collected every 25 metres from east-west lines spaced 50 metres apart. Samples were taken utilizing hand augers and collected at a consistent 50-60cm depth.
Initial results from the soil survey indicates the presence of two significant gold geochemical anomalies; 1) a north-south trending gold anomaly, parallel to the Pepas Trend, measuring approximately 900 metres in strike length and approximately 150 metres in width, and 2) a northwest- trending gold anomaly, located adjacent to and on a northwest trend to the first anomaly, measuring approximately 1000 metres in strike length and approximately 150 metres wide, remaining open to the northwest.
A total of 18 rock samples, over a distance of 500 metres, were collected over the North Bonanza Trend. Preliminary prospecting and rock sampling along the trend of the newly discovered Bonanza Zone quartz boulder showings and geochemical anomalies has returned the following results:
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SAMPLE g/t Au
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JWR013005 0.275 g/t Au
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JWR013012 0.434 g/t Au
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JWR013013 NSV
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JWR013014 14.80 g/t Au
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JWR013020 1.815 g/t Au
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JWR013021 1.556 g/t Au
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JWR013022 2.685 g/t Au
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JWR013023 4.703 g/t Au
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JWR013024 8.646 g/t Au
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JWR013026 1.880 g/t Au
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JWR013027 NSV
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JWR013028 NSV
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JWR013029 NSV
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JWR013030 0.131 g/t Au
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JWR013031 50.50 g/t Au
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JWR013032 5.423 g/t Au
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JWR013033 0.411 g/t Au
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JWR013034 0.127 g/t Au
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NSV: No Significant Values
All samples taken were downslope from the outlined north-trending Bonanza gold soil geochemical anomaly and are most likely representative of quartz vein material which has yet to be identified in place.
Additionally, a total of 12 rock samples, over a distance of 650 metres, were taken along the newly identified Northwest Bonanza Trend. Unlike the Bonanza North, which has limited forest cover, the Northwest Bonanza Trend has thick forest cover, resulting in limited rock exposure. Grab samples taken along trend returned encouraging results, including:
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SAMPLE g/t Au
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JWR013003 1.977 g/t Au
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JWR013004 NSV
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JWR013006 0.561 g/t Au
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JWR013007 0.328 g/t Au
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JWR013008 0.299 g/t Au
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JWR013009 0.263 g/t Au
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JWR013010 1.148 g/t Au
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JWR013011 0.779 g/t Au
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JWR013016 NSV
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JWR013017 NSV
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JWR013018 NSV
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JWR013019 NSV
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NSV: No Significant Values
Technical Information
John Nicholson, Chief Geologist of Touchstone Gold Limited, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this news release with respect to the assay results from the drilling program. Mr. Nicholson has a B.Sc. from the University of British Columbia, is a Fellow of the Royal Geographical Society and has been an accredited member of the Association of Professional Engineers and Geoscientists since 1992. Mr. Nicholson has verified the data disclosed in this release, including the sampling, analytical and test data underlying the information presented. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
About Touchstone Gold Limited
Touchstone Gold Limited (TSX: TCH)(AIM: TGL) is a gold exploration company with a highly-prospective gold project in the Segovia District of Colombia. The Company's Segovia Gold Project hosts a high-grade near- surface gold deposit, Rio Pescado Deposit, which spans along more than 15km of potential strike length. Only 5% of the Company's property has been drilled to date and several identified target zones, which host high-grade gold geochemical anomalies are due to be drilled in the near-term.
With a strategy of creating value through the systematic exploration and development of Touchstone's existing assets as well as the acquisition of suitable exploration and development mineral projects, Touchstone's long-term intention is to build a significant gold exploration and production company.
For additional technical information on the Rio Pescado Deposit, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report on The Rio Pescado Gold Property, Republic of Colombia" dated June 30, 2012, prepared by Peter A. Christopher PhD., P.Eng. of PAC Geological Consulting available on SEDAR at www.sedar.com and on the Company website at www.touchstonegold.com.
Cautionary Note Regarding Forward-Looking Information
Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which includes the completion of the Acquisition, the drill program and management's assessment of Touchstone's future plans and operations and are based on Touchstone's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking information may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information may necessarily involve known and unknown risks and uncertainties, which may cause Touchstone's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Touchstone's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of resources and reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development, including labour stoppages and severe weather conditions; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Touchstone undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
To view the figure associated with this release, please visit the following link:
http://media3.marketwire.com/docs/TCH626fig1.pdf.
Contacts:
Touchstone Gold Limited
Elina Chow, VP, IR & Corporate Communications
+1.416.845.8495
info@touchstonegold.com
www.touchstonegold.com
Canaccord Genuity Limited (Nominated Advisor and Joint
Corporate Broker)
Andrew Chubb
+44 20 7523 4609
Canaccord Genuity Limited (Nominated Advisor and Joint
Corporate Broker)
Adam Miller
+44 20 7523 8307