COSIGO RESOURCES LTD. - MACHADO EXPLORATION UPDATE
2011年5月3日 - 10:00PM
PR Newswire (Canada)
VANCOUVER, May 3 /CNW/ -- NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES CSG: TSX-V 11-03 VANCOUVER, May 3 /CNW/ - Cosigo Resources
Ltd. (TSXV: CSG) ("Cosigo" or the "Company") today provided an
update on the company's activities in the Taraira Gold Belt of
southeastern Colombia. Highlights: -- Cosigo's Machado Project is
known to have hosted more than 100 historic artisanal gold mining
operations -- MMI sampling has identified a large, approximately
5,000 m long, zone of anomalous gold at the centre of the Machado
project -- Bulk samples have confirmed the presence of high-grade
gold mineralisation with grades of up to 37.6 g/t gold "We are very
pleased to have recently completed our listing on the TSX Venture
Exchange and are looking forward to an exciting year for Cosigo and
our shareholders" says Dennis Milburn, President and CEO of Cosigo.
"We believe that our properties in the Taraira Gold Belt have
tremendous gold potential and we are eager to carry out the first
modern exploration program in the area." Machado Project: Cosigo's
100%-owned flagship project, the Machado Project, is located in the
Taraira Gold Belt in the Vaupes Province of southeastern Colombia.
The Taraira Gold Belt consists of a series of sandstone ridges
straddling the Colombian-Brazilian border in an area surrounding
the small town of Taraira in Colombia. The ridges, many with a
strike-length of tens of kilometers, generally stand ~100m above
the surrounding lowlands. Gold mineralization is known to occur in
several of these ridges and evidence of artisanal gold recovery
operations is widespread in the area. The Machado Project is
located on Machado ridge six kilometers west of the town of
Taraira. A gold rush involving up to 10,000 artisanal miners in the
late 1980s prompted a geological study of Machado ridge by
Mineralco S.A., the former Mining Department of Colombia. Mineralco
S.A. reported more than 100 active artisanal mining operations in
the area and rock and sediment sampling reportedly showed gold
mineralization to be wide-spread along Machado ridge. Following the
Mineralco study, a 9,973 hectare area was reserved by the Colombian
government and, in 2007, this area was put out for bid by the
government. Bids for the area were submitted by several gold
explorers, including major gold companies. Cosigo's bid was
successful leading to the company's acquisition of the Machado
Project. Exploration work carried out by Cosigo to date has
confirmed wide-spread gold mineralization on the Machado Project.
This work has included preliminary geological mapping,
property-scale MMI sampling as well as grab, channel and limited
bulk sampling. MMI Sampling: More than 5,000 MMI samples have been
completed on a 100 m by 100 m grid over the southernmost three
quarters of the Machado Project. Results highlight a large zone of
anomalous gold, centered over an oxidized sandstone horizon at the
centre of the Machado Project and extending in a NNW direction
along strike for approximately 5 kilometers. Several other areas
with anomalous gold values have been identified on the property.
These anomalies often coincide with the location of known historic
gold recovery operations. Approximately 4,500 additional MMI
samples have been collected on the Machado Project. These samples
have been sent to SGS Canada Inc. in Toronto, ON where they will be
processed. Bulk Sampling: Bulk samples have been collected from two
historic adits located in an area close to the center of the
Machado Project. Three barrels of rock were collected from the
Chile Bajo adit and 18 barrels of sample were collected from the
Agamenon adit. The bulk samples were obtained by blasting by local
artisanal miners. The blasting was observed by Cosigo personnel
on-site, who immediately after the blasting acquired the material
liberated by the blast from the artisanal miners. In the Agamenon
adit, a panel measuring 190 cm by 119 cm by 80 cm was sampled. The
sampled rock included material from narrow quartz veins while
consisting mostly of silicified and haematized metasandstone. The
Agamenon adit roughly follows 40 degree SW dipping metasedimentary
strata to a depth of ~25 m and sample was obtained from
approximately 20 m below surface. The second, 3 barrel, sample was
obtained from the Chile Bajo adit, which is located 0.2 km SE of
the Agamenon adit. The Chile Bajo adit follows 45 degree SW dipping
strata to a depth of approximately 30 m. The height of the Chile
Bajo adit is 2 m and it is up to 8 m wide. The sample represented a
panel of approximately 200 cm by 100 cm by 30 cm of silicified,
Fe-oxide stained metasandstone with an approximately 15 cm wide
quartz-vein cross-cutting the metasedimentary strata. Although
narrow quartz veins make up only a small fraction of the total
weight of the samples their presence may have contributed
significantly to the gold grade. The three barrel sample from the
Chile Bajo adit, totalling 840 kg, as well as 617 kg of sample from
two randomly selected barrels from the Agamenon adit were processed
by gravity concentration at Knelson Research and Technology Centre
("Knelson") of Langley, B.C. The entire samples were crushed to
approximately -1/4". The crushed material was then blended and
10-12 kg subsamples from each bulk sample were obtained using
Knelson's laboratory rotary splitter. Each sub-sample was pulped
with water to approximately 60% solids by weight prior to being
loaded into a laboratory rod mill and milled for 12 minutes to
achieve an approximate feed P80 of 100 microns. The sub-samples
were then separately processed using Knelson's KC-MD3 concentrator.
Concentrates as well as subsamples of the tailings stream were
subsequently assayed for gold by fire assay. The metallurgical
reports include a gravity recovery value as well as a calculated
sub-sample gold head grade. Results are summarized below.
__________________________________________________________________
| Subsample # |Calculated Gold Grade |Gravity Recovery (%)| | |
(g/t) | |
|______________________|______________________|____________________|
| (Agamenon Adit) KRTS | 37.6 | 91.5 | | 20564 A | | |
|______________________|______________________|____________________|
| (Agamenon Adit) KRTS | 27.2 | 84.4 | | 20564 B | | |
|______________________|______________________|____________________|
|(Chile Bajo Adit) KRTS| 7.11 | 70.7 | | 20542 A | | |
|______________________|______________________|____________________|
|(Chile Bajo Adit) KRTS| 6.71 | 67.9 | | 20542 B | | |
|______________________|______________________|____________________|
|(Chile Bajo Adit) KRTS| 6.47 | 69.8 | | 20542 C | | |
|______________________|______________________|____________________|
|(Chile Bajo Adit) KRTS| 6.59 | 69.4 | | 20542 D | | |
|______________________|______________________|____________________|
Processing of the bulk samples has provided Cosigo with concrete
evidence of high grade gold mineralization at the center of the
Machado Project. The presence of free gold in the bulk samples is
evident with 67.9 - 91.5% of the gold in the samples having been
recovered by gravity methods. Planning for a first drill program at
Machado is underway and two specialized reverse circulation ("RC")
drill rigs have been mobilized to Colombia. The RC drills are
considered ideal for the Machado Project as their large sampling
volume will be very beneficial in an environment with a presence of
free gold. The RC drills are quick, mobile and highly
cost-effective with a very small footprint ensuring minimal
environmental impact. Permitting to allow for the start of drilling
is nearing completion with the finalization of the required Native
Prior Consults expected shortly. A Cosigo corporate presentation
can be found at www.cosigo.com and a NI 43-101 technical report for
the Machado Project is available on SEDAR. Dr. Joseph Montgomery,
P.Eng., Executive Vice-President of Cosigo, is a Qualified
Person under NI 43-101 and is responsible for the design and
execution of the programs carried out by Cosigo in the Taraira Gold
Belt. Dr. Montgomery has reviewed and approved the technical
content of this news release. About Cosigo Resources: Cosigo
Resources Ltd. (TSX-V: CSG) is a Vancouver-based company exploring
for economic gold deposits in Colombia and Brazil. Cosigo has
assembled a strong team, well experienced in South America and in
the exploration and mining-finance industries. The Company's
flagship project is its 100-% owned Machado Project in the Taraira
Gold Belt of southeastern Colombia. Cosigo's ongoing work on the
9,973 hectare Machado Project is the first modern exploration
program in an area known to have hosted more than 100 historic gold
mining operations. Cautionary Notice: This release may contain
forward-looking statements regarding the Company's business or
financial condition, including the proposed completion of
financings, use of proceeds and exploration programs. Actual
results could differ materially from those described in this news
release as a result of factors, including, but not limited to the
following: the timing and completion of financings, the actual use
of proceeds, the timing, results and success of exploration and
development programs, financial arrangements, the ability to obtain
additional financing, developments in global resource markets,
political developments, the timing of regulatory and environmental
approvals and other factors. The Company cautions that these
and similar statements involve risk and uncertainties, which could
cause actual results to differ materially from those in the forward
looking statement. Forward-looking statements are made in the
context of information available as of the date stated. The
Company undertakes no obligations to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur, unless required by applicable law. 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 release To view this news release in
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