Columbus Gold is pleased to announce that two Exclusive Exploration Permits on strike of the east and west extensions of Columbus Gold's Montagne d'Or gold deposit, were granted on July 6th, 2016, by decree of the French Minister of Economy, and published in the Journal officiel de la République française on July 13th.
The two permits cover a total surface area of 54.8 km.
The Montagne d'Or deposit hosts pit-confined Indicated mineral resources of 83.2 million tonnes grading 1.45 g/t gold (3.9 million ounces) and Inferred mineral resources of 22.4 million tonnes grading 1.55 g/t gold (1.1 million ounces).
The resources have been drilled to within 250 meters of the western boundary of the concession hosting the deposit and to within 600 meters of the eastern boundary.
The newly granted exploration permits provide Columbus with undrilled potential where gold-soil anomalies extend for up to 2.0 km to the west and 2.7 km to the east of the deposit.
Only two holes have ever been drilled within the areas covered by the new exploration permits; one of those holes, drilled 750 meters east of the deposit, intercepted 31.94 g/t gold over 3.5 meters.
Furthermore, magnetic, electromagnetic and radiometric airborne geophysical survey data has traced the prospective geology (volcano-sedimentary sequence) hosting the Montagne d'Or gold deposit for up to 5 km to the west.
A first phase exploration program on the new permits will be implemented in September. The program will include prospecting and in-fill soil sampling west of the deposit.
The sampling will be undertaken with an auger to collect saprolite material (weathered and oxide bedrock). Induced polarization ("IP") geophysical surveying is being considered for the second phase to enhance drilling targets. IP surveying was applied with success in the 1990's to trace the gold-sulfide mineralized horizons at Montagne d'Or.
Nord Gold SE is funding a feasibility study as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% (for a total of 55.01%) interest, in Montagne d'Or.