Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

December 05, 2007 06:00 ET

Carpathian Initiates Drilling on the New Ciresata Porphyry System Within the Rovina License, Romania

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2007) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation") wishes to announce that, in addition to the ongoing drill programs on the Rovina and Colnic porphyry deposits on its 100% owned Rovina License, it has commenced diamond drilling on the Ciresata Project, a new porphyry prospect located approximately 4 km south of the Colnic porphyry deposit.

An initial 1,500 metre drill program is planned for this project based on results of the Corporation's generative exploration program completed in the summer and fall of this year. Geologic mapping has defined a porphyry alteration suite of propylitic, phyllic, and potassic alteration which is zoned towards a magnetite altered core that measures approximately 500 metres x 500 metres. This target lies within an interpreted 3 kilometre long, northeast-trending structural corridor. A completed ground magnetic geophysical survey highlighted a positive magnetic anomaly coincident with the mapped magnetite alteration zone, surrounded by a magnetic low anomaly interpreted to be a magnetite-destructive alteration zone that measures 1.5 kilometres in diameter. Results from a soil geochemistry survey defined a copper + gold anomaly coincident with, and extending beyond, the positive geophysical magnetic anomaly. Rock chip sampling of sparse outcrops in the area has yielded copper and gold values up to 0.29 g Au/t and 0.39% Cu. The first two to three drill holes of this program are planned to be completed prior to the holiday break with drilling resuming in January 2008.

Also as part of its generative exploration program, the Corporation has completed work on the Cordurea Project, approximately 4 km southeast from the Ciresata Project, and also on the Rovina License. Epithermal style gold and silver mineralization hosted within a dacite and dacite breccia package of rocks has been identified on surface and in historical exploration adits. The work completed to date in this area has defined a gold soil geochemistry anomaly covering an area of approximately 1 kilometre x 200 to 500 metres, with greater than 20 parts per billion gold. Channel sampling from the limited access available in the old adits yielded widespread anomalous gold-silver mineralization including 1.0 m at 2.10 g Au/t and 4.0 g Ag/t; 1.0 m at 1.34 g Au/t and 62.0 g Ag/t; and 0.5 m at 1.66 g Au/t and 126.0 g Ag/t. The mineralization is related to moderate-intense pyrite-bearing argillic alteration controlled by intersecting fractures, often containing clay fillings with some minor banded and vuggy or cherty quartz. Grab samples of sulphide-bearing clay-rich material from the old adit dumps yielded up to 106 g Au/t with 2,400 g Ag/t. The Corporation intends to further evaluate this target in 2008.

Finally, drilling at the Corporation's 100% owned Fuzerradvany Concession in northeast Hungary, is nearing completion. A total of six diamond drill holes have been completed for approximately 800 metres. This drill program is designed to test the interpreted center of a large epithermal hot-springs style alteration system, which covers an area of 2 km2 hosted in a sequence of lacustrine sediments and tuffs. Altered tuffs within this sequence host high-quality illite deposits that had been exploited through underground mining until recently closed. Underground mapping and sampling has demonstrated the presence of gold-bearing chalcedonic-quartz veinlets cutting the illite alteration zones. Soil geochemistry anomalies highlight northwest striking structures with anomalous Au-As-Sb up to 1.5 kilometres in length. The present drilling program is testing the interpreted center of the alteration system with all drill holes intersecting shallow-level epithermal mineralization features including hydrothermal breccias, cross-cutting quartz veinlets, and disseminated fine-grained sulphides in intensely silicified tuffs. Assay results from this drill program are expected in January.

Sample Protocol

All samples collected from any program in Romania and Hungary are prepared and analyzed at the independent Rom Analize SRL Laboratory in Gura Rosiei, Romania, owned and operated by ISO Certified ALS-Chemex Laboratory, using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Copper is analyzed using the industry-standard method of aqua-regia digest on a 0.40-gram sub sample with an AAS finish. Coarse blanks, pulp blanks, pulp duplicates, core twins and known gold and copper standards are inserted on a routine basis. They consist of 15 per cent of submitted samples. For the current drill program a minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC Laboratory in Ireland, for check assays. The drill assays reported in this press release are from split HQ and NQ size diamond core with the remaining half retained for reference. All holes are sampled on a one-metre interval from top to the end of the hole.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.

The Corporation is a mineral exploration company focused on gold and copper exploration primarily on its properties in Romania.

Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Carpathian Gold Inc.
    Dino Titaro
    President & CEO
    (416) 368-7744
    (416) 260-2243 (FAX)
    or
    Carpathian Gold Inc.
    Mike O'Brien
    Manager Investor Relations
    (416) 368-7744
    (416) 260-2243 (FAX)
    Email: info@carpathiangold.com
    Website: www.carpathiangold.com
    or
    Eric Leboeuf
    Investor Relations, Montreal
    (514) 341-0408 or 1-866-460-0408
    (514) 341-1527 (FAX)
    Email: ericleboeuf@paradox-pr.ca