Columbus Gold Corp.
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TSX : CGT

Columbus Gold Corp.

February 25, 2016 09:00 ET

Columbus Commences Follow-up Drilling at Eastside, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2016) - Columbus Gold Corp. (TSX:CGT)(OTCQX:CBGDF) is pleased to announce that it has commenced a follow-up drilling program at its Eastside gold project in Nevada.

The planned program with two rigs, a rotary rig and a core rig, includes 16,000 feet (4,850 m) of core drilling in 16 to 18 core holes, and 32,000 feet (9,700 meters) of reverse circulation, rotary drilling. Core holes will be pre-drilled by rotary drilling to 600 feet and then entered with the core rig to complete the holes. Some exploration holes and several infill holes will be completed by rotary drilling alone.

The goals of the 2016 drilling program are as follows:

  1. To test the known gold/silver mineralization at greater depths than drilled so far. Sixteen of the deeper Eastside holes have "bottomed" in gold/silver mineralization. Geological logging of drill holes indicates the hydrothermal alteration style in deeper holes is getting more intense and likely indicates higher temperatures of formation. {Replacement silicification is changing-from chalcedonic silica replacement near the surface to replacement by coarser, crystalline quartz at depth. Veining in stockwork zones at depth has more banding, and much coarser quartz crystals, more common quartz after calcite textures, and more adularia than near-surface veins. Adularia is much more common as a replacement and in veins at greater depths. Surficial clay alteration (dominantly kaolinite) is also changing to illite alteration with depth.}

    There are essentially no silver values in surface sampling at Eastside, but silver appears at depth in drill holes. Thicknesses of silver appear to be increasing at depth (24.4 m of 37.6 g/t silver in ES-39) with occasional higher grade silver as well (3 m of 203 g/t silver in ES-40). The maximum depth drilled in 2015 was 1,250 feet (379 m). Core drilling in 2016 will test to depths of 1,600 feet (488 m), or more if the holes remain strongly mineralized near their bottoms. Please refer to Columbus' news release dated September 22, 2015 for more details on the drill results including ES-39 and ES-40.

  2. To test a surface geochemical anomaly (described as Target 6 in previous news releases) to the north of the area drilled to date. The strong geochemical anomaly in arsenic and antimony continues directly north of the gold surface anomaly. Twenty-two surface samples define an arsenic (200 to 18,810 ppm As) and antimony (13 to 330 ppm Sb) anomaly that is about 600 meters long and 100 to 200 meters wide as it extends directly north from the gold surface anomaly.Please refer to Columbus' news release dated March 30, 2015 for more details on Target-6.

  3. To test gaps in previous drilling, where holes are as much as 328 to 492 feet (100 to 150 m) apart.

In addition, permitting is in progress to drill test Target 5, which is located 4.5 miles (7 km) south of the Original Target area. Target 5 is about 1 km in diameter, and its geology is identical to the Original Target, consisting of a rhyolite flow dome complex displaying strong hydrothermal alteration. Surface sampling at Target 5 identified a gold-bearing outcrop about 200 meters long and 10 meters wide, where four surface samples ranged from 0.4 g/t to 1.08 g/t gold. Please refer to Columbus' news release dated October 23, 2014 for more details on Target 5.

Click on the following link for the location of the various targets on the large district scale Eastside property:

www.columbusgold.com/i/nr/2016-02-25-targets.pdf

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this press release. Mr. Wallace is the principal of Cordilleran Exploration Company (Cordex), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.

ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting extent of company's planned 2016 drilling program, including potential drill targets, sampling plans and mining methods to be utilized, Columbus Gold's general exploration plans, goals and objectives, and management expectations. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary permits and other authorizations; delays and other unforeseen circumstances that may cause actual results of any drilling program to differ from expected results expressed in this news release; environmental compliance; cost increases; availability of qualified workers and drill equipment; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: general business and economic conditions; the timing and receipt of required permits and approvals; availability of financing; power prices; management expectations about the timing, extent and expected results of the drilling program; ability to procure labourers, equipment and supplies including without limitation drill rigs; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive. Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.

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