SOURCE: Columbus Gold Corporation

Columbus Gold Corporation - www.columbusgoldcorp.com

October 23, 2014 09:00 ET

Columbus Gold Identifies Four New Targets at Eastside Gold Project, Nevada; Samples up to 24 g/t Gold

VANCOUVER, BC--(Marketwired - October 23, 2014) - Columbus Gold Corporation (TSX VENTURE: CGT)(OTCQX: CBGDF) is pleased to report the identification of five new drill targets, which suggest the potential for district scale, at its 100% controlled Eastside gold discovery in Nevada. Assays results from the newly identified targets have yielded anomalous to 24 g/t gold in outcrop and float samples. A target map is available at the following link:

www.columbusgoldcorp.com/i/nr/2014-10-23-targets.pdf

The Original Target at Eastside hosts a large area of shallow oxide gold mineralization still open to the south that measures about 1,600 meters long and up to 600 meters wide (5,280 ft by 1,980 ft). Columbus is in the process of permitting a program at the Original Target that will include 14,455 meters (47,700 ft) of new drill roads and 175 drill sites that can be used for multiple drill holes. Commencing in January 2015, Columbus plans to drill 64,400 meters (212,500 ft) in 250 rotary holes [along with 2,576 meters (8,500 ft) in 10-12 core holes for detailed metallurgy] with the aim of completing an initial resource calculation at Eastside in late 2015. As part of the 250 rotary hole drill program, 15-25 holes are planned to test two of the five new targets: New Target 1 and New Target 4. 

Columbus Gold geologists have completed geologic mapping which now extends over the entire 46.4 km2 (17.9 miles2) Eastside claim block at a scale of 1:6000. This mapping has identified 41 separate rhyolite domes, which Columbus knows to be important for controlling gold mineralization at Eastside. The domes range from 100 meters to 1,000 meters in diameter (328 ft to 3,280 ft). Hydrothermal alteration has been identified in, or near, about half the domes. Dozens of faults have been identified and mapped throughout the claim block, mostly trending north and northeast.

Areas with hydrothermal alteration, particularly silicification and quartz veining, have been mapped, and sampling of all these altered areas is in progress with 2,700 samples collected so far. Based on results received to date, Columbus believes the following 5 new targets are worthy of drilling, with New Target 1 and New Target 4, which are located outside of the Original Target area, for priority drilling in 2015.

New Target 1

Surface sampling of outcrop and float define New Target 1, which is a 2 km (1.25 mi) long gold anomaly along a northerly structural zone. On its north end the anomaly coincides with the west-dipping margin of rhyolite domes. To the south the gold values are in andesite, along northerly faults that either vertical or dip to the west. Gold values are associated with silicification, argillization, and quartz/adularia stockworks and are hosted in both rhyolite and andesite. 

About 175 outcrop and float samples have been collected in New Target 1 with gold values ranging from anomalous to 12.3 g/t gold. Twenty eight of the samples assay greater than 0.5 g/t gold. Trace elements coinciding with the gold anomaly are arsenic (0-335 ppm), antimony (0-38 ppm), silver (0-93 ppm), and molybdenum (0-2688 ppm).

This anomaly has not been drill tested, however it will be targeted with drilling commencing in 2015. This very long anomaly has the potential to host gold and silver mineralization of significant size.

New Target 2

New Target 2 is a 1 km (0.62 mi) long anomaly. The northernmost end of New Target 2 is 500 meters (1,640 ft) south of the southernmost drill hole in Columbus' 2013 drilling at the Original Target, and is likely a southern extension of the Original Target. New Target 2 is associated with silicification of rhyolite tuffs along the western margins of a series of rhyolite domes. Eighty (80) float and outcrop samples have been collected in New Target 2 yielding anomalies in gold (anomalous to 0.6 g/t gold), arsenic (0-600 ppm), antimony (0-19 ppm), and molybdenum (0-32 ppm). Silver values in surface sampling are negligible in New Target 2, much as they are in the Original Target.

New Target 2 has not been tested by drilling.

New Target 3

Sampling is just beginning at New Target 3. Two initial samples yielded significant values - one ran 24 g/t gold and 354 ppm silver, and the second ran 1.04 g/t gold and 23 ppm silver. Both samples were of narrow veins (about 1 foot wide) cutting altered dacite and dacite tuffs. The veins have banded quartz, with some bands of quartz replacing calcite. Argillic alteration and iron-staining are common in the area.

Detailed sampling is currently in progress. New Target 3 has not been tested by drilling.

New Target 4

New Target 4 is a geophysical target located just 150 meters (492 ft) north of the Original Target drilled by Columbus in 2013, in an area thought to have 2 to 10 meters (6.5 to 33 ft) of gravel cover. CSAMT geophysical data indicates the presence of a buried rhyolite dome, likely the same as the rhyolite domes 200 meters (656 ft) south which are known from Columbus 2013 drilling to host significant gold mineralization. The buried rhyolite dome appears to be at least 200 meters (656 ft) in diameter and its top likely lies 50 - 75 meters (164 - 246 ft) below the surface.

This target is on trend with important gold-hosting structures to the south and presents an excellent target for drilling. New Target 4 has not been tested by drilling; Columbus intends to drill New Target 4 in 2015. 

New Target 5

New Target 5 is about 8 km (5 miles) south of the Original Target drilled by Columbus in 2013. Forty samples indicate a geochemical anomaly about 2 km (1.25 mi) long and up to 0.75 km (0.47 mi) wide. The anomaly has coincident gold (anomalous to 1.05 g/t), arsenic (0-464 ppm), antimony (0-240 ppm) and molybdenum (0-69 ppm). Two surface samples contained significant silver, one 24 ppm and the other 93 ppm silver.

The anomaly is located in silicified rhyolite tuffs bordering a complex of several rhyolite domes. Northerly structures are common in the area and seem to control the silicification. The overall geology and alteration are the same as that found in the Original Target. New Target 5 has not been tested by drilling.

Infrastructure

Eastside has outstanding infrastructure for mining and processing; the project is 32 km (20 miles) west of Tonopah, Nevada, and lies 9.7 km (6 miles) north of paved highway US 95, the main road route from Las Vegas to Reno. A good gravel road, maintained by Esmeralda County, leads from the highway through the claim block. A major power transmission line passes through the claim block. The drilling area is on the east flank of the Monte Cristo Range and a portion of the claim block extends well into the adjacent flats which would provide excellent operating sites. The valley is known to have shallow water available in the same aquifer which provided water for milling the Tonopah ores in the early 1900's. The area is high desert with sparse vegetation, and year-round drilling is possible.

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 a director of Columbus Gold and 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

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 or accuracy of this release.

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 drilling, permitting, the completion of an initial resource calculation, the potential for district scale, the potential of the anomaly in New Target 1 to host gold and silver mineralization of significant size, and Columbus Gold's general exploration plans. 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; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors and errors in the interpretation of drill results); the ability to complete the initial resource calculation by the target date or at all; 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: general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure 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.

Contact Information