Consolidated Goldfields Corporation
PINKSHEETS : CDGF

February 29, 2012 09:36 ET

Consolidated Goldfields Corporation : Consolidated Goldfields Increases Land Position at the Fisher Canyon Gold Project

RENO, NV--(Marketwire - Feb 29, 2012) -


February 29, 2012

Reno, NV - Consolidated Goldfields Corporation (PINKSHEETS: CDGF) is pleased to announce the addition of 108 claims at its Fisher Canyon gold project in Pershing County, Nevada. The Fisher Canyon project now encompasses 195 unpatented claims or approximately 3900 acres which are 100% controlled by the Company. Fisher Canyon is situated approximately 25 miles east of Lovelock, Nevada, 4 miles east of the Relief Canyon gold mine and 6 miles southeast of the Coeur Rochester silver/gold mine. To date, the Rochester and surrounding mining districts have produced nearly 5 million ounces of gold and more than 130 million ounces of silver.

The new claims were staked along the margins of a large magnetic low that is manifest by intense hydrothermal alteration in outcrop while extending under the shallow pediment. In areas where the margins of the magnetic low are coincident with outcrop, the volcanic rocks are commonly clay altered, enriched in sulfides and/or quartz-veined and mineralized with gold and associated arsenic. In light of this, the Company believes that much of the hydrothermal system may be concealed by shallow pediment cover suggesting that many of the best targets remain untested.

Surface geochemical outcrop samples of hydrothermally altered volcanics collected by the Company assayed from 0.014 to 0.282 ounces per ton gold. The samples are also highly anomalous in arsenic and a summary of the results follow:

+----------+----------+-----------+-------------+
| Sample # | Gold g/t | Gold oz/t | Arsenic ppm |
+----------+----------+-----------+-------------+
|  70514   |   0.73   |   0.021   |    2444     |
+----------+----------+-----------+-------------+
|  70515   |  3.447   |   0.100   |    4600     |
+----------+----------+-----------+-------------+
|  70516   |  4.019   |   0.117   |    7999     |
+----------+----------+-----------+-------------+
|  70517   |   0.48   |   0.014   |    1644     |
+----------+----------+-----------+-------------+
|  70518   |   9.65   |   0.282   |    7285     |
+----------+----------+-----------+-------------+
|  70519   |   2.72   |   0.080   |    1200     |
+----------+----------+-----------+-------------+
|  70520   |   5.88   |   0.172   |   > 10000   |
+----------+----------+-----------+-------------+
|  70521   |  0.579   |   0.017   |    1942     |
+----------+----------+-----------+-------------+
|  70522   |   2.67   |   0.078   |    9634     |
+----------+----------+-----------+-------------+

Approximately forty historic exploration holes were drilled on the original Fisher Canyon claim block. The majority of drill holes contained anomalous gold mineralization and the following table illustrates some of the better gold intercepts:

+-----------+-----+------+--------------------+-------------+------------+
|  Hole #   | To  | From | Thickness - ft (m) | Gold - oz/t | Gold - g/t |
+-----------+-----+------+--------------------+-------------+------------+
|  FN-09-3  | 30  |  85  |     55 (16.8)      |    0.039    |    1.34    |
+-----------+-----+------+--------------------+-------------+------------+
| including | 35  |  50  |      15 (4.6)      |    0.138    |    4.73    |
+-----------+-----+------+--------------------+-------------+------------+
|  FN-09-5  | 115 | 125  |      10 (3.1)      |    0.032    |    1.10    |
+-----------+-----+------+--------------------+-------------+------------+
|  FN-09-8  | 80  | 130  |     50 (15.2)      |    0.017    |    0.58    |
+-----------+-----+------+--------------------+-------------+------------+
| Including | 100 | 110  |      10 (3.1)      |    0.058    |    1.99    |
+-----------+-----+------+--------------------+-------------+------------+
|  FN-09-9  | 40  |  65  |      25 (7.6)      |    0.024    |    0.82    |
+-----------+-----+------+--------------------+-------------+------------+
|  FC-005   | No  | Data |     40 (12.2)      |    0.015    |    0.51    |
+-----------+-----+------+--------------------+-------------+------------+
|  FC-006   | No  | Data |     105 (32.0)     |    0.021    |    0.72    |
+-----------+-----+------+--------------------+-------------+------------+

The company is currently planning an aggressive exploration program to begin the first quarter of 2012 including geological mapping, geochemical sampling and detailed geophysics to target drill holes for continued exploration both in the areas where historic data exists and throughout the new pediment target.

Lane Griffin, Professional Geologist, is the company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Griffin has reviewed and verified the technical information contained in this news release.

Certain information contained in this news release contains "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Consolidated Goldfields Corporation via Thomson Reuters ONE

[HUG#1589852]

Contact Information

  • For further information, please contact:

    Marc J. Andrews
    President & CEO
    (775) 250-0577