Corazon Gold Corp.
TSX VENTURE : CGW

Corazon Gold Corp.

November 01, 2011 09:00 ET

Corazon Discovers New High Grade Zone at Santo Domingo, Nicaragua; Latest Drilling Intercepts 2.85 metres of 7.89 g/t Gold including 0.45 metres of 21.00 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Corazon Gold Corp. ("Corazon" or the "Company") (TSX VENTURE:CGW)(OTCBB:RMZFF) announces the discovery of a new high-grade mineralized structure, referred to as the Portillo vein, in the latest holes of its Phase One drilling program at the Santo Domingo gold property in Nicaragua. The Company only recently gained access to this portion of the property, and left the initial drilling of this prospective area until the end of Phase One. The Portillo vein is located near the Northwest side of Corazon's Santo Domingo Concession and strikes west, toward the Escandalo vein, located on B2Gold Corp.'s La Libertad concession.

The Company has completed a total of 34 diamond drill holes (5,603 metres) and will begin Phase Two drilling in mid-November, 2011. Phase Two is designed to 'step-out' from several of the significant intercepts identified during Phase One. The 6.5km2 Santo Domingo concession is situated wholly within B2Gold's La Libertad property, containing the La Libertad gold-silver mine, and the recent Jabali vein discovery, which lies immediately to the south of Corazon's concession.

Drilling Highlights

  • Newly discovered El Portillo zone cuts 0.45 metres grading 21 g/t gold; returning a drill intercept of 2.85 metres of 7.89 g/t gold.
  • Dulce Nombre vein yields 0.70 metres of 11.13 grams per ton gold.

A map showing the current drill holes and various vein structures is available at http://www.corazongold.com/s/SantoDomingo.asp?ReportID=485037&_Type=Santo-Domingo&_Title=Maps.

Table 1. Significant Phase One Drill Hole Intercepts
Hole No. Vein Intercept Apparent
Width*
Gold (g/t )
From To
SD30-11 Dulce Nombre 3.40 4.10 0.70 11.13
SD33-11 El Portillo 79.10 79.40 0.30 7.31
El Portillo 102.85 104.60 1.75 14.52
El Portillo 119.00 123.80 4.80 5.37
Incl. 119.00 119.20 0.20 20.13
Incl. 119.45 119.90 0.45 21.00
Incl. 119.90 121.85 2.85 7.89
SD34-11 El Portillo 77.00 77.20 0.20 15.59
* Interval widths reported are drilled width and may not represent true width

Drilling at Santo Domingo reveals that the veins are dominated by breccia textures containing angular volcanic rock and vein fragments enclosed in a quartz-chalcedony matrix. Colloform banded, vuggy, comb-textured, and amethystine quartz are noted locally. The Portillo vein in Hole No. SD33-11 is closely associated with a felsic dike, possibly a rhyolite, which suggests a link between mineralization and volcanic processes. Corazon is the first company to drill the concession, and has to date, only explored the veins at shallow depths.

John C. Spurney, M.Sc. Geology, is the Qualified Person for the Santo Domingo project, as defined by National Instrument 43-101 ("NI 43-101"), has reviewed and approved the contents of this news release. Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into all core samples submitted for assay. All samples were bagged and sealed on-site, then securely stored temporarily at Corazon's field office in Santo Domingo prior to transport by company personnel to Inspectorate Exploration & Mining Services Ltd.'s preparation facility in Managua, Nicaragua. From Managua, they were sent via airfreight to Inspectorate's assay laboratory in Richmond, BC, Canada. Samples are analyzed via 30 gram fire assay with AA finish. Silver, base metals, and trace elements are analyzed as part of a multi-element ICP package.

On Behalfof the Board of Directors, Corazon Gold Corp.

Patrick Brauckmann, President and CEO

Disclaimer for Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

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.

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