Confederation Minerals Ltd.

Confederation Minerals Ltd.

October 02, 2013 09:29 ET

Latest Drill Results at Newman Todd (Including 10.0 Meters Grading 7.43 g/t Gold) Continue to Expand Very Large Gold-Bearing System

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2013) - Confederation Minerals Ltd. (TSX VENTURE:CFM)(OTCQX:CNRMF) ("Confederation" or the "Company") is pleased to announce assay results from the final four holes of the 2013 summer drilling program at their Newman Todd gold project in the Red Lake District, northern Ontario. Drilling has continued to focus on the approximately 2 km-long, gold-bearing structural-alteration zone known as the Newman Todd Structure (NTS). Confederation has the right to earn a 70% interest in the project from Redstar Gold Corp. (TSX VENTURE:RGC).

All four holes reported on here were drilled in the southwest of an area known as the 'Hinge Zone', close to its boundary with the 'Heath Bull Zone'. Drill holes NT-161 and NT-162 were collared at the same location, approximately 60 m to the northeast of holes NT-156 to NT-160, the results of which were previously reported on in the Company's news release dated September 20th, 2013. Both holes were orientated towards the southeast at angles of -45 and -55 degrees, with drill hole NT-162 angled the steepest of the two. Hole NT-161 intersected 1.5 meters of 5.13 g/t gold and 0.5 meters of 20.0 g/t gold. Highlights from drill hole NT-162 include 10.0 meters grading 7.43 g/t gold, including 0.5 meters at 128.0 g/t gold, and 6.0 meters grading 4.57 g/t gold including 0.5 meters at 49.10 g/t gold.

Drill holes NT-163 and NT-164 were also collared at the same location, approximately 50 m to the northeast of holes NT-161 to NT-162. Both holes were orientated towards the southeast at angles of -45 and -60 degrees, with drill hole NT-164 being the steeper of the two. Highlights from drill hole NT-163 include 5.0 meters grading 3.41 g/t gold, including 0.5 meters at 18.90 g/t gold. Hole NT-164 was weakly anomalous but stopped short of the target depth.

Assay highlights from this most recent drilling are listed below in Table 1. The locations of these four holes are shown on Figure 1.

For a complete description of the geological setting, local geology, a list of drill holes completed to date along with assay highlights for all drill holes, please refer to the Company's website at

HoleID From (m) To (m) Width (m) Au (g/t)
NT-161 82.0 83.0 1.0 5.30
NT-161 and 121.5 123.0 1.5 5.13
NT-161 and 149.0 149.5 0.5 3.00
NT-161 and 172.0 172.5 0.5 20.00
NT-162 12.0 13.0 1.0 3.66
NT-162 and 63.0 73.0 10.0 7.43
NT-162 including 63.0 64.0 1.0 3.86
NT-162 and including 71.0 71.5 0.5 128.00
NT-162 and 91.0 97.0 6.0 4.57
NT-162 including 91.0 91.5 0.5 49.10
NT-162 and 122.5 123.0 0.5 5.47
NT-163 27.0 28.0 1.0 3.97
NT-163 and 83.0 88.0 5.0 3.41
NT-163 including 85.5 87.0 1.5 9.97
NT-163 and including 85.5 86.0 0.5 18.90
NT-163 and including 86.0 87.0 1.0 5.51
NT-164 No significant results. Anomalous throughout

Table 1: Significant Results

* Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.20 g/t lower cut‐off. Internal dilution within reported intervals does not exceed core lengths of 3 metres unless otherwise indicated.

The 2013 summer diamond drilling program at Newman Todd is now complete. In total, 3,861m in 14 holes were completed.

Exploration at Newman Todd during the period also included the stripping and trenching of shallowly-buried sub-crop in the Hinge Zone near drill hole collars NT-122, NT-123 and NT-124. Mapping and sampling of the newly-exposed bedrock has been completed and is providing valuable information regarding the structural controls on mineralization.

The outcrops exhibit intense silica-carbonate alteration affecting sulphide-mineralized stromatolitic carbonate beds, hosting intense NW-striking quartz veining.

Company CEO Lawrence Dick, Ph.D., P.Geo. states: "Total drilling on the property now totals 54,796 meters in 164 holes over approximately 1.8 km of strike length within the highly-altered, gold-bearing NTS. Total drilling by Confederation at Newman Todd during 2011, 2012 and 2013 now totals 42,644 meters in 110 holes.

Confederation's objective is to use this period of hiatus in drilling, before freeze-up, to continue to thoroughly interpret all geological, structural and geochemical information to refine our exploration model. Given the fact that, over a strike length of approximately 1.8 km, nearly every drill hole has intersected gold mineralization of 3 g/t and higher (with over 40 percent of the holes intersecting mineralized intervals of 20 g/t and higher), Newman Todd contains a very high provenance of gold. Our challenge is to use all of the information we have gathered to date to develop an exploration model with predictive power, and to focus in on those areas of highest-grade, and largest-tonnage, accumulations.

For exploration efficiency, and as an aid in stretching our exploration dollars, we benefit from the fact that the Newman Todd mineralization comes to surface and that very significant tonnages of gold-bearing mineralization may potentially be delimited at shallow depths."

Andrea Diakow, P.Geo, is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical content relating to the disclosed drill results in this news release. Core samples from the program were cut in half using a diamond cutting saw and were sent to Activation Laboratories Ltd. in Red Lake, Ontario, an accredited mineral analysis laboratory. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks, and field duplicates were routinely inserted into the sample stream as part of Confederation's quality control/quality assurance program.

About CFM

Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. holds an Option Agreement to acquire up to 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario, as well as 100% ownership in another property in the Red Lake Mining District of Ontario.

This press release was prepared by Lawrence Dick, Ph.D., P.Geo. and CEO.

On Behalf of the Board:

Brian Bapty, Ph.D., President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "proposes", "project", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view "Figure 1: Plan View of Property showing Drill Hole Locations," please visit the following link:

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