Columbus Commences Drilling At Its Bolo Gold Project In Nevada

Vancouver, British Columbia, Canada. November 01, 2007. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that it has commenced a Phase I drilling program at its Bolo gold project (the "Property"). The Property consists of 106 mineral claims, covering approximately 2,190 acres (886 hectares), located northeast of Tonopah, Nevada. Columbus Gold owns 100% interest in the Property, subject to underlying royalties.

The program will consist of up to 4,572 metres (m) of reverse circulation (RC) drilling in 20 to 25 holes. Permitting is in place for a second phase of drilling if results from Phase I are favorable. Drilling at Bolo is targeting Carlin-style gold mineralization where values up to 5.18 g/t (0.183 opt) gold have been obtained in outcrop, from jasperoids and iron-stained structures cutting Cambrian and Ordovician sedimentary rocks, along and within two parallel northerly trending faults, the Mine Fault and the East Fault. The Company's recent geologic mapping indicates the mineralized portion of one fault structure (the "Mine Fault") could extend for as much as 2,743 m in strike length while a second fault structure (the "East Fault") has an identified strike length of approximately 2,194 m.

Bolo has had limited previous drilling in the 1970's and 1980's, by Chevron, Canerta and USMX. Most of the holes were vertical, and many consisted of shallow air-track drilling to a depth of only 6.1 m. Only six of the historic drill holes cut the Mine Fault structure and all had gold, the best two intercepts being 18.2 m of 1.2 g/t (0.044 opt) Au from 8.7-25.9 m of depth in one hole, and a cumulative 19.8 m of 1.4 g/t (0.048 opt) Au from the surface to 44.2 m in the second hole (the hole ended in mineralization).

The remainder of the Mine Fault holes were located either in the foot wall or the hanging wall of the fault where gold values seem to be spreading away along bedding and structures. Some of these holes were mineralized up to as far as 30.48 m away from the Mine Fault with intersections of up to 6.1 m of 1.1 g/t (0.038 opt) Au from 0-6.1 m of depth (hole bottomed at 6.1 m). All of the historic Mine Fault holes were drilled in the southern 396 m of the identified 2,743 m strike length of the structure. The Mine Fault has not been cut by drilling below 44.2 m of depth.

Historic drilling near the East Fault consisted of nine holes, all of which were vertical and all of which were located on surface gold anomalies now believed to be either in the footwall or hanging wall of the fault. These holes all intersected anomalous gold, with the best intercept being 1.6 g/t (0.055 opt Au) from 3-6.1 m of depth from surface. Mapping by Columbus indicates interlacing structures and alteration extending over widths of several hundred feet and sampling indicates that the East Fault proper has not been cut across its full width by the historic drilling.

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 contents of this news release. Mr. Wallace is a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.


Columbus Gold Corporation is a gold exploration and development Company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus controls a 100% interest, subject to royalties, in 23 gold projects strategically located along or near Nevada's most productive gold trends and 5 silver and copper projects located in Arizona and Utah. The Company's project activities are managed by Cordilleran Exploration Company ("Cordex"), owned and operated by John Livermore and Andy Wallace who have a long and successful history of gold discovery and mine development in Nevada.

The Company maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 12 of its projects joint ventured to major and junior mining companies.


Robert F. Giustra
President & CEO, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information contact:

Ray Lagace
Investor Relations
604-638-3474 or 1-866-689-2599

Allegiant Gold Ltd.

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