December 8, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) (“AGD” or “the Company”) is pleased to provide an exploration update and status of the ongoing drilling program at the company’s Cisneros Project in Colombia.
AGD is a mineral exploration company focused on searching out precious metals and other mineral opportunities in Colombia. The Company’s principal asset is its Cisneros Project located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia. The Company’s exploration activity to date has been focused on geological reconnaissance (mapping and sampling), evaluation of artisanal mining activities in the area, and more recently the commencement of a drilling program to understand more clearly the geological setting. At present, the Cisneros Project is considered exploration stage in which no known body of commercial ore has been developed yet. AGD is also currently evaluating other opportunities to expand its portfolio of mineral exploration properties in Colombia.
Cisneros Project
The Cisneros Project consists of 7 contiguous mineral dispositions covering 5,522 hectares. The property is located geologically on a large granodiorite intrusive called the Antioquia Batholith, where mineralization is structurally controlled. The Cisneros Project is comprised of the Guayabito Property covering 178 hectares, the La Manuela Property covering 101 hectares and the Santo Domingo lands (formerly called Grupo de Bullet lands).
The Guayabito Property and the La Manuela Property have been the primary focus of the company’s exploration activities to date consisting of surface soil and rock geochemistry, trenching, structural and alteration mapping, as well as mapping and geochemistry of historic artisanal mine workings in the area. There are over 20 historic artisanal mines in the area where locals extracted gold for over 100 years.
A summary of the exploration work completed by the Company on the Cisneros Project includes
- Guayabito and La Manuela Properties
- Three separate mapping and geochemistry programs focused on the original Guayabito and La Manuela properties consisting of over 800 rock samples and 375 soil samples (including 4 that underwent metallurgical testing), resulting in the identification of a number of prospects for drilling. The prospects are Chapulin, Chorrea, Guaico, Guayabito and La Manuela. Refer to Figure 1.
- Ground geophysics program conducted in October and November 2009 consisting of Magnetometer and IP (Induced Polarization) surveys. Three grids were laid out and surveys were conducted with multiple configurations to test the geophysical response to known mineralized structures at the Guayabito, La Manuela and Chapulin Prospects. Results are currently being interpreted and included in the geological model.
- Santo Domingo Property
- Two mapping and geochemistry programs focused on evaluating the Santo Domingo property. The programs focused on structural and alteration mapping of the area and consisted of over 300 stream sediment samples and 48 rock samples. Highlights include:
- The identification of the Mina Sur America artisanal mine prospect
- Mapping and sampling of 1.6 kilometer trench excavated by a local Colombian hydro electric company for geotechnical reasons
- The identification of numerous gold anomaly sites from stream sediment sampling
- Two mapping and geochemistry programs focused on evaluating the Santo Domingo property. The programs focused on structural and alteration mapping of the area and consisted of over 300 stream sediment samples and 48 rock samples. Highlights include:
- Current Drilling Program AGD is currently conducting a man-portable core drilling program to evaluate a number of prospects on the Cisneros project. The drilling is being conducted by Energold Drilling Corp of Vancouver and commenced on schedule on September 1, 2009.
- a total of 3,470 m has been drilled as of December 7, 2009 and have targeted four structures identified during the reconnaissance work (see figure 1).
- 867m on Chapulin Prospect area
- 1,100 m on La Manuela Prospect area
- 889 m on Quiaco Prospect area
- 612 m on Guayabito Prospect area
- Over 3,500 samples have been prepared to December 7, 2009. With over 2,400 samples having been submitted to date for analysis at SGS laboratories in Lima Peru,
- The drilling program has two main purposes:
- The first purpose is to confirm the geological model and theory that is currently being used, which is classified as a structurally controlled mesothermal system consisting of structures containing high grade gold with the potential for a more extensive intrusion for porphyry related mineralization at depth. From the core that is being logged, photographed and placed into a geological model, it appears that the model is holding true. The majority of the mineral structures identified at surface and in the artisanal mines can be traced both laterally and vertically. In addition, new structures and extensive zones of mineralization and alteration have been identified particularly at depth.
- The second purpose is to test for the presence of gold in the selected prospects and structures. Results of sampling are currently being received on an ongoing basis. Once they have been verified on a prospect-by-prospect basis and placed into context, initial results will be publically released before the end of the year.
- The current drilling program has been extended from the originally planned 3,000 m to approximately 4,000 m based of the encouraging geological setting being interpreted in the core logging. AGD is concentrating on evaluating drilling information, geophysical information and previous surface and artisanal mine information to update the geological model.
Future exploration activities will to be split between further detailed evaluation of known near surface mineralized structures and more regional exploration on the overall Cisneros Project for additional targets.
- a total of 3,470 m has been drilled as of December 7, 2009 and have targeted four structures identified during the reconnaissance work (see figure 1).
- Other Exploration Activities.
In addition, as a result of the acquisition of IGTER, the company has the opportunity to evaluate and acquire a portfolio of lands that could exceed 1 million hectares. Work is currently in progress, aggressively screening and assessing these opportunities and securing lands with attractive geology and mineral potential for future projects.
This press release has been prepared under the supervision of Brad Van Den Bussche, P. Geol., Vice President of Exploration for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.
Caution regarding forward looking information
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGD to be materially different from actual future results and achievements expressed or implied by such forward looking statements. . Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of AGD and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks involved.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact Rick Thibault, President Antioquia Gold Inc. (484) 319-7807 Email: rthibault@antioquiagoldinc.com
Brad Van Den Bussche, VP Exploration
Antioquia Gold Inc.
(403) 606-2728
bvanden@antioquiagoldinc.com
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