December 21, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) (“AGD” or “the Company”) is pleased to provide a summary of the initial set of results from its first phase of drilling. The drilling program concluded on December 16, 2009 with a total of 3,929.4 meters drilled on four targets (refer to figure 1). From now until our Christmas shutdown the geological team in Colombia will continue core logging, photography, core splitting and sampling.
This press release is limited to all results received up to December 17, 2009 and covers primarily the first three targets drilled — Chapulin, Manuela and 3 drillholes of 7 at Guaico, representing 21 of 30 drill holes completed; 2,442 meters of a total of 3,929.4 meters drilled; and 1,511 samples of a total of 2,218 samples sent to the laboratory for analysis. The remaining results are expected after January 15, 2010. In addition, pulp splits are being sent to an independent referee laboratory for selected mineralized zones which are not included in these results.
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 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 evaluating other opportunities to expand its portfolio of mineral exploration properties in Colombia.
The Cisneros Project consists of 7 contiguous mineral concessions 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 covering 5,342 hectares.
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 and the recently completed Phase 1 drilling program.
The drilling program has two main purposes:
- The first is to confirm the geological model and theory that is 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 to date 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.
- This area was drilled mainly for the EW Chapulin Structure and secondarily for associated NS structures in the area.
- 13 holes (PC09-01 to PC09-13) were drilled for a total of 868.95 m.
- PC09-03 was the deepest with a length of 140 m. PC09-03 intersected both the NS and EW structures in the immediate area. A significant intersection was a structure with drilled thicknesses of 3.56 m at a gold grade of 3.58g/t.
- These structures define a continuous zone of mineralization which must be verified to the NW and SE.
- The mineralization is predominantly pyrite with some chalcopyrite and quartz and appears associated with chloritic and sericitic alteration.
- Assay results from Chapulin have been received
La Manuela Prospect:
- The La Manuela area was drilled to follow the continuity of structures oriented NS and EW. In the La Manuela area proper, 4 holes were drilled for a total of 799.39 m. A fifth hole (PC09-18) was drilled to a depth of just over 300 meters in an area that runs between Manuela and Guaico prospects to check for continuity.
- Hole PC09-14 encountered a significant structure with a drilled width of 4.75m at 7.39 g/t gold.
- Hole PC09-15 encountered 14.02 m at 1.05g/t gold.
- Hole PC09-18, drilled between the prospects of Manuela and Guaico, encountered a zone of 1.19 m @ 5.02 g/t gold at a depth of 260 meters.
- Mineralization is dominantly quartz, pyrite and minor chalcopyrite. Alteration identified consists of chlorite, carbonate and sericite.
- Assay results from Manuela have been received
- The objective of the drilling was to follow the Guaico structure in NS direction and the Guaiquito structure in an EW direction.
- 7 holes (PC09-19 to PC09-25) were drilled for a total of 889.29m; however, only the sample results of 3 holes (PC09-19,20,22) have been received to December 17, 2009 and are included in this reporting.
- In the Guaico area a shear zone was encountered in holes PC09-22, PC09-23, PC09-24 and PC09-25 with drilled thicknesses of up to 23 m. Assay results are pending on the last 3 drill holes listed above to confirm the presence of gold.
- Characteristics of the zone include mylonitic with abundant veins and disseminated sulphides which could correspond to a mineralized fault zone that forms the southern boundary of the Manuela zone.
- PC09-20 encountered 6.91 m at 15.73 g/t gold. PC09-22 intersected 11.49 m at 1.31 g/t.
- The zone is characterized by the abundance of quartz, carbonates, chlorite and sericite. Mineralization consists of quartz, chalcopyrite, pyrite, and the occasional presence of malachite and molybdenite.
- Assay results from holes PC09-19, PC09-20 and PC09-22 have been received for Guaico, the remaining assay results for PC09-21, PC09-23, PC09-24 and PC09-25 are expected in the first half of January 2010.
- The objective of drilling Guayabito was to define and trace the structures encountered in the Guayabito mine to the south (NS, EW and 320 ï¿½).
- 5 holes (PC09-26 to PC09-30) were drilled for a total of 1070.98 m.
- Mineralized structures were encountered in all holes. Structures contained mylonite, with quartz veins, breccias and disseminated sulphides (pyrite and chalcopyrite).
- Alteration consists mainly of carbonate and chlorite.
- No assay results have been received to date from the drilling at Guayabito.
Table 1 attached summarizes the results to December 17, 2009:
|PC09-01 to||PC09-14 to||PC09-19 to||PC09-26 to|
|Total # Holes||13||5||7||5||30|
|Total Drilled Meters||868.95||1100.17||889.29||1070.98||3929.39|
|Samples Taken to Date||2218|
|Selected Assay Results|
|(interval/grade AU)||(interval/grade AU)||(interval/grade AU)|
|(meters / g/t gold)||(meters / g/t gold)||(meters / g/t gold)|
|3.56m/ 3.58 g/t|
A listing of a selection of drill intercepts reported to date will be available at www.antioquiagoldinc.com
AGD is concentrating on evaluating drilling information, assay results, geophysical information and previous surface and artisanal mine information to update the geological database and model. This process is expected to be ongoing through January and February 2010 and will be followed by planning for a second drill program expected to commence in March 2010.
Future exploration activities will to be split between further detailed evaluation of known near surface mineralized structures, the Phase 1 drill targets and more regional exploration on the overall Cisneros Project for additional targets.
All outstanding assay results are expected to be received in the first half of January and will be released once reviewed and verified. Management and the Geology Team are very encouraged by these initial results as it is commencing to demonstrate the potential of Cisneros Project. Our goals in the immediate term are to work diligently on receiving the pending assay results, analyzing the results, updating the geological model and planning the next steps to enhance our understanding of the Cisneros Project area so as to add shareholder value.
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.
To ensure reliable sample results Antioquia Gold has in place a detailed QA/QC program that monitors the chain of custody of samples and includes the insertion of blank, duplicates, preparation duplicates and certified reference standards in each batch of samples. Core is described, photographed, sawed in half and stored in a secure facility for future reference. Samples are prepared and analyzed by SGS (preparation in Medellin, Colombia and analysis in Lima, Peru) a certified independent laboratory.
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.
Brad Van Den Bussche, VP Exploration
Antioquia Gold Inc.
Neither 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.
Appendix I – Assay Results
|Drill Hole No.||From|