Columbus Gold (CGT.V) has announced new drill results from the Phase II drill program at its Paul Isnard project in French Guiana. Of interest are intersections of in excess of 6 meters intercepting more than 6g/t gold and 17.7 meters at 2.27g/t gold.
This year’s drill program is fully funded by Nordgold as part of the joint venture agreement whereby Nordgold could earn a 50.01% interest in the project by spending $30M in exploration expenditures within three years and completing a bankable feasibility study. Columbus plans to drill 135 holes this year which should be finished by the end of the summer as a second drill rig will be added in May. In excess of 40 holes have been drilled so far and more results are expected in the coming weeks. We are expecting an updated resource estimate after this year’s drill program which should increase and upgrade the current resource estimate of 5.4 million ounces at an average grade of 1.43g/t.
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Disclosure: The author holds a long position in Columbus Gold. Please see our disclaimer for current positions.
