Columbus Gold (CGT.V) has announced its second drill rig has started to drill at the Eastside gold project in Nevada. This was expected as Columbus Gold has outlined a very extensive drill program at Eastside and the company expects to complete 175 holes this year.
A Phase III drill program will also start shortly (within the next week) in French Guiana where Columbus Gold is planning to drill almost 15,000 meters as infill drilling (to convert some of the indicated resources into a measured resource) as well as 5,000 meters of condemnation drilling.
This means investors shouldn’t expect a lot of surprises. The infill drilling should confirm the grades and intervals so there shouldn’t be any positive nor negative surprise there. And obviously, one would expect the 5,000 meters of condemnation drilling to not show any gold anomalies at all (although it would be a luxury problem to find a new gold zone) as Columbus Gold is specifically looking for a zone without any gold to build the processing plant on.
All eyes will be on the PEA at Paul Isnard, and that study is expected to be released within the next few days or weeks.
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Disclosure: The author holds a long position in Columbus Gold. Columbus Gold is a sponsor of the website. Please see our disclaimer for current positions.
