The latest results from Columbus Gold’s (CGT-V) Paul Isnard gold project in French Guiana have the company thinking big.
The highlight hole returned 1.56 grams per tonne gold over 110 metres, while a second hole assayed 2.02 grams gold over 29 metres and extended mineralization 50 metres west of the current deposit.
The assay results came out of the most recent four diamond core holes that were drilled for 1,327 metres. Three of the holes confirmed extension and continuity of gold mineralization between historic holes drilled in earlier programs at the central part of the Montagne d’Or gold deposit.
Montagne d’Or is an east-west striking, steeply south dipping, tabular orebody made up of two sub-parallel zones of gold mineralization: the Upper Felsic zone and the Lower Favorable zone. Both are hosted by laminated felsic volcanics within a Pre-Cambrian greenstone sequence.
The deposit currently has a compliant inferred resource that is based on 10,600 metres of drilling done in the late 1990’s. The estimate stands at 36 million tonnes grading 1.6 grams gold for 1.9 million inferred oz.
The historic holes that the latest round of drilling tested in between, are as much as 200 metres apart, and with mineralization being found in most of them, Columbus says it will now fire up a second drill rig so that it can more aggressively explore the area.
The company is in the midst of its first phase of drilling. The program is made up of 15,000 metres drilled over 50 holes with the aim of expanding the resource below the previously defined deposit.
To do that, Columbus is not only drilling between the historic holes, but is also drilling down to a vertical depth of roughly 200 metres. The denser drill pattern, with holes at roughly 50 meter centers, should allow it to convert inferred resources into the measured indicated categories.
The company says the mineralized zone has been outlined over 2,000 meters along strike and averages roughly 70 metres in thickness. It has only been tested to depths of between 100 and 150 meters.
In Toronto on March 19 the company’s shares were off a penny to 60¢ on roughly 50,000 shares traded.
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