Mr. Vishal Gupta reports
CALIFORNIA GOLD ANNOUNCES MORE HIGH-GRADE ASSAYS FROM NEW DISCOVERY AT QUEEN SPECIMEN ZONE - INTERSECTS 22.91 G/T AU ACROSS 1.8 M, HOSTED WITHIN A BROADER ZONE GRADING 4.67 G/T AU ACROSS 14.9 M AT FREMONT
California Gold Mining Inc. has released the fifth set of assay results from the continuing resource drilling program at the Queen Specimen zone at its flagship Fremont project in Mariposa county, California. Assays for the first 11 holes from the current program at Queen Specimen were announced in separate press releases dated Feb. 8, 2018, Feb. 21, 2018, March 5, 2018, and April 3, 2018, respectively.
Today's results further advance the company's main objective of generating a second shallow mineral resource on the property covering the newly identified Queen Specimen mineralized zone. This zone is located in the northwest portion of the property, and constitutes roughly 750 metres of strike length, out of the total four-kilometre strike of the Mother Lode shear zone on the property.
Vishal Gupta, California Gold's president and chief executive officer, said: "Today's assays surpass even the highest-grade results ever received from the Queen Specimen zone released last week. We are demonstrating continuity within the newly discovered high-grade mineralization hosted on the hangingwall side of the shear zone. This is particularly noteworthy because that geological unit has not been systematically drilled before, and is traditionally not associated with significant mineralization. The collars for the two holes released today are located approximately 60 metres northwest of the two high-grade holes released last week, and significantly extend the high-grade mineralized zone on the hangingwall side along strike. We do not know yet how large this discovery may prove. We are excited to further delineate the true extent of this new discovery while developing a substantial mineral resource for the Queen Specimen zone."
Highlights from today's two holes at Queen Specimen are displayed in a table on the company's website. A map depicting the location of the major mineralized zones at Fremont, the plan view collar locations for the two drill holes, and the corresponding geological cross-sections can be viewed on the company's website.
The company's current National Instrument 43-101 open-pit-constrained mineral resource of 515,000 ounces grading 1.71 grams per tonne gold in the indicated category, and an additional 364,000 ounces grading 1.44 g/t gold in the inferred category, only encompasses the Pine Tree-Josephine zone within the property (the NI 43-101 technical report is available on SEDAR and at the company's website). The Pine Tree-Josephine zone hosts two historical underground gold mines, and covers a strike length of roughly one kilometre, out of a total strike of four kilometres over which the shear zone is interpreted to extend on the property.
Discussion of the Queen Specimen drill holes
The two holes discussed in this press release were drilled as part of the resource drilling campaign at the Queen Specimen mineralized zone that commenced on Dec. 2, 2017. The program is estimated to consist of 50 to 60 HQ-sized (2.5-inch diameter) diamond drill holes, totalling roughly 10,000 m of drilling, with an average drill hole length of 180 m.
The same lithological sequence was observed in these drill holes as with previously analyzed drill holes in the Queen Specimen deposit, and in the Pine Tree-Josephine deposit, including a sequence of metavolcanic mafic rocks overlying a melange of serpentinized ultramafic rocks. These are separated from the underlying metasedimentary rocks of the Mariposa formation by a zone of highly sheared and serpentinized phyllonite that is characteristic of the shear zone.
In addition to the sequence stated above, a zone of fault-emplaced sediments is apparent within the hangingwall mafic metavolcanic rocks. This stratigraphic repetition may be due to thrust faulting or folding associated with dextral movement along the shear zone that has been observed in airborne magnetic data acquired for the Fremont project in 2016.
QS-DD-18-015
Drill hole QS-DD-18-015 was drilled at an azimuth of 220 degrees and an inclination of minus 45 degree to a total depth of 154.5 m. This hole intersected significant mineralization from 108.5 m to 123.4 m depth. The average grade over this interval is 4.67 g/t Au. The mineralization is associated with hangingwall sediments in contact with structural melange. The sediments exhibit strong ductile deformation in association with sulphide mineralization.
QS-DD-18-016
Drill hole QS-DD-18-016 was drilled at an azimuth of 220 degrees and an inclination of minus 75 degrees to a total depth of 214.9 m. This hole intersected significant mineralization from 160.9 m to 167.0 m depth. The average grade is 2.70 g/t Au. The mineralization is associated with structural melange and faulted quartz veining. Fine and disseminated sulphide mineralization was noted within the interval.
Description of quality assurance and quality control (QA/QC) procedures
The laboratory being used for assay analyses is American Assay Laboratories Inc. (AAL) based in Sparks, Nev. (ISO/IEC 17025:2005 certified).
Prior to transportation of core samples to AAL, all core processing is conducted at the project site in an enclosed 6,000-square-foot office facility. All diamond drill core is logged, photographed and split using core saws. Core from entire holes is being sampled every five feet to compare with the historical reverse circulation hole assay intervals. Additionally, subsamples are being collected within the planned five-foot intervals where important geological or mineralization contacts occur to allow better discrimination within the geological model. The minimum sample interval is 1.5 feet.
One-half of the split core is transported to AAL by company employees for prep and analysis. The other half of the core is stored at the company core storage facility for future inspection and assay verification. All gold analyses of strongly mineralized samples utilize the screened metallics fire (SMF) assay method with a gravimetric finish. At the laboratory, the entire sample is crushed to 90 per cent minus 10 mesh. A rotary splitter is used to obtain a 500-gram sample for pulverizing. The screened metallics are collected as the plus fraction from a 150-mesh screen at the lab. The plus-150-mesh fraction is fire assayed in its entirety. Two separate one-assay-tonne fire analyses of the minus-150-mesh fraction are performed and arithmetically averaged. The minus-150-mesh and plus-150-mesh results are then combined for a total screened metallics fire assay.
A full quality assurance and quality control program involving insertion of appropriate blanks and standards is being employed with acceptable results.
Mr. Gupta has reviewed and approved this press release. Mr. Gupta is a PGeo registered with the Association of Professional Geoscientists of Ontario (APGO) and a qualified person as defined under NI 43-101. The exploration program at Fremont is being conducted under Mr. Gupta's supervision.
About California Gold Mining Inc.
California Gold Mining is focused on developing its 100-per-cent-owned Fremont project in Mariposa county, California. The project consists of an entirely private and patented land package totalling 3,351 acres of historically producing gold mines, with a state highway, PG&E electric substation and abundant water present on the property itself. The property lies within California's prolific Mother Lode gold belt that has produced over 50 million ounces of gold historically. The company purchased the property in March, 2013.
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