Mr. Vishal Gupta reports
CALIFORNIA GOLD ANNOUNCES NEW HIGH-GRADE ASSAYS FROM THE QUEEN SPECIMEN ZONE - INTERSECTS 2.06 G/T AU ACROSS 19.3 M, INCLUDING 9.14 G/T AU ACROSS 0.5 M AND 5.11 G/T AU ACROSS 3.4 M AT FREMONT (TRUE WIDTHS ARE APPROXIMATELY 91% OF REPORTED INTERVAL
California Gold Mining Inc. has releasednew assay results from the continuing resource drilling program at the Queen Specimen zone at its flagship Fremont project in Mariposa county, California.
These assays further advance the company's main objective of generating a second shallow mineral resource at the Fremont 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: "We are very excited about finding visible gold in the drill hole released today. This is the first reported instance of visible gold in the Queen Specimen zone, and it reinforces our belief that this zone is as strongly, if not more, mineralized as the Pine Tree-Josephine zone, where our current [National Instrument] 43-101-compliant mineral resource is hosted. Once again, quite like the previous two press releases published on April 3 and April 9, 2018, we have received some very high-grade assays from the hangingwall contact of the shear zone. The widths and grades that are now being very consistently intersected at the Queen Specimen zone lead us to believe that once the resource drilling program at this zone is complete, we will have a very substantial addition to our current mineral resource on the property."
New highlights from the drill hole at Queen Specimen are displayed in the attached table.
Hole IDFromToLengthAu (m) (m) (m) (g/t)QS-DD-18-014 77.496.719.32.06Including77.477.9 0.59.14Including81.282.3 1.02.09Including84.487.8 3.45.11Including95.796.7 1.06.31 And 108.4 109.6 1.21.24Notes: Composite grades are length weighted to interval width. Composite true widths for QS-DD-18-014 are approximately 91 per centof the reported intervals.
The company's current NI 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 grams per tonne gold in the inferred category only encompass 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.
Assays for previous drill holes from the current program at Queen Specimen were announced in separate press releases dated Feb. 8, 2018, Feb. 21, 2018, March 5, 2018, April 3, 2018, and April 9, 2018, respectively.
Discussion of the Queen Specimen drill hole
The diamond drill hole discussed in this press release was 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 inches indiameter) diamond drill holes totalling roughly 10,000 metres of drilling, with an average drill hole length of 180 metres.
The same lithological sequence was observed in this drill hole 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 aforementioned sequence, 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-18-014
Drill hole QS-DD-18-014 was drilled at an azimuth of 235 degrees and an inclination of minus 48 degreesto a total depth of 160.3 metres. This drill hole intersected two significant mineralized zones.
The first occurs between a depthof 77.4 metres and 96.7 metres with an average grade of 2.06 grams per tonne gold. This mineralization is associated with sheared and faulted sediment-hosted quartz-carbonate veining with euhedral sulphide mineralization and structural melange. Visible gold was observed within this interval.
The second interval occurs between a depth of 108.4 metres and 109.6 metres with an average grade of 1.24 grams per tonne gold. This zone is associated with sediment-hosted sericitic dike as well as fuchsitic quartz-carbonate veining and sulphide mineralization (euhedral, blebby and finely disseminated).
Description of quality assurance and quality control procedures
The laboratory being used for assay analyses is American Assay Laboratories Inc. (AAL) (ISO/IEC 17025:2005 certified) based in Sparks, Nev.
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- and plus-150-mesh results are then combined for a total screened metallics fire assay.
A full quality assurance/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, which has produced over 50 million ounces of gold historically. The company purchased the property in March, 2013.
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