Hans Rasmussen in
Welcome to Colombia Crest Gold Corp!
We are excited to commence 2013 with a recently completed drill program, and newly discovered exploration targets within the Middle Cauca Belt, Colombia. The first drilling ever done on the property showed us typical porphyry style grade in various areas, guiding our team to follow-up areas to further explore. The telling surface results we have received on the Garrucha target area will add to our drill program this year. The team is working steadily to fully explore the potential of our large land package.
Plans for Phase 2 Drill Program in 2013
The upcoming year will build on the foundation that was set during 2011-12. Specific items include:
Exploration Work to Date
In 2012, the 18 hole, 6,547 metre drill program on the Arabia target returned results of varying degrees, our team feels we are just hitting the top of a larger porphyry gold system. In reviewing the neighboring projects and projects to the south of the Middle Cauca Belt, we are seeing similar drill results, though many of the other projects show the system reaching higher towards the surface.
By late 2011, Colombia Crest field crews detected, mapped and sampled two large porphyry gold anomalies in the Venecia and Fredonia projects; the area was named Arabia. Rock chip results returned up to 3.8 grams per tonne gold, coincident with potassic-altered porphyry outcrops. One month later, assay results were received from 1,132 soil samples and showed two distinctly anomalous gold zones (defined as areas greater than 40 parts per billion "ppb"). The first anomalous area, named Arabia 1, covers almost 400 by 800 metres, while the second area, named Arabia 2 and located about one kilometre to the southwest, covers about 300 by 400 metres. As is typical of porphyry gold-copper systems of the region, the gold anomalies have coincident copper and molybdenum anomalies.
IAMGOLD is a significant shareholder in the Company, having participated in a private placement for 14.5% ownership of the company – with warrants outstanding, priced at CAD$0.35/share, when exercised will achieve 19.9% ownership. Soil results from Arabia followed the placement; therefore, IAMGOLD geologists made their recommendations for this placement based on the technical merits of the project without a single drill hole completed at the time. This placement gave the project immediate credibility in the market place and strong financial support for the 2012 drill program. As part of the agreement, Colombia Crest has formed a technical advisory team that includes representatives from both IAMGOLD and Colombia Crest. Building on Colombia Crest's community relations and social responsibility programs, IAMGOLD has added support to this important program.
All the very best,
President, CEO and Director