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CSG: TSX-V
VANCOUVER,
Dec. 20, 2013 /CNW/ - Cosigo
Resources Ltd. (TSXV: CSG) today announced the receipt of assay
results from the first two reverse-circulation drill holes on its
Machado project in southeastern Colombia. A total of 20 holes were drilled
during Cosigo's 2013 drill program. Assay results from the
remaining drill holes will be released as they become available
over the next few weeks.
Both holes 13MR001 and 13MR002 were located
within a very restrictive Forestry Reserve Subtraction area that
was granted to the Company for an initial time period of 90 days.
The holes targeted a previously unsampled area immediately to the
west of a historic open-pit gold recovery operation.
Hole 13MR001, which was drilled vertically to a
depth of 64 m, intersected minor occurrences of gold. Hole 13MR002,
drilled at a 60 degree angle to a depth of 68.5 m, intersected
significant near-surface gold mineralization (see Table 1).
"We are very pleased to have intersected gold in
the first two holes of our drill program", stated Dennis Milburn, President and CEO of Cosigo.
"Our technical staff is very optimistic about the results expected
from our remaining drill holes".
Table 1. 13MR001 and 13MR002 screen fire assay
results
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Au (g/t) |
13MR001 |
Minor gold
mineralization in 3 zones |
13MR002 |
7.62 |
28.96 |
21.34 |
1.11 |
including |
9.14 |
15.24 |
6.10 |
2.21 |
or |
12.20 |
13.72 |
1.52 |
5.56 |
*Interval widths are down-hole. True widths are yet to be
determined |
Maps and sections of drill holes 13MR001 and
13MR002 will be available shortly on the Cosigo website
(www.cosigo.com).
Gold mineralization in the Taraira Gold Belt is
thought to be associated with silicified quartz-sandstones,
quartz-veins and with iron-oxide rich sedimentary strata. The gold
belt is, at least in part, a coarse gold environment although the
contribution by coarse gold to the grades in holes 13MR001 and
13MR002 was minor. In addition to gold fire assays, multi-element
analysis was carried out on Cosigo's drill samples. Over the coming
months the gold and multi-element data as well as geological
information from the drill holes will be interpreted by Cosigo's
technical team in order to guide the Company's exploration
efforts.
The Company also announced that it has received
relief from the Colombian government with respect to future surface
royalty payments on the Machado property. This relief applies while
the government finalizes the re-organization of forestry zones in
the southeastern quadrant of Colombia.
QA / QC
Cosigo's disclosure of a technical or scientific nature in this
press release has been reviewed and approved by Dr. Joseph H. Montgomery, P.Eng., Executive Vice
President of Cosigo Resources Ltd., who serves as a Qualified
Person as defined in National Instrument 43-101. Cosigo's quality
assurance and quality control procedures include the systematic
insertion of blanks and standards into the drill sample string.
Drill chip samples were split and placed in sealed containers prior
to shipping to the ALS Minerals laboratory in North Vancouver for gold screen fire assay and
multi-element analysis.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company with mineral interests
in properties in Brazil,
Colombia and Canada. Cosigo has assembled a strong team,
well experienced in the exploration and mining-finance industries.
The Company's main focus is in the Taraira Gold Belt, which
straddles the border between northwestern Brazil and southeastern Colombia. In Brazil, geological mapping has identified more
than 250 km2 of prospective geology and sampling has
identified gold-bearing strata over long strike-lengths in several
locations. Cosigo's ongoing work in the Taraira Gold Belt is the
first modern exploration program in an area known to have hosted
more than 100 historic gold mining operations.
On behalf of the Board of Directors
Cosigo Resources Ltd.
/s/ "Dennis Milburn"
President & CEO
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy of this news release.
SOURCE Cosigo Resources Ltd.