Capital Gold Corporation Announces Initial Drilling Results For Its Saric
Properties
NEW YORK,
"We are pleased with the initial exploration efforts at our Saric properties having intersected gold and silver mineralization from many of the recent drill holes targeted at identifying a potential bulk tonnage gold mineralized zone,"
Initial exploration work conducted from
"The Sombreretillo-Cometa and Gila Monster zones have initially been identified as those areas most likely to contain bulk tonnage mineralization suitable for open pit mining. Virtually all of the drill holes in these areas have intercepted gold and silver mineralization at near surface," Brownlie added.
The following table lists a number of the drill intercepts and the assays completed to date.
True Gold
Width Gold Silver Equivalent
Hole No. From To Width(m) (est. m) g/t g/t g/t (63:1)
-------- ---- --- -------- -------- ---- ------ ----------
EOCI-5 0.0 15.2 15.2 12.46 0.36 48.05 1.12
-------- --- ---- ---- ----- ---- ----- ----
EOCI-6 0.0 15.2 15.2 15.20 0.67 61.21 1.64
------ --- ---- ---- ----- ---- ----- ----
EOCI-7 0.0 7.6 7.6 6.77 0.39 4.30 0.45
------ --- --- --- ---- ---- ---- ----
EOCI-8 0.0 12.2 12.2 11.66 0.18 14.48 0.59
------ --- ---- ---- ----- ---- ----- ----
EOCI-9 0.0 25.9 25.9 24.76 0.12 18.62 0.42
------ --- ---- ---- ----- ---- ----- ----
EOCI-10 0.0 16.8 16.8 14.97 0.55 6.55 0.65
EOCI-10 56.4 61.0 4.6 4.10 0.36 4.67 0.43
------- ---- ---- --- ---- ---- ---- ----
EOCI-11 24.4 29.0 4.6 4.60 0.82 36.70 1.41
EOCI-11 79.2 85.3 6.1 6.10 0.25 17.15 0.52
------- ---- ---- --- ---- ---- ----- ----
EOCI-12 24.4 38.1 13.7 13.70 0.26 16.00 0.51
------- ---- ---- ---- ----- ---- ----- ----
EOCI-13 13.7 21.3 7.6 7.60 0.59 9.50 0.75
EOCI-13 24.4 30.5 6.1 6.10 0.24 1.50 0.26
------- ---- ---- --- ---- ---- ---- ----
EOCI-14 3.0 19.8 16.8 16.80 0.17 2.42 0.21
------- --- ---- ---- ----- ---- ---- ----
EOCI-17 0.0 7.6 7.6 6.77 0.19 2.29 0.22
EOCI-17 38.1 47.2 9.1 8.11 0.23 0.78 0.24
------- ---- ---- --- ---- ---- ---- ----
EOCI-18 15.3 25.9 10.6 9.44 0.20 1.02 0.22
EOCI-18 59.4 79.2 19.8 17.64 0.32 1.68 0.35
------- ---- ---- ---- ----- ---- ---- ----
EOCI-19 0.0 12.2 12.2 12.20 0.38 7.45 0.50
------- --- ---- ---- ----- ---- ---- ----
EOCI-20 10.7 25.9 15.2 15.20 0.20 1.60 0.22
------- ---- ---- ---- ----- ---- ---- ----
EOCI-21 45.7 48.8 3.1 3.10 0.40 2.30 0.44
------- ---- ---- --- ---- ---- ---- ----
EOCI-22 0.0 18.3 18.3 18.30 0.16 13.12 0.37
------- --- ---- ---- ----- ---- ----- ----
EOCI-23 6.1 12.2 6.1 6.10 0.26 12.11 0.45
------- --- ---- --- ---- ---- ----- ----
EOCI-24 6.1 12.2 6.1 5.44 0.57 2.25 0.54
------- --- ---- --- ---- ---- ---- ----
EOCI-25 86.9 96.0 9.1 9.10 0.32 4.38 0.39
EOCI-25 227.1 231.6 4.5 4.01 0.14 3.91 0.20
------- ----- ----- --- ---- ---- ---- ----
EOCI-26 4.6 9.1 4.5 4.01 0.83 4.47 0.90
------- --- --- --- ---- ---- ---- ----
EOCI-28 1.5 10.7 9.2 8.20 0.13 1.49 0.16
------- --- ---- --- ---- ---- ---- ----
EOCI-30 6.1 25.9 19.8 17.64 0.35 13.87 0.57
------- --- ---- ---- ----- ---- ----- ----
EOCI-31 19.8 25.9 6.1 5.44 1.77 16.45 0.94
------- ---- ---- --- ---- ---- ----- ----
EOCI-32 6.1 19.8 13.7 13.70 0.37 43.19 1.05
------- --- ---- ---- ----- ---- ----- ----
EOCI-33 7.6 15.2 7.6 6.77 0.14 2.16 0.17
EOCI-33 44.2 48.8 4.6 4.10 0.12 2.58 0.16
------- ---- ---- --- ---- ---- ---- ----
EOCI-35 15.2 22.9 7.7 7.70 0.21 10.56 0.38
------- ---- ---- --- ---- ---- ----- ----
EOCI-36 15.2 21.3 6.1 5.44 2.32 47.19 3.07
EOCI-36 27.4 62.5 35.1 31.27 0.23 5.89 0.32
------- ---- ---- ---- ----- ---- ---- ----
EOCI-37 13.7 53.3 39.6 39.60 0.31 3.91 0.37
------- ---- ---- ---- ----- ---- ---- ----
EOCI-38 7.6 18.3 10.7 9.53 0.16 3.76 0.22
EOCI-38 54.9 61.0 6.1 5.44 0.15 1.28 0.17
------- ---- ---- --- ---- ---- ---- ----
EOCI-39 1.5 16.8 15.3 13.63 0.35 7.50 0.47
EOCI-39 27.4 30.5 3.1 2.76 0.64 4.70 0.71
EOCI-39 38.1 48.8 10.7 9.53 0.18 4.97 0.26
EOCI-39 54.9 59.4 4.5 4.01 0.47 15.83 0.72
------- ---- ---- --- ---- ---- ----- ----
EOCI-40 12.2 16.8 4.6 4.60 1.07 56.48 1.97
EOCI-40 27.4 32.0 4.6 4.60 1.30 99.81 2.88
EOCI-42 25.9 29.0 3.1 2.99 0.44 7.49 0.57
------- ---- ---- --- ---- ---- ---- ----
EOCI-44 13.7 19.8 6.1 5.44 0.18 1.33 0.20
EOCI-44 44.2 79.2 35.0 31.19 0.43 1.95 0.42
------- ---- ---- ---- ----- ---- ---- ----
EOCI-45 13.7 32.0 18.3 16.31 0.99 7.25 1.10
EOCI-45 44.2 51.8 7.6 6.77 0.22 2.62 0.26
------- ---- ---- --- ---- ---- ---- ----
EOCI-46 13.7 21.3 7.6 7.60 0.44 36.84 1.03
------- ---- ---- --- ---- ---- ----- ----
EOCI-47 16.8 51.8 35.0 35.00 0.13 12.63 0.33
------- ---- ---- ---- ----- ---- ----- ----
EOCI-48 41.1 50.3 9.2 9.20 0.24 5.03 0.31
------- ---- ---- --- ---- ---- ---- ----
EOCI-49 85.3 91.4 6.1 5.44 0.64 3.57 0.70
------- ---- ---- --- ---- ---- ---- ----
EOCI-50 67.1 76.2 9.1 8.11 0.30 3.36 0.36
------- ---- ---- --- ---- ---- ---- ----
EOCI-51 1.5 3.0 1.5 1.34 0.12 3.25 0.18
EOCI-51 68.6 89.9 21.3 18.98 0.12 0.71 0.14
------- ---- ---- ---- ----- ---- ---- ----
EOCI-52 29.0 47.2 18.2 16.22 2.55 22.90 2.92
------- ---- ---- ---- ----- ---- ----- ----
EOCI-53 73.2 79.2 6.0 5.35 2.98 120.66 4.90
EOCI-53 89.9 114.3 24.4 21.74 0.37 7.80 0.50
------- ---- ----- ---- ----- ---- ---- ----
EOCI-54 27.4 36.6 9.2 8.20 0.11 2.00 0.14
EOCI-54 68.6 73.2 4.6 4.10 0.13 2.00 0.16
------- ---- ---- --- ---- ---- ---- ----
EOCI-55 56.4 59.4 3.0 2.67 0.15 1.40 0.18
EOCI-55 65.5 70.1 4.6 4.10 0.15 1.60 0.18
EOCI-55 79.2 83.8 4.6 4.10 13.42 4.56 13.49
------- ---- ---- --- ---- ----- ---- -----
EOCI-56 13.7 15.2 1.5 1.50 0.13 2.35 0.17
EOCI-56 21.3 44.2 22.9 22.90 0.62 14.32 0.85
------- ---- ---- ---- ----- ---- ----- ----
EOCI-57 9.1 22.9 13.8 13.80 0.26 8.21 0.39
EOCI-57 30.5 44.2 13.7 13.70 0.10 3.09 0.15
EOCI-57 48.8 50.3 1.5 1.50 2.52 9.60 2.67
------- ---- ---- --- ---- ---- ---- ----
EOCI-58 7.6 16.8 9.2 8.20 0.62 16.35 0.88
EOCI-58 32.0 42.7 10.7 9.53 0.34 1.78 0.37
EOCI-58 50.3 54.9 4.6 4.10 0.10 1.43 0.12
EOCI-58 96.0 97.5 1.5 1.34 0.18 0.50 0.19
------- ---- ---- --- ---- ---- ---- ----
EOCI-59 9.1 32.0 22.9 20.40 0.96 57.93 1.88
EOCI-59 38.1 41.1 3.0 2.67 0.22 5.15 0.31
EOCI-59 45.7 54.9 9.2 8.20 0.22 2.86 0.34
EOCI-59 64.0 65.5 1.5 1.34 0.31 15.50 0.56
EOCI-59 71.6 73.2 1.6 1.43 0.23 11.30 0.41
EOCI-59 89.9 99.1 9.2 8.20 0.11 2.35 0.15
------- ---- ---- --- ---- ---- ---- ----
EOCI-60 7.6 12.2 4.6 4.60 0.41 39.03 1.03
EOCI-60 24.4 29.0 4.6 4.60 1.06 39.03 1.18
EOCI-60 36.6 42.7 6.1 6.10 0.54 21.18 0.88
EOCI-60 45.7 47.2 1.5 1.50 0.27 2.98 0.32
------- ---- ---- --- ---- ---- ---- ----
EOCI-61 0.0 12.2 12.2 12.20 0.90 16.23 1.16
------- --- ---- ---- ----- ---- ----- ----
EOCI-62 39.6 44.2 4.6 4.10 0.25 0.81 0.26
EOCI-62 59.4 71.6 12.2 10.87 0.42 1.90 0.45
------- ---- ---- ---- ----- ---- ---- ----
EOCI-64 4.6 6.1 1.5 1.50 0.31 4.20 0.38
------- --- --- --- ---- ---- ---- ----
EOCI-65 13.7 25.9 12.2 10.87 0.35 8.52 0.49
------- ---- ---- ---- ----- ---- ---- ----
EOCI-66 47.2 67.1 19.9 17.73 0.32 1.75 0.35
EOCI-66 74.7 76.2 1.5 1.34 0.56 1.19 0.58
------- ---- ---- --- ---- ---- ---- ----
EOCI-67 50.3 51.8 1.5 1.50 0.40 8.29 0.53
------- ---- ---- --- ---- ---- ---- ----
EOCI-70 74.7 83.8 9.1 8.11 0.15 1.76 0.15
------- ---- ---- --- ---- ---- ---- ----
EOCI-71 59.4 64.0 4.6 4.10 0.16 3.46 0.22
------- ---- ---- --- ---- ---- ---- ----
EOCI-72 59.4 64.0 4.6 4.60 0.49 27.73 0.93
EOCI-72 80.8 85.3 4.5 4.50 0.59 0.40 0.60
EOCI-72 89.9 94.5 4.6 4.10 0.20 0.80 0.22
------- ---- ---- --- ---- ---- ---- ----
EOCI-73 0.0 4.6 4.6 4.10 0.13 0.76 0.15
EOCI-73 18.3 35.1 16.8 14.97 0.19 1.11 0.21
------- ---- ---- ---- ----- ---- ---- ----
(m) meters
(g/t) grams per tonne
Gold equivalent is calculated at a ratio of 63:1 silver to gold
Gold and Silver assays were conducted by ALS Chemex
Drill Hole Locations
Hole No. East North Elevation Az Angle Depth
-------- ---- ----- --------- --- ----- -----
EOCI-5 454,569 3,449,162 1,060 190 -45 74.7
EOCI-6 454,453 3,449,286 1,060 190 -60 32.0
EOCI-7 455,080 3,448,151 1,060 0 -90 53.4
EOCI-8 454,812 3,447,915 1,063 150 -45 61.0
EOCI-9 454,762 3,447,882 1,053 150 -45 61.0
EOCI-10 455,119 3,448,214 1,060 0 -90 80.8
EOCI-11 454,911 3,447,986 1,048 150 -45 85.3
EOCI-12 454,886 3,447,628 1,054 150 -60 82.3
EOCI-13 454,768 3,447,576 1,057 150 -60 120.4
EOCI-14 454,682 3,447,547 1,060 150 -60 91.4
EOCI-17 454,770 3,447,476 1,063 0 -90 64.0
EOCI-18 455,070 3,448,278 1,047 0 -90 111.3
EOCI-19 456,641 3,448,518 1,136 355 -60 83.8
EOCI-20 454,822 3,447,600 1,057 150 -60 73.2
EOCI-21 454,848 3,447,675 1,053 150 -60 77.7
EOCI-22 454,561 3,449,194 1,063 0 -90 160.2
EOCI-23 454,461 3,449,326 1,049 190 -60 71.6
EOCI-24 455,130 3,448,297 1,048 0 -90 102.7
EOCI-25 457,123 3,444,887 1,068 150 -60 251.5
EOCI-26 457,211 3,444,843 1,048 300 -45 93.0
EOCI-28 455,233 3,448,384 1,051 0 -90 91.4
EOCI-30 454,956 3,447,949 1,053 150 -60 65.5
EOCI-31 454,993 3,448,184 1,052 0 -90 25.9
EOCI-32 454,615 3,448,791 1,049 190 -45 41.2
EOCI-33 455,173 3,448,255 1,051 0 -90 71.7
EOCI-35 454,897 3,447,908 1,053 150 -60 80.8
EOCI-36 454,991 3,448,184 1,052 0 -90 62.5
EOCI-37 454,937 3,448,157 1,050 150 -60 70.1
EOCI-38 454,845 3,448,158 1,046 0 -90 150.9
EOCI-39 454,875 3,448,033 1,043 0 -90 100.6
EOCI-40 454,565 3,448,792 1,050 190 -60 61.0
EOCI-42 454,501 3,449,181 1,057 0 -90 65.6
EOCI-44 455,024 3,448,212 1,056 0 -90 100.6
EOCI-45 454,894 3,448,194 1,047 0 -90 100.6
EOCI-46 454,401 3,449,300 1,047 190 -60 41.1
EOCI-47 454,512 3,449,271 1,049 190 -60 54.9
EOCI-48 454,738 3,447,925 1,048 150 -60 70.1
EOCI-49 454,695 3,447,977 1,045 0 -90 150.9
EOCI-50 454,942 3,448,233 1,044 0 -90 132.6
EOCI-51 454,988 3,448,260 1,045 0 -90 120.4
EOCI-52 454,886 3,448,118 1,048 0 -90 80.8
EOCI-53 454,941 3,448,295 1,045 0 -90 144.8
EOCI-54 455,029 3,448,313 1,046 0 -90 121.9
EOCI-55 454,852 3,448,238 1,043 0 -90 99.1
EOCI-56 454,886 3,448,118 1,048 150 -60 70.1
EOCI-57 454,959 3,448,032 1,046 150 -60 59.4
EOCI-58 455,022 3,448,146 1,049 0 -90 99.1
EOCI-59 454,832 3,448,000 1,046 0 -90 108.1
EOCI-60 454,505 3,448,806 1,050 190 -60 68.6
EOCI-61 454,477 3,448,815 1,050 190 -60 61.0
EOCI-62 454,832 3,448,075 1,045 0 -90 86.9
EOCI-64 455,462 3,449,972 1,097 150 -60 41.1
EOCI-65 454,959 3,447,662 1,052 0 -90 80.8
EOCI-66 454,788 3,448,050 1,042 0 -90 117.3
EOCI-67 454,575 3,448,851 1,050 190 -60 100.6
EOCI-70 455,082 3,448,350 1,042 0 -90 108.2
EOCI-71 454,799 3,448,124 1,049 0 -90 111.2
EOCI-72 454,744 3,447,714 1,044 150 -60 114.2
EOCI-73 455,008 3,448,081 1,047 0 -90 68.6
(Datum UTM-NAD27)
Property Details
The properties are located west of the village of Saric in Northern Sonora,
Geological Setting
The area of interest is underlain by Cretaceous and Tertiary age volcanic and intrusive rocks. These volcanic rocks rest on or intrude older granodiorite. Mineralization is structurally controlled and associated with low angle zones which trend northeast. Mineralization is low sulfidation and is associated with iron oxide alteration, and quartz pyrite stockwork veining. During the next phase of drilling, a series of core holes is planned to better understand the lithology and mineralization within the mineralized structure.
Metallurgical Testing
Preliminary testing at Capital Gold's metallurgical laboratory at "El Chanate" on surface samples has demonstrated good cyanide solubility and low reagent consumption. In addition, test work on drill hole mineralized material show good gold and silver cyanide solubility.
Quality Control & Quality Assurance
Since the inception of the exploration at the Saric properties, SRK Consulting of Lakewood, Colorado has been involved during each step of the process and has reviewed and commented on the results of the work completed to date and will assist Capital Gold on the next phase of the exploration program.
About Capital Gold
Capital Gold Corporation (CGLD: CGC) is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of the "El Chanate" gold mine located near the town of Caborca in Sonora,
Statements in this press release, other than statements of historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, some of which are described below. Such forward-looking statements include comments regarding the establishment and estimates of mineral reserves and non-reserve mineralized material, future increases in mineral reserves, the recovery of any mineral reserves, grade, processing rates and capacity, estimated future gold production, the impact of any hedging arrangements, including the termination of such arrangements; potential mine life and future growth of the company. Factors that could cause actual results to differ materially include timing of and, unexpected events during expansion; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; the availability of adequate water supplies; mining or processing issues; and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management.
Any forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release. Additional information concerning certain risks and uncertainties that could cause actual, results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
For further information: Kelly Cody, Manager of Investor Relations , Capital Gold Corporation, +1-212-344-2785, Fax: +1-212-344-4537 , [email protected], or Media Inquiries: Victor Webb or Madlene Olson, Marston Webb International, +1-212-684-6601, or Fax: +1-212-725-4709, [email protected] Web Site: http://www.capitalgoldcorp.com
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