10 Nov 2011 07:00
10 November 2011
Touchstone Gold
Exploration Update
Mobilisation of Second Drilling Rig at Rio Pescado Project
London, 10 November 2011 - Touchstone Gold Limited ("Touchstone Gold" or "the Company") (AIM: TGL) is pleased to announce the mobilisation of a second diamond drill rig at its Rio Pescado Project located 150km northeast of Medellín in the Antioquia Department of Colombia.
Highlights
·; Mobilisation of second diamond drilling rig
·; Drilling with new rig scheduled to commence 11 November 2011
·; Facilitates accelerated testing of high-priority targets
The mobilisation of the second drilling rig will allow the Company to exploit the success of its summer ground exploration programme by accelerating the testing of high-priority targets within the larger exploration license area. The drilling equipment and rig is currently on site and the Company's contractor, Energold Drilling, is expected to commence drilling with the new rig on 11 November.
As previously announced the Company commenced its Phase 3 drilling programme in June 2011 and to date, 24 shallow surface diamond drill holes have been drilled, representing over 2,593 metres of the planned 5,000 metre programme. This programme has already significantly expanded the size of the known mineralization areas at Pepas, North Pepas, and Fildohambre as well as identifying three new mineralized zones at Tagual North, Tagual Central and Tagual South which demonstrated many of the same characteristics as those previously identified (see Figure 1). Initial assay results from Fildohambre, announced in September 2011, intersected 14.07 g/t gold over 8.4m, confirming the high-grade nature of the ore body and demonstrating continuity of the vein.
The Company expects to release its next set of drilling assay results shortly.
David Wiley, CEO of Touchstone Gold commented: "Our 2011 drilling programme is progressing well. The addition of the second drilling rig will enable us to expedite our 2011 drilling programme, and will give us the flexibility to test more of the targets identified through our summer ground exploration programme."
Mr. John Nicholson, P.Geo has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr. Nicholson is chief geologist of the Company and is a Fellow of the Royal Geographical Society, has a BSc. from the University of British Columbia, and has been an accredited member of the Association of Professional Engineers and Geoscientists since 1992. Mr. Nicholson is supervising the work programmes on the Rio Pescado Project.
http://www.rns-pdf.londonstockexchange.com/rns/8274R_-2011-11-9.pdf
Figure 1. Rio Pescado Project
For further information please contact:
Touchstone Gold
David Wiley Tel. +1 647 260 1247
Chief Executive Officer
Collins Stewart Europe Limited
John Prior Tel. +44 20 7523 8350
Seb Jones Tel. +44 20 7523 8350
Merlin
Ian Middleton Tel. +44 20 7726 8400
Anca Spiridon Tel. +44 20 7726 8400
About Touchstone Gold
Touchstone is a gold exploration company and the 100% owner of the Rio Pescado Project in Colombia, comprising four concessions over a total area of 39 square kilometres in the highly prospective Segovia Gold Belt. With a philosophy of creating value by the systematic exploration and development of the Company's existing assets as well as the acquisition of suitable exploration and development mineral projects, the Company's long-term intention is to build a significant gold exploration and production company.