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12 Mar 2012 07:00
12 March 2012
Touchstone Gold
Exploration Update
Touchstone continues to hit high-grade gold intersections in 1141 zone
London, 12 March 2012 - Touchstone Gold Limited ("Touchstone Gold" or the "Company") (AIM: TGL) is pleased to announce additional assay results from the 1141 Zone of its Rio Pescado Project in Colombia. These additional results demonstrate high-grade gold intersections that are close to, or effectively at surface, and continue to outline a zone of mineralization which remains open downdip to the west and open along strike to the southwest.
Highlights
·; Further areas of continuing high-grade gold mineralization identified at 1141 Zone Area
·; Best gold values and intercepts encountered by the Company to date in the Rio Pescado Project
·; Selected drilling results include:
- 8.75 g/t gold over 28.25 metres, including 9.88 g/t gold over 24.25 metres, and 20.90 g/t gold over 5.7 metres from hole LPD - 1279
- 9.04 g/t gold over 9.40 metres, including 62.30 g/t gold over 1.15 metres from hole LPD - 1273
- 3.53 g/t gold over 15.50 metres, including 7.66 g/t gold over 3.45 metres from hole LPD - 1269
·; Clear and consistent indications are that a large gold system is present in the 1141 Zone Area, the potential of which is only starting to be realised
The Company reports assay results from 12 further holes drilled in the 1141 Zone and 3 holes that were not completed to planned depth in the Tagual South Area. Since 1 September 2011, approximately 7,100 metres have been drilled by Energold Drilling during the stage 3 drilling programme, with additional drilling conducted as a result of new findings in the 1141 Zone area, located approximately 200 metres to the south of, and adjacent to, the Filodehambre Zone.
Drilling in the 1141 Zone area continues to outline and further identify areas of high-grade gold mineralization with significant intercepts. This set of assay results represents the best gold grades and widest intercepts the Company has encountered to date at the Rio Pescado Project. Positive results from initial drilling in the 1141 Zone area were announced on 21 February 2012 and today's assay results relate to holes drilled as part of this initial drilling programme.
For Figure 1 - Las Pepas - Filodehambre - 1141 Zone Drill Plan Update, please click on the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1130Z_-2012-3-11.pdf
Dave Wiley, CEO of Touchstone Gold, commented: "We have previously commented on the emerging significance of the discovery of the 1141 Zone in our announcement dated 21 February 2012. In that announcement we highlighted the fact that the results from the 1141 Zone included the best ever gold intercepts and grades in the drilling to date. The current assay results are even better, and include a remarkable return from hole LPD-1279 which ran to over 28 metres of almost 9 g/t gold. These numbers speak for themselves. Not only is hole LPD-1279 important in its own right, but set against the context of the other results, it simply confirms that Touchstone Gold is in possession of a large gold mineralized system, which we are still getting to grips with. With further assay results to come from holes drilled in the 1141 Zone area, the months ahead are going to be very exciting."
Given the importance of the discovery of the 1141 Zone, the Company has decided to commission a Light Detection and Ranging ("LIDAR") study and additional ground based geophysical surveys. These tools will help define the structural relationship between the Pepas and Filodehambre areas, which yielded very positive results, and the recently discovered 1141 Zone. Further drilling will take place once the LIDAR study and ground based geophysics results have been analysed. Permitting for this new drilling will proceed in parallel with further exploration work.
A complete summary of assay results from the 15 drill holes is presented in Table 1 below.
Table 1. Drilling Results*:
Zone | Drill Hole Number | Intersection (m) | Gold Grade (g/t Au) | ||
From | To | Width | |||
Tagual South | LPD-1166 to 1168 | No significant values | |||
1141 | LPD - 1269 | 41.70 | 57.20 | 15.50 | 3.53 |
includes | 44.85 | 48.60 | 3.75 | 3.74 | |
and | 50.60 | 54.05 | 3.45 | 7.66 | |
and | 56.25 | 57.20 | 0.95 | 10.00 | |
LPD - 1270 | 38.30 | 41.25 | 2.95 | 2.54 | |
LPD - 1271 | 48.75 | 49.60 | 0.85 | 2.13 | |
61.80 | 62.80 | 1.00 | 3.05 | ||
69.75 | 70.60 | 0.85 | 3.06 | ||
74.10 | 78.35 | 4.25 | 1.25 | ||
LPD - 1272 | No significant values | ||||
LPD - 1273 | 30.50 | 39.90 | 9.40 | 9.04 | |
includes | 35.55 | 36.70 | 1.15 | 62.30 | |
and | 38.20 | 39.90 | 1.70 | 5.03 | |
LPD - 1274 | 51.40 | 52.15 | 0.75 | 3.94 | |
LPD - 1275 | No significant values | ||||
LPD - 1276 | 45.30 | 56.30 | 11.00 | 2.57 | |
includes | 47.30 | 56.30 | 9.00 | 3.07 | |
and | 50.30 | 51.30 | 1.00 | 12.50 | |
63.50 | 65.60 | 2.10 | 1.81 | ||
80.00 | 80.80 | 0.80 | 8.31 | ||
LPD - 1277 | No significant values | ||||
LPD - 1278 | 12.75 | 12.00 | 1.25 | 1.43 | |
LPD - 1279 | 56.45 | 84.70 | 28.25 | 8.75 | |
includes | 60.45 | 84.70 | 24.25 | 9.88 | |
and | 60.45 | 69.50 | 9.05 | 6.41 | |
and | 70.35 | 76.05 | 5.70 | 20.90 | |
and | 77.00 | 84.70 | 7.70 | 7.98 | |
LPD - 1280 | No significant values | ||||
* All samples collected were analysed utilizing ACME Analytical Labs of Vancouver BC., Canada and were subject to a 36 element ICP-MS analysis. Over limit samples were subject to gravimetric analysis.
Further Information
The Company previously announced that a newly discovered area of gold mineralization has been found which is referred to as the 1141 Zone region and the assay results noted above are from holes drilled. For further information on the 1141 Zone please refer to the Company news release dated 21 February 2012.
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 of British Columbia since 1992. Mr. Nicholson is supervising the work programmes on the Rio Pescado Project.
For further information please contact:
Touchstone Gold
David Wiley Tel. +1 647 260 1247
Chief Executive Officer
Collins Stewart Europe Limited (Nominated Advisor and Joint Corporate Broker)
John Prior Tel. +44 20 7523 8350
Seb Jones Tel. +44 20 7523 8350
Northland Capital Partners Limited (Joint Corporate Broker)
Gavin Burnell Tel. +44 20 7796 8800
John-Henry Wicks Tel. +44 20 7796 8800
Merlin PR
Ian Middleton Tel. +44 20 7726 8400
Anca Spiridon Tel. +44 20 7726 8400
About Touchstone Gold
Touchstone Gold 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. It owns further options on the Santa Rosa Project, in the South Bolivar area of Colombia, comprising four concessions over a total area of 57 square kilometres. 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.
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