21 Feb 2012 07:00
21 February 2012
Touchstone Gold
Exploration Update
High-Grade Gold Mineralisation Intersected in a New Zone to the South of Filodehambre
London, 21 February 2012 - Touchstone Gold Limited ("Touchstone Gold" or "the Company") (AIM: TGL) is very pleased to announce that a new drilling programme, in a previously undrilled area of the company's Rio Pescado property in Colombia, has intersected multiple high-grade gold intercepts, principally in the 1141 Zone area. The new zone lies to the south of the Filodehambre area and the drill holes were completed as part of the ongoing stage 3 drilling programme.
Highlights
·; New high-grade, mesothermal gold zone encountered to the south of Filodehambre zone
·; Selected drilling results include:
- 9.13 g/t gold over 15.00 metres, including 24.92 g/t gold over 4.45 metres from hole LPD - 1162
- 5.84 g/t gold over 21.75 metres, including 20.28 g/t gold over 4.20 metres from hole LPD - 1159
- 4.03 g/t gold over 23.2 metres (from surface), including 5.98 g/t gold over 13.2 metres from hole LPD - 1157
·; Mineralisation of the 1141 Zone extends approximately 250 metres along strike and remains open to the south and west downdip
The Company reports assay results from 22 holes drilled in the 1141 Zone, Filodehambre, Pepas, and Gap Area zones. Since September 1st 2011, approximately 5,600 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 and adjacent to the Filodehambre Zone.
These results have clear implications for the potential size of the resource at Rio Pescado, and demonstrate that a new zone of high-grade gold mineralisation is present directly to the south of Filodehambre. The assays from the 1141 Zone area represent the highest overall gold grades the Company has reported to date. Importantly, these results demonstrate continuity of the mineralised trend and the potential for further discoveries in the Rio Pescado Project.
Dave Wiley, CEO of Touchstone Gold, commented: "As we have continued to expand our drilling programme, in accordance with our strategy and following the commissioning of a third drill, the initial expectations that we had about the potential of the Rio Pescado property are being met. 80% of the property remains unexplored but we can already take confidence from the existing data which demonstrates that an extensive, near surface, and high-grade area of mineralisation has been discovered."
"I am especially pleased for our shareholders who have supported our activity with such patience and who are now able to see just how valuable an asset they own. We have started to carefully evaluate exactly where, along the westerly down dip and southern strike, our next targets will be. We will need to obtain fresh permits for this work, but in the meantime our drilling programme will continue in existing areas of mineralisation in order to build on the already established and substantial base."
For a complete summary of drilling results from the 22 drill holes reported, please see Table 1 below.
Table 1. Drilling Results*:
Zone | Drill Hole Number | Intersection (m) | Gold Grade (g/t Au) | ||
From | To | Width | |||
Pepas | LPD-1144 | 7.40 | 10.70 | 3.70 | 5.87 |
including | 7.40 | 9.15 | 1.75 | 10.41 | |
LPD-1145 | No significant values | ||||
Gap Area | LPD - 1146 to 1153 | No significant values | |||
Filodehambre | LPD - 1154 | No significant values | |||
LPD - 1160 | 35.45 | 37.95 | 1.80 | 2.83 | |
1141 | LPD - 1155 | 0.00 | 22.90 | 22.90 | 1.60 |
includes | 9.85 | 22.90 | 13.05 | 2.70 | |
and | 9.85 | 16.60 | 6.75 | 3.95 | |
and | 10.85 | 11.60 | 0.75 | 18.11 | |
LPD - 1156 | 40.20 | 41.20 | 1.00 | 1.77 | |
LPD - 1157 | 0.00 | 23.20 | 23.20 | 4.03 | |
includes | 0.00 | 13.20 | 13.20 | 5.98 | |
and | 15.20 | 18.20 | 3.20 | 3.39 | |
LPD - 1158 | 18.30 | 21.35 | 3.05 | 1.76 | |
LPD - 1159 | 45.25 | 68.50 | 21.75 | 5.84 | |
includes | 45.25 | 49.25 | 4.00 | 2.20 | |
and | 52.25 | 57.25 | 5.00 | 4.83 | |
and | 62.20 | 67.00 | 4.20 | 20.28 | |
LPD - 1161 | 36.70 | 38.50 | 1.80 | 4.34 | |
LPD - 1162 | 48.35 | 56.70 | 15.00 | 9.13 | |
includes | 48.35 | 55.65 | 6.40 | 17.32 | |
and | 50.20 | 55.65 | 4.45 | 24.92 | |
LPD - 1163 | 35.45 | 39.95 | 4.50 | 2.83 | |
LPD - 1164 | No significant values | ||||
LPD - 1165 | 42.40 | 57.05 | 14.65 | 4.24 | |
includes | 42.40 | 54.30 | 11.09 | 4.96 | |
and | 45.40 | 48.40 | 3.00 | 13.01 | |
* 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
1141 Zone, which is mesothermal in nature, is located approximately 200 metres to the south and adjacent to the Filodehambre zone, and shows similar characteristics to both the Filodehambre and Pepas Zones on the Company's Rio Pescado property.
1141 Zone has been tested for approximately 250 metres along strike in a north south manner. It is truncated to the north by an east-west fault and remains open to the south. The width of the zone is approximately 75 metres and remains open to the west downdip. The true thickness of the vein system ranges from 1 to 25 metres, and vertically the 1141 Zone which is effectively at surface, has been tested to a maximum depth of 75 metres.
The Company now plans to test the westerly downdip extensions of the vein system and the southerly strike extension. New permitting for these areas is being processed. Once applications have been submitted and approval has been received the Company will continue an aggressive program of definition and reconnaissance drilling in the area.
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.
Figure 1. Rio Pescado Project - Drill Hole Location Maphttp://www.rns-pdf.londonstockexchange.com/rns/7714X_1-2012-2-20.pdf
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
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.