NEWS RELEASE
January 12th, 2012 TSX-V Symbol: CFMConfederation Minerals Ltd. Continues to Intersect Wide Zones of Gold Mineralization, including
Multiple Zones of High-grade Gold, at its Newman Todd Project, Red Lake District, Ontario
Confederation Minerals Ltd. ("Confederation") (TSX-V: CFM) is
pleased to report continued high grade gold
assays from the 2011 drilling program at the Newman Todd
property, located in the Red Lake Gold District, Ontario.
These additional high-grade intervals of gold mineralization
are confirming the existence of a major new Red Lake-style,
high-grade gold discovery. The year 2011 witnessed the most
extensive drill program on the property to date where 24,707
metres were drilled in 56 holes. Drilling has focused on the
Newman Todd Structure (NTS) where several zones of high grade
gold mineralization have been drill traced for over a strike
length 1.8 kilometres. A geological mapping program was also
undertaken during 2011, the results of which led to the
discovery of high- grade gold mineralization in the NTS at
surface. It is important to note that every hole drilled into
the NTS to date has intersected the gold-bearing structure.
All work on the Newman Todd project is being funded by the
operator, Confederation Minerals Ltd. (Confederation)
(TSX.V:CFM). For a summary of results to date, refer to the
Company's website at www.confederationmineralsltd.com.
Highlights from the latest drilling include
• NT-096 intersected 2.0 metres of 15.58 g/t
gold including 1.0 metres of 29.80 g/t gold
• NT-097 intersected 59.0 metres of 1.04 g/t
gold including 5.0 metres of 4.74 g/t gold and including 0.50
metres of 39.50 g/t gold
• NT-102 intersected several zones including:
- 15.0 metres of 3.27 g/t gold including 1.0 metres of 36.15
g/t gold
- 47.0 metres of 2.17 g/t gold including 3.0 metres of 19.42
g/t gold and including 1.0 metres of 56.80 g/t gold
- 42.0 metres of 1.52 g/t gold including 1.0 metres of 17.10
g/t gold. Significant milestones successfully completed and
identified on the project to date include:
• Confirmation of the existence of a large-scale, open-ended, gold-bearing hydrothermal system(approximately 2.2km long and over 500 meters of depth extent indicated by drilling);
• Confirmation of the continuation of high-grade gold in structurally-controlled zones from the surface to a depth of 500 metres;
• Identification of key ore controls of high-grade gold mineralization within the NTS;
• Establishment of an all-season exploration camp to continue year-round exploration;
• Recognition of the deposit type as being similar to that of the high-grade zone at the Red Lake
Mine.
Discussion of Results:Gold mineralization continues to be associated with veining and silica/sulphide replacement zones within the widespread Iron-carbonate alteration system of the NTS. These zones continue to be intersected in drilling along the entire drilled strike length of the NTS - now approximately 1.8 km of the total projected 2.2 km strike length. The current interpretation suggests that there are over 20 individual high-grade zones along the current strike length of the NTS. These zones are interpreted as near vertical to steeply plunging structurally-controlled bodies.
Surface Sampling program:
Recent geological and structural mapping has indentified a
surface exposure of the NTS which was washed and sampled
across gold-bearing zones. The sampling occurred on a
stripped outcrop towards the southwest portion of the
property where 18 channels were cut for a total of 166.5
meters and 170 samples. The exposed area of the NTS is
approximately 100 m by 30m wide. Channels were oriented
parallel to and cross cutting the current drill direction in
order to define the trend of mineralization. Several short
sample intervals were also collected to characterize gold
mineralization associated with visible gold in quartz veins,
magnetite replacement zones, shear zones and sulphide
replacement zones. Approximately 24% of the samples returned
0.50 g/t gold or higher with a high value of 0.5m of 40.3 g/t
gold. These data indicate that the gold-bearing system comes
to surface and opens the possibility of discovering a
near-surface resource, in addition to the multiple,
high-grade zones known to have open- ended down-plunge
potential.
Lawrence Dick, Ph.D, P.Geo., CEO of Confederation states
" We are extremely pleased with results from the 2011
drill program. Although in early stages of drilling, the data
to date have shown an incredible continuity of the gold
mineralizing system along the entire drilled area. With the
recent discovery of high-grade mineralization at surface and
the depth of the current drilling, we are confident that the
depth extent of the NTS far exceeds 1km and may continue up
to several kilometers in depth, in keeping with the
characteristics of other, major mesothermal gold deposits in
the Canadian Archaean,. Gold mineralization is thought to
occur as individual, near-vertical to steeply-plunging zones
which can have substantial down-plunge continuity. Our
geological team has proposed at least 20 individual
high-grade zones based on results from the 2011 widely-spaced
drilling. For perspective, consider the current Mineral
Resource Estimate at the Red Lake Mine where 32 zones where
used to determine the gold resource. Confederation management
is of the opinion that the results of 2011 drilling at Newman
Todd represent a significant gold discovery. Gold-bearing
veins at the Red Lake Mine average 1.5 - 1.8 metres in width
and extend over strike lengths between 30 to 300 metres.
Sulphide replacement zones at the Red Lake Mine vary from
3-12 metres wide and extend between 120 - 180 metres in
strike length. (Gold Corp NI 43-101 report dated January 15,
2011). " Thus vein and mineralization width, strike
length of the mineralized system, and the open-ended
down-plunge character of the mineralization within the NT
structure, give optimism for the potential presence of Red
Lake-style mineralization at Newman Todd, We feel very proud
of these accomplishments during the 2011 drilling
campaign.
Table of results from nine recently completed holes
Hole | From (m) | To (m) | Gold (g/t) | Width (m) | |
NT-093 | 102.00 | 104.50 | 7.07 | 2.50 | |
NT-093 | including | 102.00 | 102.50 | 9.14 | 0.50 |
NT-093 | and including | 104.00 | 104.50 | 25.80 | 0.50 |
NT-093 | and including | 144.00 | 157.00 | 0.79 | 13.00 |
NT-093 | including | 144.00 | 145.00 | 4.82 | 1.00 |
NT-093 | and including | 201.00 | 205.00 | 3.01 | 4.00 |
NT-093 | including | 203.00 | 204.00 | 11.10 | 1.00 |
NT-095 | 308.00 | 313.00 | 1.07 | 5.00 | |
NT-095 | including | 308.00 | 309.00 | 3.56 | 1.00 |
NT-096 | 79.00 | 87.00 | 1.21 | 8.00 | |
NT-096 | including | 80.00 | 82.00 | 4.03 | 2.00 |
NT-096 | and including | 239.00 | 244.00 | 1.01 | 5.00 |
NT-096 | including | 240.00 | 241.00 | 3.23 | 1.00 |
NT-096 | and | 251.00 | 252.00 | 3.15 | 1.00 |
NT-096 | and | 280.00 | 284.00 | 1.27 | 4.00 |
NT-096 | including | 282.00 | 282.50 | 7.89 | 0.50 |
NT-096 | and | 319.00 | 320.00 | 4.06 | 1.00 |
NT-096 | and | 443.00 | 445.00 | 15.58 | 2.00 |
NT-096 | including | 443.00 | 444.00 | 29.80 | 1.00 |
NT-097 | 274.00 | 303.00 | 1.11 | 29.00 | |
NT-097 | including | 275.00 | 287.00 | 2.09 | 12.00 |
NT-097 | and including | 275.00 | 277.00 | 3.87 | 2.00 |
NT-102 | and including | 387.00 | 401.00 | 3.02 | 14.00 |
NT-102 | and including | 393.00 | 394.00 | 6.24 | 1.00 |
NT-102 | and including | 400.00 | 401.00 | 17.10 | 1.00 |
NT-102 | and including | 420.00 | 421.00 | 9.57 | 1.00 |
* Width is calculated as core length and does not imply true width of the zone. Weighted average gold intervals apply a 0.25 g/t lower cut-off.
Internal dilution within reported intervals does not exceed core lengths of four metres unless otherwise indicated.
** Cross sections are spaced 25 metres apart across the entire NTS, Section 1375 marks the centre of the Heath Bull Zone. NT-094 was drilled outside of the NTS and intersected weakly anomalous gold values.
Exploration work at the Newman Todd project is funded by
Confederation Minerals Ltd. (Confederation) (TSX.V:CFM).
Confederation can earn a 50% interest in the project by
spending $5.0 million in exploration by November 2013, and an
additional 20% by producing a Preliminary Economic Assessment
(PEA) by November 2016. During the earn-in period,
Confederation is the operator of the project.
Core samples from the program were cut in half, using a
diamond cutting saw, and were sent to Activation Laboratories
Ltd. in Red Lake Ontario, an accredited mineral analysis
laboratory, for analysis. All samples were analyzed for gold
using standard Fire Assay-AA techniques. Samples returning
over 3.0 g/t gold were analyzed utilizing standard Fire
Assay-Gravimetric methods. Certified gold reference
standards, blanks and field duplicates were routinely
inserted into the sample stream, as part of
Confederation's quality control/quality assurance
program.
Bob Singh P.Geo is the qualified person as defined by
National Instrument 43-101 and has reviewed this news
release. Mr. Singh has been engaged through a third party
service provider by Confederation Minerals Ltd. to manage the
project, and is also the Canadian Exploration Manager for
Redstar Gold Corp.
On Behalf of the Board,
"Lawrence Dick"
Lawrence A.Dick, Ph.D., P.Geo President, CEO, and DirectorCORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Lawrence Dick, President
604.688.9588 lawrence.dick@barongroupintl.com
www.confederationmineralsltd.com
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Confederation Minerals Ltd. (the "Company") expects to occur are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward- looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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Confederation Minerals Ltd. Continues to Intersect Wide Zones of Gold Mineralization, including Multiple Zones of High-grade Gold, at its Newman Todd Project, Red Lake District, Ontario |