(Dallas, TX. – September 21, 2011) StockGuru Shines its Spotlight on Corazon Gold Corp. (TSX VENTURE:CGW)(OTCBB:RMZFF). The Company announced yesterday further encouraging results from the remaining 16 holes of its 29 hole, 4644 metre, Phase One drill program, at the Santo Domingo gold property in Central Nicaragua. The 6.5km2 Santo Domingo concession is situated wholly within B2Gold’s La Libertad property, containing the La Libertad mine, and the new Jabali vein discovery, which lies immediately to the south of Corazon’s concession. The Company closed on September 20, 2011, at $0.33, trading in a fifty-two week range of $1.1164 – 0.3524.
New Phase One Highlights
- Drilling of newly tested Santo Domingo vein yields 1.25 metres of 17.47 g/t gold and 0.35 metres of 16.81 g/t gold.
- Amparo zone returns 5.75 g/t gold over 2.4 metres including 0.3 metres of 27.5 g/t gold.
- Testing confirms three new zones with high-grade gold mineralization.
- More than 7km of epithermal veins remain untested for Phase 2 drilling.
A map showing the current drill holes and various vein structures is available at http://www.corazongold.com/section.asp?pageid=16752.
Corazon President, Patrick Brauckmann, commenting on the results stated, “The completion of Phase One drilling at Santo Domingo confirms that gold mineralization is present in the many structures tested. The newly drilled Santo Domingo vein is especially encouraging as evidenced by the high-grade intercepts found in Drill Holes SD-21 and SD-22. These two holes were drilled 600 metres apart along strike, and are the only holes drilled to date in this 1.5 km long structure. The intercept of 27.5 g/t gold encountered at Amparo is also very positive. Phase One drilling has only tested approximately one half of the known veins at Santo Domingo leaving substantial potential for additional discoveries. The results clearly warrant further drilling, and a Phase Two drill program is currently being planned. The Phase Two drilling will step-out from the high-grade intercepts obtained in Phase One, and also begin drilling untested structures on the property, which total approximately 8 km’s in combined strike length.”
|Table 1. Significant Phase One Drill Hole Intercepts|
|Drill Hole||Vein||From||To||Interval Width**||Gold (g/t)|
|SD10-11*||San Gregorio||42.80||44.40||Encountered Mine Stopes|
|SD11-11*||San Gregorio||80.70||84.60||Encountered Mine Stopes|
|SD12-11*||San Gregorio||108.00||111.60||Encountered Mine Stopes|
|Incl.||33.10||36.00||Encountered Mine Stopes|
|* Previously reported results on June 2, 2011|
|** Interval widths reported are drilled width and may not represent true width|
Review of the Phase One results reveal that the veins are dominated bybreccia textures containing angular rock fragments enclosed in a quartz-chalcedony matrix. Colloform banded, vuggy, comb-textured, and amethystine quartz are noted locally. Corazon is the first company to drill the concession, and has to date, only probed veins at shallow depths. Broader zones of quartz stockwork, intersected in some of the shallow drill holes, may coalesce at depth into a high-grade coherent feeder structure.
John C. Spurney, M.Sc. Geology is the Qualified Person for the Santo Domingo project, as defined by National Instrument 43-101 (“NI 43-101”), has reviewed and approved the contents of this news release. Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into all core samples submitted for assay. All samples were bagged and sealed on-site, then securely stored temporarily at Corazon’s field office in Santo Domingo prior to transport by company personnel to Inspectorate Exploration & Mining Services Ltd.’s preparation facility in Managua, Nicaragua. From Managua, they were sent via airfreight to Inspectorate’s assay laboratory in Richmond, BC, Canada. Samples are analyzed via 30 gram fire assay with AA finish. Silver, base metals, and trace elements are analyzed as part of a multi-element ICP package.
On Behalf of the Board of Directors, Corazon Gold Corp.
Disclaimer for Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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