Cabia Goldhills Inc. (“Cabia”)(TSX VENTURE:CGH) is pleased to provide an update on the exploration activities at its 100% owned Mejia Gold Project, Colombia. Following the acquisition of the project, Cabia contracted MPX Geophysics Ltd to complete an airborne magnetic and radiometric survey comprising 694 line-km over its property.
Paterson Grant and Watson of Toronto provided an initial interpretation of the data. Field exploration activities followed the airborne survey and to date four areas with mineralization potential have been identified. Two with the presence of vein type mineralization and the other two with Cu-Mo-Au potential.
Vein type mineralization at surface are of centimetric width, partially outcropping and covered by soil; having visible sphalerite, galena and pyrite, with or without tourmaline mineralization hosted in a metamorphic package. Bulk tonnage targets are related to disseminated pyrite associated to silica ridges and outcrops overlaid by volcanics in addition to outcrops characterized by disseminated pyrite plus sericitic alteration and locally together to tourmaline dissemination in hydrothermal breccias and intrusive rocks. Larger areas are affected by propylitic alteration covering ridges as well as along structures.
As an ongoing exploration process, Cabia is commencing a soil sampling program over the southern portion of its concession, adjacent to the existing La Gloria Mine where previous sampling returned up to 171.5 g/t Au content, to evaluate the potential for an extension of this mining zone onto the Cabia property as discussed in the 43-101 report available on the company’s SEDAR profile at http://www.sedar.com.
Cabia expects to receive geochemical sampling results of its first phase sampling programs within the next month, following which targets for follow-up exploration will be defined.
The Mejia Gold Project is a 6,946 ha mineral concession located close to sea level and outside of any environmentally restricted areas in the Sur de Bolivar region of the Department of Bolivar, Colombia, were intense artisanal mining is present in an under-explored gold district with high exploration potential.
Michel Delisle, CEO, stated “The Sur de Bolivar region is characterized by artisanal gold mining of high grade veins. The adjacent La Gloria traditional mines illustrate this with Cabia grab sampling of selected mineral production grading upwards of 80.1, 138.0, 155.5 and 171.5 g/t gold. The Mejia Gold Project has potential for the discovery of further vein systems and we are excited by the rapid start-up of activities in our concession. Cabia is also looking to acquire further mineral concessions in this region.”
Gee-Ten Ventures Inc. and Cabia completed a merger in October 2011, which included a private brokered placement raising $ 3.0 million.
Cabia is a TSX-V listed junior exploration company focused upon the exploration and development of gold projects in Colombia.
Quality Control and Assurance: Peter Bolt, VP operations for Cabia is the “Qualified Person”, as defined by National Instrument 43-101, who is responsible for the management and disclosure of Cabia’s exploration programs and disclosure of results. Mr. Bolt has read and approved the technical and scientific information in this news release.
Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Cabia) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions, the risks associated with the mining exploration, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Cabia does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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.