VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2014) - Brian Arkell, CEO and President of Caza Gold Corp. (TSX VENTURE:CZY)(FRANKFURT:CZ6), is pleased to announce that the Company has engaged Aeroquest International, Ltd. to conduct an airborne magnetics survey over its Los Andes High Sulfidation Project. The survey will cover some 550 line kilometers over the central portion of the Los Andes project where previous exploration has identified high sulfidation type alteration and Au-Ag mineralization. The survey and final data analysis are expected to be completed in first quarter 2015.
The Los Andes area displays characteristics of a high sulfidation Au-Ag system. Host rocks are Tertiary-aged andesite volcanics associated with granodiorite intrusive rocks. The system occurs along an 11 kilometer structural corridor with extensive alteration and mineralization exposed at surface. At least 8 targets have been identified along the trend, associated with silicified and argillized volcanic rocks, diatremes and breccia pipes. Brian Arkell, President and CEO states: "The airborne survey will greatly enhance our exploration on the project, help define structure and favorable target zones, and allow Caza to better target our future drilling."
San Francisco Project Update
Caza recently completed additional trenching and drillhole assays on the San Francisco Project, located at the southern end of the Los Andes trend. Mineralization at San Francisco is associated with quartz- carbonate veins hosted in argillized felsic volcanic and dacite intrusive rocks. The alteration footprint in San Francisco comprises some 3 square kilometers.
All three diamond drill holes intersected significant thicknesses of low sulfidation quartz-carbonate veins along with highly anomalous gold values. The veins were up to 6.3 meters in width (downhole). True width cannot be determined from the information available at this time.
| DH # |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
| SFO-001 |
62.2 |
63.84 |
1.3 |
0.241 |
| SFO-001 |
73.6 |
77.0 |
3.4 |
0.383 |
| SFO-001 |
119.4 |
121.1 |
1.7 |
0.171 |
| |
|
|
|
|
| DH # |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
| SFO-002 |
6.6 |
8.2 |
1.6 |
0.276 |
| SFO-002 |
82.6 |
87.1 |
2.7 |
0.209 |
| |
|
|
|
|
| DH # |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
| SFO-003 |
99.4 |
105.7 |
6.3 |
0.188 |
Channel sampling of a drill-hole access road and two trenches have yielded the following results:
| Road Cut |
| Length (m) |
Au (g/t) |
| 4 |
1.053 |
| |
| Trenches |
|
| Length (m) |
Au (g/t) |
| 14 |
0.116 |
| 2 |
1.160 |
| Grab |
1.076 |
"It is evident from the high percentage of calcite in the veins that we are dealing with the upper levels of a high sulfidation vein system that needs further exploration and drilling," adds Brian Arkell. Additional exploration plans at San Francisco include the airborne survey, detailed mapping, as well as further trenching and drilling.
Caza Gold has a quality control and quality assurance program in place for the San Francisco Project. Core samples are collected under the supervision of Company personnel and transported to a secure storage area. Company geologists measure recovery, log the core by standard geologic methods, photograph the core in the boxes, and supervise the cutting of the core using diamond saws. One half of the core is sent for assay and the other half retained for further study and inspections. Coarse, blind, blanks and blind commercial standard gold reference materials for analysis control are inserted in the sample stream. Half-core samples in sealed bags are trucked to the primary laboratory. Blanks and standard reference material results are within acceptable ranges. All samples were prepared at the Inspectorate prep facility in Managua, Nicaragua and analyzed at their Reno, Nevada analytical labs.
Brian Arkell, MSc. Geology, Fellow AusIMM, President and CEO, is the Qualified Person who reviewed and approved the contents of this news release.
The Company also announces its board of directors has resolved to redeem all of the Rights issued and outstanding under the Company's Shareholder Rights Plan (the "Plan") and otherwise effectively abandon the Plan. Under the Plan, one Right has been issued and is attached to each issued and outstanding common share. The Plan provides that the Board may elect to redeem all, but not less than all, of the Rights at a redemption price of $0.0003 per Right (the "Redemption Price") and/or terminate the Plan. The Company will have no obligation to make any payment to any person in the event the aggregate amount owing to such person as a result of the redemption of Rights is less than $15.00 (ownership of less than 50,000 shares). Computershare Investor Services Inc. is the Company's Rights Agent under the Plan. The effective date of the redemption was the close of business on December 2, 2014 (the "Redemption Date") as of which date the only right of qualifying holders of Rights is to receive the Redemption Price. This decision to abandon the Plan was taken by the Board following careful consideration of the relevance and utility of the Plan in relation to the current circumstances of the Company. As a result of the redemption of the Rights, the Plan is terminated.
Registered Shareholders who qualify and wish to receive their nominal payment of $0.0003 per right must complete the Request for Redemption Form which is available by either contacting the Company directly (Philip@cazagold.com or by calling (604) 685-9750) or by downloading the form from the website of the Company at www.cazagold.com under the 'Investor' heading. Beneficial shareholders that qualify must contact their brokerage firm to have them complete the required request. Request for Redemption forms must be received by the Company on or before December 31, 2014. The redemption price payable to any holder of rights will be rounded up or down, as applicable, to the nearest cent.
About Caza Gold
Caza Gold Corp. is a Greenfields exploration company focused on discovering new gold deposits in Nicaragua. The Company controls a large land position in the highly prospective but largely undeveloped gold belts of Nicaragua. Caza Gold has developed a large portfolio of projects in Nicaragua, including the Los Andes gold-silver project and the Piedra Iman copper-gold project.
CAZA GOLD CORP.
Brian Arkell
President and CEO
"Neither 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."
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.