Confederation Minerals Ltd. (TSX VENTURE:CFM) ("Confederation") is
pleased to report continued high grade drill results from the
on-going drilling program at the Newman Todd property in the Red
Lake Gold District, Ontario. The work is being operated and funded
by Confederation pursuant to an option to earn a 70 percent
interest in the project from Redstar Gold Corp. (TSX
VENTURE:RGC).
To date, 52 drill holes totaling 20,000 metres have been
completed in 2011, and drilling continues with two drills operating
24 hours per day. Drilling has focused on the Newman Todd Structure
(NTS) where gold mineralization has been discovered over a strike
length 1.6 kilometres and remains open to the SE.
Results reported in this release include Hole NT-087, drilled
into the Hinge Zone, which intersected five separate high grade
gold intervals with an additional wide interval of 1.11 g/t gold
over 58.0 metres.
Highlights:
-- Hole NT-087 intersects 10.60 g/t gold over 0.50 metres and 15.90 g/t
gold over 1.00 metres and 11.25 g/t gold over 5.75 metres including
97.80 g/t gold over 0.50 metres and 12.80 g/t gold over 1.00 metres.
-- Hole NT-087 also intersects 58.00 metres of 1.11 g/t gold.
-- Hole NT-089 intersectes 10.40 g/t gold over 1.0 metres.
-- Hole NT-090 intersects 28.80 g/t gold over 1.0 metres.
-- Hole NT-091 intersects 11.60 g/t gold over 1.0 metres.
Discussion of Results:
This latest group of results are from drill holes located within
the Hinge Zone (NT-087 and NT-086) and continue to exhibit
wide-spread, high-grade gold mineralization within the central part
of the NTS. Holes 88 and 91 were drilled in the north-eastern part
of the NTS, approximately 400 metres northeast of the Hinge Zone
while holes 89 and 91 were drilled in the south-western part of the
NTS approximately 400 metres southwest of the Hinge Zone (refer to
Confederation's web site at www.confederationmineralsltd.com for
figures showing the location of the NTS, all drill holes announced
to date, the Hinge and other zones of high-grade gold
mineralization and a complete listing of assay 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 1.6 km of the total projected
2.2 km strike length. The Hinge Zone represents a major flexure
within the NTS, where, similar to other major gold deposits,
gold-bearing fluids have been focused and therefore have formed
wider, and higher-grade mineralized bodies. This same model is
proposed for the NTS at depth, as well, where flexures in the
vertical sense have similarly acted as fluid traps, and could host
yet higher grade and more continuous mineralization than that
already discovered at Newman Todd. Further drilling, subsequent to
detailed interpretation of the major amount of data collected over
the past year of continuous drilling with two drills, will focus on
following the lateral strike and vertical plunge of Hinge Zone-type
dilational structures.
Lawrence Dick, Ph.D., P.Geo., President and CEO of Confederation
Minerals states: "We continue to be extremely pleased and very
excited and optimistic with results from the 2011 drill program.
Although we are still in the early stages of drilling, the data to
date have shown incredible continuity of the gold mineralizing
system along the entire drilled area, which is now approaching 2
kilometers. We are also starting to observe wider zones of
lower-grade gold mineralization in close association with, or
enveloping the high grade intercepts. The grade and widths of our
results are comparable to those being intersected at Goldcorp's
High Grade Zone where narrow drill intercepts account for a
significant gold reserve and resource (Goldcorp NI 43-101 report
dated January 15, 2011). Given the difficulty in intersecting
high-grade gold zones in Red Lake-style deposits, the fact that our
drilling has intersected gold mineralization in almost every hole
drilled this year along a 1.6 kilometer strike length gives us
ample reason for optimism. Now that the first-pass reconnaissance
drilling is nearly finished, with fences of drill holes along 1.6
kilometers of the structural-alteration zone, attention will shift
to demonstrating continuity along strike and with deeper holes to
depth. The fact that multiple zones of gold mineralization are
being intersected in individual holes indicates the presence of
multiple, sub-parallel striking structures, adding to the potential
of the project."
Table of results from nine recently completed holes:
----------------------------------------------------------------------------
From To Au Width
Hole (m) (m) (g/t) (m) Section
----------------------------------------------------------------------------
NT-086 239.00 239.50 3.41 0.50 2150
----------------------------------------------------------------------------
and 302.00 303.00 3.33 1.00
----------------------------------------------------------------
and 337.00 340.00 2.17 3.00
----------------------------------------------------------------
including 338.00 339.00 4.66 1.00
----------------------------------------------------------------
and 367.00 372.00 1.07 5.00
----------------------------------------------------------------
including 369.00 370.00 3.98 1.00
----------------------------------------------------------------
and 428.00 429.00 3.98 1.00
----------------------------------------------------------------
and 472.00 473.00 3.15 1.00
----------------------------------------------------------------
and 486.00 487.00 3.56 1.00
----------------------------------------------------------------------------
NT-087 237.00 241.00 3.11 4.00 2100
----------------------------------------------------------------------------
including 238.50 240.00 6.97 1.50
----------------------------------------------------------------
and including 239.00 239.50 10.60 0.50
----------------------------------------------------------------
and 249.00 250.00 15.90 1.00
----------------------------------------------------------------
and 279.75 291.00 5.75 11.25
----------------------------------------------------------------
including 280.35 280.85 97.80 0.50
----------------------------------------------------------------
and including 290.00 291.00 12.80 1.00
----------------------------------------------------------------
and 354.00 412.00 1.11 58.00
----------------------------------------------------------------
including 363.00 371.00 0.04 8.00
----------------------------------------------------------------
and including 358.00 359.00 7.24 1.00
----------------------------------------------------------------
and including 379.00 380.00 6.72 1.00
----------------------------------------------------------------
and 384.00 392.00 2.23 8.00
----------------------------------------------------------------
and 396.00 403.00 2.00 7.00
----------------------------------------------------------------------------
NT-088 339.00 340.00 3.26 1.00 1325
----------------------------------------------------------------------------
and 345.00 346.00 4.20 1.00
----------------------------------------------------------------------------
NT-089 48.00 49.00 3.19 1.00 2450
----------------------------------------------------------------------------
and 187.00 188.00 10.40 1.00
----------------------------------------------------------------
and 240.00 241.00 7.65 1.00
----------------------------------------------------------------------------
NT-090 37.00 46.00 1.06 9.00 2450
----------------------------------------------------------------------------
including 38.00 39.00 4.29 1.00
----------------------------------------------------------------
and 76.00 77.00 7.08 1.00
----------------------------------------------------------------
and 86.00 97.00 1.00 11.00
----------------------------------------------------------------
and 187.00 197.00 1.02 10.00
----------------------------------------------------------------
and 255.00 262.00 1.08 7.00
----------------------------------------------------------------
and 276.00 282.00 1.84 6.00
----------------------------------------------------------------
and 314.00 315.00 28.80 1.00
----------------------------------------------------------------
and 321.00 326.00 1.64 5.00
----------------------------------------------------------------------------
NT-091 60.00 66.50 3.01 6.50 1325
----------------------------------------------------------------------------
including 60.00 61.00 16.40 1.00
----------------------------------------------------------------
and 341.00 390.00 0.97 49.00
----------------------------------------------------------------
including 377.00 380.00 3.07 3.00
----------------------------------------------------------------
and including 389.00 390.00 11.60 1.00
----------------------------------------------------------------------------
NT-092 weakly anomalous (drilled Anomalie 1
outside of the NTS)
----------------------------------------------------------------------------
(i) 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 two metres unless otherwise indicated.
(ii) Cross sections are spaced 25 metres apart across the entire NTS,
Section 1375 marks the centre of the Heath Bull Zone.
Exploration work at the Newman Todd project is funded by
Confederation Minerals Ltd. (Confederation) (TSX VENTURE: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.
About Confederation Minerals Ltd.
Confederation Minerals Ltd. is a British Columbia based company
engaged in the business of acquisition, exploration and development
of mineral properties. Its objective is to locate and develop
economic precious and base metals properties of merit.
Confederation Minerals Ltd. holds an option agreement to acquire up
to 70% of the Newman Todd project in the Red Lake Mining District
of Northern Ontario as well as 100% ownership in two other
properties in the Red Lake Mining District of Ontario.
On Behalf of the Board,
Confederation Minerals Ltd.
Lawrence A. Dick, Ph.D., P.Geo., President, CEO, and
Director
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.
Contacts: Confederation Minerals Ltd. - Corporate Inquiries
Lawrence Dick President 604.688.9588 778.329.9361
(FAX)lawrence.dick@barongroupintl.comwww.confederationmineralsltd.com
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