Consolidated Goldfields Receives Assay Results Including 1.5m of 983 g/t Silver and 9.2m of 493.3 g/t Silver
Consolidated Goldfields Corporation ("Consolidated" or the "Company") (PINKSHEETS:CDGF) is very pleased to announce the receipt of additional assay results from its reverse circulation drill program at the Cahuilla gold-silver project in Imperial County, California.
The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple high grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.
The most recent drilling was conducted approximately 250 meters southwest of the main body of known gold mineralization in an area containing relatively sparse drill coverage. As a result of the high grade gold mineralization encountered in CAH-139 and high grade silver values intersected in CAH-142, the number of drill holes dedicated to this area will be significantly increased as this prospective area deserves more attention since very little historic drilling currently exists.
With respect to CAH-142, gold and silver mineralization is completely open to the north, east and south as well as at depth. CAH-139 is situated approximately 160 meters west of CAH-142 and is completely open to the north, west and south as well as at depth. The long intercepts of lower grade gold mineralization were expected in this area as demonstrated by historic drill results, however the high grade gold and silver mineralization represent the discovery of new veins and/or strongly mineralized zones that will require significantly more drill testing.
Assaying of the reverse circulation samples is being conducted by Inspectorate Laboratory in Reno, Nevada. Drill samples were collected by Mr. Paul Stubble (consulting project geologist), split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for analysis.
The Company is very pleased to announce gold and higher grade silver assay results from the recent drilling:
(i) The higher grade gold intercepts in CAH-142 also contain significant silver values including 213.6 grams (6.24 oz/t) from 103.6 to 112.8 meters (9.2m) and 493.3 grams (14.40 oz/t) from 128.0 to 137.2 meters (9.2m) including 1.5 meters of 4.45 grams gold (0.130 oz/t) and 983 grams silver (28.7 oz/t) from 135.6 to 137.1 meters.
Primary objectives of the drill program are to expand the known gold and silver mineralization delineated by historic drilling as well as search for additional high grade veins. Mr. Marc J. Andrews, President/CEO of Consolidated Goldfields, remarked "Consolidated is extremely pleased with the discovery of high grade silver mineralization and further defining this very prospective mineralized area. We have encountered gold throughout the entire three plus kilometer strike length at Cahuilla and the company is aggressively drilling the project to enlarge and further enhance the area containing known gold/silver mineralization."
Certain information contained in this news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.