California Gold Announces First Exploratory Drill Results

 

TORONTO - California Gold Mining Inc. reports new assay results from exploratory drilling at its flagship Fremont Project in Mariposa County, California. Vishal Gupta, California Gold's President and CEO, said, "These are impressive results that support our thesis that there is significant exploration potential beyond the historically defined project. We are extremely pleased with the substantial grades and sizable widths intersected at the newly discovered Queen Specimen zone that lies to the north of the previously drilled Pine Tree-Josephine zone. These latest results indicate the continuation of the gold mineralization along the strike of the mineralized shear zone on the Fremont Property. The addition of this new exploration dimension to the foundation project we established with our infill drilling program makes Fremont one of the best emerging gold projects in North America."

The Queen Specimen exploration drill holes were designed to test the continuity of lithology, structures, and mineralization to the north, and along strike, of the Pine Tree-Josephine deposit. In general, the same lithological sequence was observed in these drill holes as with previously analyzed drill holes in the Pine Tree-Josephine deposit, including a sequence of metavolcanic mafic rocks overlying a melange of serpentinized ultramafic rocks. These are separated from the underlying meta-sedimentary rocks of the Mariposa Formation by a zone of highly sheared and serpentinized phyllonite that is characteristic of the Melones Shear Zone. In addition to the sequence stated above, an additional zone of fault emplaced Mariposa Formation sediments is apparent within the hanging-wall mafic metavolcanic rocks. This stratigraphic repetition may be due to thrust faulting or folding associated with dextral movement along the Melones Shear Zone that has been observed in airborne magnetic data recently acquired for the Fremont Project.

The exploratory holes were drilled as part of the Phase III and Phase IV drill programs. The Phase III drill program commenced on September 11, 2015 and concluded on March 5, 2016. It consisted of a total of 43 diamond holes, and 12,549 meters of drilling. The Phase IV drill program commenced on June 5, 2016 and concluded on July 8, 2016. It consisted of a total of four diamond holes, and 997 meters of drilling.