TORONTO, ONTARIO--(Marketwire - Jan. 25, 2012) -
Editors Note: There is a map associated with this press release.
Calvista Gold Corporation CVZ ("Calvista" or the "Company") is pleased to announce additional assay results in its newly acquired property El Carmen (License 90-68) from Drill Holes Cal-31 to 37 (See Figure 1). The Phase 1 drilling program, has been completed with a total of 9,836 metres drilled on 24 holes, which compliments the 13 holes drilled in 2010, for a total of 14,692.4 metres in 37 drill holes. Calvista is also pleased to announce that it is currently working towards a NI 43-101 resource estimate and expects to have it ready in the first quarter of 2012.
The recently concluded drilling program has connected the mineralized structures at the west end of the Company's licenses with the main mineralized zone to the east known as AUX Canada Acquisition Inc.'s (formerly Ventana Gold Corp.) La Mascota mineralized zone. This trend has a strike length of approximated 700 metres on Calvista's licenses. The Company's drilling on the eastern licenses has also discovered a second mineralized structure related to hydrothermal breccias starting from the surface, as well as disseminated gold mineralization within the porphyry itself. Modeling of the data currently being carried out is designed to provide a better picture of the distribution of the mineralization within Calvista's licenses and their economic potential and resume drilling of the second phase, 15,000 metre drilling program.
Included as part of the drill hole assay results reported below, Cal-35 targeted near the surface high-grade shoots within the main broad north-east trending mineralized zone, which hosts the neighbors' deposits as mentioned in the previous paragraph, and returned an intersection of 7.62 metres of 9.86 grams per tonne ("g/t") gold, and Cal-36, which intercepted from 35.05 to 48.76 metres an interval of 13.73 metres at 5.93 g/t gold.
Overall drill results from the 7 holes ranged from below detection to 1.53 metres of 32.4 g/t gold, and included the select results in the following table:
El Carmen (License 90-68) & El Sinu (License 98-68): Selected Drill Intercepts (1.0 g/t Cutoff).
Hole From To Int (i) Au, g/TM Ag, ppm Cu, ppm
Cal-31 144.78 146.30 1.52 12.29 7.95 955
182.88 184.40 1.52 10.36 14.00 8,815
187.45 188.97 1.52 5.71 10.00 6,649
521.20 522.73 1.53 3.45 217.00 742
Cal-32 53.34 57.91 4.57 4.22 3.28 850
Cal-33 0.00 32.00 32.00 2.48 16.69 407
64.00 65.53 1.53 3.32 32.00 642.2
Cal-34 0.00 6.09 6.09 2.09 32.02 641
10.66 18.28 7.62 1.78 16.07 699
110.64 118.87 8.23 1.97 26.56 638
123.74 124.96 1.22 4.09 24.00 740
281.94 289.56 7.62 1.37 0.09 122
295.65 298.70 3.05 1.22 0.10 158
greater than
342.90 347.47 4.57 2.77 10.00
greater than
376.42 379.47 3.05 19.79 10.00 1,018
greater than
Incl 376.42 377.95 1.53 32.40 10.00 1,190
480.06 600.15 Pending (ii)
Cal-35 28.95 36.57 7.62 9.86 2.61 903
incl 28.95 30.48 1.53 29.57 12.00 1,076
80.77 83.82 3.05 4.33 11.55 1,870
149.35 152.40 3.05 2.70 5.10 5,510
greater than
Cal-36 0.00 12.19 12.19 1.72 10.00 684
greater than
35.05 48.76 13.71 5.93 10.00 572
greater than
incl 44.19 47.24 3.05 11.84 10.00 700
60.96 68.58 7.62 2.42 6.97 1,310
74.67 76.20 1.53 3.67 2.05 1,342
118.87 121.92 3.05 2.44 5.98 592
461.77 463.29 1.52 10.70 11.00 4,077
Cal-37 Pending (ii)
(i) True width to be determined in the future.
(ii) Cal-34 (480.06 to 600.15meters) and Cal-37 (0 to 554 meters) assay
results are pending.
Quality Assurance
Calvista has developed and implemented Quality Assurance/Quality Control protocols that meet current industry best practices. Calvista's protocol during the 2011 drill program includes the insertion of blanks and both core and reject duplicates as well as a limited number of certified standards into the sample stream. Samples with assay results greater than 10 g/t Au are re-assayed by metallic screen analysis. Samples were prepared at a preparation facility in Medellin, Colombia run by SGS Colombia S.A, ("SGS") before being shipped for analysis to the SGS certified assay laboratory in Lima, Peru.
Technical Information
The scientific and technical information in this news release has been reviewed, verified and compiled by Calvista's President & CEO, CPG Michael D. Johnson, P.Geo., a "qualified person" as defined by National Instrument 43-101.
For further details on the California Project, please refer to the technical report of Calvista dated January 17, 2011 entitled "Technical Report on the California Project, Department of Santander, Colombia." prepared by Paul Chamois, M.Sc. (Applied), P.Geo., available on SEDAR at www.sedar.com.
About Calvista
Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Calvista's California Project is comprised of eleven mining titles grouped into six non- contiguous blocks located in the California mining district, Department of Santander, in Colombia. Calvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Calvista's head office is located in Toronto with its Colombian headquarters located in Bucaramanga. For further details on Calvista, its management team and its project, please refer to Calvista's web site (www.calvistagold.com). Calvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Calvista's objectives, goals or future plans, statements regarding exploration results, potential mineralization, exploration plans and the timing of a potential resource estimate. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in Calvista's public documents filed on SEDAR. Although Calvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Calvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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