December 1, 2010, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) is pleased to announce the results of the IP (Induced Polarization) ground geophysical survey completed on the Company's flagship Cisneros property, located in Antioquia, Colombia.
As previously announced the Company contracted Jose Arce Geophysics from Lima, Peru to conduct an IP ground geophysical survey which consisted of two grids. The first grid comprised 13.5 line kilometres in 11 east-west lines designed to delineate the Bolo and Guayabito structures to the north and to identify additional parallel mineralized structures in the Guayabito area. The second grid comprised 9.8 kilometres in 7 east-west lines to map mineralized structures in the Guaico -- Nus -- Manuela - Chapulin areas (Figure 1).
"The success of this type of geophysical survey at the Parcoy Mine in Peru (owned by Consorcio Minero Horizonte, an associated company of Antioquia's Strategic Partner, Desafio Minero S.A.C.) was the deciding factor to implement here", stated Vice President of Exploration, Brad Van Den Bussche. "The Parcoy Mine appears to be geologically analogous to Antioquia's Cisneros deposit and produces over 180,000 ounces of gold per year."
The field work was conducted in September and October 2010 and the data was subsequently subjected to 2D and 3D processing and modelling. Ultimately a map was produced for each area (Figures 2 and 3) showing interpreted geophysical structures with responses often indicative of sulphides, which in Cisneros are associated with gold. In total more than 20 target structures have been identified from surface to approximately 300 meters vertically in the two grid areas, with interpreted strike lengths of up to 600 meters.
The Guayabito prospect area, the main focus of exploration to date and where the Company is currently drilling up a resource base, is represented by a single point target anomaly on line LG-3 (refer to Figure 2). This opens up a tremendous amount of new exploration targets, many of which could have greater potential than the current Guayabito target. The exploration team is very encouraged and optimistic of the potential that the IP ground geophysical surveys have identified at Cisneros. The surveys completed to date represent less than 5% of the total land package of 5,630 hectares at Cisneros, thus, this method of exploration could provide the Company with a multitude of additional mineral targets.
Part of the current drilling program is dedicated to proving up an interpreted mineralized structure to the east of Guayabito. Drilling is ongoing and results are expected to be available by year end. Additional work is in progress correlating the new IP data with the extensive ground magnetometer and geochemistry data that exists at Cisneros to further define and prioritise these structures and drill targets.
Antioquia Gold Inc.
Antioquia is a precious metal exploration company with projects in Colombia since 2007. Antioquia's principal asset, which is being actively explored, is its Cisneros Project, located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has drilled over 11,000 meters, conducted extensive geophysical programs and is well versed in the understanding of the deposit type and the project's path to production. The Cisneros Project consists of 5,630 hectares and forms the nucleus of the company's 37,500 hectare land package located throughout Colombia.
This press release has been prepared under the supervision of Brad Van Den Bussche, P. Geol., Vice President of Exploration for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.
Caution regarding forward-looking information:
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Antioquia Gold Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Antioquia Gold Inc. and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks involved.
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Figure 1 - Plan view showing the location of IP Geophysical Grid relative to the prospect areas
Figure 2 - Guayabito -- Interpreted Location of Geophysical Structures
Figure 3 - Manuela -- Interpreted Location of Geophysical Structures