June 28, 2011, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia") (TSX-V: AGD) is pleased to announce a high-grade gold intercept at the Guaico structure; 22.72 g/t Au over 2.3 meters.
The Guaico structure is the continuation of the Guaico Artisanal Mine originally drilled by Antioquia Gold in 2009 and 2010. The above mentioned intercept represents the deepest high-grade intersection at the Guaico structure to date and has extended the Guaico structure / mineralization 60 meters along strike to the north and 120 m down plunge from the Guaico Artisanal Mine.
Results from an additional eight (8) drill holes (1,934.4 m) from the 2011 drilling campaign at Cisneros are reported herein and includes continuing success at the Nus Vein and Papi Zone; new discoveries made earlier by Antioquia in 2011 and as originally reported in May 27, 2011 News Release (available on our website or SEDAR). To date Antioquia has reported results from eighteen (18) drill holes amounting to 4,289.7 m of the ongoing 15,000 m drill program in 2011 at the Cisneros Project.
Refer to Table 1 and Figures 1&2 for summarized results and location of drill holes reported.
The Guaico Structure is the continuation of the Guaico Artisanal Mine. Individual grab samples collected within the Guaico Artisanal Mine returned values up to 60.74 g/t Au. Drill intercepts of the Guaico structure drilled in 2009 by Antioquia returned values up to 19.9 g/t Au over 5.38 m. GCO11-001 reported above intersects the Guaico structure 120 m below and 60 m along strike to north. GCO11-003 intersected the Guaico structure 100 m along strike, 160 m below the Guaico Artisanal Mine; however, the lower grade suggests possibly the northern limit of a controlling plunge to mineralization. Similarly, anomalous gold results from GCO11-004 confirms the continuation of the gold bearing Guaico structure 250 m below -- down plunge from the Guaico Artisanal Mine. Antioquia Gold continues to define the Guaico structure by diamond drilling and has defined well developed mineralization over a strike length of 200 m and to a depth / down plunge 200 m below the Guaico Artisanal Mine. Additional assay results will be reported once they are available.
GCO11-002 tested a separate IP anomaly northwest of the Guaico Artisanal Mine with no significant results.
Nus Vein Zone
The results from drill holes NUS11-005 and NUS11-006 continue to exhibit the presence of silver and copper along with gold (Cu+Au+Ag) in the structure and compliments the results previously reported in holes NUS11-002, 003, and 004. In fact NUS11-005 suggests a higher gold content. Table 1 illustrates results and has converted the silver and copper values in the Nus Vein drill holes to provide a gold equivalent value (Au Eq).
NUS11-006 intersected the structure 100 m along strike and 100 m below the NUS11-005 intersection confirming the continuation of the polymetallic (Cu+Au+Ag) structure; however, it also suggests a structural control on Au grade, notably a steep plunge. The veins remain open along strike and to depth. Antioquia is currently testing this structural control and will report additional results when available.
It is uncertain from the results for PAP11-004 and PAP11-005 (see Table 1 below) whether the drilling in fact intersected the continuation along strike of the mineralization previously reported (Press Release May 27, 2011) in drill holes PAP11-001 and PAP11-003 or is a new structure in the zone. More drilling has been performed at the Papi Zone to better define structural controls on the mineralization as well as defining the mineralization occurring at the Papi Artisanal Mine (selective samples taken from the Papi Artisanal Mine returned up to 12.7 g/t Au). The Papi structures remain open along strike and depth. Results on this new drilling are pending.
Phase 2 Drilling Update
Antioquia has drilled 8,966 meters in thirty-seven (37) drill holes so far in its 15,000 m drill program for 2011. Two drills continue to operate in the second phase of drilling and have been successful in extending targeted structures in the various zones.
Two new zones of mineralization have been encountered at the Chamuela area. Six (6) drill holes have been drilled to date at Chamuela and the complete suite of assays are pending receipt from the laboratory and their interpretation.
Seven (7) drill holes have been drilled at the Guayabito zone situated 3.5 kilometer to the north west of the Guaico Zone (refer to Figure 1). Six (6) drill holes have extended the mineralization at the previously discovered El Bolo and Guayabito structures, down plunge and along strike. Another drill hole has intersected favorable alteration and structure associated with an IP chargeability anomaly 300 m east of the Guayabito structures. Results will be reported once received in their entirety.
Antioquia continues to develop gold resources on the Cisneros Project and also will continue to test new unexplored geochemical / geophysical targets on the other 5,000 hectares along with more drilling below and along strike in known zones and artisanal mines.
"Our drilling continues to expand the strike length and depth of the mineralized structures that we have discovered so far. This is encouraging us to continue our efforts at Cisneros to develop a significant gold resource and work towards our goal of one day being a gold producer" observed Rick Thibault, President and CEO.
About 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 55 kilometers northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has drilled over 20,000 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.
To ensure reliable sample results Antioquia has a rigorous QA/QC program in place that monitors the chain of custody of the samples and includes the insertion of blanks, preparation duplicates, field duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one half retained in a secured facility for future reference if needed. Sample preparation (crushing and pulverizing) is performed at either SGS or ACME laboratories in Medellin, Colombia.
Samples prepared by SGS (Medellin) are direct-shipped to SGS Laboratories in Lima, Peru or Toronto Canada, both ISO certified laboratories, for analysis. Samples prepared by ACME (Medellin) are direct shipped to ACME Laboratories in Vancouver Canada, also an ISO certified laboratory for analysis. Assay for gold is performed by fire assay with 30g charge and AAS finish, with a gravimetric finish for over limit samples.
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.
On behalf of Antioquia Gold,
Richard Thibault, President
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Forward-Looking Statements: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There is no certainty that the diamond drilling currently in progress will provide positive results of mineralization. For any forward-looking information given, Management has assumed that the results it has received and the interpretation thereof are reliable, and has applied metallurgical methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, the Corporation claim safe harbour for future releases. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Figure 1 Cisneros Project Discovered Mineralized Zones
Figure 2 Cisneros Project -- Guaico, Papi, & Nus Vein Structures Map