January 25, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) ("AGD" or "the Company") is pleased to release a summary of the remaining assay results from its Phase 1 drilling at its Cisneros Project in Colombia. The Company is delighted with the success of this program. With only 4,000 meters drilled, Phase 1 results include 11.67m @ 22.56 grams per tonne (g/t) gold ("Au") with an interval of 216 g/t Au, in addition to many other encountered zones of significant grades over distance. Based on these very favorable results, the Company plans to continue to further define and evaluate the mineralized structures with additional drilling, geophysical and surface geochemical programs.
This news release should be read together with the Company's release of December 21, 2009, which can be viewed at www.antioquiagoldinc.com and SEDAR. The December release summarized the results from the first 21 of the total of 30 drill holes, on four prospects, for a program total of 3929.4m; this news release summarizes all of the drill results received after December 17, 2009, which relate to the remaining 1,487 meters of drilling of the remaining nine drill holes. Four of these nine holes were at Guaico; the remaining five were at the Guayabito Prospect. All sample results have now been received from the laboratory for the Phase 1 drilling program.
The results described below, coupled with the information provided in the December 21, 2009 release, continue to indicate the presence of significant gold mineralization in the four main target areas (Chapulin, Guaico, Guayabito and Manuela) which make up the central piece of the Cisneros Project. The intersection of mineralized zones at depth and laterally removed from known surface and underground mine sampling points has improved management's understanding of the structures which appear to control gold mineralization in the area. Selected highlights of the drilling results in terms of gold (Au) values are as follows: (m = meters, g/t = grams per tonne of Au)
The Phase 1 drill program had two main purposes:
to understand the structural control and confirm the theory of the geological model; and
to test for the presence of gold in the selected prospects and structures.
The drilling at Guayabito further defined and traced the structures encountered in and around an existing underground gold mine to the south. Mineralized structures containing mylonite, with quartz veins, breccias and disseminated sulphides (pyrite and chalcopyrite) were encountered. Alteration consists mainly of carbonate and chlorite.
The drilling at Guaico followed the structure in a NS direction. A shear zone was encountered with encouraging results (see previous press release). Characteristics of the zone included mylonite with abundant veins and disseminated sulphides which could correspond to a mineralized fault zone that forms the southern boundary of the Manuela zone. The zone is characterized by the abundance of quartz, carbonates, chlorite and sericite. Mineralization consists of quartz, chalcopyrite, pyrite, and the occasional presence of malachite and molybdenite.
Over the next month the Antioquia geology team intends to concentrate on completing its evaluation of the drilling and geophysical data, assay results and previous surface and artisanal mine information to update the geological database to produce a preliminary 3-D geological model.
Based on the encouraging results obtained from Phase 1, AGD has decided to accelerate the Phase 2 Drilling Program and it intends to solicit bids for 10,000 meters of drilling to start no later than mid-March 2010.
About the Cisneros Project
AGD's Cisneros Project consists of 7 contiguous mineral concessions covering 5,522 hectares. The project is located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia. Geologically, it is located on a large granodiorite intrusive called the Antioquia Batholith, where mineralization is structurally controlled. The Cisneros Project is comprised of the Guayabito Property covering 178 hectares, the La Manuela Property covering 101 hectares and the Santo Domingo lands covering 5,342 hectares.
The Guayabito Property and the La Manuela Property have been the primary focus of the Company's exploration activities to date, consisting primarily of surface soil and rock geochemistry, trenching, structural and alteration mapping, as well as mapping and geochemistry of historic artisanal mine workings in the area and the recently completed Phase 1 drilling program.
About Antioquia Gold Inc.
AGD is a mineral exploration company focused on searching for precious metals and other mineral opportunities in Colombia. Its shares are listed on the TSX Venture stock exchange and its principal asset is its Cisneros Project. Exploration activity to date has been focused on geological reconnaissance (mapping and sampling), evaluation of artisanal mining activities in the area and, more recently, a drill program to understand more clearly the geological setting and test for the presence of gold. At present, the Cisneros Project is considered exploration stage in which no known body of commercial ore has been developed yet. In the normal course of business AGD continues to evaluate its portfolio of mineral exploration properties in 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.
To ensure reliable sample results AGD has in place a detailed QA/QC program that monitors the chain of custody of samples and includes the insertion of blank, duplicates, preparation duplicates and certified reference standards in each batch of samples. Core is described, photographed, sawed in half and stored in a secure facility for future reference. Samples are prepared and analyzed by SGS 300, 840 - 6th Avenue SW, Calgary, Alberta, Canada T2P 3E5, ph (403) 260-5383 (preparation in Medellin, Colombia and analysis in Lima, Peru) a certified independent laboratory. All intersections reported are drilled intervals, true thicknesses are not known at this time.
Caution regarding forward looking information:
All statements in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import. Forward-looking statements in this press release include statements about the Company's plans to continue to further define and evaluate mineralized structures with additional drilling, geophysical and surface geochemical programs, its plans to update its geological database to produce a preliminary 3-D geological model, and its plans to accelerate it Phase 2 drill program. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results and achievements expressed or implied in these forward looking statements. These risks and uncertainties include, among other things, competition for qualified personnel and risks that are inherent in the Company's operations, including the risk that the Company may not find any minerals in commercially feasible quantity or raise funds sufficient to prosecute its exploration plans. These and other risks are described in the Company's periodic disclosure documents, which can be viewed at www.SEDAR.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact
Rick Thibault, President Antioquia Gold Inc. (484) 319-7807 Email: email@example.com
Brad Van Den Bussche, VP Expl. Antioquia Gold Inc. (403) 606-2728 Email: firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
* All intersections reported are drilled intervals. True thicknesses are not known at this time.