MONTRÉAL, QUÉBEC--(Marketwire - Aug. 29, 2012) - Cabia Goldhills Inc. ("Cabia")(TSX VENTURE:CGH) is pleased to announce the progress on its field campaign at its 100% owned Mejia Project, in the San Lucas gold belt of the Bolivar Department, Colombia.
The ongoing first phase of the exploration program, includes the following: a systematic research on selected areas, of follow-up airborne geophysics, reconnaissance geology and geochemistry of stream sediment, chip rock and soil sampling and IP geophysics on selected areas. The program's success thus far has led to the recognition of the potential for porphyry style mineralization and epithermal mineralization. To date four drill target areas have been identified. The porphyry style mineralization is characterized by the presence of multi-stage intrusive events showing visual copper-molybdenum mineralization in sheeted veining with associated hydrothermal alterations and the presence of veins with copper-silver sulfosalts, such as tenantite-tetrahedrite and freibergite. The epithermal style of mineralization shows the presence of a large lithocap, as well as vein mineralization with infill of sphalerite, galena, chalcopyrite, pyrite, molibdenite and carbonates. These indications suggest the presence of a large tonnage copper-moly-gold system, and high grade epithermal mineralization related to possible nested diatremes intruded by felsic intrusions and porphyries.
Highlighted values from chip channels on veins from the Mejia Project include:
- 5.8 g/t, Au, at eastern side of Noelia Zone;
- 15.1, 18g/t Au, at Santa Rosa Zone;
- 1.8, 4.8 g/t Au, at Guacharaco Zone;
- 13, 17 g/t Au, at Soledad Trend
Cabia's drilling campaign is expected to start next month, once the company receives the water permit for drilling from the "Corporacion Autonoma Regional del Sur de Bolivar". The drilling will primarily focus on defining the presence and extension of vein mineralization at Santa Rosa, Noelia and Soledad zones. In addition, it also will be focused on the delineation of mineralization, related to soil anomalies in the Noelia and Guacharaco zones.
"We are delighted and appreciate the efforts of our field technical team for the advancement and development of our Mejia Project." states Michel Delisle, President and CEO of CABIA Goldhills. "Our geological team has found evidence for the presence of porphyry style mineralization located at depth with the potential to host a gold-copper-molyporphyry system, which will most certainly be a main focus of our attention moving forward on our exploration program" he added.
About Cabia Goldhills Inc.
Cabia Goldhills is a TSX-V listed junior exploration company focused upon the exploration and development of gold projects in Colombia. Cabia currently has 35 million shares outstanding. Cabia's Mejia Project is a 6,946 ha mineral concession located close to sea level and outside any environmentally restricted areas in the Sur de Bolivar region of the Department of Bolivar, Colombia.
The Mejia Project is located within the under explored San Lucas gold district where intense artisanal mining is present, including four artisanal mines adjacent to the Mejia Project, namely La Gloria Mine, El Fogaje Mine, Los Romanes Mine and El Turco Mine (the "Mejía Mines").
El Fogaje, Los Romanes and El Turco are underground mines exploiting one of the main veins in the area. Reconnaissance work done by Cabia suggest the presence of a base metal-carbonate type auriferous system with gold mineralization characterized by the presence of massive sulphide mineralization containing sphalerite, galena, pyrite, minor chalcopyrite and quartz. This high-grade vein was sampled by Cabia and returned grades as high as 171.5 g/t Au. The La Gloria Mine is exploiting a second high grade vein with similar geology. Samples taken by Pierre O'Dowd, returned grades as high as 155.5g/t Au, as reported in Cabia's NI-43-101 report on the Mejia Project available on the company's SEDAR profile at http://www.sedar.com.
Quality Control and Assurance:
Pierre O'Dowd P. Geo., is the "Qualified Person", as defined by National Instrument 43-101, who has read and approved the technical and scientific information in this news release.
Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. There is no guarantee that the acquisition of the Mejia Mines will be completed.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Cabia) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions, the risks associated with the mining exploration, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Cabia does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the 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.