Vancouver, Canada – November 13, 2015 – Brian Arkell, CEO and President of Caza Gold Corp. (the “Company” or “Caza”, TSX-V: CZY, FSE: CZ6) is pleased to provide an update on corporate activities, including exploration at Pedregal and completion of the Purchase Agreement with INECOSA for Nicaraguan mineral concessions.
A small scout drilling program has recently been completed on the Pedregal project located in the Los Andes district near Boaco, Nicaragua. At Pedregal, a series of andesitic volcanic rocks exhibit features typical of high sulfidation system, including silicification, argillic and advanced argillic alteration. Surface mapping and sampling have outlined a large area along a 2.5 km trend with anomalous gold, silver, copper and trace elements, coincident with the alteration. Gold values up to 1.8 g/t Au along with silver values up to 197 g/t Ag have been collected in rock samples within this area of alteration.
Caza had previously drilled six holes spaced widely across the anomalous area. The best results from the drilling were 9.3 meters averaging 92 g/t Ag (PED-006) and 35.9 meters averaging 10 g/t Ag (PED-001). During 2015, the Company completed further scout drilling stepping out 100 to 500 meters to the west of the former intercepts. Five shallow diamond drill holes were completed for a total of 1161 meters. The drill holes intersected strong argillic and silica alteration with anomalous values of silver and copper. The geochemistry and alteration suggest the area is outboard of the main hydrothermal system and future drilling should target areas to the east.
Sampling, Analytical Methods, and QA/QC
Caza has a quality control and quality assurance program in place for all projects based on industry best-practice standards and guidelines. Surface samples are collected following established procedures and protocol under the supervision of Company geologists. Samples are bagged and labeled in the field, then transported to a secure storage area. Coarse, blind, blanks and blind commercial standard gold reference materials for analysis control are inserted in the sample stream. Samples in sealed bags are transported to the primary laboratory by Company or Inspectorate personnel. All samples were prepared at the Inspectorate prep facility in Managua, Nicaragua and analyzed at applicable Reno, Nevada or Vancouver, British Colombia analytical labs. Analyses are done following industry best-practice standards and guidelines and include multi-acid digestion followed by fire assay, gravimetric, AA, or ICP methods. Assay results along with blanks and standard reference material results are reviewed by Company personnel and found to be within acceptable ranges. Data is then imported directly into a secure database by a Company database specialist.
Caza Acquires 100% of Los Andes Gold Project
Caza has completed all its requirements under the December 18, 2014 Purchase Agreement with INECOSA and has acquired a 100% interest in the Los Andes Gold Project (as well as other concessions) in Nicaragua. The Company has completed the transfer of the 14 mineral concessions to Nicaza SA, its wholly owned Nicaraguan subsidiary and received full approval from the Nicaraguan Ministry of Energy and Mines (MEM) to the transfer of ownership. For further information see the Company’s news release of December 19, 2014.
Issuance of Shares for Services
The Company has issued 1,308,400 common shares to the President of the Company under the terms of his executive contract. The shares were issued at a price of C$0.05 per share for a total value of US$50,000. The executive contract was approved by disinterested shareholders at the Company’s Annual General Meeting held on June 16, 2015. Further details are set out in the related Management information circular, filed on SEDAR on May 20, 2015. The shares are subject to a 4-month hold period.
Brian Arkell, MSc. Geology, SME Registered, Fellow AusIMM, President and CEO, is the Qualified Person who reviewed and approved the contents of this news release.
About Caza Gold Corp.
Caza Gold Corp. is a greenfields exploration company focused on discovering new gold deposits in Nicaragua. The Company controls a large land position in the highly prospective but largely undeveloped gold belts of Nicaragua. Caza has developed a large portfolio of projects in Nicaragua, including the Los Andes gold-silver project and the Piedra Iman copper-gold project.
Caza controls over 750 square kilometers of prospective ground within the central Nicaragua Gold Belt. In addition to the Los Andes Gold Project, Caza is exploring the Piedra Iman porphyry in northern Nicaragua along with five high-sulfidation volcanic hosted Au-Ag targets located in west-central Nicaragua near the Pan-American Highway.
CAZA GOLD CORP.
/s/ Brian Arkell
President and CEO
For more information, please contact the Company at Toll Free: 1-877-684-9700, tel: (604) 685-9750, fax: (604) 685-9744, email: email@example.com or visit our website, www.cazagold.com
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CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.