Columbus Gold (CGT.TO) has received the necessary permits to drill Target 5, which is located approximately 7 kilometers towards the south of the main area Columbus has been focusing on, called the ‘original target’.
From a geological point of view, the Target 5 zone seems to be pretty much identical to the Original Target, and that’s another reason why A) it will be important to drill a few holes at T5 to checkup on this theory and B) the maiden resource estimate at the Original Target will be so important.
Indeed, Columbus Gold expects to release a first resource estimate on its Original Target within the next few weeks, and even though the company’s management team hasn’t provided an exploration target or guidance, we would expect this maiden resource to come in anywhere in between 0.8 and 1.2 million ounces. This will be an excellent platform to continue to explore on and develop the Eastside project, as this maiden resource estimate will just be the stepping stone.
Columbus is now also considering to start drilling at its Bolo gold property in Nevada, which is one of Andy Wallace’s favorite exploration targets. Previous drilling in 2013 has encountered 133 meters of 1.28 g/t gold (starting at surface!) and as the market circumstances have changed since the difficult days of 2013 and 2014, the market might now be more interested in near-surface gold in Nevada.
Once the maiden resource estimate at Target 5 has been released, we will provide a more in-depth update on the company’s activities in Nevada.