CPN In-Fill & Delineation Drilling on the Rovina Porphyry, Romania, Intersects 513 m at 1.19 g/t Au eq.
Wed Jul 23, 6:03 AMTORONTO, ONTARIO--(Marketwire - July 23, 2008) - Carpathian Gold Inc. (TSX: CPN.TO) ("the Corporation") is providing an update on the 2008 drilling activities on its 100% owned Rovina Exploration License in central Romania, which includes the Rovina and Colnic porphyry deposits, located approximately 2.5 km apart and the Ciresata porphyry prospect located approximately 4.5 km south of the Colnic deposit.
At the Rovina Cu-Au Porphyry, two drill rigs have been active in 2008 with 7,343 m drilled to date this year from 15 diamond drill holes. This drill program was comprised of in-fill, delineation and boundary definition drilling designed to upgrade resource categories and delineate the margins of the mineralized porphyry system. This press release reports the assay results from 8 drill holes; RRD-57 to RRD-64 which total 3,926 m of drilling since the last drilling results for this porphyry were released on May 7th, 2008. Highlight intersections from the recent assay results include drill hole RRD-57, which is an in-fill drill hole and intersected mineralization from surface to the end of the hole at 513 m, with; 513 m at 0.37 g/t Au and 0.39% Cu (1.17 g/t gold equivalent ("Au eq))(i) including 323 m of 0.42 g/t Au and 0.44 % Cu (1.35 g/t Au eq.) (i)Note: as used in this release, gold (Au) and copper (Cu) equivalents utilize gold at $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries are not considered. This drill hole is defining the northeastern extent of the higher-grade core of the Rovina deposit within the existing drill pattern. Drill hole RRD-58 drilled in the 'Gap Zone' between the main Rovina porphyry body and the satellite Baroc Valley porphyry body encountered a zone of copper-gold mineralization that continues to demonstrate the continuity of the mineralization between these two porphyries that remains above a potential economic cut-off grade. This drill hole returned 114 m of 0.17 g/t Au and 0.19% Cu for a gold equivalent of 0.57 g/t. Drill hole RRD-64, also in the 'Gap Zone' encountered a similar intersection, 110 m of 0.13 g/t Au and 0.17% Cu for a gold equivalent of 0.49 g/t Au. "These results verify and extend, as well as help define the higher-grade core of the Rovina Porphyry in addition to demonstrating the continuity of mineralization between the Rovina and Baroc Valley porphyry bodies, said Dino Titaro, President and CEO of Carpathian. "While these results are beyond the data cut-off for the Resource Estimate update presently being worked on, they will complement future project evaluation efforts". Drill holes RRD-62 and 63 tested for deep mineralization on the eastern edge of the drill pattern and intersected gold and copper mineralization that remains above a potential economic cut-off grade. For example RRD-63 encountered 205 m of 0.20 g/t Au and 0. 20% Cu for a gold equivalent of 0.62 g/t. These holes indicate that at depth mineralization is open towards the east. Drill holes RRD-59, 60, and 61 were scout drill holes designed to test for the presence of mineralization towards the southern portion of the Rovina Porphyry. These drill holes encountered barren andesite and post-mineral phreato-magmatic breccias with some narrow sections of relatively low grade Cu-Au mineralization. For example RRD-59 intersected 8 m at 0.46 g/t Au an 0.21% Cu, while drill hole RRD-61 intersected 52 m at 0.17 g/t Au and 0.13% Cu. A table of drill hole assay intersections for the recently completed drill holes at the Rovina Porphyry can be found at the end of this press release. In addition, a drill hole orientation table is included. A complete listing of all drill hole results for each of the Colnic and Rovina porphyry systems as well as a drill-hole location map can be found on the Corporation's web site at www.carpathiangold.com. Rovina Valley Project The Rovina Valley Project refers to the Rovina Cu-Au Porphyry, and the Colnic Au-Cu Porphyry which are 2.5 km apart and both discovered by the Corporation in 2006. Currently the drilling program at the Rovina and Colnic porphyries has been put on hold while drilling is ongoing at the Ciresata Au-Cu Porphyry. Recent results from the Ciresata Porphyry (Reported July 7th) include RGD-8 that encountered 325.65 m at 1.04 g/t Au and 0.16% Cu (1.38 g/t Au eq.). As previously reported, AMEC Americas Ltd. ("AMEC") has been retained by the Corporation to complete an updated NI 43-101 compliant resource estimate for the Rovina and Colnic porphyry deposits that will include drilling results up to April, 2008. This resource estimation work is progressing and will update the previous estimate provided by AMEC on May 29th, 2007, which was based on drilling completed in 2006 on each of these deposits. In addition, this resource estimate will include the recently discovered Ciresata Au-Cu mineralization. The estimated time for delivery of these resource estimates is early in the fourth quarter of this year. At Ciresata, drilling is on-going and a further minimum of 15,000 metres is proposed to better define the size potential and grade continuity of this Au-rich porphyry system. Additional drill results for the Ciresata porphyry, subsequent to those reported on July 7, 2008, will be released as they become available. Sample Protocol All samples collected from any program in Romania and Hungary are prepared and analyzed at the independent Rom Analize SRL Laboratory in Gura Rosiei, Romania, owned and operated by ISO Certified ALS-Chemex Laboratory, using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Copper is analyzed using the industry-standard method of aqua-regia digest on a 0.40 -gram sub sample with an AAS finish. Coarse blanks, pulp blanks, pulp duplicates, core twins and known gold and copper standards are inserted on a routine basis. They consist of 15 per cent of submitted samples. For the current drill program a minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC Laboratory in Ireland, for check assays. The drill assays reported in this press release are from split HQ and NQ size diamond core with the remaining half retained for reference. All holes are sampled on one metre intervals from the top to the end of the hole. Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release. The Corporation is a mineral exploration company focused on gold exploration primarily on its properties in Romania, Hungary and on its development-stage property in Brazil. Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are 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. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Table 1 Location of Diamond drill hole intersections for holes RRD-57 to
RRD-64 on the Rovina Porphyry deposit, Rovina Exploration License, Romania.
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Au Cu Au eq(i)
Drill Hole Fence From (m) To (m) Length (m) (g/t) (%) (g/t)
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RRD-57 1153N 0 513(eoh) 513 0.39 0.38 1.19
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Includes 55 378 323 0.42 0.44 1.35
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and 178 378 200 0.51 0.46 1.48
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RRD-58 793N 201 315 114 0.17 0.19 0.57
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Includes 201 235 34 0.16 0.22 0.62
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RRD-59 1000N 196 266 70 0.04 0.15 0.36
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And 440 448 8 0.46 0.21 0.90
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RRD-60 793N 393 407 14 0.26 0.18 0.64
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RRD-61 1000N 34 86 52 0.17 0.13 0.44
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and 241 280 39 0.14 0.11 0.37
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RRD-62 1153N 341 486(eoh) 145 0.19 0.16 0.53
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Includes 453 486(eoh) 33 0.33 0.23 0.82
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RRD-63 1153N 296 501(eoh) 205 0.20 0.20 0.62
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Includes 412 477 65 0.26 0.23 0.75
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RRD-64 860N 234 344 110 0.13 0.17 0.49
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234 283 49 0.16 0.21 0.60
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(i)Au & Cu Equivalent - utilizes gold at US $650/oz and copper at US $2.00/lb. Metallurgical recoveries not considered. A plan map of all drill hole locations to date can be found on the corporate website www.carpathiangold.com. eoh equals end of drill hole Further drill hole details i.e. Azimuth, declination and total depth are shown in Drill Hole Descriptions table below.
Table 2 Orientation details of Diamond drill holes for recently completed
diamond drill holes at the Rovina Porphyry deposit.
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Drill Hole Fence Azimuth Declination Total depth Geology-Target
(degrees) (degrees) (meters)
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Rovina Porphyry
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RRD-57 1153N vertical -90 513 NE extension of
mineralized core
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RRD-58 793N 330 -75 458.25 N extension of Gap
Zone
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RRD-59 1000N vertical -90 501 Test of SE porphyry
apophyses
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RRD-60 793N 330 -60 496 Test for south
extension w/in
glam brx body
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RRD-61 1000N 305 -60 485 Test for south
extension w/in
glam brx body
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RRD-62 1153N vertical -90 486 Test for deep NW
extension
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RRD-63 1153N vertical -90 501 Test for deep NW
extension
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RRD-64 860N 330 -75 485.8 N extension of Gap
Zone
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The TSX does not accept responsibility for the adequacy or accuracy of this news release.ContactsDino Titaro Carpathian Gold Inc.
President & CEO
(416) 368-7744 (CAN)
(416) 260-2243 (CAN) (FAX)
Mike O'Brien
Carpathian Gold Inc.
Manager Investor Relations
(416) 368-7744 (CAN)
(416) 260-2243 (CAN) (FAX)
Email: info@carpathiangold.com
Website: www.carpathiangold.com
Investor Relations, Montreal
Eric Leboeuf
(514) 341-0408 or 1-866-460-0408
(514) 341-1527 (FAX)
Email: ericleboeuf@paradox-pr.ca
350.77 (3.70%)
