Company Updates From Management – Mon 3 Dec, 2012
Clifton Star Announces New Drill Results From the Duparquet Project Including 3.51 g/t Au Over 18.9 m and 4.77 g/t Au Over 14.1m
QUEBEC CITY, QUEBEC–(Marketwire – Dec. 3, 2012) – Clifton Star Resources Inc. (“CFO” or “Clifton”)(TSX VENTURE:CFO)(FRANKFURT:C3T) is pleased to announce the results from an additional 14 drill holes from its 2012 drill program at the Duparquet Project of Quebec’s Abitibi region.
Clifton Star continues to obtain significant assay results from both delineation holes within the limits of the current pit shell and exploration holes outside of the pit shell. The positive results within the pit limits demonstrate that the zones show good grades and continuity, while the exploration holes show the potential to increase the limits of the current pit shell. All of the drill holes listed in this press release were completed after the PEA closing date, and therefore will not be included in the new resource estimate, on which the upcoming PEA will be based.
Drill Highlights include:
Hole BD12-18 with 36.0 meters grading 2.08 g/t Au (North Zone – Exploration)(including 18.9 meters grading 3.51 g/t Au)
Hole BD12-20 with 28.5 meters grading 1.30 g/t Au (North Zone – In Pit)
Hole D12-30 with 26.4 meters grading 1.52 g/t Au (North Zone – Exploration)
Hole D12-31 with 40.5 meters grading 1.49 g/t Au (North Zone – In Pit)
Hole D12-32 with 31.8 meters grading 1.17 g/t Au (Syenite Zone – In Pit)
Hole D12-32 with 24.8 meters grading 2.53 g/t Au (North Zone – In Pit)
Hole D12-33 with 3.0 meters grading 11.53 g/t Au (Syenite Zone – In Pit)
Hole D12-34 with 36.6 meters grading 2.59 g/t Au (North Zone – In Pit)(including 14.1 metres grading 4.77 g/t Au)
These and other significant assay results from the recent phase of drilling are listed in Table 1 and Figures 1 to 6. (The links to see Table 1 and Figures 1 to 6 are at the end of this press release)
These assay results for the definition and exploration drilling will be incorporated in a future update of the resource component of the PEA.
Overview of 2012 Drilling Program
Clifton Star continues to delineate and expand the resources at the Duparquet Project at a steady pace with 2 drill rigs. The year to date drill program on the Duparquet project includes the completion of 84 holes totalling 30,226m. Since the most recent press release regarding the 2012 drilling (October 23, 2012), the Company has completed an additional 16 drill holes for a total of 5,115m.
The results of the 2012 drill program continue to be very encouraging for both the exploration holes outside of the pit shells and the definition holes within the current proposed pit shell. The true thicknesses of the intersections are typically 60-80% of the core lengths. The project area was recently tested by 16 drill holes that are shown on the attached figure. (Figure 1)
Clifton Star’s first integrated NI 43-101 report on the Duparquet property dated July 5th, 2012, had outlined 3 general pit shells, which included the Beattie, Donchester and Central Duparquet properties. Clifton’s recent exploration drilling program focused on the area between the Beattie and Donchester pits shells, as well as definition drilling within the central part of the Donchester pit shell. (Figure 1)
Hole BD12-18, drilled on the western edge of the Donchester pit, intersected the North Zone which assayed 2.08 g/t Au over 36.0m, including a higher grade section of 3.51 g/t Au over 18.9m. This intersection is located approximately 40m outside of the western edge of Donchester pit shell and 55 m below the surface. (Figure 2)
Hole BD12-20, also drilled on the western edge of the Donchester Pit, intersected the South Zone, which returned an assay of 1.30 g/t au over 28.5m, including 2.28 g/t Au over 10.5m. This intersection is located at the bottom limit of the current pit shell. (Figure 2)
Holes D12-30, D12-31 and D12-32 were all drilled in the central part of the Donchester pit, and show the excellent continuity of the North Zone. Hole D12-30 intersected the North Zone approximately 60m outside the current limit of the pit shell, where it returned an assay of 1.52 g/t au over 26.4m. Hole D12-31 intersected the North Zone approximately 50m up dip from D12-30, at the current limit of the pit wall contact, where it returned an assay of 1.49 g/t Au over 40.5m (Figure 3). Hole D12-32, drilled 60m to the west of holes D12-30 and D12-31, also intersected excellent mineralization in the North Zone, where it assayed 2.53 g/t Au over 24.8m (Figure 4).
Hole D12-33, drilled towards the south, intersected high-grade gold mineralization within the central part of the syenite body, which assayed 11.53 g/t Au over 3.0m (Figure 5).
Hole D12-34, drilled in the east-central part of the Donchester pit shell, intersected 2.59 g/t Au over 36.6m, including a higher grade section of 4.77 g/t Au over 14.1m, within the North Zone (Figure 6)
Work on the Preliminary Economic Assessment (PEA) Report is continuing and is expected to be completed in early 2013. Clifton Star is continuing its drill program for the remainder of the 2012 year with 2 drills. The drills are now focused on converting Inferred Resources to Indicated Resources within the limits of the pit shell.
Clifton is continuing an extensive resampling program and QA/QC review of historical holes on the Dumico property, located approximately 1 km to the east of the Central Duparquet pit shell.
Technical Information and Qualified Persons
Diamond drill holes are drilled to recover NQ size core. The core boxes are sealed and delivered to the company’s core logging facilities on site at the end of each shift where they are photographed, logged and sampled. Core samples are sawed in half, bagged and sealed prior to being transported directly by the Company to Activation Laboratories Ltd. (Ste-Germaine de Boule), an independent accredited laboratory, for assay analysis. The assay analyses performed during Clifton’s drill programs are subject to a formal quality assurance and quality control (QA/QC) program with standard reference materials, blanks, and field duplicates samples inserted prior to shipment from site to monitor the quality control of the data. Samples with higher grade gold (greater than 10 grams per tonne) are reassayed using a gravimetric and/or pulps and metallic procedure. All gold results reported are cut, with assays greater than 25 grams per tonne cut to 25 grams.
The Company’s exploration team designed and executed the 2012 drilling program under the supervision of Clifton’s Vice President of Exploration, Mr. Louis Martin. The content of this news release has been written and approved by Mr. Louis Martin, P.Geo, a Qualified Person as defined by National Instrument 43-101.
To see Table 1, click here: Table 1 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Table1.jpg)
To see Figure 1, click here: Figure 1 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image1.jpg)
To see Figure 2, click here: Figure 2 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image2.jpg)
To see Figure 3, click here: Figure 3 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image3.jpg)
To see Figure 4, click here: Figure 4 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image4.jpg)
To see Figure 5, click here: Figure 5 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image5.jpg)
To see Figure 6, click here: Figure 6 (http://www.cfo-star.com/wp/wp-content/uploads/2012/11/PR-11-29-2012-Image6.jpg)
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute ‘forward-looking statements’ within the meaning of the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words ‘expect’, ‘believe’, ‘will’, ‘intend’, ‘estimate’ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company’s most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.