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Core Gold Inc
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Core Gold trenches 120 m of 0.36 g/t Au at Copper Duke

2019-09-18 09:17 ET - News Release

Mr. Mark Bailey reports


Core Gold Inc. has provided an update on its 100-per-cent-owned Copper Duke project located in the province of Loja in southern Ecuador.

Copper Duke exploration

Exploration trenching on the El Huato target area of the Copper Duke project confirms a previously identified copper and gold soil anomaly associated with an area of intrusive breccias 300 metres long by 100 m wide and open to the northeast. Six trenches totalling 1,046 m have been geologically mapped with a total of 481 samples collected, all of which are either channel or panel continuous chip sampled with 22 control samples added for quality assurance/quality control.

The included table presents a summary with the best intervals within each trench.

Trench A               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Mineralized interval       0.00  120.55      120.55       0.36     0.38
Including                 78.75  120.55       41.80       0.76     0.90
Including                 11.68   13.68        2.00       2.15     0.09
Including                 20.19   20.29        0.10       4.32     0.05
Including                 70.58   72.58        2.00       3.19     2.63
Including                 78.58   80.58        2.00       1.26     1.45
Including                 89.60   91.60        2.00       1.01     1.39
Including                 93.61   95.61        2.00       1.21     1.29
Including                 99.29  101.29        2.00       1.12     1.18
Including                100.52  102.52        2.00       1.87     3.13

Trench B               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Including                 50.63   65.65       15.02       0.17     0.20

Trench C               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Including                 10.28   18.28        8.00       0.17     0.17

Trench D               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Including                 17.78   59.68       41.90       0.25     0.21
Including                 37.78   59.68       21.90       0.43     0.31
Including                 43.89   48.29        4.40       1.20     1.07
Including                 45.75   47.75        2.00       2.30     2.06
Including                364.55  364.85        0.30       1.48     0.69

Trench E               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Including                292.90  304.90       12.00       0.66     0.07
Including                304.90  306.90        2.00       2.15     0.11

Trench F               From (m)  To (m)  Length (m)   Au (g/t)   Cu (%)
(Inclined distance)
Mineralized interval       0.00   68.00       68.00       0.38     0.26
Including                 39.42   51.42       12.00       1.08     1.10
Including                 24.68   26.68        2.00       4.91     0.17
Including                 42.80   44.80        2.00       1.10     2.12
Including                 46.33   48.33        2.00       2.11     1.19
Including                 48.00   50.00        2.00       1.45     1.33

El Huato prospect

El Huato is located in the centre of the Copper Duke project. It consists of the Lumapamba, Lumapamba 1, Barbasco 1 and Barbasco areas. Within the concessions exist gold and copper soil and rock chip geochemical anomalies associated with copper-gold porphyry and meso-epithermal mineralization.

The recent trenching has been focused on the Lumapamba concession located at the intersection of structural northwest-southeast and northeast-southwest alignments. Outcrops of a hornblende rich subvolcanic body has been intruded by matrix-supported breccias rich in copper, with fragments of volcanic rocks and intrusive.

These mineralized breccias have a southeast direction, with subvertical dips toward the southwest 65 degrees to 80 degrees, and cut the hornblendic porphyry, as well as the dioritic intrusive (Tangula batholith). Post mineral dioritic dikes in turn intrude these breccias. Some cases are completely fresh and others with weak propylitic alteration. They show strong sericitic alteration, locally argillic with small areas of kaolin. Copper mineralization is disseminated in veinlets and nodules within the matrix, with strong oxidation of copper (malachite, chrysocolla) and primary sulphides (chalcopyrite in patches up to one centimetre in diameter), secondary minerals include iron oxides (jarosite, limonite and hematite), and local nodules of anhydrite and carbonate.

Overview of Copper Duke

Copper Duke is a copper-gold exploration project consisting of 13 mining concessions covering 13,031 hectares (10 kilometres by five km), with 100-per-cent acquired concessions through 30-year titles, with the Ecuadorian state. Exploration work carried out in previous years identified several targets with copper-gold mineralization, associated with porphyry-type anomalies and meso-epithermal gold structures (El Huato, Loma Redonda, Barbasco, El Palton, Landanuma, El Blanquillo, Ningomine and Rio Catamayo).

The company owns much of the surface area pertaining to the Huato project, where it is currently carrying out an exploration program by trenching, rock chip sampling and surface geology to define drill targets.

The Copper Duke project has an advanced exploration environmental licence, covering the 13 mining concessions comprising it. The Ministry of Environment issued the environmental permit on Dec. 11, 2018.

Copper Duke geology

Geology is represented by multiphase igneous bodies of dioritic to granodioritic composition (Tangula batholith) that intrude andesitic volcanic rocks and volcano sediments of early Cretaceous age. Porphyry apophysis of dioritic and hornblende phases, intruding the entire system, which appear to be responsible for the gold and copper-gold mineralization.

Gold-bearing quartz-magnetite veins are structurally controlled by the two main faults, northwest-southeast and northeast-southwest. They are in a 3.5 km long by 1.2 km wide trend. The highest values of gold and silver are located within veins ranging in width from 0.1 m to 2.1 m, oriented northeast-southwest, northwest-southeast. Quartz-magnetite veinlet and stockwork areas range in values from 0.08 to 6.1 parts per million Au. About 22 veins, with significant values of copper and gold, have been identified and sampled to present date.

Quality assurance and quality control

This trenching program was designed to expose the mineralized breccia zones to provide for geological mapping, and rock chip and channel sampling. QA/QC procedures and protocols have been implemented to secure accuracy for this sampling program. Rock chip samples have been shipped to Bureau Veritas Mineral Lab (Inspectorate) in Peru, a certified international qualified laboratory as complying with ISO 9001:2008 (certificate FS 34143). Thirty-gram lead collection fire assay fusion -- atomic absorption finish was required for gold (code: FA430) and a package of 44-element aqua regia digestion, by inductively coupled plasma atomic emission spectroscopy was also required (code AR301).

Qualified person

John E. Bolanos, who is a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release. Mr. Bolanos is a technical consultant to the company, with an MSc mining geologist (United Kingdom) and a professional geologist Eng from The Central University of Ecuador (honours degree). He is a registered member of the Society for Mining, Metallurgy & Exploration of the United States, director of the Ecuadorian College of Engineers in Geology, Mines, Oil and Environment, and a member of the Mining Chamber of Ecuador. He has 29 years of experience in the exploration and mining industry throughout the Americas.

About Core Gold Inc.

The company is a Canadian-based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The company is currently focused on gold production at its wholly owned Dynasty goldfield project. Mineral is treated at the company's wholly owned Portovelo treatment plant. The company also owns other significant gold exploration projects including the Linderos and Copper Duke area in southern Ecuador, all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.

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