posted in:

Rio Novo Gold announces start of the drilling program at its toldafria gold project in Colombia

Monday, Apr 16, 2012

Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that drilling has started at its 100%-owned Toldafria Gold Project, in Colombia. The Company will be working with a manportable diamond drilling rigs to undertake an initial 3,000 meter drilling program, which is expected to be completed in the second quarter of 2012.

The initial drilling will take advantage of the existing knowledge base of the Toldafria Project. An extensive tunnel sampling campaign completed earlier this year provides Rio Novo with an understanding of the existing mineralized structures and the drilling is planned to cut through such existing structures. Seven drilling platforms are planned with multiple holes per platform. Drilling will be on an East-West axis in order to cut through known North-South structures, to depths between 250-400 meters.

A second 5,000 meter follow-up drilling program is planned for later in the year and an updated resource estimate based on the drilling results is planned for the second half of 2012.

Brian Arkell, SVP Exploration, commented: "Our sampling results to date have outlined a very large area of gold mineralization. We are excited about the prospects at Toldafria and this initial drilling program. Major Drilling has provided us with a brand new portable rig, which is perfect for our needs in Toldafria's terrain. We expect to have initial assay results by the end of May or early June and will continue to work on our stated primary objective of updating our resource estimate by the end of the year"

Source: Rio Novo Gold Inc.

posted in:

Other Metal News

Duluth Metals announces SEDAR filing of updated AMEC resource study on Twin Metals 15-04-2014
Comstock Mining provides update 11-04-2014
Sesa Sterlite Limited announces production release for the fourth quarter and full year ended 31 march 2014 11-04-2014
Goldcorp Holds Investor Day announces first quarter 2014 gold production 11-04-2014
Perseus Mining Limited provide Edikan Gold Mine update 11-04-2014
Rare Earth Metals market worth 192,000 tons by 2018 11-04-2014
Red Eagle Mining completes $5,000,000 financing 11-04-2014
Copper Mountain mine achieved record first quarter copper production 11-04-2014
IAMGOLD provides update on advanced exploration projects maiden resource estimate - Pitangui project, Brazil diamond drilling results - Boto Gold proj 11-04-2014
Sierra Mining Limited announces results of first court hearing 11-04-2014

Advertisers