December 13, 2004
Carpathian Gold discovers new gold mineralized structure at Varatec.
TORONTO, Dec. 13 /CNW/ - Carpathian Gold Inc. (CPN - TSX-Venture) is pleased to announce that its first pass core drilling program on its Varatec Project in northern Romania has encountered a new gold mineralized structure. Core hole VDD-6 intersected 3.26 g Au/t over a core length of 6.5 metres, including 1.85 metres of 9.50 g Au/t. This intersection encountered a near vertical dipping vein approximately 40 metres below surface and extends the prospective zone of the project area to the west for a total of approximately
500 metres.
"This is an important discovery because the new vein structure is not exposed on surface and is significantly wider than the previously reported, historical, narrow high-grade gold veins in the Varatec area," said Dino Titaro, CEO and President. "This discovery adds to the potential of finding other wide, near surface epithermal gold bearing veins." Carpathian is already testing for new vein structures, and is also evaluating one of three near vertical gold bearing vein sets that range in strike length from 250 to 450 metres for ontinuity, dimension and overall tenor.
"The objective of the Varatec drilling program is to further define near term production potential from our three active projects in the Baia Mare District. This District has historically produced over 4 million ounces of gold and has extensive, but under-utilized, ore-processing facilities and infrastructure," concluded Mr. Titaro. At Carpathian's Baia Sprie Project, located approximately 25 km west
of the Varatec Project, the Company's evaluation is nearing completion with an in-house scoping study. A final production decision is expected in the first quarter of 2005 after the resource and scoping study results have been audited by an independent third party. The Company has applied for a Mining License and has completed and submitted the first stage of its EIA study.
Carpathian's third project in the District, the Baiut Project, is located about 2 kilometres from Varatec and has a National Instrument 43-101 compliant inferred resource of 341,000 tonnes grading 4.75 g Au/t at a cut-off grade of 0.5 g Au/t (see press release July 11, 2003). This resource is open and untested to the west and at depth. The Varatec area is highly prospective with near surface undeveloped veins that are being mined underground at depths of 300 plus metres by the Company's Joint Venture partner REMIN S.A. The Varatec project is owned 75% by Carpathian and 25% by REMIN S.A.
Earlier this year, Carpathian confirmed the presence at Varatec of high-grade veins in one area from underground sampling and one diamond drill hole (VVD-1) which intersected gold grades ranging from 3.85 to 15.87 g Au/t over 1.0 to 2.0 metres in two veins. Recent surface sampling of newly identified historical pitting in the vicinity returned grab samples ranging from 3.21 to 11.99 g Au/t. This is in addition to the previously reported grab sample results in the area that returned 10.59 g Au/t; 4.60 g Au/t, 2.00 g Au/t; and 13.60 g Au/t.
Core holes VDD-1, 2, and 3 targeted one of the historically identified veins at a wide spacing of over a 160 metre vein strike length. VDD-2 intersected 1.1 g Au/t over 1.0 metre, VDD-3 intersected 1 metre of 2.67 g Au/t. Core holes VDD-4, and 5 targeted an area with abundant historical prospect pits containing high-grade vein fragments. VDD-4 intersected 1.62 g Au/t over 1 metre and VDD-5 intersected 2 metres of 3.81 g Au/t. Detailed core hole results and core hole locations can be found on the Company's web site www.carpathiangold.com.
Samples from core-hole VDD-7 are out for assay and core-hole VDD-8 is currently being drilled on one of the historical narrow high-grade gold veins. Upon completion of hole number 8 the drilling program will be suspended for the holiday season and will resume in the New Year. With the positive results received to date from the wider intersection in hole VDD-6 the drilling program will be converted to a reverse circulation drill program as soon as it is practical to expedite the evaluation of this target and others in the project.
All samples collected from any program in the country are prepared and analysed at the independent SGS Ltd laboratory in Gura Rosiei, Romania, using industry-standard fire assay techniques on 50 g sample-charges with AAS finish. Blanks and known gold-standards are inserted on a routine basis and together comprise 10% of submitted samples. Independent cross check assays
are being carried out at SGS laboratories located in Toronto, Ontario, Canada. Mr. Dino Titaro is the in-house Qualified Person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs.
Carpathian Gold Inc. is a mineral exploration company focused on gold exploration on its highly prospective properties in Romania and Hungary, within the prolific Carpathian Mineral Arc.
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The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For more Information please contact:
Dino Titaro, President and CEO
Website: : www.carpathiangold.com
Tel. +1 (416) 368-7744 (CAN)
Fax. +1 (416) 368 2579 (CAN)
e-mail info@carpathiangold.com
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