Batero Gold to Commence Drilling on Two New Oxide Targets at La Cumbre
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/18/13 -- Batero Gold Corp. ("Batero," or the "Company") (TSX VENTURE: BAT) is pleased to provide an update on recent field exploration results, 2013 development initiatives, and upcoming diamond drilling at the Company's Batero-Quinchia Project (the "Project"), Colombia.
Based on successful H1 2013 field exploration, drilling will commence on two new near surface gold oxide targets pending the selection of a drill contractor. A total of seven new exploration targets have been defined from the exploration program. Both of the high priority oxide target areas are within 200 metres of the La Cumbre oxide deposit.
The oxide zone at the La Cumbre deposit measures a total area approximately 750 metres by 400 metres with a total depth ranging from 20 metres to 80 metres. The La Cumbre oxide deposit, the focus of the pending Preliminary Economic Assessment, is expected to be the initial phase of a staged mine development. The forthcoming study also includes an underlying approximately 1g/t gold sulphide zone that trends to a total depth of approximately 250 metres.
The two new high priority oxide drill targets defined from this year's exploration program (Antenna and Cumbre Sur) measure a total area approximately 600 metres by 250 metres and 750 metres by 150 metres respectively. The Company anticipates drilling depths ranging from 60 to 70 metres in this phase 1 drill program.
A minimum of 1,300 metres of shallow drilling have been budgeted at the two new oxide target areas. An infill drill program has been budgeted to follow upon initial success. Each target reflects strong supportive anomalies of either geochemical soil sampling, adjacent rock sampling in creeks, and/or field mapping. For locations of the Antenna and Cumbre Sur oxide targets, please view Figure 1- Plan View of Oxide Targets and La Cumbre Near Surface Oxide Deposit: http://media3.marketwire.com/docs/881139.jpg or visit http://www.baterogold.com/en/maps/oxide-targets
The Antenna oxide target is located approximately 200 metres north east of the La Cumbre oxide deposit and has an area of approximately 600 metres by 250 metres. The Company anticipates drilling approximately 800 metres at this target. Field exploration consisted of mapping supported by soil and rock sampling, as well as grid spaced auger sampling to map rock units underlying pockets of thin volcanic ash cover. The exploration resulted in the identification of 2 zones of more dense fracture and veinlet controlled mineralization similar in style to the central zone of the La Cumbre deposit and within the same host rock.
Highlight soil samples within the Antenna oxide target include:
-- Sample (SL0632) of 1.115g/t Gold hosted in near surface saprolite
-- Sample (SL1514) of 1.810g/t Gold hosted in near surface saprolite
-- Sample (SL1394) of 0.442g/t Gold hosted in near surface saprolite
Highlight 2 metre rock chip samples within the Antenna oxide target include:
-- Rock Chip Sample (MQ1716) of 1.935 g/t Gold
-- Rock Chip Sample (MQ1740) of 2.760 g/t Gold
-- Rock Chip Sample (MQ1734) of 1.465 g/t Gold
-- Rock Chip Sample (MQ1735) of 1.445 g/t Gold
The second high priority oxide target, Cumbre Sur, is located approximately 100 metres south of the La Cumbre oxide deposit and has an area approximately 750 metres by 150 metres. The Company anticipates drilling approximately 500 metres at this target. Field exploration consisted of mapping supported by soil sampling, rock sampling and test pit excavation on 100 metre centres along the trend of the ridge.
Highlight soil samples within the Cumbre Sur oxide target include:
-- Soil Sample (SL2020) of 1.235g/t Gold
-- Soil Sample (SL0845) of 0.845g/t Gold
-- Soil Sample (SL0911) of 0.652g/t Gold
Highlight rock chip samples from the edges of the Cumbre Sur target include:
-- Rock Chip Sample (MQ1203) of 1.555 g/t Gold
-- Rock Chip Sample (MQ0072) of 0.756 g/t Gold
-- Rock Chip Sample (MQ1538) of 0.996 g/t Gold
-- Rock Chip Sample (MQ1636) of 0.924 g/t Gold
"We are pleased to have outlined new targets of near surface oxide gold mineralization in close proximity to the La Cumbre deposit. Initial work at both the Cumbre Sur and Antenna targets suggest similar gold in soil anomalies that were shown to be coincident with underlying gold mineralization in saprolite and primary rock at La Cumbre. We believe these targets may have the potential to be complimentary to the La Cumbre oxide deposit." stated Brandon Rook, President and CEO of Batero Gold. "The Company is continuing to focus on a staged development plan with the La Cumbre oxide deposit as a focus for the initial phase in a larger development plan. Our significant treasury has reduced financing risk and will provide the capital resources for exploration drilling, advanced studies on the project, as well as the opportunity for production focused acquisitions beyond the Quinchia district."
2013 Development Initiatives
Batero has completed its goal of field exploration across the entire concession block area. This reconnaissance and soil sampling program resulted in the discovery of an additional 15 historical adits and the generation of seven new exploration targets, two of which are the Antenna and Cumbre Sur oxide targets.
The Company has analyzed over 1500 samples with a Terraspec™ mineral analyser and will be processing this data to generate a series of mineral distribution maps and 3D models to support its geo-metallurgical model, future metallurgical test work, as well as determine vectors associated with epithermal style mineralization adjacent to and within the Amarilla Structural corridor, a significant structural zone associated with the emplacement of the La Cumbre-El Centro-Dos Quebradas mineralization (See NI 43-101 Mineral Resource Estimate on the Batero-Quinchia Deposit, February 24, 2012).
In addition, Batero has commenced the selection of a consultant to define terms of reference and scheduling for the feasibility-level metallurgy test work program for the La Cumbre oxide deposit. The Company anticipates this work program to commence shortly.
Progress towards completion of the Preliminary Economic Assessment on the La Cumbre Deposit is proceeding well and Roscoe Postle Associates (RPA), the independent consultant providing the NI 43-101 Preliminary Economic Assessment (PEA) report, has indicated that The Company will receive the first draft of the PEA in mid-July. Pending receipt of the draft document, the Company will proceed with an internal review process for anticipated release of the final Preliminary Economic Assessment in Q3 2013.
The Company anticipates commencing a scoping level study in the near future on the Batero-Quinchia deposit as the second phase of the staged development of the project.
Please visit www.baterogold.com for all maps and images.
Sample Preparation, Assays, and Quality Assurance/Quality Control
Rock chip samples and grab samples are collected from surface outcrops and cleaned tunnel exposures and logged into Batero Gold's sample database at the La Cumbre camp. All QC samples are introduced before shipment in security tagged sacks to ALS Chemex's sample preparation facilities in Medellin, Colombia. Prepared samples are then shipped to ALS's analytical facilities in Lima, Peru or La Serena, Chile for analyses. Gold is fire-assayed using a 50.0 gram aliquot sample and Atomic Absorption finish (AA). Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma (ICP) finish.
The Company's QA/QC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted in every assay batch. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols. Darryl Lindsay, Ph.D., P.Geo., Senior Vice President and Chief Operating Officer at Batero Gold, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information provided in this release and all future news releases.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook
President & CEO
Batero Gold Corp.
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development Company. The Company is focused on two primary objectives. The first of these objectives is the advancement of the La Cumbre oxide deposit. La Cumbre is located within the Company's 100% owned Batero-Quinchia Gold Project, which sits within Colombia's emerging and prolific Mid Cauca gold and copper belt. Batero is moving the La Cumbre oxide deposit towards the goal of making a production decision, once the appropriate level of study has been completed, and intends to first target the near and at surface higher grade oxidized gold mineralization at the deposit. Batero's second objective is to pursue opportunities to acquire prospective high-grade, production focused mineral properties in Colombia. In pursuing both these objectives, Batero plans to leverage its secure treasury position, strong regional relationships, experienced management team, and long-term financial partners. Shares of the Vancouver-based company trade on the Toronto Venture Exchange under the symbol BAT.
FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information relate to, among other things: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit, the timing and scope of expected diamond drilling; resource estimate, grades on the Batero-Quinchia project; scope of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Filing Statement dated as of June 22, 2010 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Batero Gold Corp.
604.568.6378
info@baterogold.com
www.baterogold.com