Bellhaven's Second Drill Hole at the Caracucho Prospect, Pitaloza, Panama, Delivers 0.98 g/t Gold and 0.46% Copper (1.76 g/t Gold Equiv.) Over 50 Meters
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/11 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to announce that its second drill hole targeting high-sulphidation epithermal gold-(copper) at its 100%-owned Caracucho prospect, Pitaloza, Panama, cut 50 meters averaging 0.98 g/t gold and 0.46% copper (1.76 g/t gold equiv.) starting 26 m down the hole. The intercept consists of an overlying 20-m wide oxide zone and an underlying 30-m wide sulphide zone. This drill hole is the first ever at Pitaloza to demonstrate significant grades of gold and copper contained in sulphide over a substantial width.
Please see Tables 1 and 2 below for more details related to the Caracucho drill holes. For maps showing the locations of the drill holes and a cross section of DDH-CC-02, please use the following link: http://media3.marketwire.com/docs/bhv525i.pdf.
Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:
'We are pleased that our second drill hole at Caracucho delivered a 50-m wide intercept containing grades of 1 g/t gold and 0.5% copper. An important aspect of this drill hole is the discovery of high-grade gold and copper contained in sulphide within the bottom 30 meters of the 50-meter wide interval. Grades of 0.9 g/t gold and 0.70% copper in sulphide are very attractive at today's prices. Equally as importantly, the presence of gold and copper in sulphide offers the potential for greater tonnage to be explored and developed. This is because sulphide-bearing rocks potentially can extend to greater depth as they are not spatially restricted by the base of oxidation.'
'We are continuing to conduct exploration field programs and to analyze data related to Caracucho. We very much want to resume drilling at Caracucho where our next hole is to deepen a Cyprus Minerals drill hole collared in the early 1990's that ended in sulphide averaging 1.4 g/t gold and 0.1% copper over the last 1.75 m of the 35-m long hole. The drilling will resume once the extension to the Pitaloza concession has been granted.'
The program at Caracucho was designed to test for gold mineralization occurring over a broad area of silicic-altered rocks defined in outcrops and trenches as well as by geophysical surveys (see press releases of April 13, June 3, July 8, July 28, August 3, and December 21, 2010, as well as March 7, and April 21, 2011). The start of the drilling program was announced on December 21, 2010, and the last drill hole, DDH-CC-02, was completed on April 16, 2011.
Table 1. Drill-Hole Data, Caracucho Au-(Cu) Prospect, Pitaloza Project,
Panama
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East UTM North UTM Total
Coord Coord Elevation Azimuth Plunge Length
Hole Number (meters) (meters) (m.a.s.l) (degrees) (degrees) (meters)
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DDH-CC-01 535,693 844,798 333 180 -50 211.84
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DDH-CC-02 535,647 844,750 358 0 -50 166.12
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m.a.s.l = meters above sea level; Coord = Coordinate; All coordinates are
UTM WGS84 Zone 17N
CC = Caracucho; Drill-hole locations are unsurveyed and determined by hand-
held GPS.
Table 2. Drill-Hole Results for Caracucho Au-(Cu) Prospect, Pitaloza
Project, Panama
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Drill-Hole From To Intercept Au Cu AuEq
Number (m) (m) (m) (g/t) (%) (g/t) Zone Prospect
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DDH-CC-01 1.52 19.81 18.29 1.32 0.13 1.54 Oxide Caracucho
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New Results Reported in this Press Release
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DDH-CC-02 26.21 76.20 49.99 0.98 0.46 1.76 Oxide- Caracucho
Sulphide
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Including 26.21 45.72 19.51 1.07 0.18 1.20 Oxide Caracucho
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including 45.72 76.20 30.48 0.93 0.70 2.12 Sulphide Caracucho
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Intercepts calculated using a 0.40 g/t Au cut-off grade. All drill holes are
diamond-core holes. True widths for the intercepts contained in the drill
holes are not known at this time.
ALS Colombia Ltda. prepared the drill-core samples, producing the sample pulps in Bogota. The South American Central Lab of ALS Chemex in Lima, Peru, performed all assays pertaining to the drill-core samples highlighted in the text and table above. Gold was analyzed by fire assay on a 50-gram sample with an atomic-absorption finish. Copper was analyzed using four-acid digestion, ICP-AES. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field- and pulp duplicates.
About the Pitaloza high-sulphidation epithermal gold project, Panama
The Pitaloza project, owned 100% by Bellhaven, hosts three high-sulphidation epithermal gold-(copper) prospects: Bejucosa, Caracucho, and Cementerio. High-sulphidation epithermal deposits host half of the known gold resources (80 Moz) in the Caribbean Basin and yield annual production in excess of 3 Moz of gold in Peru, alone.
Access to Pitaloza from Panama City is by the paved Pan-American Highway and then 10 km by unimproved dirt road. There is adequate water and labor in the area to service the project.
In November 2008, the Company submitted to the Ministerio de Comercio e Industrias ('MICI', Panama's Ministry of Commerce and Industry) an application for a two-year extension to theconcession. This extension request has not yet been approved or disapproved. The Company is working to resolve this one outstanding issue pertaining to this concession in a timely manner. The Company received in July, 2010, the necessary environmental permits to conduct a drilling program at Pitaloza from the Autoridad Nacional del Ambiente ('ANAM', Panama's National Environmental Authority). The Company announced on April 21, 2011, that the drilling program at Pitaloza had been suspended pending receipt of the extension to its concession.
Mr. Thomas J. Drown, P.Geo., has read and approved the technical information contained in this news release. Mr Drown is Bellhaven's exploration manager for Panama and is a qualified person as defined by National Instrument 43-101.
About Bellhaven
Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX VENTURE: BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company's objective is to become one of the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.
The Company's principal assets include the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia, the Pitaloza and other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama.
For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.
On behalf of the board of directors,
Paul L. Zweng, Interim CEO & Director
BELLHAVEN COPPER & GOLD INC.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the 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:
Corporate Contact in North America
Bellhaven Copper & Gold Inc.
Paul Zweng
Interim CEO/Director
1-808-377-1947
pzweng@bellhavencg.com
Corporate Contact in Panama
Bellhaven Copper & Gold Inc.
Julio Benedetti
President/Director
Int'l No: 507-226-3967
www.bellhavencg.com