Batero Gold Drills Vertical Hole Intersecting 751.00 Metres Grading 0.54 g/t Gold and 0.13% Copper From 5.00 Metres Below Surface
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/16/11 -- Batero Gold Corp. (TSX VENTURE: BAT) is pleased to report the deepest mineralized intercept to date from a 928.44 metre vertical drill hole at the company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. The Company has now reported results for 48 holes (23,000.50 metres) drilled of a 55,000 metre drill program. Approximately 48,000 metres have been completed to date.
Drill hole LC014, was drilled vertically at La Cumbre porphyry and intersected substantial gold and copper mineralization increasing the vertical extension of the porphyry's mineralization significantly; including a newly discovered higher grade zone of mineralization encountered at depth comprising 0.96 g/t gold and 0.14% copper over 121.89 metres starting at 310.93 metres. This new zone will be followed up with future drill programs to test and delineate the elevated grade mineralization at depth.
'This is a significant new development at La Cumbre porphyry. The mineralized extent of the porphyry body has increased substantially and combined with the strong gold and copper mineralization discovered near surface, these new findings indicate that higher grades of mineralization encountered at depth may potentially increase the overall grade of La Cumbre porphyry significantly,' said President and CEO, Brandon Rook.
Table 1 & 2 below summarize assay results and please see attached Figure 1 - Project Plan View Map - showing drill hole location: http://media3.marketwire.com/docs/bat0916_project_plan_map.pdf.
LC-014 Vertical Drill Hole Highlights at La Cumbre include:
Table 1 - Significant Intersections
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Hole From (m) To (m) Length (m) Au (g/t) Cu (%)
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LC-014 5.00 756.00 751.00 0.54 0.13
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including 5.00 584.00 579.00 0.63 0.14
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including 5.00 97.53 92.53 0.77 0.18
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including 217.00 249.06 32.06 0.75 0.19
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including 310.93 432.82 121.89 0.96 0.14
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including 635.03 756.00 120.97 0.29 0.10
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Hole LC014 was collared approximately 150 metres WSW of hole QAP-DDH-013 (see May 19, 2011news release). Hole QAP-DDH-013, also a vertical hole, and previously the longest mineralized intercept at the project, intersected 0.45 g/t Au and 0.12 % Cu over 592.5metres, from 10m below surface, including 135.70m grading 1.00 g/t Au and 0.16% Cu. With the results of the two deepest drill holes completed to date, La Cumbre porphyry indicates strong continuity of gold and copper mineralization at depth.
Phase 3 Work Program
Batero commenced its phase 3 - 12,500-metre drill program in July 2011 due to the discovery of three new zones of mineralization (see July 27, 2011 news release). Today, the company announces a further 2,500 metres of drilling due to continued success at the project for a total of 15,000 metres for this phase of drilling. Upon completion of the third phase of drilling the company will have completed 55,000 metres in 2011 which will contribute to its maiden resource estimate to be published at the end of the year. The Phase 3 drill program is scheduled to complete at the end of October, 2011.
The new discovery zones that triggered the Phase 3 drill program were at 'El Centro' Zone (Manzanillo, La Lenguita, El Cedral targets), also at Matecana, located 800 meters SE of La Cumbre porphyry, and also significant new discoveries from large step-out drill holes to the East and ENE at La Cumbre porphyry extending its boundaries. Porphyry mineralization at Manzanillo and La Lenguita at the El Centro Zone has characteristics of the historical low-grade gold-copper porphyry mineralization initially found at La Cumbre and Dos Quebradas and will continue to be delineated to expand both the grade and extent of these new discovery areas. These significant discoveries of gold and copper mineralization may be expanded from La Cumbre porphyry to the NNE to Dos Quebradas and demonstrate further potential for the boundaries of La Cumbre porphyry to be expanded project-wide.
The company will also further define the epithermal discovery at Manzanillo (intercepts near surface of 3.73 g/t Au and 0.02% Cu over 23.3 m, including 5.8 m grading 11.42 g/t Au and 0.01% Cu. (see July 27, 2011 news release). These significant grades of mineralization found at, or near, surface will continue to be delineated along trend to the Amarilla Structural Corridor's recognized epithermal gold mineralization, located nearby and trending 600 metres on strike south-southeast at the recently purchased historical gold mines (see May 10, 2011 news release). Also of important note, further along strike approximately 600 metres south-southeast at Matecana, artisanal tunnels have been recently discovered, reflecting similar epithermal characteristics. Work is now underway to follow-up this development.
The Company has prepared a 3-Dimensional representative video to portray gold mineralization intersected through drilling activities thus far. This model will be updated as new results are obtained. (http://www.mapsbyair.com/Batero/Batero_Gold_Aug_30_2011.wmv).
Note: assays for the interval 686.0 to701.0m (15.0m) are being re-checked. When finalized (received, verified and analyzed) the results will be reported if different from the initial assays included in Table 1.
Table 2 - Drill Hole Specifications
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HOLE EAST NORTH ELEV AZIMUTH DIP EOH (m)
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LC014 420858.48 585344.37 1884.505 0 degrees 90 degrees 928.44
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To see all maps and figures please visit www.baterogold.com.
Sample preparation, assays and quality assurance/quality control
Core is collected and initially logged at Batero Gold's drilling camp at the project area. The core is then shipped securely in core boxes to Batero's core processing facility in Pereira, Colombia, where it is logged in detail, cut and sampled. All QC samples are introduced before shipment to ALS Chemex's sample preparation facilities in Bogota, or 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, which is composed of 25 samples. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.
Darren Anderson, P.Geo., is the Company's QA/QC consultant.
Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
Batero Gold Corp.
About Batero Gold:
Batero Gold Corp. (TSX VENTURE: BAT) is a well-capitalized Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strong share structure with strategic local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
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: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size 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.
Brandon Rook
President & CEO
604.568.6378
info@baterogold.com
www.baterogold.com