Batero Gold Reports Further Drilling Results from Batero-Quinchia Project, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/12/11 -- Batero Gold Corp. (TSX VENTURE: BAT) is pleased to report the latest drill results from its 55,000-metre 2011 diamond drill program on the company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. A total of nine holes (4,049.02 metres) are being released and the Company has now reported results for 57 holes (27,049.52 metres) drilled.
The focus of the drill program has been to define La Cumbre porphyry and Dos Quebradas porphyry and with recently announced new gold-copper porphyry and high grade epithermal gold discoveries made between the two porphyry centres, the Company implemented an additional 15,000 metres of drilling with the aim to prove continuity of mineralization from La Cumbre to Dos Quebradas over a strike length greater than 2 kilometres.
'With today's results there has been further confirmation of the extension of La Cumbre porphyry both laterally and at depth and also new high grade gold epithermal mineralization has been encountered for the first time within La Cumbre porphyry. This high grade gold discovery is significant in that it is proof of a later phase of high grade gold mineralization that has now been discovered over a surface area greater than one square kilometer. The high grade gold mineralization is found near surface in all intersections reported to date. Also, and lastly, the epithermal gold mineralization encountered in La Cumbre porphyry is the highest gold grade yet encountered at the project grading 43.40 g/t gold over 2 metres 28.00 metres below surface, ' said Brandon Rook President and CEO.
Five drill rigs are presently working at the Batero-Quinchia Project with the objective of generating an initial resource estimate at the end of the year. The Phase 3 drill program is due to be completed by the end of October.
All drill holes reported are located at La Cumbre porphyry. Significant drill hole highlights include:
-- LC003 is a vertical hole and intersected mineralization from surface to
234.75 meters including a high grade intercept of 43.40 g/t gold and
0.05% copper over 2.00 metres (28.00 - 30.00 meters) potentially
extending the high grade gold epithermal corridor 250m to the southeast.
-- LC004 is a vertical hole intersecting from 3.10 metres down hole, 178.90
metres grading 0.58 g/t gold and 0.09% copper; including 81.00 metres
grading 0.80 g/t gold and 0.14% copper.
-- LC012 is a vertical hole, starting at surface, intersecting
mineralization 450.30 metres (end of hole) grading 0.48 g/t gold and
0.12% copper; including 113.00 metres grading 0.74 g/t gold and 0.13%
copper; including 43.00 metres grading 0.94 g/t gold and 0.14% copper.
-- LC013 is a vertical hole intersecting from surface to 186.00 metres
grading 0.53 g/t gold and 0.11% copper; including 69.00 metres grading
0.78 g/t gold and 0.10% copper.
-- LC015 is a vertical hole intersecting from 4.00 metres down hole 396.00
metres (end of hole) grading 0.59 g/t gold and 0.14 % copper; including
141.00 metres grading 0.80 g/t gold and 0.14% copper; including 67.00
metres grading 0.90 g/t gold and 0.14% copper.
-- QAP-DDH-035 intersected from 3.04 metres down hole 421.96 metres grading
0.40 g/t gold and 0.07 % copper; including 71.76 metres grading 0.76 g/t
gold and 0.05% copper; including 44.96 metres grading 0.96 g/t gold and
0.05 % copper.
The epithermal mineralization found at, or near, surface at La Cumbre and Manzanillo target (El Centro Zone) will continue to be delineated along trend to the Amarilla Structural Corridor. This corridor is trending 600 metres on strike south-southeast with the historical gold mines (see May 10, 2011 news release). Also of important note, further along strike approximately 600 metres south-southeast at Matecana (see figure 1), artisanal tunnels have been discovered, reflecting similar epithermal characteristics. Work continues to follow-up this development.
Table 1 & 2 below summarize assay results and see attached Figure 1 - Project Plan View Map - showing drill hole locations.
http://media3.marketwire.com/docs/bgc_f1_1012.pdf
Table 1- Intersections Table
----------------------------------------------------------------------------
Hole From (m) To (m) Interval (m)(i) Au (g/t) Cu (%)
----------------------------------------------------------------------------
LC003 0.00 28.00 28.00 0.34 0.06
----------------------------------------------------------------------------
LC003 28.00 30.00 2.00 43.40 0.05
----------------------------------------------------------------------------
LC003 30.00 234.75 204.75 0.36 0.05
----------------------------------------------------------------------------
including 30.00 129.00 99.00 0.56 0.07
----------------------------------------------------------------------------
LC004 3.10 182.00 178.90 0.58 0.09
----------------------------------------------------------------------------
including 61.00 142.00 81.00 0.80 0.14
----------------------------------------------------------------------------
and 215.00 288.37 73.37 0.23 0.02
----------------------------------------------------------------------------
and 326.00 348.47 22.47 0.28 0.02
----------------------------------------------------------------------------
LC012 0.00 450.30 450.30 0.48 0.12
----------------------------------------------------------------------------
including 0.00 113.00 113.00 0.74 0.13
----------------------------------------------------------------------------
including 0.00 43.00 43.00 0.94 0.14
----------------------------------------------------------------------------
LC013 0.00 186.00 186.00 0.53 0.11
----------------------------------------------------------------------------
including 0.00 69.00 69.00 0.78 0.10
----------------------------------------------------------------------------
and 280.00 302.00 22.00 0.27 0.06
----------------------------------------------------------------------------
and 407.00 449.00 42.00 0.35 0.07
----------------------------------------------------------------------------
LC015 4.00 400.00 396.00 0.59 0.14
----------------------------------------------------------------------------
including 4.00 145.00 141.00 0.80 0.14
----------------------------------------------------------------------------
including 4.00 71.00 67.00 0.90 0.14
----------------------------------------------------------------------------
QAP-DDH-031 0.00 14.00 14.00 0.78 0.09
----------------------------------------------------------------------------
and 64.67 91.00 26.33 0.28 0.05
----------------------------------------------------------------------------
and 121.00 178.50 57.50 0.37 0.07
----------------------------------------------------------------------------
and 457.55 500.00 42.45 0.24 0.08
----------------------------------------------------------------------------
QAP-DDH-035 3.04 425.00 421.96 0.40 0.07
----------------------------------------------------------------------------
including 3.04 74.80 71.76 0.76 0.05
----------------------------------------------------------------------------
including 3.04 48.00 44.96 0.96 0.05
----------------------------------------------------------------------------
including 375.0 425.0 50.00 0.52 .12
----------------------------------------------------------------------------
QAP-DDH-042 No significant results
----------------------------------------------------------------------------
QAP-DDH-043 0.00 60.00 60.00 0.23 0.06
----------------------------------------------------------------------------
And 120.00 228.00 108.00 0.29 0.05
----------------------------------------------------------------------------
including 162.00 202.00 40.00 0.37 0.06
----------------------------------------------------------------------------
and 262.00 351.00 89.00 0.31 0.07
----------------------------------------------------------------------------
(i)Interval length represents downhole distance and not true width with the
exception of LC003, LC004, LC012, LC013, LC015 and QAP-DDH-031.
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 additional results become available.
(www.mapsbyair.com/Batero/Batero_Gold_Sept20_2011.wmv)
Hole LC003 and LC004 were drilled in the igneous breccia host rock in the north part of the La Cumbre porphyry. Hole LC003, collared on the same platform as QAP-DDH-022, is mineralized from surface to 234.75 meters and contains a high grade gold intercept of 43.40 g/t gold over 2.0 meters near surface (Table 1). Hole QAP-DDH-022 intersected 251.25m grading 0.55 g/t gold and 0.12% copper (News Release of May 19, 2011). The epithermal mineralization discovered at La Cumbre porphyry in LC003 discovered near surface will continue to be delineated along the trend to the Amarilla Structural Corridor's recognized epithermal gold mineralization (News Release of May 10, 2011).
Hole LC004, drilled from a new platform, intersected a wide interval of gold and copper mineralization. LC004 was drilled approximately 100 meters west of LC003 and approximately 100 meters northeast of LC002 ( 342.50 metres grading 0.61 g/t gold and 0.10 % copper; News Release of August 5, 2011). The intercepts in LC003 and LC004 continue to expand La Cumbre gold-copper porphyry northwards.
Holes LC012, LC013 and LC015 were drilled in the medium grained diorite host rock in the central part of the La Cumbre porphyry. All holes were drilled from new platforms as part of the in-fill drill program. All three holes intersected significant intervals of gold and copper mineralization. Holes LC012 and LC015 bottomed in mineralization. These intersections continue to confirm the presence of significant gold and copper mineralization over significant widths in La Cumbre porphyry.
Hole QAP-DDH-031 drilled from the same platforms as QAP-DDH-023 (510.85 metres grading 0.42 g/t gold and 0.11% copper; News Release of May 29, 2011) intersected four mineralized intervals (Table 1). Hole QAP-DDH-035, drilled on the same platform as LC006, intersected 421.96 metres grading 0.40 g/t gold and 0.07 % copper starting at 3.04 metres downhole. Hole LC006 (News Release of August 30, 2011) intersected 203.02 metres grading 0.69 g/t gold and 0.12% copper.
Hole QAP-DDH-43, an angle hole drilled along the southeast limit of La Cumbre porphyry, intersected three wide zones of gold (and copper) mineralization. QAP-DDH-042, the most southeasterly hole drilled on La Cumbre porphyry did not intersect significant mineralization.
Table 2 - Drill Hole Specifications
----------------------------------------------------------------------------
Hole Easting Northing Elevation Azimuth Dip EOH (m)
----------------------------------------------------------------------------
LC003 420910.35 585524.68 1870 0 -90 357.80
----------------------------------------------------------------------------
LC004 420805.05 585540.69 1933 0 -90 352.10
----------------------------------------------------------------------------
LC012 420950.90 585384.18 1883 0 -90 450.30
----------------------------------------------------------------------------
LC013 420925.00 585236.39 1855 0 -90 451.00
----------------------------------------------------------------------------
LC015 420997.62 585301.21 1865 0 -90 400.00
----------------------------------------------------------------------------
QAP-DDH-031 420718.33 585299.91 1879 0 -90 594.60
----------------------------------------------------------------------------
QAP-DDH-035 420705.60 585482.26 1951 175 -65 601.98
----------------------------------------------------------------------------
QAP-DDH-042 421287.08 585104.37 1696 255 -65 329.18
----------------------------------------------------------------------------
QAP-DDH-043 421192.35 585134.64 1744 255 -70 512.06
----------------------------------------------------------------------------
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
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