Bellhaven Continues to Report +1.0 g/t Gold-Equivalent from Near-Surface Drilling at the Middle Zone
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/22/12 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ("Bellhaven" or the "Company") is pleased to report drill results from the four latest holes at the Middle Zone at the La Mina Project in Colombia (Figure 1). Each of these Middle Zone holes intercepted significant mineralization from near-surface, including:
-- LME-1057 - 92.25m averaging 0.88 g/t Au and 0.11% Cu, or 1.07 g/t Au
Equiv
-- LME-1060 - 80.60m averaging 0.66 g/t Au and 0.32% Cu, or 1.20 g/t Au
Equiv
The Middle Zone drill program is currently targeting near-surface gold-rich mineralization, such as that encountered by LME-1052 (See Company news release dated February 9, 2012), which intercepted 98.0m at 1.24 g/t gold and 0.14% copper (1.50 g/t Au Equiv). In particular, the drilling program is targeting the X3 Porphyry and related breccia, the host to much of the near-surface gold mineralization. This phase of drilling has been successful in extending the X3 mineralization approximately 50m to the southeast and 100m to the northwest. Drill hole LME-1060 also yielded near-surface X1 Breccia mineralization, which had not previously been encountered in this area. The X3-related mineralization remains open to the southwest, east, and northeast as well as at depth.
For maps showing the location of the drill holes, as well as relevant geologic cross sections highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bhv.pdf
Patrick Highsmith, Bellhaven's CEO, commented on the latest drilling:
"We designed the four drill holes announced today to test for extensions of the high-grade intercept of LME-1052 announced on February 9th. This was an important test because if we can extend from this intercept, it will confirm the significance of the Middle Zone as a possible addition to our existing NI 43-101 resource at the La Cantera deposit, located only 500m away. Now that the first results are in from this area, we are very pleased to see the footprint of this mineralization growing. These step-out holes extended the zone by almost 100m to the northwest and 50m to the southeast. We have not closed off this mineralization yet, so we will continue to follow up these favourable results with additional drilling to determine its ultimate size."
Discussion of the Drill-Hole Results
Two drills are actively testing near-surface mineralization on the periphery of the Middle Zone drill pattern. Drill holes LME-1055, -1057, and -1061 are in the southwest lobe of mineralization, approximately 500m northwest of the La Cantera resource. These holes tested X3 Porphyry and X3 Breccia mineralization in step-out holes to the south and northwest from LME-1052. Drill hole LME-1060 is located near the center of the Middle Zone drill pattern, but in an area where the upper 300m has not seen significant drilling (see Figures 3, 4, and 5 for sectional views).
The Company continues to drill the Middle Zone and compile data in preparation for building a resource model in the next few weeks. Previous holes drilled at the Middle Zone have been described in several news releases (including August 2, 2011; October 6, 2011; January 19, 2012; and February 9, 2012). Data related to the new drill holes are presented in Tables 1 and 2.
Table 1. New Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia
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From To Intercept Au Cu Ag AuEq
Drill Hole (m) (m) (m) (g/t) (%) (g/t) (g/t) Prospect
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LME-1055 1.00 76.15 75.15 0.68 0.04 1.5 0.74
--------------------------------------------------------------- Middle Zone
152.00 154.00 2.00 0.08 0.10 273.0 0.25
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LME-1057 45.00 137.25 92.25 0.88 0.11 2.2 1.07
--------------------------------------------------------------- Middle Zone
including 45.00 117.65 72.65 1.03 0.12 2.6 1.24
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LME-1060 8.50 17.00 8.50 1.31 0.07 0.5 1.42
--------------------------------------------------------------- Middle Zone
27.25 107.85 80.60 0.66 0.32 1.4 1.20
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LME-1061 4.57 47.24 42.67 0.72 0.09 1.7 0.88 Middle Zone
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Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq (g/t) = gold
equivalent (g/t). AuEq (g/t) calculated assuming a long-term gold price of
US $900/oz and a long-term copper price of US $2.25/lb. No adjustment has
been made for metallurgical recoveries or net-smelter returns as these
remain uncertain at this time. AuEq formula: AuEq g/t = Au g/t + ((Cu% x
22.0462 x 2.25)/(900/31.1035)) g/t;Ag values are not included. Gold and
copper grades capped at 5 g/t Au and 2% Cu, respectively. Intercepts
reported as down-hole lengths and may not represent true thicknesses.
Drill hole LME-1055 was drilled from the same platform as previously reported drill hole LME-1052, but to the southeast. LME-1055 extended the southeastern boundary of mineralized X3 by approximately 50 metres. Drill hole LME-1061 was collared 75m northwest of LME-1052 and plunges northeast, also extending the limits of X3 in the area by almost 100m. Hole LME-1057 was collared 50m north of LME-1052 and was drilled to the southwest. This hole extended the known boundary of mineralized X3 to the southwest of the LME-1052 collar, with over 90 metres of 1.07 Au Equiv g/t starting from 45 metres depth.
The drilling continues to periodically encounter high-grade silver and base metal veins that crosscut the porphyry. Drill hole LME-1055 encountered a two-metre interval averaging 273.0 g/t of silver.
Hole LME-1060 was drilled from the same collar as previously reported drill hole LM-DDH-013 and plunges southwest. In this area of the Middle Zone very little near surface (0-300m) drilling has been conducted to date. Hole LME-1060 encountered mineralized X3 from near surface and, more importantly, over 80m of 1.20 Au Equiv g/t in the X1 Breccia commencing just 30m below surface. This is an exciting new development, as previously the occurrence of well-mineralized X1 / X1 Breccia was not known within 300m of surface. This new information has warranted a review of planned drilling in Middle Zone to further define this emerging potential. See Table 2 for a summary of drill hole location and orientation information:
Table 2. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia
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Azi-
Elev- muth Plunge
Hole East UTM North UTM ation (deg- deg- Total
Number Coordinate Coordinate (m.a.s.l.) rees) rees) (metres) Prospect
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LME-1055 418988.74 655056.56 1887.52 135 -60 427.50 Middle Zone
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LME-1057 418996.61 655096.85 1909.27 225 -60 199.30 Middle Zone
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LME-1060 419096.69 655195.73 1926.05 225 -53 195.40 Middle Zone
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LME-1061 418923.30 655101.96 1881.71 045 -60 199.64 Middle Zone
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m.a.s.l. = metres above sea level
Laboratory Methodology and Quality Assurance
After logging, cutting, and sampling on site at the La Mina camp, Bellhaven employees transport the core samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The copper, silver and multi-element analyses are performed by a four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow.
ALS Minerals maintains an industry leading quality management system. Most ALS Minerals laboratories are registered or are pending registration to ISO 9001:2008; and a number of analytical facilities have received ISO 17025 accreditations for specific laboratory procedures. Bellhaven also maintains an independent QA-QC program involving the preparation, shipping, verification, and analysis of all samples. The QA-QC program includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters.
About the La Mina Porphyry Au-(Cu) Project
La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age volcanic and plutonic rocks in central Colombia known to host large porphyry gold deposits such as La Colosa (12.3 Moz Au), Titiribi (8.3 Moz Au), Quebradona, and Quinchia, as well as large epithermal gold districts such as Marmato (9.8 Moz Au).
In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera deposit at the La Mina Project consisting of 1.0 Moz gold and 280 million pounds of copper (or 1.6 Moz gold equivalent) contained in 40.56 million tonnes of inferred resources averaging 0.77 g/t Au, 0.31% Cu, or a gold equivalent grade of 1.26 g/t (based on a 0.30 g/t Au cutoff grade). The average grade of 1.26 g/t AuEq makes La Cantera one of the highest grade porphyry gold-(copper) prospects in the Americas. Bellhaven has identified at least 4 porphyry centers through drilling, along with 7 other earlier stage targets on the concession.
This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Columbia Professional Geoscientist. He is a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.
Granting of Incentive Stock Options
The Company also announces that it has granted in the aggregate 250,000 options to acquire a total of 250,000 common shares of the Company with an exercise price set at the close price of the Company's shares on the TSX Venture Exchange on March 22, 2012 or at such greater price as may be required in accordance with the policies of the TSX Venture Exchange. The options are exercisable for a five-year period from the date of grant. The options may include vesting restrictions as per the Company's stock option plan. This option grant is subject to Exchange approval.
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 be a leader in responsible gold and copper development in Panama and Colombia. Bellhaven will focus on discovery, acquisition, and development of high-quality resources in a safe and responsible manner for 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 three 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,
R. Patrick Highsmith, Chief Executive Officer
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.
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:
Bellhaven Copper & Gold Inc.
Nico Wells
Corporate Communications
North America: +1-303-470-8700, ext 24
Bellhaven Copper & Gold Inc.
Contact in Panama:
Julio Benedetti
President/Director
Int'l No: +507-226-3967
www.bellhavencg.com