Bellhaven Continues to Extend Shallow Portions of Middle Zone Mineralization at La Mina, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/03/12 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ("Bellhaven" or the "Company") is pleased to report drill results from five recent holes at the La Mina Project in Colombia (Figure 1). Each of these Middle Zone holes included significant near-surface gold-copper intercepts:
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-1062 4.80 19.80 15.00 0.47 0.03 0.2 0.53 Middle
Zone
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63.80 96.25 32.45 0.28 0.17 1.3 0.56
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LME-1063 18.28 35.05 16.77 1.05 0.02 0.8 1.08 Middle
Zone
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LME-1064(i) 0.00 78.10 78.10 0.54 0.17 1.0 0.83 Middle
Zone
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including(ii) 14.10 38.50 24.40 0.91 0.21 1.13 1.27
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LME-1065 6.09 25.00 18.91 0.46 0.02 2.5 0.48 Middle
Zone
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81.00 103.02 22.02 0.67 0.12 2.1 0.87
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128.00 165.51 37.51 0.78 0.09 2.1 0.95
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LME-1066 39.00 83.00 44.00 0.39 0.06 1.2 0.49 Middle
Zone
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(i) Includes 11.15m in 9 separate intervals with poor core recovery, for
which grades are assumed to be nil
(ii) Includes 5.5m in 4 separate intervals with poor core recovery, for
which grades are assumed to be nil
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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.
At present, two drill rigs remain engaged with additional targets in the shallow X3 and X1 hosted mineralization. Since February, the program has been successful in advancing the shallow, gold-dominant mineralization to the southwest, west, and with the results presented here, to the northeast. These results also include a significant 50m extension to the southeast (78.1m of 0.83 g/t Au Equiv in drill hole LME-1064), which crosses a fault zone containing higher-grade intervals, including 1.27 g/t Au Equiv over 24.4m. The northeastern limit of the Middle Zone has also been extended approximately 100m with the near-surface results from LME-1063, -1065, and -1066. The zone still remains open to the northeast.
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/bhv503a.pdf.
Patrick Highsmith, Bellhaven's CEO, commented on the latest drilling:
"These drill holes were primarily probing the periphery of the surface extent of the X3 Breccia, an important gold-copper host rock, so we are very pleased to add these intercepts to our near-surface inventory before we build the new resource model. This drilling has defined the contact between the mineralizing X1 Porphyry and the X3 Breccia in several key areas. We also see marked grade increases associated with some of the faults in these holes. These structures and contacts are important controls on mineralization, so we shall incorporate these data in the new resource model, even as we continue to drill test these features in the weeks ahead. We are focusing the drill program on open areas in the north and follow up on the encouraging intercepts in LME-1064 and the previously reported intercepts in LME-1060."
Discussion of the Drill-Hole Results
The group of holes reported here are located primarily in the north-central to northeast portion of the Middle Zone (See Figure 2).
Drill hole LME-1064 adds considerable mineralization in X3 Breccia from surface, stepping out approximately 50m to the southeast from similar mineralization in LMDDH-013 (Figure 3). The 78.1m interval reported here is interrupted by aggregate zones totaling approximately 11m of poor core recovery, but this interval is associated with strong faulting, veining, and intense mineralization. Zones of poor core recovery are handled conservatively, with zero grade entered for the intervals having no assays. The faulting and associated mineralization in the X3 Breccia and at the contact with the X1 Porphyry is a focus of ongoing geological and targeting work.
The other hole near the central portion of the deposit, LME-1062, pushed the X3 Breccia slightly to the northwest (Figure 3). More importantly, the shallow intercepts of X1-style mineralization suggest strong vertical continuity with the deep intercepts (greater than 650m) reported from LME-1050.
The remaining three holes reported here (LME-1063, LME-1065, and LME-1066) are located in the extreme northeast part of the Middle Zone drill pattern (Figures 4 and 5). The shallow intercepts of X3 Breccia mineralization in this area extend the Middle Zone approximately 100m to the northeast, where the zone remains open. Previous south-directed drilling in this area (LME-1036 and LMDDH-028) did not encounter this level of mineralization.
The Company continues to drill the Middle Zone and compile data in preparation for building a new 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, February 9, 2012, and March 22, 2012).
Table 2 - Drill Hole Location Data for La Mina Gold-(Copper) Project,
Colombia
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Azimuth Plunge Total
Hole East UTM North UTM Elevation (deg- (deg- Length
Number Coordinate Coordinate (m.a.s.l.) rees) rees) (metres) Prospect
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LME-1062 419096.88 655199.05 1926.16 315 -60 198.00 Middle
Zone
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LME-1063 419237.43 655192.58 1971.07 315 -55 250.24 Middle
Zone
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LME-1064 419100.06 655195.96 1926.29 135 -55 198.50 Middle
Zone
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LME-1065 419239.92 655190.24 1971.20 135 -55 251.46 Middle
Zone
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LME-1066 419237.90 655187.20 1971.00 045 -60 190.50 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.
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 procedures. Bellhaven also maintains an independent QA-QC program that 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.
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.
Appointment of Investor Relations Advisor
The Company is also pleased to announce that it has retained San Diego Torrey Hills Capital, Inc. ("Torrey Hills") to act as investor relations advisors to the Company on a month-by-month contract.
Torrey Hills is a leading investor and financial public relations firm specializing in small and micro-cap companies, primarily in the natural resource sector. Torrey Hills will increase awareness about Bellhaven through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space. Torrey Hills will also develop a profile on Bellhaven for coverage on its website, www.babybulls.com, a platform to showcase and provide exposure for emerging micro-cap companies to an audience of proven micro-cap investors.
Effective May 1, 2012, Torrey Hills has been engaged at a monthly fee of US$6,000. In addition, Bellhaven has agreed to the granting of options to purchase 250,000 common shares of the Corporation at a price of CDN$0.45 per common share. The options shall be subject to the terms of the Corporation's stock option agreement and will vest and become exercisable in quarterly installments over a 12-month period, in accordance with the policies of the TSX Venture Exchange.
Torrey Hills, through its officers, directors, employees, and consultants, currently controls 2.1 million common shares of stock of Bellhaven, which were purchased on the open market. The appointment of Torrey Hills is also subject to certain requisite filings and approval by the TSX Venture Exchange.
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 flagship project is the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In the first half of 2012, the Company expects to announce an update to its maiden NI 43-101 inferred resource, which was released in September of 2011. The initial La Mina resource included 1.0 Moz gold and 280 million pounds of copper (or 1.6 Moz gold equivalent) contained in 40.56 million tonnes 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). 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. - Corporate Communications
Nico Wells
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