Bellhaven Expands Footprint and Adds More Shallow +1.0 g/t Gold at the Middle Zone Deposit, La Mina Project, Colombia
DENVER, COLORADO -- (Marketwire) -- 09/06/12 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ("Bellhaven" or the "Company") is pleased to report drill results from eleven recent holes at the La Mina Project in Colombia (Figure 1). The holes tested areas peripheral to the known shallow mineralization, and also probed zones within the deposit where the block model demonstrated unrealized mineralized potential. The most significant intercept is shown below:
-- LME-1082 - 115.82m averaging 1.01 g/t Au and 0.08% Cu, or 1.15 g/t Au
Equiv;
including 63.32m at 1.48 g/t Au and 0.09% Cu, or 1.62 g/t Au Equiv
Two of the drill holes in this release (LME-1073 and LME-1074) have already been included in the Middle Zone resource dated July 9, 2012. The remainder will be incorporated in a future updated resource.
The program succeeded in delivering higher grade compared to key areas of the current block model, enlarging the mineralized footprint, and better defining the eastern and western edges of mineralization. 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://file.marketwire.com/release/bhvFigs1-9.pdf
Patrick Highsmith, Bellhaven's CEO, commented on the latest drilling:
"These results are a strong finish to the 2012 Middle Zone drill program. Not only have we extended the footprint of mineralization on three sides of the deposit, but we have also identified considerably higher-grade gold-dominant mineralization in the northeast lobe. Furthermore, all of the significant intercepts reported here today come from less than 200m vertically below surface. The near-surface gold-dominant mineralization at La Mina bodes well for the potential economics of its future development."
"We expect these drill results to make accretive contributions to the Middle Zone resource model. We are developing additional drill targets between La Cantera and Middle Zone, and we expect to include all this work in a significant resource update and preliminary economic assessment in the first half of 2013."
The table below summarizes the significant intercepts from the most recent drilling at the Middle Zone.
Table 1 - Significant 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-1073(ii) 44.10 60.60 16.50 0.25 0.09 0.7 0.39 Middle
Zone
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137.00 178.00 41.00 0.21 0.17 0.8 0.49
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LME-1074(ii) 6.09 13.71 7.62 0.29 0.07 0.5 0.40 Middle
Zone
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34.13 48.15 14.02 0.19 0.19 0.9 0.49
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71.62 77.72 6.10 0.24 0.12 1.2 0.43
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LME-1075 95.60 109.90 14.30 0.51 0.15 1.4 0.74 Middle
Zone
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120.40 126.10 5.70 0.95 0.18 1.7 1.24
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132.40 157.80 25.40 0.41 0.06 1.2 0.50
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LME-1076(i) 30.48 39.62 9.14 0.26 0.24 1.6 0.64 Middle
Zone
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LME-1077 12.19 65.53 53.34 0.33 0.21 2.3 0.66 Middle
Zone
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LME-1078 18.28 28.95 10.67 0.72 0.06 2.9 0.81 Middle
Zone
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LME-1079 Middle
No significant mineralization Zone
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LME-1080 66.75 101.19 34.44 0.69 0.10 2.3 0.85 Middle
Zone
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136.55 179.26 42.71 0.72 0.08 1.9 0.84
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LME-1081 48.76 64.00 15.24 0.39 0.11 1.5 0.57 Middle
Zone
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LME-1082 107.43 129.54 22.11 0.72 0.08 1.1 0.84 Middle
Zone
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138.68 254.50 115.82 1.01 0.08 0.8 1.14
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including 138.68 202.00 63.32 1.48 0.09 0.8 1.62
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LME-1083 Middle
No significant mineralization Zone
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(i) LME-1076 was stopped due to ground conditions at 39.62m and re-drilled
as LME-1077.
(ii) Results from LME-1073 and LME-1074 are already included in the inferred
resource estimate released on July 9, 2012.
NOTE: 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 $1200/oz and a long-term copper price of US $2.75/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 2.75)/(1200/31.1035)) 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.
Discussion of the Drill-Hole Results
The group of holes reported here are located around the western, southern, and southeastern periphery of the Middle Zone, with a few drilled through the central part of the deposit (See Figure 2 and Table 2). After finalizing the cutoff date for inclusion in the resource calculation, one rig continued to test peripheral and emerging targets as the Middle Zone drill program wound down. Since February the program has been successful in advancing the shallow, gold-dominant mineralization at Middle Zone, particularly in the southwest and northeast lobes of the deposit (See Company news releases dated February 9, 2012, March 22, 2012, May 3, 2012, and May 14, 2012).
A number of these holes were drilled to test and expand the known shallow mineralization on the western, southern, and northeastern edges of the deposit. These target areas included shallow intercepts in LME-1068 (101.69m of 0.84 g/t Au Equiv, in Company news release dated May 14, 2012) and LME-1061 (42.67m of 0.88 g/t Au Equiv, in Company news release dated March 22, 2012). The objective of LME-1082 was to fill in an area outside of the current resource envelope on the eastern side of the deposit. It was drilled from outside the mineralizing porphyries into an area below LME-1068, and was intended to extend into the post-mineralizing X2 unit. Drill hole LME-1082 was very successful in undercutting the intercept from LME-1068, thickening and extending that mineralization at least 50m deeper, and at considerably higher gold grades than previously encountered in that area (See Figure 3).
The southern end of the deposit has been the focus of significant shallow drilling since realizing the near-surface potential of the gold mineralization there in February (See Company news release dated February 9, 2012). Hole LME-1080 was collared approximately 75m south of LME-1052, well south of any known mineralization, and directed to the northwest. The strong intercepts in LME-1080 extended the footprint of mineralization to the south by at least 50m and to depth by at least 100m (See Figure 4).
Five additional drill holes extended known near-surface gold mineralization in several other areas. Hole LME-1073 was drilled to the southeast from the northern side and extended moderate mineralization approximately 50m to the north. LME-1074 was drilled to the southeast from the same platform as LME-1072, and encountered several near-surface pockets of gold mineralization (See Figure 5). The grade of these new intercepts is consistent with the average grade of the resource.
LME-1076 and LME-1077 were drilled from the same platform as LME-1074, but directed to the southwest (See Figure 6). LME-1076 was stopped due to bad ground conditions. The hole was steepened and re-drilled as LME-1077. Both of these holes encountered moderate intervals of near-surface gold and copper.
Hole LME-1078 was directed southwest along the southern end of mineralization in an attempt to tie together a number of intercepts (See Figure 7). While confirming some of the near surface intercepts in LME-1070 and LME-1068 with an 11m gold-rich interval, it undercut most of the strong mineralization further southwest. Similarly, but on the northwest side of the mineralized corridor, drill hole LME-1075 was drilled to the southwest to validate near surface intercepts and test the southwestern limits of mineralization (See Figure 8). The results confirmed the earlier mineralization with a few moderate near-surface intercepts, but encountered the limits of mineralization when it entered unmineralized Limon porphyry.
Drill hole LME-1081 addressed a gap in the drill hole database by drilling from the shallow X3 mineralization across the down-dropped X1 porphyry on the south end of the deposit. The hole was collared between planned drill sections and directed to the southeast (See Figure 9). While encountering a moderate shallow intercept of gold and copper, the hole otherwise missed the deeper target and crossed into un-mineralized Limon porphyry. Drill holes LME-1079 and LME-1083 encountered no significant mineralization as they confirmed the outer limits of mineralization on the southwest and northeast, respectively.
The Company plans further drilling in the Middle Zone while exploration on additional mineralized targets is ongoing.
Table 2 - Drill Hole Location Data for La Mina Gold-(Copper) Project, Colombia
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Hole East UTM North UTM Elevation
Number Coordinate Coordinate (m.a.s.l.)
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LME-1073 418985.483 655224.786 1952.558
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LME-1074 419110.873 655124.027 1895.075
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LME-1075 418982.279 655151.707 1940.171
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LME-1076 419109.971 655125.654 1894.898
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LME-1077 419110.232 655125.839 1895.027
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LME-1078 419192.963 655173.375 1931.678
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LME-1079 418922.512 655101.389 1880.536
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LME-1080 418995.289 654991.698 1868.104
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LME-1081 418998.895 655098.643 1906.892
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LME-1082 419248.663 655100.044 1939.188
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LME-1083 419273.919 655231.909 1973.803
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Total
Hole Azimuth Plunge Length
Number (degrees) (degrees) (metres) Prospect
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LME-1073 135 -52 307.20 Middle Zone
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LME-1074 135 -70 303.27 Middle Zone
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LME-1075 225 -50 236.10 Middle Zone
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LME-1076 225 -50 39.62 Middle Zone
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LME-1077 225 -65 153.92 Middle Zone
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LME-1078 225 -50 422.09 Middle Zone
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LME-1079 315 -50 147.82 Middle Zone
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LME-1080 335 -60 188.36 Middle Zone
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LME-1081 135 -51 292.60 Middle Zone
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LME-1082 315 -50 322.78 Middle Zone
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LME-1083 135 -50 333.75 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. Check samples are sent separately by Bellhaven to the SGS Laboratory in Lima, Peru, where they are analyzed by the same methods as listed above for ALS.
The ALS Minerals laboratory in Lima, Peru is registered to ISO 9001:2008 and has received ISO 17025:2005 accreditation for certain specific methods, such as fire assay/AA gold. The SGS laboratory in Lima, Peru, has also received accreditation to ISO/IEC 17025 for certain relevant methods. In addition to the internal QA-QC program used by these accredited laboratories, 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.
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 July 2012, the Company increased the mineral resource inventory at the La Mina Project by 60% with the announcement of an inferred resource at Middle Zone. The total La Mina resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.87 million tonnes averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t (based on a 0.30 g/t Au cutoff grade). The Company is currently seeking to grow these resources through ongoing exploration on the La Mina concession. 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. - Panama
Julio Benedetti
President/Director
Int'l No: +507-226-3967
www.bellhavencg.com