Bellhaven Drills 158 m of 1.0 g/t Gold and 0.17% Copper (1.3 g/t Gold Equivalent) Confirming Discovery at La Garrucha Prospec...
27 Juin 2013 - 1:00PM
Marketwired Canada
Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is
pleased to announce that two additional drill holes collared at the same
location as the discovery hole announced on June 5th (LME-1100: 217 m of 1.3 g/t
Au and 0.15% Cu or 1.5 g/t AuEq) delivered substantial intercepts of gold and
copper (see Tables 1 and 2). Highlights of the drilling include:
LME 1102: 158 m @ 1.01 g/t gold and 0.17% copper (1.26 g/t gold equivalent),
including 52 m @ 1.83 g/t gold and 0.21% copper (2.15 g/t gold
equivalent)
LME-1101: 96 m @ 0.50 g/t gold and 0.13% copper (0.73 g/t gold equivalent),
and 80 m @ 0.49 g/t gold and 0.06% copper (0.57 g/t gold
equivalent)
Both drill holes contained intercepts starting less than 10 m down the hole,
indicating that the mineralized material at La Garrucha is shallowly seated and
may be amenable to low-cost, open-pit mining. The upper end of the long, 158-m
intercept averaging 1 g/t gold from LME-1102 occurs only 30 m vertically below
the surface. This same intercept also demonstrates nearly 300 meters of vertical
continuity of 1-g/t gold mineralization between itself and LME-1100 (227 m @ 1.3
g/t gold and 0.15% copper or 1.5 g/t gold equivalent).
For figures showing plan maps and cross sections highlighting the new drill
holes announced in this press release, please use the link below:
http://file.marketwire.com/release/bhv0626.pdf
Julio Benedetti, Bellhaven's CEO and Chairman, commented as follows:
"We are pleased that these two holes confirm the La Garrucha discovery hole we
announced in early June. LME-1102 builds upon LME-1100 to demonstrate
substantial vertical size to the deposit. Our current drill hole, LME-1103, is
designed to test whether the vertical continuity of 1-g/t gold mineralization
exceeds 300 meters. As new drill sites are constructed, the Company will be in a
position to test the eastern boundary of the deposit as well as the southern and
northern boundaries which currently remain open."
"These are exciting times for the Company as we believe La Garrucha is truly
special and may rival in grade and size our La Cantera prospect, one of the
highest grade porphyry gold deposits in the Americas. We look forward to
receiving the assays and announcing the results of the current hole, LME-1103,
in the weeks ahead."
In accordance with National Instrument 43-101, it is noted that the potential
quality and grade at La Garrucha is conceptual in nature, that there has been
insufficient exploration to define a mineral resource, and that it is uncertain
if further exploration will result in a target being delineated as a mineral
resource.
Discussion of Drilling Results
The two holes were drilled from the same drilling platform as the first hole of
the drilling campaign, LME-1100, and tested the outer margins of the core region
of the discovery. This provided the Company the time necessary to construct
additional drill platforms to test the core of the La Garrucha discovery. The
current drill hole now in progress, LME-1103, is a scissor hole to LME-1100 and
is anticipated to provide a meaningful test of La Garrucha's core region.
LME-1101 was collared on May 21st and completed on June 2nd, after reaching a
down-hole depth of 422 m (see Table 2). The drill-hole was designed to test the
northwestern margin of the large magnetic anomaly occurring over the La Garrucha
prospect (see Figure 4). As evident from Figure 6, LME-1101 drilled over the top
and side of the deposit's core and yet still delivered a combined total of 225 m
of mineralized material above the 0.4 g/t gold equivalent cut-off grade (see
Table 1).
LME-1102 was collared on June 4th and completed on June 11th, after reaching a
down-hole depth of 320 m (see Table 2). The drill-hole was designed to test the
up-dip extension of the 217 m intercept averaging 1.3 g/t Au and 0.15% Cu (1.5
g/t AuEq) contained in the discovery hole. LME-1102 delivered multiple
intercepts with the most important consisting of 158 m averaging 1.0 g/t gold
and 0.17% copper (1.5 g/t gold equivalent), including 52 m averaging 1.8 g/t
gold and 0.21% copper (2.2 g/t gold equivalent) (see Table 1). The intercepts
from these two holes demonstrate vertical continuity of 1-g/t gold
mineralization from approx. 1625-m elevation to approx. 1920-m elevation or
nearly 300 m. The current drill hole, LME-1103, is a scissor hole to LME-1100,
and is designed to provide greater clarity on the vertical continuity of 1-g/t
gold mineralization.
Table 1. New Drill-Hole Results for La Garrucha Gold-(Copper) Project, La Mina,
Colombia
----------------------------------------------------------------------------
From To Intercept Au Cu Ag AuEq
Drill Hole (m) (m) (m) (g/t) (%) (g/t) (g/t) Prospect
----------------------------------------------------------------------------
LME-1101 15.24 27.43 12.19 0.69 0.05 5.1 0.76 La
Garrucha
----------------------------------------------------------------------------
and 94.87 174.95 80.08 0.49 0.06 1.8 0.57 La
Garrucha
----------------------------------------------------------------------------
and 216.71 253.59 36.88 0.45 0.03 1.5 0.49 La
Garrucha
----------------------------------------------------------------------------
and 278.58 374.50 95.92 0.50 0.13 4.1 0.73 La
Garrucha
----------------------------------------------------------------------------
LME-1102 7.62 13.71 6.09 0.71 0.03 1.6 0.76 La
Garrucha
----------------------------------------------------------------------------
and 19.81 25.90 6.09 0.53 0.03 3.6 0.57 La
Garrucha
----------------------------------------------------------------------------
and 52.30 60.40 8.10 0.40 0.26 3.8 0.80 La
Garrucha
----------------------------------------------------------------------------
and 66.50 224.62 158.12 1.01 0.17 5.5 1.26 La
Garrucha
----------------------------------------------------------------------------
including 130.00 181.90 51.90 1.83 0.21 9.8 2.15 La
Garrucha
----------------------------------------------------------------------------
and 242.00 278.00 36.00 0.34 0.13 10.3 0.54 La
Garrucha
----------------------------------------------------------------------------
Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq = gold
equivalent (g/t). For information on calculation of AuEq grades, please see
Forward-Looking Statements below. 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.
Table 2. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia
------------------------------------------------------------------
Hole Number East UTM North UTM Elevation Azimuth Plunge
Coordinate Coordinate (m.a.s.l.) (degrees) (degrees)
------------------------------------------------------------------
LME-1101 420,026.62 654,716.92 1961.05 270 -76
------------------------------------------------------------------
LME-1102 420,026.34 6547,15.66 1961.15 225 -60
------------------------------------------------------------------
-----------------------
Total Prospect
Length
(metres)
-----------------------
422.45 La Garrucha
-----------------------
320.04 La Garrucha
-----------------------
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 Colombia 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 goal
is to be a leader in gold and copper development in Panama and Colombia.
Bellhaven focuses 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) porphyry
deposit in the Middle Cauca belt of Colombia. 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 79.9 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
average grade of 1.0 g/t gold equivalent makes La Mina one of the highest grade
gold-(copper) porphyry deposits in the Americas. The Company is currently
seeking to develop and to grow these resources through mine development 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,
Julio Benedetti, CEO & Chairman of the Board of Directors
BELLHAVEN COPPER & GOLD INC.
Forward-Looking Statements
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.
Gold equivalent grades have been calculated using the following formula: AuEq =
Au(g/t) + (Cu(%)) x (%Recoverable Cu / %Recoverable Au) x (Net Cu Price/Net Au
Price) x (%Payable Cu / %Payable Au x 22.0462 x 31.1035). Metal recoveries are
estimates based on metallurgical results announced in Bellhaven's news release
dated Nov. 15, 2011. Net metal prices for gold and copper are the long-term
forward-curve metal price minus refining charge. Metal prices based on the
long-term forward curve are as of May 8, 2013 (US$1482 for gold and $3.40/lb for
copper). Metal refinery charges and % payable metal by the smelter are estimates
based on third-party consultants. Metal prices, refinery charges and % payable
metal are not constant and are subject to change. Mineral resources are not
mineral reserves and do not have demonstrated economic viability. There is no
certainty that all or any part of the mineral resources will be converted into
mineral reserves.
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Contact in North America:
Mrs. Milagros "Millie" Paredes, President/Director
U.S. Tel: (971) 344-1500
mparedes@bellhavencg.com
Corporate Contact in Panama:
Mr. Julio Benedetti, CEO/Chairman
Int'l No: +507-226-3967
juliobenedetti@bellhavencg.com
Bellhaven Copper & Gold Inc. (TSXV:BHV)
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