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Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV - News; "Bellhaven" or the "Company") is pleased to
announce that its most recent drill hole (DDH-15) cut two intervals of
porphyry and breccia containing gold and copper at
La Cantera, the principal prospect of Bellhaven's 100%-controlled La Mina project in Colombia.
This hole was designed to test the
down-dip extension of the relatively high-grade gold-copper intercept (146 m
@ 0.93 g/t Au, 0.33% Cu, 1.51 g/t AuEq) contained
in DDH-14 completed at the end of last year (see press release of December
13th). DDH-15 successfully intercepted a broad gold-copper zone located
substantially below DDH-14, thereby establishing a minimum vertical dimension
of over 500 m for this one gold-copper zone.
La Cantera is
one of four known porphyry prospects at La Mina. The other three prospects
include the Middle Zone, El Tanque, and El Limon,
located approximately 0.5 and 1 km to the north, respectively. Most of the
concession still remains unexplored. Bellhaven
holds an option to earn 100% of the La Mina project (see press releases dated
May 17, July 27, September 9, October 12, November 2 and 17, 2010).
For maps showing the location of the
drill hole, as well as a geologic cross section highlighting the gold-copper
intercepts, please use the following link: http://media3.marketwire.com/docs/bellhaven_copper_gold_fig01_jan24.pdf
Paul Zweng, Bellhaven's Interim CEO and Director, commented as
follows:
"DDH-15 establishes a significant
vertical dimension of half a kilometer (1780 masl
to 1270 masl) for the La Cantera
gold-(copper) prospect. Expanding the dimensions of the deposit is essential
to adding potentially important tonnage to the project. To do this faster we
are now seeking the services of a second drill rig for the project as soon as
is practically possible. At this moment we are drilling DDH-16 at La Cantera and look forward to drilling the other prospects
as well in the weeks ahead."
"Bellhaven
will be presenting core samples and geologic data pertaining to La Mina at
the Mineral Exploration Roundup 2011 Core Shack (Vancouver) on Wednesday,
January 26th, from 10 am to 5 pm. I would like to invite all interested
parties to stop by and visit with me at that time."
Discussion of the Drill-Hole Results
Bellhaven initiated its maiden drilling program
at its La Mina project last summer (see press release dated July 27, 2010).
Three holes collared at the La Cantera prospect
were reported in the September 9th press release. The results of a fourth
hole drilled at La Cantera were issued in a
December 13th press release. The first four holes drilled at the second
prospect, the Middle Zone, were highlighted in the October 12th, November 2nd
and 17th press releases. This press release discusses the ninth drill hole of
the program, DDH-15, collared at La Cantera. Data
related to the drill holes are presented in Tables 1 and 2.
Drill-hole DDH-15 was designed to test
the down-dip extension of the 146-m long intercept attained in DDH-14 late
last year. Starting at a down-hole depth of 524 m, the hole cut 73 m of
mineralized porphyry and breccia averaging 0.50 g/t
Au and 0.25% Cu (0.92 g/t AuEq) based on a 0.40 AuEq cut-off grade. Twenty-nine meters further down hole,
DDH-15 cut a second, narrower intercept containing 8.5 m of 0.48 g/t Au,
0.23% Cu (0.87 g/t AuEq). These two zones represent
the downward extension of the 146-m zone cut in DDH-14 as shown in cross
section (see the link on the first page of this press release to view the
cross section containing DDH-06, -14, and -15). The vertical distance between
the intercepts of the two holes is approximately 280 m. Together these holes
establish a minimum vertical distance of over 500 m for this one gold-copper
zone. The true width of the intercepts cut by DDH-15 is approximately 53% of
the reported intercept length. All gold-copper zones remain open to depth.
Currently Bellhaven is drilling DDH-16 to constrain
the geometry (and grades) of the gold-copper zones at right angles to DDH-06,
-14, and -15.
Table 1. Drill-Hole Data, La Mina
Porphyry Au-(Cu) Project, Colombia.
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East UTM North UTM Total
Hole Coord Coord Elevation Azimuth Plunge Length
Number (meters) (meters) (m.a.s.l) (degrees) (degrees) (meters)
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LM-DDH-07 419,078.20 654,460.37 1,730.2 180 -60 124.70
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LM-DDH-08 419,105.63 654,601.58 1,753.4 180 -60 297.18
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LM-DDH-09 419,101.00 654,750.00 1,781.6 180 -60 432.81
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LM-DDH-10 418,985.00 655,150.00 1,940.7 180 -60 175.86
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LM-DDH-11 418,995.00 654,950.00 1,819.0 1.7 -62 541.19
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LM-DDH-12 419,000.00 655,100.00 1,908.3 48.2 -61 493.78
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LM-DDH-13 419,097.00 655,197.00 1,929.2 45 -60 335.28
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LM-DDH-14 418,975.00 654,680.00 1,804 135 -50 511.74
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LM-DDH-15 418,867.00 654,780.00 1,773.9 135 -58 639.77
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m.a.s.l. = meters above sea level; Coord = Coordinate
Table 2. Drill-Hole Results for the La
Mina Porphyry Au-(Cu) Project, Colombia.
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Intercept AuEq
Hole Number From (m) To (m) (m) Au (g/t) Cu (%) (g/t) Prospect
----------------------------------------------------------------------------
2010 Drill Results by Bellhaven Copper & Gold
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LM-DDH-07 7.62 27.91 20.29 0.74 0.40 1.43 La Cantera
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LM-DDH-08 0.70 88.00 87.30 1.07 0.30 1.59 La Cantera
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and 197.05 269.72 72.67 0.88 0.39 1.55 La Cantera
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including 199.05 239.05 40.00 1.43 0.55 2.37 La Cantera
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LM-DDH-09 194.75 337.19 142.44 0.70 0.29 1.20 La Cantera
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including 216.75 307.80 91.05 0.93 0.38 1.58 La Cantera
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DDH-09 lost at 432.81 m before reaching
second target
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LM-DDH-10 91.44 154.00 62.56 0.47 0.09 0.62 Middle Zone
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including 132.00 150.00 18.00 0.70 0.10 0.87 Middle Zone
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DDH-10 lost at 175.86 m before reaching
target
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LM-DDH-11 235.00 247.52 12.52 0.27 0.08 0.42 Middle Zone
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289.00 472.00 183.00 0.20 0.12 0.41 Middle Zone
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including 343.00 418.00 75.00 0.24 0.18 0.55 Middle Zone
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LM-DDH-12 160.00 188.00 28.00 0.30 0.18 0.61 Middle Zone
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326.00 420.00 94.00 0.76 0.39 1.42 Middle Zone
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including 326.00 368.00 42.00 0.88 0.44 1.64 Middle Zone
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LM-DDH-13 1.52 78.35 76.83 0.70 0.27 1.16 Middle Zone
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LM-DDH-14 100.00 246.00 146.00 0.93 0.33 1.51 La Cantera
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including 100.00 226.00 126.00 1.02 0.36 1.64 La Cantera
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and 392.00 454.00 62.00 0.75 0.38 1.40 La Cantera
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including 394.00 439.00 45.00 0.95 0.44 1.71 La Cantera
----------------------------------------------------------------------------
New Results Reported in this Press Release
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LM-DDH-15 511.00 601.00 90.00 0.57 0.34 1.15 La Cantera
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and 626.00 634.00 8.50 0.48 0.23 0.87 La Cantera
----------------------------------------------------------------------------
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 $900/oz and a long-
term copper price of $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
Gold and copper grades capped at 5 g/t Au and 2% Cu, respectively.
All drill holes are diamond-core holes.
ALS Colombia Ltda. prepared the
drill-core samples, producing the sample pulps in Bogota. The South American
Central Lab of ALS Chemex in Lima, Peru, performed
all assays pertaining to the drill-core samples highlighted in the text and
table above. Gold was analyzed by fire assay on a 50-gram sample with an
atomic-absorption finish. Copper was analyzed using four-acid digestion,
ICP-AES. The Company maintains a QA-QC program regarding the preparation,
shipping, and checking of all samples, including the use of certified
standard reference materials, blanks, as well as field- and pulp duplicates.
This news release has been prepared
under the supervision of Mr. Thomas J. Drown, P.Geo.,
who serves as the qualified person as defined by National Instrument 43-101
responsible for ensuring that the geological information in this release is
accurate.
About the La Mina porphyry Au-(Cu)
prospect
La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age
volcano-plutonic rocks in central Colombia known to host large porphyry gold
deposits such as La Colosa (12.9 Moz Au contained in 468 Mt @ 0.86 g/t Au; AngloGold
Ashanti), Titiribi (3.7 Moz
Au contained in 230 Mt @ 0.5 g/t Au; Sunward Resources), Quebradona
(AngloGold Ashanti - B2Gold), Quinchia (Batero Gold), and Yarumalito
(Colombian Mines), as well as large epithermal gold districts such as Marmato (7.5 Moz Au contained
in 245 Mt @ 0.95 g/t Au; Medoro Resources).
In mid 2006, AngloGold Ashanti and Bema
Gold drilled six holes into the La Mina porphyry (now called the La Cantera prospect), with Holes 2 and 5 yielding 90+ m
intercepts of greater than 1 g/t Au and significant copper at shallow depths.
The most important host rocks observed
in drill core include the Combia Formation
intermediate volcanic rocks as well as early, intra- and post-mineral diorite
porphyry. Alteration is typical of gold porphyry deposits as exemplified by a
potassic-calcic core encircled by sericitic, intermediate argillic,
and propyllitic alteration zones. Specifically,
most of the gold and copper discovered so far at La Cantera
are spatially associated with quartz-magnetite-chalcopyrite +/- bornite veinlets in potassic altered porphyry and breccias containing
elevated quantities of hydrothermal magnetite. As a result, the gold-bearing
rocks are highly magnetic (ca. 200x10(-3)SI) which
creates a sharp contrast with the barren and weakly magnetic intermediate argillically altered rocks as well as the non-magnetic sericitically altered rocks that surround the potassic core.
Three other potentially important
targets occur due north of the La Cantera target:
Middle Zone, El Limon, and El Tanque. These three
areas form a 1.5 km long by 0.5 km wide magnetic anomaly containing elevated
values of gold and copper in rock-chip and soil samples.
About Bellhaven
Bellhaven Copper & Gold Inc. is a
Canadian-listed (TSX VENTURE:BHV - News) exploration company
exploring for gold and copper in Panama and Colombia. The Company's objective
is to become one of the best gold-copper companies operating in Panama and
Colombia by discovering, acquiring, and developing high-quality resources in
a safe and responsible manner to 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,
Paul L. Zweng,
CEO & Director
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.
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