Panama,
Rep. of Panama – July 28, 2010. Bellhaven
Copper & Gold Inc. (TSX-Venture: BHV) (“Bellhaven”
or the “Company”) is pleased to announce that its fourth drill hole (DDH-13) targeting
the Middle Zone discovered substantial gold and copper mineralization
starting at a depth of 1.5 m. The 77-m intercept reported in DDH-13
connects to the 94-m long intercept containing 0.76 g/t Au and 0.39% Cu (1.4
g/t AuEq) described in DDH-12 on November
2nd. Together these two intercepts demonstrate that gold and copper
mineralization occur over a minimum vertical distance of 380 m.
The Middle Zone
is the second porphyry prospect at La Mina, located approximately 500 m to
the north of the La Cantera prospect. Bellhaven holds an option to earn 100% of the La Mina
project (see press releases dated May 17, September 9, and October 12, 2010).
For maps showing
the location of these drill holes as well as a geologic cross section
highlighting the gold-copper intercepts, please use the following
link: http://media3.marketwire.com/docs/bhv_11_17_2010_maps.pdf
Paul
Zweng, Bellhaven’s
Interim CEO and Director, commented as follows:
“We were
surprised to drill a mineralized intercept starting only a meter or so below
our feet at the Middle Zone. The view had always been that gold and copper
at the Middle Zone occur at depth—below the argillic
alteration zone—in contrast to La Cantera
where gold and copper are found at surface. This discovery changes that
thinking, as well as potentially improves the robustness of the Middle Zone
as stripping and operating costs would be substantially lower compared to
deeper mineralized zones.”
“The 380 m
(minimum) of vertical continuity of mineralization at the Middle Zone is
impressive. It matches what we have found at La Cantera
located some 500 m to the south. We are starting to gain a better
understanding of the geometry of the Middle Zone and look forward to
reporting additional drill results from the Middle Zone and La Cantera in the months ahead.”
“I will be
attending the San Francisco Hard Assets Investment Conference on November
21st and 22nd. If any interested parties would like to meet to discuss Bellhaven, please send me an email at pzweng@bellhavencg.com
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Discussion
of the Drill-Hole Results
Bellhaven initiated its maiden 2000-m 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 first
three holes drilled at the second prospect, the Middle Zone, were highlighted
in the October 12th and November 2nd press releases. This press release
discusses the fourth drill hole, DDH-13, completed at the Middle Zone.
Data related to the drill holes are presented in Tables 1 and 2.
Drill-hole
DDH-13 was designed to test the up-dip extension of the 94-m long intercept
found in DDH-12 at depth. No sample was recovered in the first 1.52 m
of the hole. Starting at a depth of 1.52 m, the hole cut 76.83 m of
mineralized porphyry and breccias. The mineralized interval was
truncated by a late (post-mineral) barren dike and fault. Below the
fault, the drill hole cut a large porphyry pluton
and a series of narrow dikes which contained gold below the 0.4 g/t cut-off
level. Although weakly to unmineralized,
these rocks were altered to K-silicate (“potassic”)
alteration assemblages. The hole terminated at a depth of 335.28 m.
As shown in the
cross section for DDH-12 and -13 (see link above), DDH-13 was successful in
discovering the surface extension of the 94-m intercept cut at depth in
DDH-12. The zone cut by these two drill holes has a vertical continuity
of at least 380 m and remains open at depth. The zone appears to be
bounded by two near-vertical faults. The true width of the zone remains
unknown at this time. It appears that the zone attains an apparent
width of 100 m just below the surface. At depth, the zone bifurcates
into two zones, with one measuring approximately 60-m wide and the other
measuring approximately 10-m wide.
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.
Two other
important targets occur due north of the La Cantera
target: Middle Zone and El Limon. 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-V: BHV) exploration company exploring for gold and
copper in Panama and Colombia. The Company’s objective is to
become among 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.
Corporate Contact in North
America:
Corporate Contact in Panama:
Paul Zweng, CEO/Director Julio
Benedetti, President/Director
+1-808-377-1947 Int'l
No: +507-226-3967
pzweng@bellhavencg.com
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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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