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Bellhaven
Copper & Gold Inc. (TSX VENTURE:BHV - News; "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 click on 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."
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.
Table 1. Drill-Hole Data, La Mina Porphyry Au-(Cu) Project, Colombia.
---------------------------------------------------------------------------
East UTM North
UTM
Total
Coord Coord Elevation Azimuth Plunge Length
Hole Number
(meters)
(meters) (m.a.s.l) (degrees) (degrees) (meters)
---------------------------------------------------------------------------
LM-DDH-07
419,078.20 654,460.37 1,730.2 180 -60 124.70
---------------------------------------------------------------------------
LM-DDH-08
419,105.63 654,601.58 1,753.4
180
-60 297.18
---------------------------------------------------------------------------
LM-DDH-09
419,101.00 654,750.00 1,781.6
180
-60 432.81
---------------------------------------------------------------------------
LM-DDH-10
418,985.00 655,150.00 1,940.7
180
-60 175.86
---------------------------------------------------------------------------
LM-DDH-11
418,995.00 654,950.00 1,819.0
1.7
-62 541.19
---------------------------------------------------------------------------
LM-DDH-12
419,000.00 655,100.00 1,908.3
48.2 -61 493.78
---------------------------------------------------------------------------
LM-DDH-13
419,097.00 655,197.00 1,929.2
45
-60 335.28
---------------------------------------------------------------------------
m.a.s.l equals meters above sea level; Coord equals Coordinate
Table 2. Drill-Hole Results for the La Mina Porphyry Au-(Cu) Project,
Colombia.
---------------------------------------------------------------------------
Hole
Intercept
Au
AuEq
Number From (m) To (m)
(m) (g/t) Cu
(%) (g/t) Prospect
---------------------------------------------------------------------------
2010 Drill Results by Bellhaven Copper &
Gold
---------------------------------------------------------------------------
LM-DDH-07
7.62 27.91 20.29 0.74 0.40 1.43 La Cantera
---------------------------------------------------------------------------
LM-DDH-08
0.70 88.00 87.30 1.07 0.30 1.59 La Cantera
---------------------------------------------------------------------------
and
197.05 269.72 72.67 0.88 0.39 1.55 La Cantera
---------------------------------------------------------------------------
including 199.05 239.05 40.00 1.43 0.55 2.37 La Cantera
---------------------------------------------------------------------------
LM-DDH-09 194.75 337.19 142.44 0.70 0.29 1.20 La Cantera
---------------------------------------------------------------------------
including 216.75 307.80 91.05 0.93 0.38 1.58 La Cantera
---------------------------------------------------------------------------
DDH-09 lost at 432.81 m before reaching second target
---------------------------------------------------------------------------
LM-DDH-10 91.44 154.00 62.56 0.47 0.09 0.62 Middle Zone
---------------------------------------------------------------------------
including 132.00 150.00 18.00 0.70 0.10 0.87 Middle Zone
---------------------------------------------------------------------------
DDH-10 lost at 175.86 m before reaching target
---------------------------------------------------------------------------
LM-DDH-11 235.00 247.52 12.52 0.27 0.08 0.42 Middle Zone
---------------------------------------------------------------------------
289.00 472.00 183.00 0.20 0.12 0.41 Middle Zone
---------------------------------------------------------------------------
including 343.00 418.00 75.00 0.24 0.18 0.55 Middle Zone
---------------------------------------------------------------------------
LM-DDH-12 160.00 188.00 28.00 0.30 0.18 0.61 Middle Zone
---------------------------------------------------------------------------
326.00 420.00 94.00 0.76 0.39 1.42 Middle Zone
---------------------------------------------------------------------------
including 326.00 368.00 42.00 0.88 0.44 1.64 Middle Zone
---------------------------------------------------------------------------
New Results Reported in this Press Release
---------------------------------------------------------------------------
LM-DDH-13
1.52 78.35 76.83 0.70 0.27 1.16 Middle Zone
---------------------------------------------------------------------------
Intercepts calculated using a 0.40 g/t AuEq cut-off
grade. AuEq (g/t) equals
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
equals 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 to the power of -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 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.
Contact:
Paul Zweng, CEO/Director
Bellhaven Copper & Gold, Inc.
Corporate Contact in North America
+1-808-377-1947
pzweng@bellhavencg.com
Julio Benedetti, President/Director
Bellhaven Copper & Gold, Inc.
Corporate Contact in Panama
Int'l No: +507-226-3967
www.bellhavencg.com
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