Batero Gold Intersects Significant Gold and Copper Mineralization from Near Surface at La Cumbre
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/07/11 -- Batero Gold Corp. (TSX VENTURE: BAT) is pleased to report the latest drill results from its 55,755-metre 2011 diamond drill program on the company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. A total of ten holes (3,650.77 metres) are being released. Today's results are from in-fill drilling and delineation drill testing of the western and eastern extents of the La Cumbre gold-copper porphyry (see Figure 1 - Project Plan Map: http://media3.marketwire.com/docs/Plan_Map_Nov_30_2011.pdf and Figure 2 - La Cumbre Detail Plan Map attached below: http://media3.marketwire.com/docs/Plan_Map_La_Cumbre_Nov_30_2011.pdf).
Holes LC-001 and LC-032 drilled in the west central region of La Cumbre porphyry, and 100 metres apart (north-south), intersected significant elevated gold and copper mineralization. These in-fill intersections continue to increase the overall grade of the mineralization in this area originating from, at or near surface. In addition, the intersection in drill hole LC-008, collared in the central region of the porphyry, continues to support a central core of higher grade gold mineralization over long intercepts starting near surface, as reported for LC-023 (352.09 metres @ 0.75 g/t Au & 0.13% Cu; N.R. October 31, 2011) and QAP-DDH-009 (460 metres @ 0.70 g/t Au & 0.12% Cu; N.R. March 7, 2011), where some of the most significant results have been reported to date.
Drill hole highlights include:
-- LC-008 is a vertical hole intersecting from 5.60 metres below surface,
344.40 metres grading 0.81 g/t gold and 0.16% copper; including 146.40
metres grading 1.20 g/t gold and 0.17% copper. The drill hole remained
in mineralization to the end of the hole.
-- LC-001 intersecting from 12.19 metres below surface, 354.11 metres
grading 0.79g/t gold and 0.08% copper; including 107.89 metres grading
0.93 g/t gold and 0.06% copper; including 53.60 metres grading 1.31 g/t
gold and 0.14% copper.
-- LC-032 intersecting from surface 377.00 metres grading 0.51 g/t gold and
0.08% copper; including 87.00 metres grading 0.63 g/t gold and 0.08%
copper; including 50.00 metres grading 0.87 g/t gold and 0.10% copper.
The drill hole remained in mineralization with the last 88.00 metres
grading 0.33 g/t gold and 0.09% copper
(Strip logs of all drill holes released to date for the project can be
viewed at www.baterogold.com)
'We are pleased with the continued successful results from the drilling at La Cumbre porphyry including drill hole LC-008 that has added to the long intercepts of higher grade gold mineralization located in the central region of the porphyry grading greater than 1.0 g/t gold. This is very near surface and continues to contribute to the growth of the surface footprint of elevated gold and copper grades at the Project. Also, the results from LC-001 and LC-032 both significantly enhance the overall grade of the porphyry in this sector,' stated Brandon Rook, President and CEO.
A total of seven drill holes delimit the approximately 640 metre length of the western boundary of La Cumbre gold-copper porphyry and contribute significantly to defining the vertical extent and surface footprint of the mineralized system. Six of the seven holes drilled intersected mineralization, including LC-032 (Table 1) that crosses the previously reported vertical hole LC-007 (332.12 metres @ 0.76 g/t Au & 0.11% Cu; N.R. August 5, 2011) copper at depth and confirms continuous mineralization of approximately 150 metres through this area.
The Company tested the eastern boundary of the porphyry mineralization with exploration drill hole NE-002, which also intercepted similar porphyry style gold and copper mineralization. This step out hole was drilled to the north- northeast of La Cumbre to test gold-in-soil anomalies and an area of old underground workings associated with the Amarilla Structural and epithermal corridor. Another important hole drilled in the eastern sector, LC-028, was located 143.00 metres east of LC-023 and extended the eastern bounds of La Cumbre in this sector by this distance. The drill hole intercepted nearly 28.00 metres of saprolite and started into porphyritic medium grained diorite before being shut down prematurely due to poor ground conditions at 29.95 metres. This hole was drilled within 75 metres of the Amarilla Structural Corridor's historic workings in epithermal gold mineralization.
The intersection in hole QAP-DDH-044 returned significant results of epithermal gold mineralization of 1.75 g/t gold over a two metre interval. Drill hole QAP-DDH-044 potentially extends the limits of the epithermal mineralization 400 metres west of the three holes previously reported from the Manzanillo target area (El Centro) where intersected epithermal mineralization included drill hole QAP-DDH-034 grading 3.73 g/t gold and 0.02% copper over 23.30 metres; including 11.42 g/t gold over 5.80 metres (N.R. July 27, 2011). The epithermal mineralization intersected near surface and at depth at La Cumbre and that discovered at, or near surface, at El Centro will continue to be delineated along the trend of the Amarilla Structural Corridor. The mentioned epithermal mineralization is some 600 metres along strike of the structural corridor, in a northwest direction from a series of historical gold mines (N.R. May 10, 2011).
The Company has completed its 55,755 metre 2011diamond drill program and announces all drill core from the 2011 program is currently being analyzed at ALS Chemex's laboratories. The Company anticipates receiving final drill results from the entire 2011 drill program during December 2011 and will verify these results once received. The Company anticipates finalizing its initial resource estimate by the end of the year, and will publish its first independent resource estimate report by Roscoe Postle Associates Inc. in January, 2012. The mineral resource estimate report will comprise approximately 60,000 metres of diamond drilling and include the results from the Company's initial metallurgical test work prepared by G&T Metallurgical Services. (For full report see news release November 30, 2011: http://www.baterogold.com/news/batero-gold-provides-corporate-update-0.)
Table 1 - Significant Intersections
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Hole From (m) To (m) Interval (m)(i) Au (g/t) Cu (%)
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LC-001 12.19 366.30 354.11 0.79 0.08
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including 18.28 126.17 107.89 0.93 0.06
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including 276.40 330.00 53.60 1.31 0.14
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LC-008 5.60 350.00 344.40 0.81 0.16
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including 5.60 152.00 146.40 1.20 0.17
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LC-024 40.00 54.00 14.00 0.23 0.03
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LC-028 0.00 29.95 29.95 0.40 0.07
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LC-032 0.00 377.00 377.00 0.51 0.08
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including 0.00 87.00 87.00 0.63 0.08
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including 153.00 179.00 26.00 0.73 0.10
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including 287.00 337.00 50.00 0.87 0.10
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and 405.00 433.00 28.00 0.27 0.05
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and 502.00 590.00 88.00 0.33 0.09
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LC-035A 90.00 100.00 10.00 0.37 0.05
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and 248.00 262.00 14.00 0.33 0.09
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and 320.00 350.00 30.00 0.32 0.11
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and 432.00 548.00 116.00 0.60 0.10
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No significant
LC-035 intersections
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NE-002 42.00 46.00 4.00 0.64 0.003
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and 120.00 159.00 39.00 0.23 0.01
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QAP-DDH-044 208.00 210.00 2.00 1.75 0.004
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QAP-DDH-048 144.00 196.00 52.00 0.21 0.04
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and 214.00 244.00 30.00 0.20 0.05
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and 350.00 360.00 10.00 0.27 0.06
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(i)Interval represent down hole lengths and not true width with the
exception of vertical holes.
Technical Data:
QAP-DDH-044 was drilled vertically in the northwest region of La Cumbre porphyry. Although no large intersections were encountered, the hole did intersect a significant intersection of 1.75 g/t Au over a 2 metre interval, from 208.00 to 210.00 metres. This hole was drilled outside of the regional gold-in-soil anomaly.
QAP-DDH-048 was collared within the south western region of La Cumbre porphyry and drilled at 170 degree azimuth and a -60 degree dip. This hole was designed to test the south western extent of mineralization at La Cumbre porphyry. The hole intersected predominantly medium grained diorite intercalated with medium grained diorite breccia as well as anomalous intersections of Au mineralization in 3 distinct intervals (Table 1). These intersections are within the top to mid portions of the hole with 52.00 metres grading 0.21 g/t Au from 144.00 to 196.00 metre; 0.20 g/t over a 30.00 metres interval from 214.00 to 244.00 metres; and 10 metres averaging 0.27 g/t Au from 350.00 to 360.00 metres. The hole did not intersect any significant mineralization from 360.00 to the end of hole depth at 601.80 metres. This hole was drilled outside of the regional gold-in-soil anomaly.
LC-001 was drilled vertically within La Cumbre porphyry and intersected alternating units of medium grained diorite and diorite breccia units. LC-008 was drilled vertically as an infill hole approximately 35 metres east of LC-015 and 60.00 metres west of LC-023 (N.R. October 15 and 30, 2011) The hole intersected a predominantly porphyritic medium grained diorite with stockwork and disseminated mineralization.
LC-028 was drilled in the eastern regions of La Cumbre porphyry, approximately 200 metres east of LC-008 and 143.00 metres east of LC-023. It drilled through nearly 28.00 metres of saprolite and started into porphyritic medium grained diorite before being shut down prematurely due to poor ground conditions. at 29.95 metres. This hole was drilled close to the Amarilla Structural Corridor and historic workings in epithermal gold mineralization.
LC-035 was collared in the south western region of La Cumbre porphyry and drilled in a WNW direction but was shut down early at 61.3 metres with no significant intersections.
LC-035A was drilled from the same platform with the same azimuth and dip as LC-035. Mineralization encountered in this hole was sporadic at the top of the hole but stronger mineralization was intersected from 432.00 to 548.00 metres which averaged 0.60 g/t Au for 116.00 metres. The main rock type encountered was medium grained porphyritic diorite with stockwork and disseminated mineralization.
LC-032 was drilled at an orientation of 055 degrees/-60 degrees and collared in the west-central portion of La Cumbre porphyry. The hole intersected mineralization from surface to 377.00 metres grading 0.51 g/t Au and 0.08 % Cu. Mineralization is within fine to medium grained porphyritic diorite with breccia. This hole crosses the previously reported vertical hole LC-007 at depth and confirms continuous mineralization of approximately 150 metres through this area.
NE-002 was drilled from the south east region of La Cumbre porphyry and drilled to the NNW with an orientation of 340 degrees/-45 degrees. This hole, collared in the Amarilla Structural Corridor, was drilled to test and delimit the mineralized boundary to the east drilling through dominantly medium grained diorite with only minor Au mineralization.
LC-024 was drilled approximately 25.00 metres southeast of LC-035A and was drilled vertically. This hole was drilled for 71.5 metres before being shut down. Drilling began in saprolite down to approximately 11.00 metres then diorite to the end of the hole. A small anomalous zone was intersected from 40.00 to 54.00 metres that averaged 0.23 g/t Au. This hole was drilled on the edge of the regional gold-in-soil anomaly.
Table 1 & 2 below summarize assay results and see attached Project Plan View Map showing drill hole locations.
Table 2 - Drill Hole Specifications
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Azimuth Dip
Hole Easting Northing Elevation degrees degrees EOH (m)
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LC-001 420706 585482 1951 0 -90 399.28
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LC-008 421032 585298 1858 0 -90 350.00
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LC-024 420751 585160 1811 0 -90 71.50
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LC-028 421212 585300 1753 0 -90 29.95
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LC-032 420702 585379 1889 55 -60 591.61
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LC035A 420728 585175 1832 75 -60 553.40
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LC-035 420728 585175 1832 75 -60 61.30
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NE 002 421369 585267 1902 75 -65 496.10
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QAP-DDH-044 420567 585740 1929 0 -90 495.83
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QAP-DDH-048 420734 585109 1796 170 -60 601.80
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To see all maps and figures please visit www.baterogold.com.
Sample preparation, assays and quality assurance/quality control
Core is collected and initially logged at Batero Gold's drilling camp at the project area. The core is then shipped securely in core boxes to Batero's core processing facility in Pereira, Colombia, where it is logged in detail, cut and sampled. All QC samples are introduced before shipment to ALS Chemex's sample preparation facilities in Bogota, or Medellin, Colombia. Prepared samples are then shipped to ALS's analytical facilities in Lima, Peru or La Serena, Chile for analyses. Gold is fire-assayed using a 50.0 gram aliquot sample and Atomic Absorption finish (AA). Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma (ICP) finish.
The Company's QA/QC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted in every assay batch, which is composed of 25 samples. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.
Darren Anderson, P.Geo., is the Company's QA/QC consultant.
Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
Batero Gold Corp.
About Batero Gold:
Batero Gold Corp. (TSX VENTURE: BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute 'forward-looking statements' or 'forward-looking information' Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'anticipates', 'believes', 'plans', 'estimates', 'intends', 'targets', 'goals', 'forecasts', 'objectives', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Filing Statement dated as of June 22, 2010 under the heading 'Risk Factors'. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither 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:
Batero Gold Corp.
604.568.6378
info@baterogold.com
www.baterogold.com
