Bellhaven Drills Best Hole to Date at Middle Zone: 98m at 1.24 g/t Au, 0.14% Cu, or 1.50 g/t Au Equivalent
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/09/12 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to release drill results from holes LME-1049 through LME-1053 at the Middle Zone deposit. Drilling at the La Mina Project in Colombia continues with two core rigs on site. The latest results include the best intercept yet from the Middle Zone deposit. Drill hole LME-1052 intersected 98m averaging 1.24 g/t Au, 0.14% Cu, or 1.50 g/t Au equivalent from only 6 meters depth. This intercept is even more important because it significantly expands the volume of this gold-rich style of mineralization both laterally and vertically. These results also include an intercept of 140m grading 0.48 g/t Au and 0.18% Cu, or 0.79 g/t Au equivalent in hole LME-1051.
The footprint of the Middle Zone deposit is now more than 300m along a NE-SW axis and approximately 230m in the NW-SE direction. Drilling has also deepened the mineralization to more than 680m, at which depth drill hole LME-1053 bottomed in strong mineralization (10.6m grading 0.7 g/t Au equivalent).
For maps showing the location of the drill holes, as well as relevant geologic cross sections highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bhv29_F1-4.pdf.
Patrick Highsmith, Bellhaven's new CEO, commented on the latest drilling:
'We are very excited by these results from Middle Zone. The shallow intercepts of greater than 1.0 g/T gold in LME-1052 have extended this very favorable style of mineralization more than 100m NW and 100m deeper than previously encountered. The higher gold to copper ratios in this near-surface mineralization at Middle Zone are likely to have a favorable impact on the mineral resource, which we expect to report in the first half of the year. Right now, we have one drill rig following up these strong results and a second rig drilling for metallurgical test samples at La Cantera.'
Discussion of the Drill-Hole Results
The Middle Zone deposit is located approximately 500m to the north-northwest of the La Cantera resource area. The Company continues to drill the Middle Zone and compile data in preparation for building a resource model in the next few weeks. Previous holes drilled at the Middle Zone have been described in several news releases (including August 2, 2011, October 6, 2011, and January 19, 2012). Please see Figure 1 for hole locations. Data related to the new drill holes are presented in Tables 1 and 2.
Table 1. New Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia
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From To Intercept Au Cu Ag AuEq
Drill Hole (m) (m) (m) (g/t) (%) (g/t) (g/t) Prospect
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New
LME-1049 No significant results Target
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Middle
LME-1050 483.00 493.00 10.00 0.28 0.16 13.0 0.55 Zone
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including 483.00 485.00 2.00 0.37 0.21 58.6 0.72
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524.00 532.00 8.00 0.20 0.16 3.43 0.46
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542.00 552.00 10.00 0.20 0.18 1.28 0.52
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Middle
LME-1051 396.00 536.00 140.00 0.48 0.18 1.8 0.79 Zone
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Middle
LME-1052 6.09 104.00 97.91 1.24 0.14 4.2 1.50 Zone
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122.00 156.00 34.00 0.85 0.10 1.8 1.00
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162.00 171.00 9.00 1.37 0.14 2.6 1.60
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178.85 186.00 7.15 0.66 0.08 1.2 0.80
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200.00 209.00 9.00 0.39 0.06 3.3 0.50
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256.00 282.00 26.00 0.42 0.05 0.5 0.50
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Middle
LME-1053 593.00 680.60 87.60 0.43 0.31 1.2 0.96 Zone
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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
US $900/oz and a long-term copper price of US $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; Ag values are not included. 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.
Drill hole LME-1052 is mineralized over its entire 355m length. The upper 98m of core (sampling began at 6m) averaged 1.24 g/t Au, 0.14% Cu, and 4.2 g/t Ag. The hole remained dominantly in X3 Breccia for nearly 300 metres, confirming the presence of much more mineralized X3 Breccia than previously known. The X3 Breccia mineralization is typically higher in gold and has a higher gold to copper ratio than other parts of the Middle Zone. Previous drilling in this area had also intercepted significant intervals of greater than 1.0 g/t Au from surface to as much as 49 metres depth. By extending this zone 100 metres deeper and farther west, there is potential for a significant upgrade to the near-surface tonnes on the west and southwest sides of the deposit.
Drill holes LME-1050, -1051, and -1053 are step-outs from previously drilled X1 Breccia style mineralization on the southeast and southwest sides of the main porphyry complex (see Figures 2 and 3, and Company news releases dated August 2 and October 6, 2011). The drilling continues to periodically encounter high-grade silver and base metal veins that crosscut the porphyry. Such veins were encountered in drill hole LME-1052, a two-metre interval assayed 58.6 g/t of silver.
While the other intercepts in these holes are deeper, they have provided useful knowledge about the extents and continuity of important host lithologies. LME-1053 extends the X1 Breccia style mineralization almost 200 metres deeper and the hole bottomed in strong gold and copper grades; the final 10.6 metres averaged 0.70 g/t Au equivalent.
The exploration team also targeted a geophysical anomaly 300m northeast of La Cantera with drill hole LME-1049. This hole encountered no significant gold-copper mineralization.
The table below summarizes the drill hole location and orientation information:
Table 2. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia
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Plunge Total
Hole East UTM North UTM Elevation Azimuth (deg- Length
Number Coordinate Coordinate (m.a.s.l.)(degrees) rees) (metres) Prospect
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La
LME-1049 419376.2 654600.0 1786.3 225 -55 501.80 Cantera
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Middle
LME-1050 418932.0 654964.0 1815.3 45 -50 600.45 Zone
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Middle
LME-1051 418797 654897 1772 45 -55 539.15 Zone
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Middle
LME-1052 418986.8 655058.0 1887.4 315 -70 355.09 Zone
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Middle
LME-1053 418797 654897 1772 45 -70 680.60 Zone
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m.a.s.l. = metres above sea level; drill hole coordinates for LME-1051 and
LME-1053 are approximate from GPS locations, as the holes have not yet been
surveyed.
Laboratory Methodology and Quality Assurance
After logging, cutting, and sampling on site at the La Mina camp, Bellhaven employees transport the core samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The copper, silver and multi-element analyses are performed by a four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow.
ALS Minerals maintains an industry leading quality management system. Most ALS Minerals laboratories are registered or are pending registration to ISO 9001:2008; and a number of analytical facilities have received ISO 17025 accreditations for specific laboratory procedures. Bellhaven also maintains an independent QA-QC program involving the preparation, shipping, verification, and analysis of all samples. The QA-QC program includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters.
Minor Revisions of Previously Reported Results
On August 2, 2011 and October 6, 2011, Bellhaven reported the results from Middle Zone drill holes: LME-1028, -1029, -1031, -1034, and -1035. In those news releases, the results for drill holes LME-1031, -1034, and -1035 were summarized as shown in Table 3 below:
Table 3. Previously reported composite intervals for drill hole
LME-1031, -1034, -1035
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From To Intercept Au Cu Ag AuEq
Drill Hole (m) (m) (m) (g/t) (%) (g/t) (g/t) Prospect
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LME-1031 0.00 192.00 192.00 0.51 0.23 1.50 0.62 Middle
Zone
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including 0.00 101.00 101.00 0.71 0.08 2.30 0.85
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253.00 266.00 13.00 0.46 0.13 28.1 0.63
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including 261.00 263.70 2.30 0.70 0.09 141.0 0.86
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408.50 530.35 121.85 0.50 0.21 1.2 0.86
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LME-1034 3.05 32.00 28.95 0.61 0.05 2.0 0.69
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54.00 62.50 8.50 0.46 0.08 1.5 0.60
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78.00 86.40 8.40 0.45 0.10 1.8 0.62
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97.00 110.00 13.00 0.40 0.07 0.8 0.52
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171.00 225.00 54.00 0.32 0.07 0.9 0.43
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297.00 299.00 2.00 0.09 0.05 106.0 0.17
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327.00 595.83 268.83 0.41 0.17 5.3 0.71
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including 327.00 495.00 168.00 0.54 0.19 7.1 0.86
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including 327.00 429.42 102.42 0.71 0.24 10.5 1.12
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including 379.17 381.36 2.19 0.89 0.55 311.0 1.82
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LME-1035 1.59 64.00 62.41 0.72 0.07 1.9 0.84
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85.95 99.00 13.05 0.32 0.05 0.9 0.41
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136.00 143.00 7.00 0.37 0.03 0.6 0.41
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171.00 178.00 7.00 0.38 0.05 1.0 0.46
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570.00 689.19 119.19 0.24 0.16 0.8 0.51
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Upon review of the drill hole database, the geological team identified several inconsistencies in the compositing of assay intervals for these summaries. While the technical team and qualified person apply some discretion in compositing drill intercepts, Company policy is generally to clip composited intervals at two consecutive intervals of assays below the cutoff grade of 0.4 g/t Au equivalent. Some of the reported intervals in these holes did not meet with procedure for applying the cutoff grade. The mathematical averages reported above are correct; for instance, 192.00m at 0.51 g/t Au, 0.23% Cu and 0.62 g/t Au equivalent, and 268.83m at 0.41 g/t Au, 0.17% Cu, and 0.71 g/t Au equivalent.
It should be noted that these revisions do not affect the La Cantera resource, nor do they have a material effect on the drill results at the Middle Zone deposit. The table below includes revised intervals for LME-1031, -1034, and -1035, which are consistent with Bellhaven's policies regarding cutoff grade. In most cases, this change results in reportable intervals of shorter length but higher grade.
Table 4. REVISED intervals for drill hole LME-1031, -1034, and
-1035
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Hole From To Intercept Au Cu Ag AuEq
Number (m) (m) (m) (g/t) (%) (g/t) (g/t) Prospect
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LM-DDH-31 0.00 10.66 10.66 1.26 0.04 3.1 1.33 Middle
Zone
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39.00 101.00 62.00 0.83 0.11 2.4 1.01
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155.00 192.00 37.00 0.51 0.09 1.34 0.67
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253.00 266.00 13.00 0.41 0.13 28.1 0.63
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including 263.70 266.00 2.30 0.70 0.09 141.0 0.86
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408.50 530.35 121.85 0.50 0.21 1.2 0.86
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LME-1034 3.05 32.00 28.95 0.61 0.05 2.0 0.69
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54.00 62.50 8.50 0.46 0.08 1.5 0.60
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78.00 86.40 8.40 0.45 0.10 1.8 0.62
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97.00 110.00 13.00 0.40 0.07 0.8 0.52
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192.00 206.00 14.00 0.43 0.08 1.2 0.57
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215.00 225.00 10.00 0.36 0.09 1.2 0.51
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297.00 299.00 2.00 0.09 0.05 106.0 0.17
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327.00 429.42 102.42 0.71 0.24 12.0 1.12
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including 379.17 381.36 2.19 0.89 0.55 311.0 1.82
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452.63 466.00 13.37 0.54 0.16 1.4 0.81
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527.00 579.00 52.00 0.18 0.18 1.4 0.49
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LME-1035 1.59 40.35 38.76 0.88 0.07 2.3 0.99
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48.77 64.00 15.23 0.59 0.10 1.4 0.75
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85.95 99.00 13.05 0.32 0.05 0.9 0.41
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570.00 645.00 75.00 0.26 0.17 0.9 0.55
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651.00 666.50 15.50 0.25 0.16 0.8 0.52
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675.50 689.19 13.69 0.30 0.22 1.0 0.68
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About the La Mina Porphyry Au-(Cu) Project
La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age volcanic and plutonic rocks in central Colombia known to host large porphyry gold deposits such as La Colosa (12.3 Moz Au), Titiribi (8.3 Moz Au), Quebradona, and Quinchia, as well as large epithermal gold districts such as Marmato (9.8 Moz Au).
In September, 2011, Bellhaven announced its first NI 43-101 compliant resource for the La Cantera deposit at the La Mina Project consisting of 1.0 Moz gold and 280 million pounds of copper (or 1.6 Moz gold equivalent) contained in 40.56 million tonnes of inferred resources averaging 0.77 g/t Au, 0.31% Cu, or a gold equivalent grade of 1.26 g/t (based on a 0.30 g/t Au cutoff grade). The average grade of 1.26 g/t AuEq makes La Cantera one of the highest grade porphyry gold-(copper) prospects in the Americas. Bellhaven is currently drilling at the Middle Zone and La Cantera deposits while also advancing other exploration targets to the drill stage.
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 for the La Mina Project. Mr. Drown had more than 25 years relevant experience and is a British Columbia Professional Geologist.
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 objective is to be a leader in responsible gold and copper development in Panama and Colombia. Bellhaven will focus 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 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,
R. Patrick Highsmith, Chief Executive Officer
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.
Contacts:
Bellhaven Copper & Gold Inc.
Nico Wells
Corporate Communications
+1-303-470-8700, ext 24
Bellhaven Copper & Gold Inc.
Corporate Contact in Panama:
Julio Benedetti
President/Director
Int'l No: +507-226-3967
www.bellhavencg.com
