Batero Gold Expands Higher Grade Core of Oxidized Gold Mineralization at La Cumbre
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/12 -- Batero Gold Corp. ("the Company") (TSX VENTURE: BAT)(PINKSHEETS: BELDF)(FRANKFURT: 68B) is pleased to report initial drill results from the 2012 development drill program at the La Cumbre deposit ("La Cumbre") at the Company's 100% owned Batero-Quinchia project ("Project") located in Risaralda, Colombia. The initial drill results at La Cumbre outline gold grades greater than 1.0 g/t gold from near surface in the central core area of the deposit and all drill holes reported in this release end in significant gold mineralization.
Drill Highlights:
-- Drill Hole LC036: from 3.40 metres to 100.00 metres (end of hole)
grading 1.14 g/t gold and 2.37 g/t silver
-- Drill Hole LC037: from 2.60 metres to 100.00 metres (end of hole)
grading 1.00 g/t gold and 1.87 g/t silver
-- Drill Hole LC039: from 3.15 metres to 170.00 metres (end of hole)
grading 0.91 g/t gold and 2.17 g/t silver
See Figure 1 at the end of this release for Plan View Map of 2012 Drill Hole Locations.
See Table 1 for 2012 Drill Hole Results and Table 2 for Drill Hole Specifications.
The Company is evaluating the most efficient and cost effective mine scenario, including a leach processing circuit and the optimum starter pit production rate from the near and at surface higher grade mineralization of the Oxide and Transition zones at the La Cumbre deposit.
"We are pleased that multiple drill holes indicate an expansion of the 1+ g/t gold core that occurs within large, continuous zones of near and at surface oxide gold mineralization. Hole LC036 has an average grade of over 1.00 g/t gold with significant intercepts averaging between 1.30 g/t gold and 1.45 g/t gold. In addition, other drill holes reported have encountered higher grade structurally controlled zones averaging over 2.00 g/t gold," stated Mr. Brandon Rook, President and CEO of the Company. "Today, there is a surface expression that the Company is targeting as a potential leachable production scenario that is approximately 600 metres long by 200 metres wide and up to 200 metres deep. These recent drill results have the potential to enhance our evaluation of the optimum production scenario at La Cumbre."
The mineral resources at La Cumbre will be modelled and potentially upgraded to the measured and indicated resource category if supported by results at the end of the current drill campaign. The Company is focused on aggressively fast tracking the Project to be in a position to make a production decision. Engineering, environmental impact assessment, archaeological studies, and social baseline studies are currently well advanced to support any development option at La Cumbre.
To date, the 2012 drill program has completed 29 holes of 35 holes (approximately 4,100 metres of 5,100 metres); drilling is expected to be completed by the end of September, 2012. The drill hole lengths vary from 100 metres vertical to approximately 200 metres vertical. Seven drill holes are reported in this release.
La Cumbre Deposit Highlights:
-- Greater than 1.0 g/t gold intercepts occur within the Oxide Zone of gold
mineralization that extends from surface to a depth of up to 70 metres
and in the underlying Transition Zone that exists over a vertical
distance of 150 metres to 250 metres
-- Metallurgical bottle role testing in 2012 yielded gold recoveries of 93%
and 94% for mineralization in the Oxide Zone and recoveries from 82% to
86% in the Transition Zone
-- Step out drilling is testing for extensions of the trend of near surface
gold mineralization along a northwest-southeast corridor
-- The current drill program is part of the 2012-2013 work program designed
to evaluate a cost effective mine development plan for the higher grade
oxidized mineralization at La Cumbre
-- The topography of the near and at surface mineralization suggests a low
strip ratio
-- The Company has 100% ownership of surface rights over La Cumbre Deposit
-- La Cumbre is one of three gold porphyry deposits at the Project
-- 70% of the Project area remains untested
The drill holes reported in this release were designed to delimit the higher grade core to the north and infill the core of the higher grade sector of the La Cumbre deposit to 50 metre centres and potentially increase the average grade of mineralization. These initial holes cover an area striking 150 metres NW-SE by 100 metres NE-SW across the diorite - magmatic breccia contact zone.
-- LC036 is located 50 metres west of QAP009 (213.7 m @ 1.11 g/t Au) and
confirms an average grade of over 1.00 g/t gold with significant
intercepts averaging between 1.30 g/t gold and 1.45 g/t gold
-- LC037 is 50 metres NW of LC036 and 30 metres west of LC012 (113 m @ 0.74
g/t Au) and confirms the presence of near surface gold grades of over
1.00 g/t gold as well as encountering a higher grade zone at the end of
the drill holes programmed depth
-- LC038 is approximately 100 metres SW of LC037 and 30 metres west of
LC010 (90.7 m @ 0.84 g/t Au) confirming similar overall gold grades
while encountering higher grade structurally controlled zones of over
2.00 g/t gold
-- LC039 is 90 metres NW of LC038 and 25 metres south of LC007 (203.1m @
0.81 g/t Au) and expands the volume of known +1.00 g/t gold material;
similar to LC038 this hole also terminates in gold grades over 1.50 g/t
gold
-- LC040 is approximately 40 metres north of LC033 (22m @ 0.54 g/t Au) and
50 metres east of LC032 (377 m @ 0.51 g/t) and confirms similar grades
but ends in mineralization grading over 1.00 g/t gold
-- LC042 is on the north side of the La Cumbre deposit adjacent to the
Amarilla Structural Corridor approximately 50 metres to the northeast of
QAP016 (160 m @ 0.97 g/t Au) and confirms +1.00 g/t gold porphyry style
mineralization that shows intervals of structurally controlled
mineralization up to 2.89 g/t gold over 4.4 metres
-- LC043 is approximately 75 metres northwest of LC040 and suggests the
edge of the structurally controlled overprint of the Cumbre porphyry
system at the northwest edge of the deposit
All holes confirmed stockwork style control on mineralization within the potassic alteration zone of the diorite-magmatic breccia for this high grade zone.
Table 1 - Initial 2012 Drill Hole Results
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From To Interval Au Ag Cu
Drill Hole (m) (m) (m) (g/t) (g/t) (%)
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LC036 3.40 100.00 96.60 1.14 2.37 0.16
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including 26.40 56.00 29.60 1.38 3.38 0.14
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including 63.50 74.00 10.50 1.44 3.18 0.27
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including 84.80 100.00 15.20 1.32 2.63 0.26
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LC037 2.60 100.00 97.40 1.00 1.87 0.15
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including 2.60 16.50 13.90 1.25 3.36 0.24
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including 44.50 50.00 5.50 1.09 4.35 0.33
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including 58.20 82.00 23.80 0.64 1.64 0.14
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including subinterval 62.30 74.00 11.70 1.31 1.87 0.18
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including 86.00 96.00 10.00 1.41 2.34 0.19
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LC038 0.00 150.00 150.00 0.71 2.50 0.16
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including 3.50 13.40 9.90 0.77 0.31 0.09
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including 19.90 50.70 30.80 0.71 2.74 0.18
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including subinterval 36.90 41.00 4.10 1.10 3.63 0.27
----------------------------------------------------------------------------
including 55.00 116.70 61.70 0.84 3.06 0.18
----------------------------------------------------------------------------
including subinterval 65.50 69.50 4.00 1.03 3.58 0.17
----------------------------------------------------------------------------
including subinterval 77.50 83.50 6.00 1.43 4.36 0.23
----------------------------------------------------------------------------
including subinterval 106.70 108.70 2.00 2.15 3.55 0.26
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including 128.70 150.00 21.30 0.70 2.65 0.18
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including subinterval 146.70 150.00 3.30 1.14 3.67 0.25
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LC039 3.15 170.00 166.85 0.91 2.17 0.14
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including 18.00 26.00 8.00 1.04 0.48 0.04
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including 30.00 38.00 8.00 1.00 1.84 0.13
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including 42.00 45.00 3.00 1.73 2.37 0.12
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including 66.00 82.00 16.00 1.04 1.89 0.17
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including 99.00 106.00 7.00 1.07 1.27 0.07
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including 112.00 120.00 8.00 1.42 3.75 0.18
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including 131.00 147.50 16.50 1.02 5.95 0.37
----------------------------------------------------------------------------
including 165.00 170.00 5.00 1.60 4.07 0.21
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LC040 3.00 93.00 90.00 0.62 1.72 0.09
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including 5.90 13.90 8.00 1.03 1.06 0.08
----------------------------------------------------------------------------
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LC042 4.00 100.00 96.00 0.74 1.03 0.09
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including 4.00 33.00 29.00 0.76 1.14 0.09
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including 47.00 49.00 2.00 1.06 1.25 0.08
----------------------------------------------------------------------------
including 57.80 100.00 42.20 0.96 1.11 0.11
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including subinterval 61.50 65.90 4.40 2.89 1.99 0.11
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including subinterval 81.00 83.00 2.00 1.14 0.91 0.16
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including subinterval 89.00 93.00 4.00 1.23 1.49 0.16
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LC043 9.00 95.00 86.00 0.28 0.86 0.05
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including 15.00 21.20 6.20 0.64 0.64 0.06
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(i)Interval length represents downhole length
Table 2 - Drill Hole Specifications
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Drill Hole Easting Northing Elevation (m) Azimuth Dip Depth (m) Comment
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LC036 420960 585350 1876 0 -90 100 Infill
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LC037 420911 585397 1875 0 -90 100 Infill
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LC038 420825 585352 1898 0 -90 150 Infill
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LC039 420795 585428 1920 0 -90 170 Infill
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LC040 420756 585388 1920 0 -90 93 Delimit
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LC042 421055 585409 1870 0 -90 100 Delimit
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LC043 420726 585434 1936 0 -90 100 Delimit
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To see all maps, figures and strip logs please visit www.baterogold.com.
Joyce Musial Promoted to Vice President, Corporate Development
Joyce Musial has been promoted to the position of Vice President, Corporate Development effective immediately.
Ms. Musial has over 25 years of experience with junior and senior international gold exploration and mining companies. Throughout her career, she has gained strategic corporate experience in investor relations, corporate communication, and corporate development, and community, governmental and aboriginal relations. She was Manager, Investor Relations for Cumberland Resources as Cumberland advanced its gold project through feasibility, permitting, production decision, project financing and initial construction until the company was acquired at a value of $710 million by Agnico-Eagle Mines in 2007. Ms. Musial held various positions with Placer Dome, Westmin Resources, Teck Exploration, the Hunter Dickinson Group, and various federal and provincial governments. Joyce Musial holds an Honours Bachelors of Science degree in Geology from the University of Western Ontario.
Batero Gold will be presenting at the Junior Exploration Forum in Medellin, Colombia, October 16, 2012.
Sample Preparation, Assays and Quality Assurance/Quality Control
Core is collected and logged (geological & geotechnical), cut and sampled at Batero Gold's drilling camp at the project area. All QC samples are introduced before shipment to ALS Minerals sample preparation facilities in Medellin, Colombia. Prepared samples are then shipped to ALS's analytical facilities in Lima, Peru for analyses. Gold is fire-assayed using a 50 gram aliquot sample and Atomic Absorption finish. Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma - Emission Spectroscopy 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, each batch comprising 24 samples. Monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.
Darryl Lindsay, Ph.D., P.Geo., Senior Vice President and Chief Operating Officer at Batero Gold, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information provided in this release and all future news releases.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development company focused in the emerging and prolific Mid-Cauca porphyry gold and copper belt in the Quinchia district of Colombia. Batero has a 100% interest in the Batero-Quinchia gold project and is currently focused on advancing La Cumbre deposit toward a production decision optimizing the most efficient leach processing circuit. The Company is first targeting the near and at surface higher grade oxidized gold mineralization. Batero has assembled a strong management and technical team that have contributed to significant discoveries and mineral development programs in Colombia and South America. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its Batero-Quinchia exploration project into a gold producing operation. Shares of the Vancouver-based company trade on the Toronto Venture Exchange under the symbol BAT.
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: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit, the timing and scope of expected diamond drilling; resource estimate, grades on the Batero-Quinchia project; scope 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.
To view Figure 1 - Plan Map showing Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/818712.pdf.
Please visit http://www.baterogold.com/en/maps/la-cumbre-section-maps if you are unable to view this map.
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
604.568.6834 (FAX)
info@baterogold.com
www.baterogold.com
