Bellhaven's La Garrucha Prospect Delivers Again with Drill-Hole LME-1106 Intercepting 271 Metres of 1.03 g/t Gold and 0.13% Cu (1.23 g/t Gold Equivalent), La Mina, Colombia
Marketwired
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 10, 2013) - Bellhaven Copper & Gold Inc.(TSX VENTURE:BHV)("Bellhaven" or the "Company") is pleased to announce that LME-1106, the latest drill hole completed at the La Garrucha porphyry gold-(copper) prospect at La Mina, Colombia, delivered another 200-metres-plus intercept averaging over one gram per tonne (g/t) gold. Drill-holes LME-1104 and LME-1105 also delivered substantial intercepts. Highlights include:
LME-1104:
71 m @ 1.02 g/t Au and 0.14% Cu (1.24 g/t gold equivalent)
107 m @ 0.56 g/t Au and 0.11% Cu (0.72 g/t gold equivalent)
LME-1105:
145 m @ 0.51 g/t Au and 0.15% Cu (0.73 g/t gold equivalent)
LME-1106:
271 m @ 1.03 g/t Au and 0.13% Cu (1.23 g/t gold equivalent)
The three holes above were collared along Section L, approximately 50 m to the southeast of Section M where all but one of four drill holes produced long intervals containing over 1 g/t gold (see press releases dated June 5th, June 27th, and July 10th). The gold-(copper) zone on Section L starts at surface and extends downward for a minimum of 425 m (from 1950 m to 1525 m above sea level).
See Tables 1 and 2 below for a complete list of the multiple intercepts contained in the three drill holes. For figures showing a plan map and cross section highlighting the new drill holes announced in this press release, please use the following link: http://media3.marketwire.com/docs/897080.pdf.
Julio Benedetti, Bellhaven's CEO and Chairman, commented as follows:
"We have now completed the first phase of drilling at La Garrucha where four of the six holes collared on two sections delivered long intercepts containing over one gram per tonne gold. The continuity of mineralization between the two sections is very good, providing a high degree of predictability to the deposit. The mineralization remains open to the southeast and to the northwest as well as at depth. There is still a lot of drilling to do before we define the outer limits of the deposit."
"So far we have drilled approximately 3060 metres and spent over $1 million at La Garrucha. We believe these expenditures should satisfy the first-year requirements of the option agreement announced on March 26 of this year. At this time we are now preparing the supporting documentation for these expenditures so that we can present them to our partner in the weeks ahead. At the same time, we look forward to reviewing with our partner the geological results of the drilling campaign and planning the next round of drilling."
In accordance with National Instrument 43-101, it is noted that the potential quality and grade at La Garrucha is conceptual in nature, that there has been insufficient exploration to define a mineral resource, and that it is uncertain if further exploration will result in a target being delineated as a mineral resource.
Discussion of Drilling Results
LME-1104, -1105, and -1106 were drilled on Section L from there different platforms (see Figs 3 and 4). Drill-hole LME-1104 cut three intercepts, with the primary intercept (71 m averaging 1.02 g/t Au, 0.14% Cu) hosted in the G4 porphyry, the most important host rock at La Garrucha. An additional intercept occurred higher up the hole in the hangingwall and another intercept over 100-m long was cut in the footwall (see Table 1). Drill-hole LME-1105 established that the gold-(copper) zone starts at surface, providing evidence for little stripping to be required should mining later commence at La Garrucha. The long, 271-m intercept averaging 1.02 g/t Au and 0.13% Cu of LME-1106 establishes strong continuity between the principal intercepts of the prior two holes. LME-1106 ended in mineralization as the final samples assayed above the 0.4 g/t gold equivalent cut-off grade. The zone therefore remains open at depth as well as along strike to the southeast and the northwest.
Table 1. New Drill-Hole Results for La Garrucha Gold-(Copper) Prospect, La Mina, Colombia
Drill Hole
From
To
Intercept
Au
Cu
Ag
AuEq
Prospect
(m)
(m)
(m)
(g/t)
(%)
(g/t)
(g/t)
LME-1104
236.50
268.00
31.50
0.44
0.11
2.8
0.60
La Garrucha
and
355.00
426.00
71.00
1.02
0.14
3.1
1.24
La Garrucha
and
185.65
592.25
106.60
0.56
0.11
4.2
0.72
La Garrucha
LME-1105
0.00
145.00
145.00
0.51
0.15
6.0
0.73
La Garrucha
and
168.60
200.25
31.65
0.38
0.04
5.2
0.44
La Garrucha
LME-1106
38.10
50.29
12.19
0.43
0.07
9.6
0.54
La Garrucha
and
171.00
441.96
270.96
1.03
0.13
3.0
1.23
La Garrucha
Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq = gold equivalent (g/t). For information on calculation of AuEq grades, please see Forward-Looking Statements below. 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.
Table 2. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia
Hole Number
East UTM Coordinate
North UTM Coordinate
Elevation (m.a.s.l.)
Azimuth (degrees)
Plunge (degrees)
Total Length (metres)
Prospect
LME-1104
420,194.53
654,811.87
2004.27
225
-55
614.17
La Garrucha
LME-1105
420,004.19
654,621.40
1954.82
225
-68
285.59
La Garrucha
LME-1106
419,899.86
654,517.15
1983.00
045
-55
441.96
La Garrucha
This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Colombia Professional Geoscientist. He is a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.
Bellhaven to Present at the 2013 Summit Colorado Conference
Bellhaven will be presenting at the 2013 Summit Colorado conference, September 18-20, at the Park Hyatt Beaver Creek. This annual conference is organized by Precious Metals Summit Conferences, LLC and features corporate presentations and one-on-one meetings with senior management of some of the world's most prospective precious metals explorers, developers and emerging producers. For more information, please use the following link, http://www.precioussummit.com/event/2013-summit-colorado/?section=home.
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 goal is to be a leader in gold and copper development in Panama and Colombia. Bellhaven focuses 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 flagship project is the La Mina porphyry gold-(copper) porphyry deposit in the Middle Cauca belt of Colombia. The total La Mina resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.9 million tonnes averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t (based on a 0.30 g/t Au cutoff grade). The average grade of 1.0 g/t gold equivalent makes La Mina one of the highest grade gold-(copper) porphyry deposits in the Americas. The Company is currently seeking to develop and to grow these resources through mine development ongoing exploration on the La Mina concession. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.
On behalf of the board of directors,
Julio Benedetti, CEO & Chairman of the Board of Directors
BELLHAVEN COPPER & GOLD INC.
Forward-Looking Statements
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.
Gold equivalent grades have been calculated using the following formula: AuEq = Au(g/t) + [Cu(%)} x {%Recoverable Cu / %Recoverable Au} x {Net Cu Price/Net Au Price} x {%Payable Cu / %Payable Au x 22.0462 x 31.1035]. Metal recoveries are estimates based on metallurgical results announced in Bellhaven's news release dated Nov. 15, 2011. Net metal prices for gold and copper are the long-term forward-curve metal price minus refining charge. Metal prices based on the long-term forward curve are as of May 8, 2013 (US$1482 for gold and $3.40/lb for copper). Metal refinery charges and % payable metal by the smelter are estimates based on third-party consultants. Metal prices, refinery charges and % payable metal are not constant and are subject to change. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
