BCGold Corp.
TSX VENTURE : BCG

BCGold Corp.

May 06, 2010 10:45 ET

BCGold Corp. Mobilizes for Underground Drill Program at Engineer Gold Mine Property, B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2010) - BCGold Corp. (the "Company") (TSX VENTURE:BCG) is pleased to announce preparations to diamond drill extensions of 2 high-grade gold veins at Engineer Mine (or the "Mine"). The Company has contracted Ampex Mining Ltd. of Whitehorse, Yukon and Lyncorp Drilling Services Inc. of Smithers, B.C. to conduct a minimum $250,000 Phase I underground diamond drill program, scheduled to commence June 1, 2010. Crews will mobilize to site on May 15th to prepare the camp and set up a diamond drill on Level 5 of the mine, the main access level. 

BCGold Corp. intends to drill at least 700 metres in 6 holes between the 5th and 8th levels of the Mine. The Company will target the dip extensions of 2 high-grade shoots defined by historic and recent sampling on the Engineer and Double Decker veins. BCGold Corp. recently reported channel sample results averaging up to 794.0 grams/tonne (g/t) gold and 642.3 g/t silver over 0.5 metres from the Engineer Vein and 537.7 g/t gold and 298.8 g/t silver over 0.48 metres from the Double Decker Vein. The samples were extracted from accessible vein exposures on Level 5 of the mine. (See BCGold Corp. News Release dated March 3, 2010). On Level 8, the deepest level of the Mine, historic sampling records indicate a 24.7 metre section of the Double Decker Vein averaging 38.0 g/t gold, including a 10.0 metre interval averaging 84.3 g/t gold, across the width of the drift (Brinker Report, 1927). 

Potential Mineral Target

Engineer Mine currently has no publically reported mineral resources or reserves, but has a potential mineral target of 100,000 - 150,000 tonnes averaging 8 - 12 g/t gold, containing 26,000 - 57,000 ounces gold (see BCGold News Release dated March 18, 2009). This potential quantity and grade is conceptual in nature, based on a 3-D Vulcan™ model developed by BCGold Corp. that incorporates historic geological maps and sections, chip samples and production records. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in this target being delineated as a mineral resource.

Near Term Production Potential

The project offers excellent potential for near-term, small-scale gold production from existing underground headings on the formerly producing Engineer, Double Decker and Boulder veins. A successful 2010 drill program verifying recent and historic high gold grades from the Engineer and Double Decker veins could provide the Company with the motivation to dewater the 3 lowest levels of the Mine, which have been flooded since the early 1930s. BCGold Corp. holds a permit entitling it to dewater the Mine until April 15, 2011. Dewatering the Mine would provide access for rehabilitation, geological mapping, sampling and exploration followed by resource definition drilling, bulk sampling and test mining. A fully operational and permitted 25 tonne per day gravity separation mill at the Mine allows the Company to process bulk sample material immediately and on site.

About the Engineer Mine Property

The historic Engineer Mine was a high-grade gold producer that reached its zenith in the mid-1920s and ceased production in the early 1930s primarily due to water ingress issues and an antiquated mine water pumping system. There are more than 25 known veins on the property and only 4 have had limited production and exploration to date. All veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface. Significant potential also exists for a bulk tonnage, lower grade gold resource associated with the Shear Zone "A" hydrothermal breccia system, partially drill tested by BCGold Corp. in 2008 (See BCGold Corp. News Release dated December 2, 2008).

BCGold Corp. has an option to earn 100% interest in the Engineer Mine Property and has spent approximately $1.4 million in exploration since acquiring the property in January, 2007. 

About BCGold Corp.

BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored, historic and emerging mining districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners and creating strategic alliances with major exploration and mining companies.

On behalf of the Board of Directors,

Brian P. Fowler, P. Geo., President & CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.

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.

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