SOURCE: Batero Gold Corp.

Batero Gold Corp.

March 08, 2016 08:28 ET

Batero Extends Continuity of Higher Grade Core of Oxidized Gold Mineralization

VANCOUVER, BC--(Marketwired - March 08, 2016) -  Batero Gold Corp. ("Batero," "the Company") (TSX VENTURE: BAT) is pleased to report results from the holes drilled at the La Cumbre deposit ("La Cumbre") at the Company's 100% owned Batero-Quinchia project ("the Project"), located in Risaralda, Colombia. These 11 holes represent 36% of the Company's planned 2015/2016 infill drill program.

La Cumbre near surface Drill Highlights:

  • DDH-ZO-011 106.9 m grading 1.47 g/t gold and 2.34 g/t silver from 4.5 m to 111.4 m including 17.5 m grading 2.05 g/t gold and 0.72 g/t silver from 4.5 m to 22.0 m
  • DDH-ZO-004 22.3 m grading 1.19 g/t gold and 1.25 g/t silver from 3.7 m to 26 m
  • DDH-ZO-005 35.5m grading 1.02 g/t gold and 5.33 g/t silver from 2.5 m to 38.0 m
  • DDH-ZO-009 37.4 m grading 0.81 g/t gold and 2.96 g/t silver from 4.6 m to 42 m

See Figure 1, Figure 2 for a Location Map and Cross Sections of 2015/2016 Drill Hole Locations. Please visit www.baterogold.com for all maps.

See Table 1 for 2015/2016 Drill Hole Results and Table 2 for Drill Hole Specifications.

The 2015/2016 infill drill program was initiated after receipt of a gap analysis from Heap Leach Consulting SAC outlining steps required to move towards a production decision on the higher grade central portion of the La Cumbre deposit. Prior to drilling, 9,593 meters of drill core were re-logged and an updated geological model was completed. A total of 30 infill drill holes totalling of 3,000 metres are planned for the 2015/2016 drill program with 11 drill holes completed to date (see assay results in Table 1). An additional 12 drill holes have been completed and assay results are pending. All drill holes were completed on time and under budget.

The infill drill results at La Cumbre continue to outline additional volumes of higher grade oxidized gold mineralization in the deposit's core which grades in excess of 1.0 g/t gold and occurs near and at surface. Infill drill results also extend the trend of La Cumbre's higher grade core to the south. The 11 holes reported here total 907.95 metres and are located within a 530 metre northwest-southeast striking zone of continuous gold mineralization that starts at surface.

"We are pleased that the results from our 2016 drill program continue to outline grades of over 1+ g/t gold in the large continuous zones of mineralization at La Cumbre," stated Felipe Ferraro, Batero's President and Chief Executive Officer. "These positive drill results serve as encouraging signs for the future of the Batero-Quinchia project."

Drill Hole Program Results

The 2015/2016 development drill program was designed to (i) infill the areas of interpolated higher grade mineralization along a northwest-southeast trending corridor, (ii) step out to the northwest and southeast to extend the areas of interpolated higher grade mineralization, and (iii) step out to the north of La Cumbre towards the El Centro zone to test near surface higher grade linkage between the deposits. The drill holes were sited to provide both geological and geotechnical information including definition of the oxide, transition and sulphide zone depths.

Table 1 - Drill Hole Results 
HOLE ID From (m) To (m) Thickness (m)* Au (g/t)   Ag (g/t) Comments
DDH-ZO-001 0.80 73.20 72.40 0.34   1.85  
Oxide Zone 0.80 21.40 20.60 0.41   1.72  
including 0.80 12.00 11.20 0.48   1.46  
Transition Zone 21.40 45.00 23.60 0.33   2.28  
DDH-ZO-002 1.90 100.00 98.10 0.68   2.58  
Oxide Zone 1.90 45.40 43.50 0.78   3.04 Gold grains
including 1.90 42.00 40.10 0.8   2.97 visible in
Transition Zone 45.40 54.60 9.20 0.73   3.15 drill core
DDH-ZO-003 2.20 91.00 88.80 0.64   1.52  
Oxide Zone 2.20 35.60 33.40 0.97   1.27  
including 2.20 34.00 31.80 1.04   1.17  
Transition Zone 35.60 43.40 7.80 0.5   2.03  
DDH-ZO-004 3.70 80.25 76.55 0.56   1.38  
Oxide Zone 3.70 37.40 33.70 0.93   1.12  
including 3.70 26.00 22.30 1.19   1.25  
Transition Zone 26.00 50.00 24.00 0.17   1.33  
DDH-ZO-005 2.50 101.55 99.05 0.74   3.23  
Oxide Zone 2.50 26.60 24.10 1.02   6.6  
including 2.50 12.00 9.50 1.36   15.6  
Transition Zone 26.60 36.00 9.40 1.05   2.71  
DDH-ZO-006 0.70 28.20 27.50 0.46   0.83 Condemnation Hole
Oxide Zone 0.70 26.00 25.30 0.48   0.69  
Transition Zone 26.00 28.20 2.20 0.156   2.51  
DDH-ZO-007
8.00 72.20
64.20
0.31
  0.57
Condemnation Hole 
Oxide Zone 8.00 41.75 33.75 0.45   0.49  
including 8.00 24.00 16.00 0.56   0.48  
Transition Zone 41.75 46.00 4.25 0.16   2.42  
DDH-ZO-008 0.60 100.00 99.40 0.52   0.76  
Oxide Zone 0.60 17.30 16.70 0.42   0.31  
Transition Zone 17.30 23.60 6.30 0.33   1.07  
Contact Zone 48.00 54.00 6.00 1.14   1.93  
DDH-ZO-009 4.60 100.00 95.40 0.52   1.69  
Oxide Zone 4.60 50.50 45.90 0.74   2.4  
including 4.60 42.00 37.40 0.81   2.96  
Transition Zone 50.50 57.26 6.76 0.55   1.97  
DDH-ZO-010 No significant results Condemnation Hole
DDH-ZO-011 4.50 111.40 106.90 1.47   2.34  
Oxide Zone 4.50 72.00 67.50 1.37   1.78  
including 4.50 22.00 17.50 2.05   0.72  
Transition Zone 72.00 106.00 34.00 1.74   3.23  
* Thickness is the downhole thickness of the intersection and is not a true width. There is currently insufficient information to determine the true widths of the intersections.
Table 2 - 2015/2016 Drill Hole Specifications
HOLE ID Easting Northing Elevation Dip Azimuth Total Depth
DDH-ZO-001 420763.00 585317.00 1874.97 -90 0 73.20
DDH-ZO-002 420844.00 585305.00 1871.60 -90 0 100.00
DDH-ZO-003 420786.00 585382.00 1902.28 -90 0 91.00
DDH-ZO-004 420866.00 585450.00 1895.11 -90 0 80.25
DDH-ZO-005 420866.00 585401.00 1895.10 -90 0 101.55
DDH-ZO-006 420946.00 585486.00 1866.98 -90 0 28.20
DDH-ZO-007 420851.00 585551.00 1891.94 -90 0 72.20
DDH-ZO-008 420999.00 585455.00 1868.00 -90 0 100.00
DDH-ZO-009 420723.00 585348.00 1889.46 -90 0 100.00
DDH-ZO-010 420599.00 585506.00 1956.81 -90 0 50.15
DDH-ZO-011 421088.00 585352.00 1842.00 -90 0 111.40

Batero is working towards the preparation of an updated resource estimate, focused on La Cumbre's high grade oxidized gold mineralization at surface as the basis of a comprehensive technical report that will encompass all of the work completed to date at La Cumbre. The high grade core at La Cumbre is expected to improve both the average grade and contained ounces in an updated mineral resource estimate, as the +1 g/t grade of the core is well above the average grade of the oxide mineral resource estimate previously reported.

The Company is also currently evaluating the most efficient and cost effective mine scenario, including a leach processing circuit, and the optimum starter pit production rate from the high grade oxidized mineralization at La Cumbre. La Cumbre's transition zone, which was not included in the initial oxide resource estimate, will be included in this evaluation. The resulting mine scenario is anticipated to be the first stage of a potentially larger mine plan.

Batero is focused on accelerating the La Cumbre deposit towards a development decision. Engineering, environmental impact assessment, archaeological studies, and social baseline studies are all sufficiently advanced to support any development option. The company intends to initiate a hydrogeological study which is a key component of future environmental permits.

Pending the positive results of the technical report, the Company will assess the merits of advancing the development of the La Cumbre deposit.

Sample Preparation, Assays, and Quality Assurance/Quality Control

Core is collected, logged (geological & geotechnical), cut and sampled at Batero Gold's drilling camp at the project area. Core samples are bagged and securely stored before shipment to ALS Minerals' sample preparation facilities in Medellin, Colombia. Prepared samples are then shipped to ALS Minerals' analytical facilities in Lima, Peru for analyses. Gold is analyzed by atomic absorption following fire-assay of a 50 gram aliquot sample. Multi-element analysis is achieved by four acid digestion and an Induced Coupled Plasma-Emission Spectroscopy finish.

The Company's quality assurance/quality control (QA/QC) program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These quality control (QC) samples are inserted in every assay batch, with each batch containing approximately 24 samples for approximately 12% QC samples. Monitoring of these QC samples is a critical part of Batero Gold Corp's QA/QC protocols that involve the re-analyses of a minimum of 10 samples bounding any failed control sample. A third party check laboratory receives 5% of all samples to verify the original assay analyses.

Roger Moss, Ph.D., P.Geo., Consultant to Batero Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

Batero Gold Corp will be exhibiting at PDAC in Toronto on March 8th and 9th. Please visit booth 3129 in the Investors Exchange Area.

ON BEHALF OF THE BOARD OF BATERO GOLD CORP.

Felipe Ferraro

President & CEO
Batero Gold Corp.

About Batero

Batero is a precious and base metals exploration and development company focused on moving the La Cumbre oxide deposit toward a production decision. Once the appropriate level of study has been completed, Batero intends to target the near surface higher grade oxidized gold mineralization at the deposit. Batero is also pursuing opportunities to acquire prospective high-grade, production focused mineral properties in Colombia and Latin America. In pursuing these objectives, Batero plans to leverage its secure treasury position, strong regional relationships, experienced management team, and long-term financial partners. Common shares of the company trade on the TSXV under the symbol "BAT".

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.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Any statements or information that express or involve discussions with respect to intentions, 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 and are intended to identify forward-looking information.

Although Batero believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Forward-looking statements and 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. Such factors include, among others, risks relating to the completion of the transactions described herein; risks relating to property interests; the global economic climate; metal prices; dilution; environmental risks and non-governmental actions.

Batero'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, Batero does not assume any obligation to update forward-looking statements or information in the event that circumstances or management's assumptions, beliefs, expectations or opinions should change, or there should occur or develop changes in any other events affecting such statements or information. For the reasons set out above, investors should not place undue reliance on forward-looking statements and information. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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Contact Information

  • For further information please contact:

    Batero Gold Corp.
    Tel: 604.568.6378
    Email: info@baterogold.com