Batero Gold Corp.

Batero Gold Corp.

November 03, 2011 08:00 ET

Batero Gold Extends Dos Quebradas Porphyry Zone and Continues to Intersect Surface Gold and Copper Mineralization at El Centro

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - Batero Gold Corp. (TSX VENTURE:BAT) is pleased to report the latest drill results from its 56,000-metre 2011 diamond drill program on the Company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. The drill program is expected to be completed on-time and on-budget second week in November. The Company is looking to release over 23,000 metres of drill results before year-end. A total of nine drill holes (3,969.42 metres) are being released today – 6 located at Dos Quebradas porphyry and 3 from El Centro Zone.

The Company has successfully extended the gold and copper mineralization to the south at Dos Quebradas by approximately 115 metres stepping out from the east-west fence of historic drill holes DQ-DDH-05 and DQ-DDH-06 (see results below). The other reported new drill results from Dos Quebradas are considered in-fill holes to the historic drill holes. (Please refer to "Figure 1 - Plan Map": Please refer to "Figure 2 - Plan Map for Dos Quebradas drill hole locations":

"We are encouraged by the continuity of the Dos Quebradas system, which the drill results show extends the porphyry to the south greater than 115 metres. Also, the new results indicate that mineralization is present at depth and at surface," stated Brandon Rook, President and CEO. "We are also pleased with the drill results that confirm porphyry mineralization near surface and continuous to significant depths at El Centro zone."

Significant drill highlights include:

Table 1 – Intersections Table – Dos Quebradas
Hole Target From (m) To (m) Interval (m)* Au (g/t) Cu (%)
SB-002 Dos Quebradas 104.00 290.00 186.00 0.61 0.08
SB-003 Dos Quebradas 2.00 122.20 120.00 0.42 0.09
and 319.00 474.64 155.64 0.44 0.06
including 423.00 474.64 51.64 0.62 0.06
SB-004 Dos Quebradas 42.00 200.00 158.00 0.64 0.08
including 52.00 143.00 91.00 0.88 0.05
SB-005 Dos Quebradas 0.00 196.00 196.00 0.43 0.10
including 0.00 96.00 96.00 0.54 0.12
including 8.00 24.00 16.00 0.96 0.16
SB-006 Dos Quebradas 130.00 136.00 6.00 0.44 0.08
SB-010 Dos Quebradas 9.00 146.00 137.00 0.39 0.06
including 62.00 86.00 24.00 0.62 0.09
and 291.00 305.00 14.00 0.79 0.03
MZ-003 El Centro 2.00 152.00 150.00 0.40 0.07
and 318.00 432.00 114.00 0.37 0.12
including 364.00 400.00 36.00 0.59 0.15
and 488.00 520.00 32.00 0.51 0.23
including 502.00 512.00 10.00 0.92 0.33
CD-001 El Centro 17.00 293.00 276.00 0.28 0.07
including 151.00 211.00 60.00 0.39 0.07
QAP-DDH-037 El Centro No significant intersections
*Interval length represents down hole distance and not true width with the exception of CD-001, which is a vertical hole.

Initial results from the first phase of Batero drilling at Dos Quebradas, as well as those associated with five historic holes drilled in 2006, will be included in the Company's initial resource estimate. A total of 11 drill holes completed at Dos Quebradas continue to test the continuity south to the El Centro Zone and further to the project's significant mineralized La Cumbre porphyry centre.

Results from Dos Quebradas 2006 historic drill program (to be included in the initial resource estimate) are:

Table 2 - Intersections Table Historic Drill Results 2006
Hole From (m) To (m) Interval (m)* Au (g/t) Cu (%)
DQ-DDH-04 58.00 166.00 108.00 0.44 0.06
DQ-DDH-05 0.00 214.00 214.00 0.55 0.08
DQ-DDH-06 0.00 244.00 244.00 0.70 0.11
DQ-DDH-11 No Significant Results
DQ-DDH-17 122.00 402.00 280.00 0.51 0.09
*Intersection reporting criteria: minimum 10 m interval and Au cut-off 0.2 g/t.

El Centro Zone

At El Centro zone, the exploratory drilling continues to expand the zone of mineralization. Drill hole MZ-003 was drilled on the northwest side of the El Centro zone with gold and copper mineralization discovered near surface and higher grade gold mineralization discovered at depth. Importantly, this hole, as part of the in-fill drilling program, lends evidence to the continuity of mineralization from El Centro to Dos Quebradas. Between MZ-003 and Dos Quebradas there are 10 drill holes pending results. On the eastern side of El Centro, vertical drill hole CD-001 intersected porphyry gold and copper mineralization from the same platform where a new discovery of high grade gold epithermal gold mineralization was intersected at depth (See News Release August 30, 2011).

Based on the program's aggregated results, the Company anticipates publishing its initial resource estimate that is targeted to encompass La Cumbre porphyry, Dos Quebradas porphyry and the mineralization intercepted at El Centro Zone. This area extends over two kilometres in a north-south strike length. (Please refer to "Figure 1 - Plan Map" for El Centro drill hole locations:

Additional technical details:

Holes SB-003 and SB-005 were drilled in the Dos Quebradas porphyry and located approximately 50 metres north of historic drill hole DQ-DDH-06 that graded 0.70 g/t gold and 0.11% copper over 244 metres intersecting from surface (See "Figure 2 - Plan Map for Dos Quebradas drill hole locations": The two holes were drilled from a new platform in an area of coincident gold-in-soil anomalies and potassic alteration of basalt. The intersections in both holes start at shallow depths confirming the importance of the gold-in-soil anomalies and potassic alteration in determining drill hole targeting.

Hole SB-002 and SB-004 were drilled in the Dos Quebradas porphyry from new platforms approximately 100 metres and 190 meters respectively southwest of hole SB003 and SB005. SB002 intersected 186.0 meters grading 0.61 g/t gold and 0.08% copper. SB004 intersected 158.0 meters grading 0.64 g/t gold and 0.08% copper. These holes were drilled in medium-grained diorite within coincident gold-in-soil anomalies and potassic alteration of the country rock.

Hole SB-006 was drilled from a new platform approximately 125 metres northwest of historical hole DQ-DDH-010. The hole was drilled in an area of scattered gold-in-soil anomalies and potassic alteration of basalt country rocks, along the west side of the mineralized trend.

Hole SB-010 was drilled from a new platform approximately 116 metres south of historical hole DQ-DDH-06 (See Figure 1) and approximately 180 metres northeast of historical drill hole DQ-DDH-011. This hole was drilled on coincident gold-in-soil anomalies and potassic alteration of basalt country rock. The intersection in SB010 starts at a shallow depth confirming the importance of the gold-in-soil anomalies and potassic alteration as guides to mineralization. Hole SB-010 extended the southern extent of mineralization of Dos Quebradas approximately 116 metres.

Vertical hole CD-001 and angle hole QAP-DDH-037 were drilled from the same platform in the El Centro zone as holes QAP-DDH-18 (News Release of July 27, 2011) and QAP-DDH-027 (News Release of August 30, 2011). All of these holes intersected wide zones of significant gold mineralization with the exception of QAP-DDH-037. The holes were drilled in medium grained diorite exhibiting potassic alteration and with scattered gold-in-soil anomalies. CD001 cut 276 meters grading 0.28 g/t gold starting at 17.0 meters downhole. This shallow mineralization is reflected by the gold-in-soil anomalies and the potassic alteration. In contrast, hole QAP-DDH-027 is a new discovery of epithermal gold mineralization reported on October 12, 2011. The hole cut 19.85 metres grading 0.92 g/t gold and 0.08% copper starting from 504.30 metres down hole, including 1.55 metres grading 9.16 g/t gold and 0.18% copper.

MZ-003, collared in the El Centro zone (Manzanillo) just east of the Amarilla Structural Corridor, was drilled towards the southeast, intersecting two significant zones of gold and copper mineralization (Table 2). This hole was drilled in medium-grained diorite exhibiting potassic alteration and coincident gold-in-soil anomalies. The upper mineralized zone of 150.0 meters grading 0.40 g/t gold starts at 2.0 meters down hole. This shallow mineralization is reflected by the gold-in-soil anomalies and the potassic alteration.

Table 3 - Drill Hole Specifications
Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)
SB-002 421160 586677 1630 0 -90 400.00
SB-003 421301 586790 1522 0 -90 474.64
SB-004 421160 586677 1630 235 -60 416.45
SB-005 421310 586790 1522 270 -50 211.22
SB-006 421013 586431 1658 45 -65 412.27
SB-010 421250 586527 1583 270 -60 390.14
MZ-003 420931 585964 1785 105 -50 593.50
CD-001 421359 585885 1850 0 -90 551.20
QAP-DDH-037 421359 585885 1849 155 -60 520.00

Table 4 - Drill Holes Specifications Dos Quebradas (2006 Historic)
Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)
DQ-DDH-04 421192.32 586676.44 1615.71 270 -45 170.55
DQ-DDH-05 421275.66 586641.17 1554.25 270 -45 261.60
DQ-DDH-06 421275.66 586643.17 1554.25 90 -50 250.75
DQ-DDH-11 421137.00 586420.00 1671.00 270 -50 259.30
DQ-DDH-17 421441.71 586663.18 1599.18 270 -80 492.70

To see all maps and figures, please visit

Sample preparation, assays and quality assurance/quality control

Core is collected and initially logged at Batero Gold's drilling camp at the project area. The core is then shipped securely in core boxes to Batero's core processing facility in Pereira, Colombia, where it is logged in detail, cut and sampled. All QC samples are introduced before shipment to ALS Chemex's sample preparation facilities in Bogota, or Medellin, Colombia. Prepared samples are then shipped to ALS's analytical facilities in Lima, Peru or La Serena, Chile for analyses. Gold is fire-assayed using a 50.0 gram aliquot sample and Atomic Absorption finish (AA). Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma (ICP) 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, which is composed of 25 samples. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.

Darren Anderson, P.Geo., is the Company's QA/QC consultant.

Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.


Brandon Rook, President & CEO

Batero Gold Corp.

About Batero Gold:

Batero Gold Corp. (TSX VENTURE:BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1,407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.

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: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size 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.

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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