BCGold Corp.

BCGold Corp.

July 08, 2010 08:15 ET

BCGold Corp. Extends High-Grade Gold Shoot at Engineer Gold Mine Property, B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - (TSX VENTURE:BCG) – BCGold Corp. (or the "Company") is pleased to announce that it received assay results for the first hole of its recently completed Phase I underground diamond drill program at the historic high-grade gold Engineer Mine property, situated 32 kilometres west of Atlin, B.C. 

A total of five holes (640 metres) were drilled from a single underground setup on the fifth level of Engineer Mine (the "Mine"). Drilling targeted high-grade gold extensions, below the fifth and eighth levels of the Mine, which were partially defined by historic mining and recent sampling of the Engineer and Double Decker veins.

Drill hole BCGE10-01 intersected coarse visible gold in two stringer veins, between depths of 176.7 metres and 177.66 metres, which averaged 22.32 grams/tonne (g/t) (0.65 oz/ton ) gold and 7.94 g/t (0.23 oz/ton) silver over 0.96 metres (3.15 feet). On the eighth level of the Mine, 21 metres above this intercept, is a 24.7 metre long vein segment that was partially mined in the 1920s and averaged 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). BCGE10-01 is the deepest underground hole drilled on the Double Decker Vein to date.

Assay results for drill hole BCGE10-01 are presented below in Table 1. The reader is also referred to the following link for a longitudinal section view of drilling results to date:

Table 1. Double Decker Vein
Drill Hole Assay Results

Drill Hole Number Sample Number From (metres) To (metres) Width (metres) Gold (g/t) Silver (g/t)
BCGE10-01 50751 175.10 176.10 1.00 0.015 0.22
  50753 176.10 176.70 0.60 0.015 0.32
  50754 176.70 176.83 0.13 67.15 69.6
  50756 176.83 177.25 0.42 0.27 0.5
  50757 177.25 177.66 0.41 30.69 18.6
  50759 177.66 177.90 0.24 0.64 0.58
  50760 177.90 178.40 0.50 0.03 0.28
  50762 178.40 179.40 1.00 0.015 0.26
Average Grade 175.10 179.40 4.30 5.03 4.15
Includes 176.70 177.66 0.96 22.32 7.94

Drill hole BCGE10-02, which targeted the same high-grade gold shoot as drill hole BCGE10-1, above the eighth level of the Mine, broke through an existing stope nearly 11 metres above the level. This confirms at least a former presence of economic-grade material.

Drill hole BCGE10-03 targeted and intersected the Double Decker Vein 21 metres above the eighth level workings of the Mine. Drill holes BCGE10-04 and BCGE10-05 targeted oblique strike extensions of the Engineer Vein within 15 metres of the fifth level sill. Both holes intersected the Engineer Vein. Assay results for drill holes BCGE10-03, BCGE10-04 and BCGE10-05 are pending.

"The Company is very pleased with Phase I drill results thus far," states Brian P. Fowler, P.Geo., President and CEO of BCGold Corp. "The Engineer Mine mineralizing system, and more importantly high gold grades in the Double Decker Vein, clearly extend deeper than the current mine workings, all of which is highly suggestive of significant exploration potential and development possibilities." 

The Company is now formulating plans to excavate a new drill bay on the fifth level of the Mine, 100 metres along strike and northwest of the previous drill setup. The new drill bay will be used to drill test portions of the Engineer Vein, below the fifth level of the Mine, that are known to host significant coarse visible gold. This will be part of Phase II drilling. Phase II drilling will be directed at upgrading and increasing the current potential mineral target to a NI 43-101 compliant mineral resource estimate.

Mr. Bruce Coates, P.Geo., a Qualified Person for the purposes of National Instrument 43-101, has reviewed the technical content of this news release.

About the Engineer Mine Property

BCGold Corp. has an option to earn 100% interest in the Engineer Mine Property.

Engineer Mine was a high-grade gold producer that peaked in the mid-1920s and ceased production in the early 1930s, primarily due to water ingress issues. There are more than 25 known veins on the property; only 4 have undergone limited production and exploration to date. All veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface. 

Sample Analysis and Quality Control

Drill core samples were prepared by Eco-Tech Laboratories Ltd., a subsidiary of the global Alex Stewart Group, BC Certified Assayers, in Whitehorse, Yukon; and assayed by an ISO 9001:2000 certified laboratory in Kamloops, B.C. Samples were delivered directly by a Company representative, with chain of custody documented. Quality control consisted of the insertion of certified reference materials (standards) and blanks into the sample shipment by BCGold Corp. personnel. 

Gold was analysed by a metallic screen fire assay. Drill core samples were crushed to 70% passing through 10 mesh, then split to achieve a 250 gram subsample. The subsample was pulverized to 95% passing through -150 mesh. The entire sample was weighed, rolled and homogenized and then passed through a 150 mesh screen. The resulting -150 mesh fraction was homogenized and two subsample portions were fire assayed. All of the resulting +150 mesh oversize material was fire assayed. The resultant fire assay beads were digested with a nitric acid followed by hydrochloric acid, and then analyzed for gold by AAS to 0.03 g/t detection limit. The results for the two -150 mesh values and single +150 mesh value were then calculated based on the original sample weight providing a net gold value.

Additional analyses included a 46 element package of major and trace elements by ICP-AES/MS analysis following a four acid digestion.

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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