VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 20, 2016) - BCGold Corp. (TSX VENTURE:BCG) ("BCGold" or the "Company") is pleased to announce that Phase I exploration has commenced at the Company's 100% owned Pucacorral property, situated in the San Mateo mining district in east-central Peru. Phase I exploration will consist of geological mapping, prospecting and sampling, on both surface and underground in the San Mateo mine. This US$200,000 exploration program will be supervised by Dr. Adam Szybinski, BCGold's Peru exploration manager. The objective of Phase I exploration is to i) confirm the presence of "Chanape-type" high-grade gold-copper-silver breccia pipe epithermal mineralization at Pucacorral and ii) confirm geological controls, strike extent and the gold-copper-silver-zinc tenor of the San Mateo mine veins. Phase II exploration at Pucacorral will entail a $225,000 detailed 3D Induced Polarization survey to define vein, breccia pipe and possible Cu-Au-Ag porphyry geometry and drill targets on the property.
Chanape and Pucacorral Exploration Strategy
BCGold's exploration strategy at San Mateo is to advance the 100% owned and adjacent Chanape and Pucacorral properties to the option or joint venture stage with well-funded exploration partners. At BCGold's Chanape property, which overlays mineralized extensions of the central and smaller, similarly named property previously owned by Inca Minerals Ltd. (ICG-ASX), the Company's strategy is to jointly work with the private owner to secure a well-funded exploration partner to combine these properties and advance our interests. The Chanape mineralizing system, as defined to date, represents a major bulk-tonnage epithermal gold-copper-silver and deeper copper-gold porphyry exploration target.
BCGold also wishes to announce that it has retained the services of a Peruvian sociologist to act as the Company's Community Relations Officer for exploration activities in the San Mateo mining district. This individual has a proven track record and working relationship with the nearby communities, which control the surface rights of the Chanape and Pucacorral projects, both of which are 100% owned by BCGold Corp.
BCGold Closes Final Tranche of $1 Million Private Placement
BCGold is also pleased to announce that it has closed the final tranche of its previously announced $1,000,000 private placement (the "Final Tranche"), on an over-subscribed basis, and raised an additional $279,500, for a total of $1,030,500. A total of 5,590,000 units ("Units") priced at $0.05 per Unit were issued in the Final Tranche. Each Unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.10 per share for up to two years expiring September 20th, 2018. The Company paid finder's fees in connection with the Final Tranche of $18,760 and issued 375,200 finder warrants, each of which entitle the holder to purchase one BCGold common share at a price of $0.05 per share for up to one year expiring September 20th, 2017.
All securities issued in connection with the Final Tranche are subject to a four month hold period expiring January 21st, 2017. Gross proceeds of the final tranche of the private placement will be used primarily for working capital and general and administrative operating expenses.
The technical information in this news release has been reviewed and approved by Mr. Brian P. Fowler, P.Geo., a Qualified Person as defined by National Instrument 43-101.
BCGold is a Vancouver-based junior resource company that has been listed on the TSX Venture Exchange for 10 years, with a focus on copper and gold exploration in British Columbia, Yukon and more recently, Peru. The Company acquires prospective gold and copper-gold exploration properties considered to have significant mineral potential by staking, option or purchase agreements. The Company strives to acquire 100% of these opportunities and after cost-effective and diligent exploration to develop drill targets, option 51-70% of these properties to third parties in return for some multiple of the Company's expenditures. The Company currently has a portfolio of 2 - 100% owned gold-copper-silver properties in Peru, 10 - 100% owned and 2 partially owned gold and copper-gold properties in B.C. and Yukon. BCGold is actively seeking qualified option partners to advance these properties.
On behalf of the Board of Directors, Brian P. Fowler, P. Geo., President & CEO
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.
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures 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 and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.