Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

October 12, 2010 07:31 ET

Bellhaven Cuts Western Edge of the Middle Zone, La Mina Porphyry Gold-(Copper) Project, Colombia

Drill Intercepts Demonstrate 400-m Vertical Dimension to the Middle Zone

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Oct. 12, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that the initial two drill holes at the Middle Zone prospect clipped a 400-m vertical portion of the western margin of Middle Zone. Highlights include: 

DDH-10: 62.56 m @ 0.62 g/t AuEq starting at 91.44 m

DDH-11: 12.52 m @ 0.42 g/t AuEq starting at 235.00 m

DDH-11: 183.00 m @ 0.41 g/t AuEq starting at 289.00 m

The Middle Zone is the second porphyry prospect at La Mina, located approximately 500 m to the north of the La Cantera prospect. Bellhaven announced on September 9th drill results at La Cantera of 1.59 g/t AuEq over 87.30 m in one interval and 1.55 g/t AuEq over 72.67 m over a second interval contained in DDH-08 as well as 1.20 g/t AuEq over 142 m cut in DDH-09. Bellhaven holds an option to earn 100% of the La Mina project (see press release dated May 17, 2010). 

Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:

"We are encouraged by the initial drilling results at the Middle Zone, the second porphyry gold-(copper) center at La Mina. Considerable portions of both holes cut altered and mineralized porphyry and breccias, demonstrating substantial size potential for the Middle Zone. To put these intercepts into perspective regarding the prospect's potential size, the vertical distance between the top of the DDH-10 intercept and the bottom of the DDH-11 intercept is just over 400 m. All interested parties are encouraged to view the cross section showing these intercepts on the link provided below."

"Although the grades of these reported intercepts are at, or slightly above, the cut-off grade, we anticipate the gold values to increase as we drill towards the center of the system. The geologic characteristics of the initial holes, such as the pyrite-to-chalcopyrite and gold-to-copper ratios, are consistent with these holes cutting the edge of a mineralized zone." 

"The Middle Zone remains open in all directions. Upcoming holes will test the Middle Zone to the northeast of DDH-10 and -11 where we believe the center of the system may occur. We look forward to reporting these results, as well as additional drill results from La Cantera, in the months ahead."

Discussion of the Drill-Hole Results

Bellhaven initiated its maiden 2000-m drilling program at La Mina this past July (see press release dated July 27, 2010). The first three holes reported in the September 9th press release were collared at the La Cantera prospect, one of the four known porphyry gold-(copper) prospects at La Mina. This press release discusses the next two drill holes, DDH-10 and -11, collared at the Middle Zone located 500 m to north of La Cantera. 

A plan map and cross section showing the drill holes and their gold- and copper-bearing intercepts are available at the following link: http://media3.marketwire.com/docs/b1011.pdf. Data related to the drill holes are presented in Tables 1 and 2. True widths for the intercepts are currently unknown.

Drill-hole DDH-10 was designed to test at depth a surface geochemical anomaly containing 0.7 g/t Au in a series of channel samples (see press release of June 24th, 2010). The hole was collared uphill (north) of the surface zone and drilled to the south to undercut this surface anomaly. The hole was lost in a fault at 175 m down-hole just before reaching the target. Nonetheless, the hole returned 91.1 m of 0.62 g/t AuEq in pyritic and clay-altered porphyry and breccias. Typically gold in the porphyry deposits of the Middle Cauca belt is hosted in pyrite-poor, magnetite-chalcopyrite rocks with little-to-no clay alteration. Therefore, the gold contained in DDH-10 was a positive surprise.

Drill-hole DDH-11 was collared 250 m to the south of DDH-10 and drilled to the north to undercut the surface anomaly described above as well the gold-bearing intercept contained in DDH-10. The hole consistently cut magnetite-chalcopyrite rock starting at a down-hole depth of 288 m—coinciding with the start of the gold- and copper-bearing intercept. The core of the 183-m intercept contained 75 m @ 0.55 g/t AuEq. The 183-m intercept occurs directly below the 91-m intercept of DDH-10 (see the cross section referred to above for a visual rendering of the mineralized zone). The remaining 69 m below the 183-m intercept averaged a highly anomalous grade of 0.20 g/t AuEq.

Table 1. Drill-Hole Data, La Mina Porphyry Au-(Cu) Project, Colombia.
Hole Number   East UTM Coord (meters)   North UTM Coord (meters)   Elevation (m.a.s.l)   Azimuth (degrees)   Plunge (degrees)   Total Length (meters)
LM-DDH-07   419,078.20   654,460.37   1,730.15   180   -60   124.70
LM-DDH-08   419,105.63   654,601.58   1,753.37   180   -60   297.18
LM-DDH-09   419,101.00   654,750.00   1,781.56   180   -60   432.81
LM-DDH-10   418,985.00   655,150.00   1940.73   180   -60   175.86
LM-DDH-11   418,995.00   654,950.00   1819.00   1.7   -62   541.19
m.a.s.l = meters above sea level; Coord = Coordinate
Table 2. Drill-Hole Results for the La Mina Porphyry Au-(Cu) Project, Colombia.
Hole Number   From (m)   To (m)   Intercept (m)   Au (g/t)   Cu (%)   AuEq (g/t)   Prospect
2010 Drill Results by Bellhaven Copper & Gold
LM-DDH-07   7.62   27.91   20.29   0.74   0.40   1.43   La Cantera
LM-DDH-08   0.70   88.00   87.30   1.07   0.30   1.59   La Cantera
and   197.05   269.72   72.67   0.88   0.39   1.55   La Cantera
including   199.05   239.05   40.00   1.43   0.55   2.37   La Cantera
LM-DDH-09   194.75   337.19   142.44   0.70   0.29   1.20   La Cantera
including   216.75   307.80   91.05   0.93   0.38   1.58   La Cantera
        DDH-09 lost at 432.81 m before reaching second target    
2010 Drill Results by Bellhaven Copper & Gold –New Results Reported in this Press Release
LM-DDH-010   91.44   154.00   62.56   0.47   0.09   0.62   Middle Zone
including   132.00   150.00   18.00   0.70   0.10   0.87   Middle Zone
        DDH-10 lost at 175.86 m before reaching target    
LM-DDH-011   235.00   247.52   12.52   0.27   0.08   0.42   Middle Zone
    289.00   472.00   183.00   0.20   0.12   0.41   Middle Zone
including   343.00   418.00   75.00   0.24   0.18   0.55   Middle Zone

Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq (g/t) = gold equivalent (g/t)
AuEq (g/t) calculated assuming a long-term gold price of $900/oz and a long-term copper price of $2.25/lb.
No adjustment has been made for metallurgical recoveries or net-smelter returns as these remain uncertain at this time.
AuEq formula: AuEq g/t = Au g/t + [(Cu% x 22.0462 x 2.25)/(900/31.1035)] g/t
Gold and copper grades capped at 5 g/t Au and 2% Cu, respectively.
All drill holes are diamond-core holes.

ALS Colombia Ltda. prepared the drill-core samples, producing the sample pulps in Bogota. The South American Central Lab of ALS Chemex in Lima, Peru, performed all assays pertaining to the drill-core samples highlighted in the text and table above. Gold was analyzed by fire assay on a 50-gram sample with an atomic-absorption finish. Copper was analyzed using four-acid digestion, ICP-AES. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field- and pulp duplicates. 

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo., who serves as the qualified person as defined by National Instrument 43-101 responsible for ensuring that the geological information in this release is accurate.

About the La Mina porphyry Au-(Cu) prospect

La Mina (also known as Venecia) lies within the Middle Cauca belt of Miocene-age volcano-plutonic rocks in central Colombia known to host large porphyry gold deposits such as La Colosa (12.9 Moz Au contained in 468 Mt @ 0.86 g/t Au; AngloGold Ashanti), Titiribi (3.7 Moz Au contained in 230 Mt @ 0.5 g/t Au; Sunward Resources), Quebradona (AngloGold Ashanti – B2Gold), Quinchia (Batero Gold), and Yarumalito (Colombian Mines), as well as large epithermal gold districts such as Marmato (7.5 Moz Au contained in 245 Mt @ 0.95 g/t Au; Medoro Resources).

In mid 2006, AngloGold Ashanti and Bema Gold drilled six holes into the La Mina porphyry (now called the La Cantera prospect), with Holes 2 and 5 yielding 90+ m intercepts of greater than 1 g/t Au and significant copper at shallow depths. 
The most important host rocks observed in drill core include the Combia Formation intermediate volcanic rocks as well as early, intra- and post-mineral diorite porphyry. Alteration is typical of gold porphyry deposits as exemplified by a potassic-calcic core encircled by sericitic, intermediate argillic, and propyllitic alteration zones. Specifically, most of the gold and copper discovered so far at La Cantera are spatially associated with quartz-magnetite-chalcopyrite+/-bornite veinlets in potassic altered porphyry and breccias containing elevated quantities of hydrothermal magnetite. As a result, the gold-bearing rocks are highly magnetic (ca. 200x10-3 SI) which creates a sharp contrast with the barren and weakly magnetic intermediate argillically altered rocks as well as the non-magnetic sericitically altered rocks that surround the potassic core.

Three other important targets occur due north of the La Cantera target: Middle Zone, North Zone, and El Limon. These four areas form a 1.5 km long by 0.5 km wide magnetic anomaly containing elevated values of gold and copper in rock-chip and soil samples.

About Bellhaven

Bellhaven Copper & Gold Inc. is a Canadian-listed (TSX VENTURE:BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company's objective is to become among the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.

The Company's principal assets include the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia, the Pitaloza and three other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama, and the La Ventura prospect in the San Lucas gold belt in northeastern Colombia. 

For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

On behalf of the board of directors,

Paul L. Zweng, CEO & Director

BELLHAVEN COPPER & GOLD INC.

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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.

Contact Information

  • Bellhaven Copper & Gold Inc.
    Paul Zweng, Interim CEO/Director
    Corporate Contact in North America
    +1-808-377-1947
    pzweng@bellhavencg.com
    or
    Bellhaven Copper & Gold Inc.
    Julio Benedetti, President/Director
    Corporate Contact in Panama
    Int'l No: +507-226-3967
    www.bellhavencg.com