Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

December 13, 2010 02:00 ET

Bellhaven Drills 1 g/t Au and 0.36% Cu (1.6 g/t AuEq) Over 126 Meters at the La Mina Porphyry Gold-(Copper) Project, Colombia

Second intercept (further down-hole) of 45 m @ 0.95 g/t Au & 0.44% Cu (1.7 g/t AuEq)

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Dec. 13, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce its most recent drill hole (DDH-14), targeting the La Cantera prospect, cut two substantial intervals of porphyry and breccia containing high levels of gold and copper. 

This hole was designed to test the down-dip extension of the relatively low-grade gold-copper intercept (54 m @ 0.42 g/t Au, 0.21% Cu, 0.70 g/t AuEq) contained in DDH-04 drilled by prior workers in 2006. The Bellhaven hole was successful in cutting this down-dip extension but found twice the grade over a similar width (45 m @ 0.95 g/t Au, 0.44% Cu, 1.71 g/t AuEq). More importantly, the Bellhaven hole also yielded well over a 100 m of highly mineralized porphyry and breccia higher in the hole (126 m @ 1.02 g/t Au, 0.36% Cu, 1.64 g/t AuEq). 

La Cantera is one of three porphyry prospects at La Mina. The other two prospects include the Middle Zone and El Limon, located approximately 0.5 and 1 km to the north, respectively. Most of the concession still remains unexplored. Bellhaven holds an option to earn 100% of the La Mina project (see press releases dated May 17, July 27, September 9, October 12, November 2 and 17, 2010).

For maps showing the location of the drill hole, as well as a geologic cross section highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/1213bhv.pdf

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

"The La Cantera prospect at La Mina continues to deliver substantial grade and thickness with each hole. Our most recent hole is an improvement over the prior hole drilled in this one specific area in 2006. The second intercept of our hole extended the vertical dimension of that one zone by 150 m, adding size and tonnage. The principal intercept, containing over 100 m of 1 g/t Au and 0.36% Cu, occurs only 70-80 m below the surface and the zone likely extends upwards to the surface. These thick intercepts are compatible with a deposit amenable to a large-scale, open-pit mining scenario." 

"We are continuing to drill at La Cantera and look forward to reporting additional drill results from both La Cantera and the Middle Zone in the months ahead."

Discussion of the Drill-Hole Results

Bellhaven initiated its maiden drilling program at its La Mina project last summer (see press release dated July 27, 2010). Three holes collared at the La Cantera prospect were reported in the September 9th press release. The first four holes drilled at the second prospect, the Middle Zone, were highlighted in the October 12th, November 2nd and 17th press releases. This press release discusses the eighth drill hole of the program, DDH-14, collared at La Cantera. Data related to the drill holes are presented in Tables 1 and 2.

Drill-hole DDH-14 was designed to test the down-dip extension of the 54-m long intercept found in DDH-04 drilled in 2006. Starting at a down-hole depth of 100 m, the hole cut 146 m of mineralized porphyry and breccia averaging 0.93 g/t Au and 0.33% Cu (1.51 g/t AuEq) based on a 0.40 AuEq cut-off grade. Within this zone occurs the 126-m long zone containing 1.02 g/t Au and 0.36% Cu (1.64 g/t AuEq) reported above. The mineralized interval was truncated by a late (post-mineral) porphyry stock. Further down hole, DDH-14 cut the La Cantera diorite porphyry and a series of breccia bodies. These rocks form a 62-m intercept containing 0.75 g/t Au and 0.38% Cu (1.40 g/t AuEq) based on a 0.40 g/t AuEq cut-off grade. Contained within this zone is the 45-m zone averaging 0.95 g/t Au and 0.44% Cu (1.71 g/t AuEq) reported above. This zone represents the downward extension of the 54-m zone cut in DDH-04 in 2006. The vertical distance between the two intercepts is approximately 150 m. Significantly, the downward extension is approximately twice the grade over similar widths. The true width of the intercepts is approximately 64% of the reported intercept length. Both zones remain open to depth. Currently Bellhaven is drilling DDH-15 to test the downward extension of these zones.

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   1,730.2   180   -60   124.70  
LM-DDH-08 419,105.63   654,601.58   1,753.4   180   -60   297.18  
LM-DDH-09 419,101.00   654,750.00   1,781.6   180   -60   432.81  
LM-DDH-10 418,985.00   655,150.00   1,940.7   180   -60   175.86  
LM-DDH-11 418,995.00   654,950.00   1,819.0   1.7   -62   541.19  
LM-DDH-12 419,000.00   655,100.00   1,908.3   48.2   -61   493.78  
LM-DDH-13 419,097.00   655,197.00   1,929.2   45   -60   335.28  
LM-DDH-14 418,975.00   654,680.00   1,804   135   -50   511.74  

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      
LM-DDH-10 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-11 235.00   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  
LM-DDH-12 160.00   188.00   28.00   0.30   0.18   0.61   Middle Zone  
  326.00   420.00   94.00   0.76   0.39   1.42   Middle Zone  
including 326.00   368.00   42.00   0.88   0.44   1.64   Middle Zone  
LM-DDH-13 1.52   78.35   76.83   0.70   0.27   1.16   Middle Zone  
New Results Reported in this Press Release  
LM-DDH-014 100.00   246.00   146.00   0.93   0.33   1.51   La Cantera  
including 100.00   226.00   126.00   1.02   0.36   1.64   La Cantera  
and 392.00   454.00   62.00   0.75   0.38   1.40   La Cantera  
including 394.00   439.00   45.00   0.95   0.44   1.71   La Cantera  

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.

Two other important targets occur due north of the La Cantera target: Middle Zone and El Limon. These three 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 one of 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. 

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