Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

November 17, 2010 07:01 ET

Bellhaven Drills Gold-Copper Zone Starting at Surface at the Middle Zone, La Mina Porphyry Gold-(Copper) Project, Colombia

DDH-13: 76.83 m @ 0.70 g/t Au & 0.27% Cu (1.2 g/t AuEq) starting at 1.52 m

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Nov. 17, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that its fourth drill hole (DDH-13) targeting the Middle Zone discovered substantial gold and copper mineralization starting at a depth of 1.5 m. The 77-m intercept reported in DDH-13 connects to the 94-m long intercept containing 0.76 g/t Au and 0.39% Cu (1.4 g/t AuEq) described in DDH-12 on November 2nd. Together these two intercepts demonstrate that gold and copper mineralization occur over a minimum vertical distance of 380 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 holds an option to earn 100% of the La Mina project (see press releases dated May 17, September 9, and October 12, 2010).

For maps showing the location of these drill holes as well as a geologic cross section highlighting the gold-copper intercepts, please click on the following link: http://media3.marketwire.com/docs/bhv_11_17_2010_maps.pdf.

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

"We were surprised to drill a mineralized intercept starting only a meter or so below our feet at the Middle Zone. The view had always been that gold and copper at the Middle Zone occur at depth—below the argillic alteration zone—in contrast to La Cantera where gold and copper are found at surface. This discovery changes that thinking, as well as potentially improves the robustness of the Middle Zone as stripping and operating costs would be substantially lower compared to deeper mineralized zones." 

"The 380 m (minimum) of vertical continuity of mineralization at the Middle Zone is impressive. It matches what we have found at La Cantera located some 500 m to the south. We are starting to gain a better understanding of the geometry of the Middle Zone and look forward to reporting additional drill results from the Middle Zone and La Cantera in the months ahead."

"I will be attending the San Francisco Hard Assets Investment Conference on November 21st and 22nd. If any interested parties would like to meet to discuss Bellhaven, please send me an email at pzweng@bellhavencg.com."

Discussion of the Drill-Hole Results

Bellhaven initiated its maiden 2000-m 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 three holes drilled at the second prospect, the Middle Zone, were highlighted in the October 12th and November 2nd press releases. This press release discusses the fourth drill hole, DDH-13, completed at the Middle Zone. Data related to the drill holes are presented in Tables 1 and 2.

Drill-hole DDH-13 was designed to test the up-dip extension of the 94-m long intercept found in DDH-12 at depth. No sample was recovered in the first 1.52 m of the hole. Starting at a depth of 1.52 m, the hole cut 76.83 m of mineralized porphyry and breccias. The mineralized interval was truncated by a late (post-mineral) barren dike and fault. Below the fault, the drill hole cut a large porphyry pluton and a series of narrow dikes which contained gold below the 0.4 g/t cut-off level. Although weakly to unmineralized, these rocks were altered to K-silicate ("potassic") alteration assemblages. The hole terminated at a depth of 335.28 m.

As shown in the cross section for DDH-12 and -13 (see link above), DDH-13 was successful in discovering the surface extension of the 94-m intercept cut at depth in DDH-12. The zone cut by these two drill holes has a vertical continuity of at least 380 m and remains open at depth. The zone appears to be bounded by two near-vertical faults. The true width of the zone remains unknown at this time. It appears that the zone attains an apparent width of 100 m just below the surface. At depth, the zone bifurcates into two zones, with one measuring approximately 60-m wide and the other measuring approximately 10-m wide.

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

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
New Results Reported in this Press Release
LM-DDH-13 1.52 78.35 76.83 0.70 0.27 1.16 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.

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.
    Paul Zweng, 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