Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

May 09, 2011 07:11 ET

Bellhaven Drills Third Consecutive 200-Plus-Meter Intercept at La Cantera, La Mina, Colombia

DDH-22 Delivers 236 m @ 1.04 g/t Au, 0.45% Cu (1.80 g/t AuEq)

Including 138 m @ 1.53 g/t Au, 0.61% Cu (2.58 g/t AuEq)

Potentially Important Grades of Silver Contained in Recent La Cantera Drill Holes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2011) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that DDH-22, the most recent drill hole targeting the La Cantera prospect, delivered a third consecutive intercept in excess of 200 m: 236 m containing 1.04 g/t gold and 0.45% copper (1.80 g/t equivalent). Contained within this long intercept is the highest grade interval ever drilled at La Cantera: 138 m averaging 1.53 g/t gold, 0.61% copper (2.58 g/t gold equivalent).

In addition, the recent drill holes from the La Cantera prospect are indicating the presence of potentially important quantities of silver:

Table 1. Silver Values from Recent Drill Holes, La Cantera Prospect, La Mina, Colombia.
Drill-Hole From
(m)
To
(m)
Interval (m) Ag
(g/t)
Au
(g/t)
Cu
(%)
AuEq (g/t)
DDH-22 8.00 244.00 236.00 2.2 1.04 0.45 1.80
including 8.00 146.28 138.28 3.2 1.53 0.61 2.58
               
DDH-19 0.00 230.00 230.00 2.5 0.99 0.30 1.49
including 0.00 123.80 123.80 3.0 1.23 0.29 1.72
               
DDH-16 12.00 217.30 205.30 1.6 0.91 0.31 1.45
including 94.48 192.70 98.22 2.3 1.62 0.44 2.38
and 402.00 470.00 68.00 2.2 0.60 0.34 1.19
AuEq does not include silver—calculated using only gold and copper (see Table 3).

These silver grades are considered to be potentially significant and are similar to (or higher than) silver grades reported from other porphyry gold-(copper) deposits elsewhere (e.g., Whistler, Alaska: 1.83 g/t Ag contained in indicated and inferred resources).

Please see Tables 2 and 3 below for more data related to DDH-22 and the prior drill holes collared at La Cantera by Bellhaven. For maps showing the location of DDH-22, as well as a geologic cross section highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bhv0509.pdf

La Cantera is the principal porphyry gold-copper prospect at La Mina, Colombia. Five other prospects occur within one km of La Cantera and include the Middle Zone, El Limon, El Cafetal, La Virgen, Filo de Oro, and El Tanque. Most of the concession still remains unexplored. Bellhaven holds an option to earn 100% of the La Mina project (see press release dated May 17th, 2010).

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

"DDH-22 further substantiates the high-grade nature of La Cantera. Table 1 contains an impressive set of drill-hole intercepts, supporting our belief that La Cantera is one of the highest grade gold-(copper) porphyry deposits in the Americas.

DDH-22 also represents the third consecutive hole containing potentially significant grades of silver. As shown in Table 1, the silver grades reported in the last three drill holes at La Cantera range from 1.6 to 3.2 g/t. At today's silver prices, the silver may potentially provide a meaningful credit. More work needs to be done, including metallurgical studies, before the potential of the silver can be more fully understood. That said, these initial silver-bearing intercepts are encouraging."

Discussion of the Drill-Hole Results

Bellhaven initiated its maiden drilling program at its La Mina project last summer (see press release dated July 27th, 2010). The first seven holes collared at the La Cantera prospect by Bellhaven were reported in the September 9th, December 13th, 2010, January 24th, February 28th, and April 6th, 2011, press releases. This press release discusses the eighth drill hole, DDH-22, collared at La Cantera by Bellhaven.

DDH-22 was designed to delimit the northwestern and southeastern margins of the La Cantera prospect. In delimiting the margins, the drill hole cut across the gold- and copper-rich bornite core of the deposit, producing the highest grade copper intercept yet recorded at La Cantera (0.61%). This intercept confirms the high grades recorded by the first hole cutting the bornite core, DDH-16 (98 m averaging 1.62 g/t gold and 0.44% copper; see Tables 1 and 3).

The elevated grades of silver were unanticipated in the last three La Cantera drill holes, and additional analysis will be done in the weeks to understand its potential significance.

Table 2. Drill-Hole Data, La Cantera Porphyry Au-(Cu) Prospect, La Mina, 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-14 418,975.00 654,680.00 1,804 135 -50 511.74
LM-DDH-15 418,867.00 654,780.00 1,773.9 135 -58 639.77
LM-DDH-16 418,996.00 654,465.00 1,758 49.81 -58 517.24
LM-DDH-19 419,065.00 654,538.00 1,816 44.6 -57.2 320.04
LM-DDH-22 418,997.00 654553.00 1,784 132.16 -59.23 286.66
m.a.s.l = meters above sea level; Coord = Coordinate
 
Table 3. Drill-Hole Results for La Cantera Porphyry Au-(Cu) Prospect, La Mina, Colombia.
Hole
Number
From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Cu
(%)
AuEq
(g/t)
Prospect
2010 & 2011 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
LM-DDH-14 100.00 246.00 146.00 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
LM-DDH-15 511.00 601.00 90.00 0.57 0.34 1.15 La Cantera
  and 626.00 634.00 8.50 0.48 0.23 0.87 La Cantera
LM-DDH-16 12.00 217.30 205.30 0.91 0.31 1.45 La Cantera
  including 94.48 192.70 98.22 1.62 0.44 2.38 La Cantera
  and 402.00 470.00 68.00 0.60 0.34 1.19 La Cantera
LM-DDH-19 0.00 230.00 230.00 0.99 0.30 1.50 La Cantera
  including 0.00 123.80 123.80 1.23 0.29 1.72 La Cantera
  including 141.00 230.00 89.00 0.83 0.36 1.45 La Cantera
New Results Reported in this Press Release
LM-DDH-22 8.00 244.00 236.00 1.04 0.45 1.80 La Cantera
  including 8.00 146.28 138.28 1.53 0.61 2.58 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. LM-DDH-10, -11, -12, -13, -17, -18, -20, & -21 drilled outside of La Cantera.

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.

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 (12.3 Moz Au; AngloGold Ashanti), Titiribi (3.7 Moz Au; Sunward Resources), Quebradona (AngloGold Ashanti – B2Gold), and Quinchia (Batero Gold), as well as large epithermal gold districts such as Marmato (9.8 Moz Au; Medoro Resources).

In mid 2006, AngloGold Ashanti and Bema Gold drilled six holes at the La Cantera prospect, with DDH-02 (152 m @ 0.82 g/t Au, 0.26% Cu starting at 24 m) and DDH-05 (106 m @ 1.11 g/t Au, 0.40% Cu starting at 12 m) yielding 100+ m intercepts of greater than 1 g/t AuEq at shallow depths. Bellhaven added to these encouraging results with DDH-08 (87.3 m @ 1.07 g/t Au, 0.30% Cu starting at 0.70 m and 72.7 m @ 0.88 g/t Au, 0.39% Cu starting at 197.1 m), DDH-09 (142.4 m @ 0.70 g/t Au, 0.29% Cu starting at 194.8 m), DDH-14 (126 m @ 1.02 g/t Au, 0.36% Cu starting at 100 m), and DDH-16 (205.3 m @ 0.91 g/t Au, 0.31% Cu starting at 12 m).

The most important host rocks observed in drill core include the Combia Formation intermediate volcanic rocks as well as hydrothermal breccias and 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 argillic-altered rocks as well as the non-magnetic sericite-altered rocks that surround the potassic core.

Six other potentially important targets occur proximal to the La Cantera target: Middle Zone, El Limon, El Cafetal, La Virgen, Filo de Oro and El Tanque.

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 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

  • Corporate Contact in North America:
    Bellhaven Copper & Gold Inc.
    Paul Zweng
    CEO/Director
    +1-808-377-1947
    pzweng@bellhavencg.com

    Corporate Contact in Panama:
    Bellhaven Copper & Gold Inc.
    Julio Benedetti
    President/Director
    Int'l No: +507-226-3967
    www.bellhavencg.com