Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

August 01, 2011 07:11 ET

Bellhaven Expands Mineralization Footprint at the La Mina Project with New Gold-Copper Intercepts at the Middle Zone and Filo de Oro Prospects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2011) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that diamond drill-hole LME-1031 at the Middle Zone yielded multiple gold-copper intercepts starting at surface. These new intercepts expand the Middle Zone approximately 90 m to the southwest of the closest prior intercept (94.0 m averaging 0.76 g/t Au, 0.39% Cu contained in DDH-12).

Highlights of the LME-1031 drilling results include (see also Tables 1 and 2):

101.00 m @ 0.71 g/t Au, 2.3 g/t Ag, 0.08% Cu (0.85 g/t AuEq) from 0.00 m
192.00 m @ 0.51 g/t Au, 1.5 g/t Ag, 0.07% Cu (0.62 g/t AuEq) from 0.00 m
121.85 m @ 0.50 g/t Au, 1.2 g/t Ag, 0.21% Cu (0.86 g/t AuEq) from 408.50 m

The mineralization footprint was also extended by DDH-28, the first hole ever drilled at the Filo de Oro prospect, located approximately 150 m to the east of the Middle Zone. DDH-28 delivered 1.15 g/t Au over 22.0 m. The hole was designed to test the gold zone containing 0.70 g/t Au over 22.0 m in an exploration trench (see press release dated March 9th). A second drill-hole, DDH-29, positioned to test the downward extension of the near-surface gold zone cut by DDH-28, did not intersect any significant gold zones. Future drill holes will test for the downward extension of the gold zone contained in DDH-28 by collaring drill holes to the east and west to test if the gold zone plunges to the east or west.

For maps showing the location of the drill holes, as well as a geologic cross section highlighting the gold-copper intercepts, please use the following link: http://media3.marketwire.com/docs/bhv801i.pdf.

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

"The results from the latest drill hole collared at the Middle Zone indicate that gold and copper occur over a horizontal distance of approximately 240 m and over a vertical distance in excess of 500 m. The Middle Zone is now demonstrating size."

"The discovery hole at Filo de Oro, located adjacent to the Middle Zone, adds to the gold-copper footprint at La Mina. Together with the principal prospect at La Mina, La Cantera, we believe that La Mina is developing into one of the significant porphyry gold-copper projects in Colombia."

Discussion of the Drill-Hole Results

Bellhaven initiated its maiden drilling program at its La Mina porphyry gold-(copper) project in the summer of 2010 (see press release dated July 27, 2010). The initial drilling occurred at the principal prospect, La Cantera (see press release dated September 9, 2010). The initial holes drilled at the second prospect, the Middle Zone, were highlighted in the press releases of October 12, November 2, and November 17, 2010. This press release describes the results from LME-1031 at the Middle Zone as well as the first two holes drilled at the Filo de Oro prospect. The Middle Zone and Filo de Oro prospects are located approximately 500 m to the north-northeast of the La Cantera prospect. Data related to the new drill holes are presented in Tables 1 and 2.

LME-1031 was collared at the Middle Zone along a NE-SW oriented line containing prior drill holes DDH-12, -13, and -17. DDH-12 and -13 cut significant intercepts of gold and copper (see press releases dated November 2 and 17, 2010). DDH-17, located at the southwestern end of the drill section, did not contain any significant gold-copper intercepts. LME-1031 is a vertical drill hole that delivered two principal intercepts, each over 100 m in length (see Table 2). In fact, the entire hole was mineralized, averaging 0.35 g/t Au, 1.9 g/t Ag, and 0.50 g/t AuEq over its entire length of 530.35 m.

A third intercept located between the two principal intercepts recorded silver values of 28.1 g/t over 13 m, significantly higher than silver values noted previously. The silver values are derived from veins containing sphalerite, calcite, and quartz. Within the 13-m wide intercept is a 2.30-m wide subzone averaging 141 g/t Ag (4.5 oz/t). These silver-zinc veins represent a new form of mineralization first seen in DDH-11 at the Middle Zone (122 g/t Ag and 1.0% Zn over 2 m). More work is needed before the significance of these veins is understood.

Based on the location of the gold-copper zones plotted on the cross section (see link above), Bellhaven geologists now believe that DDH-17 was terminated too soon. If so, then the gold-copper zones contained in LME-1031 remain open to the southwest along this drill section.

DDH-28 was the first drill to test the Filo de Oro prospect located adjacent to the Middle Zone prospect. The hole delivered 22.0 m averaging 1.15 g/t Au with no significant copper values starting at a down-hole distance of 20 m. The hole cut a gold zone exposed on surface in an exploration trench containing 0.70 g/t Au over 22.0 m (see press release dated March 9th) dug parallel to the north-south axis of the ridge forming the Filo de Oro prospect. Afterward, DDH-29 was drilled to test the downward extension of the gold zone found in the trench and DDH-28 but did not cut a significant gold intercept. The results from DDH-29 indicate that the gold zone cut by the trench and DDH-28 does not extend to depth either vertically or to the north. Future drilling will test for a more easterly, westerly or southerly down-plunge extension to the gold zone.

Table 1. Drill-Hole Data for La Mina Gold-(Copper) Project, Colombia.
Hole Number East UTM Coord (meters ) North UTM Coord
(meters
) Elevation
(m.a.s.l
) Azimuth
(degrees
) Plunge
(degrees
) Total Length
(meters
)
Prospect
LM-DDH-28 419,237.91 655,187.20 1,970.6 180 -70 228.3 Filo de Oro
LM-DDH-29 419,241.89 655,285.52 1998.7 180 -70 436.8 Filo de Oro
LME-1031 418,986 655,055 1,882 000 -90 530.4 Middle Zone
m.a.s.l. = meters above sea level; Coord = Coordinate; LM-DDH-28 and -29 are surveyed, -1031 is not yet surveyed. Starting after DDH-30, drill holes named using four digits (e.g., LME-1031).
Table 2. Drill-Hole Results for La Mina Gold-(Copper) Project, Colombia.
Hole
Number
From
(m
) To
(m
) Intercept
(m
) Au
(g/t
) Cu
(%
) Ag
(g/t
) AuEq
(g/t
) Prospect
New Results Reported in this Press Release
LM-DDH-28 20.00 42.00 22.00 1.15 N/A N/A 1.15 Filo de Oro
LM-DDH-29 No significant intercepts Filo de Oro
LME-1031 0.00 192.00 192.00 0.51 0.23 1.5 0.62 Middle Zone
including 0.00 101.00 101.00 0.71 0.08 2.3 0.85 Middle Zone
and 253.00 266.00 13.00 0.46 0.13 28.1 0.63 Middle Zone
including 261.00 263.70 2.30 0.70 0.09 141.0 0.86 Middle Zone
and 408.50 530.35 121.85 0.50 0.21 1.2 0.86 Middle Zone
Intercepts calculated using a 0.40 g/t AuEq cut-off grade. AuEq (g/t) = gold equivalent (g/t) (Ag not included)
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.
Intercepts reported as down-hole lengths and may not represent true thicknesses.

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, Filo de Oro, El Limon, El Cafetal, La Virgen, 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.

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