Bellhaven Copper & Gold Inc.

TSX VENTURE : BHV


Bellhaven Copper & Gold Inc.

November 14, 2012 07:30 ET

Bellhaven Provides Exploration Update at La Mina Project: Drill Testing Four New Targets That Could Significantly Expand Mineralization

DENVER, COLORADO--(Marketwire - Nov. 14, 2012) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") describes ongoing target generation work and upcoming drill testing of four distinct targets near the La Cantera and Middle Zone resources in Colombia. These efforts will include at least 5,000 meters of diamond drilling, and continued work on geophysical target modeling. In addition, the Company is set to conduct a ZTEM (airborne electro-magnetics) survey over the entire La Mina property.

Since so much of the La Cantera and Middle Zone deposits cropped out and exhibited obvious geochemical and geophysical anomalies, the next stage of exploration around the La Mina district was deferred for a time. The initial drilling focused on these known targets at surface. The team has now commenced the next round of targeting. This work includes investigations of historic mining in the area, large-scale soil sampling, as well as mapping and sampling over this large mineral system. The drilling is advancing into these areas where the latest geological interpretation has identified some strong targets with potential to grow the resources. For maps showing the location of the target areas, plus relevant geophysical, geological, and soil geochemical information, please use the following link: http://media3.marketwire.com/docs/834263_figures.pdf.

Patrick Highsmith, Bellhaven's CEO, commented on the program: "It is exciting to see these new targets emerge from the work of our technical team. We now have coincident soil and geophysical anomalies defined over an area of 3 kilometers by 1.5 kilometers, stretching well beyond the existing gold and copper resources. The patterns we see in the geophysics, sampling, and mapping are indicative of a very large mineral system, confirming our early assessments of the potential at the La Mina Project. We look forward to reporting the results as we systematically advance through these targets."

Discussion of Ongoing Target Generation Results and Drill Plan

The program has thus far succeeded in defining four drill-ready targets using a combination of methods. These are: (1) possible historic underground mine workings immediately west of Middle Zone; (2) geophysical and geological targets between the La Cantera and Middle Zone deposits; (3) an east-west linear target between La Cantera and the La Garrucha mineralized porphyry; and (4) a large geophysical and geochemical target at Cristalina, about 500 meters south of La Cantera. The geological team will conduct a drill program of at least 5,000 meters shared among these targets.

As part of ongoing geological work on the La Mina Project, geologists have been conducting mapping, sampling, and interviews of miners from the local community. While information is incomplete, a number of people identified an area of historical mining immediately west of the Middle Zone deposit. Soil and rock sampling in the area revealed silver, antimony, and gold anomalies indicative of possible epithermal veining. The historic mine workings were covered by minor landslide deposits, but geochemical anomalies identify a structural trend cutting the area. The Company will target at least 1 drill hole in the area to test for evidence of these veins.

The technical team is also conducting a rigorous 3D modeling exercise of all the available geophysical data around the La Cantera and Middle Zone deposits. The objective is to define the 3D structure of known and potential porphyry systems on the property. The work was contracted to the world-leading geophysical experts of Condor Consulting, located in Denver, Colorado. The geophysicists incorporated the entire database in their study, including: two aeromagnetic surveys, ground magnetics, IP, radiometrics, and down-hole magnetic susceptibility. These data are integrated with geology, structural measurements, and resource drilling to aid in a full interpretation. Though the work by Condor Consulting is ongoing, the Company has received encouraging initial results. Results to date suggest that the La Cantera resource and the La Garrucha porphyry have a magnetic connection at some depth (see Figures 1 and 2 for a plan view and a 3D image viewed from the south). Also of interest are several distinct chargeability and resistivity features between the La Cantera and Middle Zone resources. These complement prior magnetic interpretations suggesting possible links between the two deposits.

New field measurements by Bellhaven geologists show evidence for a number of geological structures to the east and south of La Cantera. An interpreted NE trending regional lineament has been confirmed by numerous faults observed in the Cristalina area, approximately 500m south of La Cantera. These structures conform to patterns seen in local drainages that align with the La Garrucha porphyry. Another important discovery is evidence of an EW trending connection between La Cantera and La Garrucha. Fault and vein traces in rock exposures, along with drainage and topographical patterns, point to a possible set of faults that lie parallel to the observed magnetic response noted above. These fault and vein patterns may be significant as they could define the controls for emplacement of porphyry, breccia, and vein deposits.

Approximately 500 soil samples now cover the area surrounding La Cantera, Middle Zone, and La Garrucha, all the way to the southern property boundary. The area between La Cantera, Middle Zone, and La Garrucha is characterized by high arsenic and zinc in soils (100+ ppm As, 200+ ppm Zn - see Figures 3 and 4). Anomalous As and Zn are known to occur as halos to mineralized porphyries. There are also significant gold anomalies (50+ ppb Au - see Figure 5) associated with the faults to the east of La Cantera and Middle Zone. These geochemical anomalies echo the significance of the area between La Cantera and Garrucha as a drill target.

Large and robust arsenic and zinc anomalies also exist in the Cristalina area, at least as intense as in the area described above. The Cristalina anomaly lies directly in the north-south corridor defined by La Cantera, Middle Zone, and El Limon, at approximately regular intervals, 400 to 500 meters. The geochemical response associated with this corridor suggests the presence of a porphyry system, though none has been mapped, and no anomalous gold is noted in sampling. A positive magnetic anomaly exists on the SE shoulder of this area. The current interpretation is that the target is a mineralized porphyry buried by volcanic rocks, altering the geochemical and geophysical responses.

Drilling has already commenced in these areas and is expected to run through to January. Any other drilling program that may initiate during this time will be run in parallel by contracting additional drill rigs.

Discussion of ZTEM Survey

Bellhaven has contracted Geotech Ltd., a Canadian geophysical survey company, to run a helicopter-borne ZTEM survey over the entire La Mina property (1,800 Ha). The EM and magnetic survey will cover approximately 132 line kilometers and use flight lines at 200 meter spacing. The survey is expected to define the mineralization and alteration associated with large mineral systems to considerable depth, as well as enhance understanding of large structures. In addition, the information will supplement the current understanding of geophysical properties around the known mineralized porphyries. The survey is expected to be completed in the next month.

Drilling at the El Limon Target

The Company has just completed additional drilling at the El Limon porphyry target, located approximately 300m north of the Middle Zone resource. Five new drill holes tested the western and southern portions of the geochemical and geophysical anomalies. The completed results from this latest drilling are expected before the end of November.

Laboratory Methodology and Quality Assurance

All soil and rock samples summarized in this news release and shown in the related figures were collected by Bellhaven personnel under the supervision of senior staff and a qualified person, as defined by Canadian National Instrument 43-101. Bellhaven employees or contractors transported these samples to the sample preparation laboratory in Medellin, ALS Colombia Ltda. The lab prepares sample pulps for analysis according to industry standard methodologies and ships the pulps to ALS Laboratories in Lima, Peru and La Serena, Chile. The multi-element analyses are performed by either an aqua regia or four-acid digestion and ICP-AES finish at the ALS Lima lab. The gold is determined by fire assay of a 30-gram sample with an atomic-absorption finish in Lima or La Serena, depending on laboratory workflow.

The ALS Minerals laboratory in Lima, Peru is registered to ISO 9001:2008 and has received ISO 17025:2005 accreditation for certain specific methods, such as fire assay/AA gold. In addition to the internal QA-QC program used by these accredited laboratories, Bellhaven also maintains an independent QA-QC program that includes the use of certified standard reference materials, blanks, as well as field and pulp duplicates. The quality control data associated with these results falls within acceptable ranges for all relevant parameters.

This news release has been prepared under the supervision of Mr. Thomas J. Drown, P.Geo. Mr. Drown has more than 25 years relevant experience and is a British Columbia Professional Geoscientist. He is a senior project geologist with the Company at the La Mina Project and serves as the qualified person as defined by National Instrument 43-101.

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 be a leader in responsible gold and copper development in Panama and Colombia. Bellhaven will focus on discovery, acquisition, and development of high-quality resources in a safe and responsible manner for the benefit of all of its stakeholders.

The Company's flagship project is the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia. In July 2012, the Company increased the mineral resource inventory at the La Mina Project by 60% with the announcement of an inferred resource at Middle Zone. The total La Mina resource now includes 1.6 Moz gold and 419 million pounds of copper (or 2.55 Moz gold equivalent) contained in 79.87 million tonnes averaging 0.62 g/t Au, 0.24% Cu, or a gold equivalent grade of 1.0 g/t (based on a 0.30 g/t Au cutoff grade). The Company is currently seeking to grow these resources through ongoing exploration on the La Mina concession. For more information regarding Bellhaven, please visit our website at www.bellhavencg.com.

On behalf of the board of directors,

R. Patrick Highsmith, Chief Executive Officer

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.
    Nico Wells
    Corporate Communications
    North America: +1-303-470-8700, ext 24

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