Bellhaven Copper & Gold Inc.
TSX VENTURE : BHV

Bellhaven Copper & Gold Inc.

July 15, 2010 07:15 ET

Bellhaven Receives Channel Samples From Two Exposures Containing 1.1 and 0.9 g/t Gold Over 22 and 14 m, Respectively, at the La Cantera Prospect of the La Mina Porphyry Gold Project, Colombia

Drill Rig Now on Route to the La Mina Project

PANAMA, REPUBLIC OF PANAMA--(Marketwire - July 15, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that continuous channel sampling at La Cantera, Bellhaven's primary porphyry gold prospect at La Mina, returned two series of channel samples containing substantial gold. The first sampled exposure contained 1.09 g/t Au over 22 m and occurs over the North Zone ("NZ") where Hole 5 cut 90 m @ 1.28 g/t Au across the NZ. The second exposure assayed 0.86 g/t Au over 14 m and is located between the NZ and the South Zone ("SZ"). The area between the NZ and the SZ was previously considered to be a barren zone separating the two gold zones. This new sample result suggests that the barren zone may be narrower than previously thought. 

A drill rig is now on route from Bogota to La Mina. It is anticipated that the drill rig will arrive at La Mina in two to three days and begin drilling soon thereafter. Drill pads are currently under preparation for the first set of holes. Finally, a highly knowledgeable geologic consultant will be traveling tomorrow to La Mina to review the QA-QC program and other technical aspects of the drilling program.

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

"We are excited to know that our first drilling campaign in Colombia is about to commence. In mid May Bellhaven signed the option agreement for La Mina (see press release of May 17th) and now two months later a drill rig is on its way to the project. We expect the drilling program will be generating key results throughout the months ahead." 

"Surface channel sampling over the South and North Zones of La Cantera continues to deliver consistent grades ranging from 0.7 to 1.6 g/t Au (0.4 cut off). These two zones will constitute the focus of the upcoming drilling program."

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/B2Gold drilled six holes into the La Mina porphyry (now called the La Cantera target), with Holes 2 and 5 yielding 90+ m intercepts of greater than 1 g/t Au and significant copper at shallow depths. Drill-holes 4 and 6 also contained significant values located near the surface. The current interpretation of the drilling- and surface sampling results is that gold at La Cantera is contained in two zones, the North Zone and the South Zone. The true width of each zone is inferred to measure approximately 75- and 100-m wide, respectively. For maps and a cross section showing the location of the drill holes, gold zones, and other data pertaining to La Cantera, please go to http://www.bellhavencg.com/inc/images/stories/BHV_PRESENTATION.pdf.

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.

Three other important targets occur due north of the La Cantera target: Middle Zone, North Zone, and El Limon. These four 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.

ALS Colombia Ltda. prepared the channel samples, producing the sample pulps in Bogota. The South American central lab of ALS in Lima, Peru, performed all assays pertaining to the channel samples highlighted in the text above. Gold was analyzed by fire assay on a 50-gram sample with an atomic absorption finish. 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, and duplicates. 

This news release has been prepared under the supervision of Michael D. Druecker, Ph.D., 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 among 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 high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama, and the La Ventura prospect in the San Lucas gold belt in northeastern Colombia. In addition, Bellhaven controls 100% of the Cerro Quema gold-(copper) project also located on the Azuero Peninsula in Panama. The Company announced a letter of intent (LOI) with Pershimco Resources (TSX-V: PRO) on January 4th, 2010, to develop Cerro Quema, whereby Pershimco can earn up to a 75% equity interest in the project, through payments and project spending of US$18.5 million, and can acquire an additional 10% interest for US$5 million.

On behalf of the board of directors,

Paul L. Zweng, CEO & Director

BELLHAVEN COPPER & GOLD INC.

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