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Batero Gold Reports Further Drilling Results from Batero-Quinchia Project, Colombia
VANCOUVER, BRITISH COLUMBIA - August 30, 2011 - Batero Gold Corp. (TSX-V: BAT) is pleased to report the latest drill results from an additional nine holes (3,922.59 metres) drilled on the company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. The Company has now reported results for 47 holes (22,072.06 metres) drilled.
Infill holes at La Cumbre porphyry: LC006, LC009, LC010, LC011, LC016 and LC017, were drilled vertically and intersected significant gold and copper mineralization. Table 1 & 2 below summarize assay results and see attached Figure 1 - Project Plan View Map - showing drill hole locations.
Vertical Drill Hole Highlights at La Cumbre include:
- LC006, starting at surface, cut 203.02 metres grading 0.69 g/t gold and 0.12% copper; including 155.00 metres grading 0.81 g/t gold and 0.13% copper including 110.32 metres grading 0.91 g/t gold and 0.15% copper.
- LC010, starting at 8.00 metres down hole, cut 350.14 metres to the end of the drill holegrading 0.66 g/t gold and 0.15 % copper; including 90.68 metres grading 0.84 g/t gold and 0.16% copper.
- LC011, starting at 4.50 metres down hole, cut 350.20 metres to the end of the drill holegrading 0.51 g/t gold and 0.12 % copper; including 50.50 metres grading 0.88 g/t gold and 0.11% copper.
- LC017, starting at 6.00 metres down hole, cut 296.00 metres grading 0.72 g/t gold and 0.12 % copper; including 140.00 metres grading 0.94 g/t gold and 0.12% copper including 50.00 metres grading 1.18 g/t gold and 0.13% copper.
At La Lenguita, El Centro Zone, a significant intercept of near surface gold and copper porphyry mineralization was encountered in drill hole QAP-DDH-027. This hole continues to add near surface porphyry gold and copper mineralization to the three discovery drill holes at La Lenguita previously news released July 27, 2011. Also, a new discovery of high grade gold epithermal mineralization was intersected at depth in this same drill hole. The company is pleased with this development and is currently testing other high priority epithermal exploration drill targets nearby at El Centro with results anticipated over the coming months. Highlight intervals include:
- 124.20 metres grading 0.47 g/t gold and 0.07% copper intersected from 28.80 metres down hole; including 44.30 metres grading 0.65 g/t gold and 0.05% copper,
- 19.85 metres grading 0.92 g/t gold and 0.08% copper; including 1.55 metres grading 9.16 g/t gold and 0.18% copper, starting at 504.30 metres down hole.
"These drill results continue to confirm gold and copper mineralization at depth at La Cumbre," said Brandon Rook, President and CEO. "We are also pleased with the success of our exploration drilling program with porphyry mineralization further intersected and a new discovery of high grade epithermal gold mineralization made at La Lenguita, El Centro Zone."
At La Lenguita, the upper porphyry mineralized interval corresponds with mapped potassic alteration and gold-in-soil anomalies in medium grained diorite. The lower intersection corresponds with a strong induced polarization anomaly. These intersections extend El Centro zone to the southeast into an untested area. Follow-up drilling is planned as part of the Phase 3 drill program which is now well underway and approximately 50% complete.
"This additional confirmed mineralization at the new discovery area, La Lenguita continues to demonstrate that porphyry-related mineralization may be linked between the El Centro zone and La Cumbre - Dos Quebradas porphyry centres," said President and CEO, Mr. Rook.
Other drill hole results include hole QAP-DDH-040, an angled hole collared approximately 350 metres east from the outer boundaries of the La Cumbre porphyry. This large step-out hole was drilled to test gold-in-soil anomalies and an area of old underground workings associated with the Amarilla Structural and epithermal corridor. The hole intersected 14.00 metres grading 0.26 g/t gold and 0.01 % copper starting at 310.00 metres downhole.
Lastly, hole MZ001, a vertical hole drilled on the west side of the Manzanillo target area within the Amarilla Structural corridor at El Centro Zone, intersected 39.8 metres grading 0.20 g/t gold and 0.03% copper starting at a depth of 232.7 metres. The hole was drilled at the outer limit of the mapped potassic alteration.
Phase 3 Work Program
Batero commenced its phase 3 - 12,500-metre drill program in July 2011 due to the discovery of three new zones of mineralization (news release: July 27, 2011). These new discovery zones were at 'El Centro' (Manzanillo, La Lenguita), "Matecana," 800 meters SE of La Cumbre porphyry, and also significant new discoveries from large step-out drill holes to the East and ENE at La Cumbre porphyry. Porphyry mineralization at Manzanillo and La Lenguita has characteristics of the historical low-grade gold-copper porphyry mineralization initially found at La Cumbre and Dos Quebradas and will continue to be delineated to expand both the grade and extent for these new discovery areas. The discovery announced today at La Lenguita within the El Centro zone reflects similar characteristics. These significant gold and copper mineralization discoveries may be expanded from La Cumbre porphyry to the NNE to Dos Quebradas and demonstrate further potential for the boundaries of La Cumbre porphyry to be expanded project- and area-wide. The Company will further delineate to the emerging El Centro zone to link its mineralization with La Cumbre and Dos Quebradas porphyries.
The company will also further define the epithermal discovery at Manzanillo (intercepts near surface of 3.73 g/t Au and 0.02 per cent Cu over 23.3 m, including 5.8 m grading 11.42 g/t Au and 0.01 per cent Cu. (see new July 27, 2011 news release). These significant grades of mineralization found at, or near, surface will continue to be delineated along the trend to the Amarilla structural corridor's recognized epithermal gold mineralization, located approximately 600 metres on strike south-southeast at the recently purchased historical gold mines (see May 10, 2011 news release). Also of important note further along strike approximately 600 metres south-southeast at Matecana, artisanal tunnels have been recently discovered, reflecting similar epithermal characteristics. Work is now underway to follow-up this development.
The Company has prepared a 3-Dimensional representative video to portray gold mineralization intersected through drilling activities thus far. This model will be updated as new results are obtained. (http://www.baterogold.com/i/video1/Video-July26-2011.html).
|Hole||From (m)||To (m)||Length (m)||Au (g/t)||Cu (%)|
*Interval length represents downhole distance and not true width.
To see all maps and figures please visit www.baterogold.com.
Sample preparation, assays and quality assurance/quality control
Core is collected and initially logged at Batero Gold's drilling camp at the project area. The core is then shipped securely in core boxes to Batero's core processing facility in Pereira, Colombia, where it is logged in detail, cut and sampled. All QC samples are introduced before shipment to ALS Chemex's sample preparation facility in Bogota, Colombia. Prepared samples are then shipped to ALS's analytical facility in Lima, Peru.
Gold is fire-assayed using a 50.0 gram aliquot sample and Atomic Absorption finish (AA). Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma (ICP) finish.
The Company's QA/QC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted in every assay batch, which is composed of 25 samples. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.
Darren Anderson, P.Geo., is the Company's QA/QC consultant.
Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.
ON BEHALF OF THE BOARD OF
BATERO GOLD CORP.
President & CEO
Batero Gold Corp.
For further information please contact:
Batero Gold Corp.
Tel: 604.568.6378 or
About Batero Gold: Batero Gold Corp. (TSX-V:BAT) is a well capitalized Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strong share structure with strategic local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Filing Statement dated as of June 22, 2010 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither 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.