BCGold Corp. Discovers New High-Grade Gold Zone and Plans Bulk Sampling at Engineer Mine, B.C.
Date : 02/29/2012 @ 8:35AM
Source : MarketWire
BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to announce the discovery of a new, high-grade gold shoot ("505-3 Shoot") at the Engineer Mine Property. This discovery was made during the Company's 2011 bulk sampling and test milling program conducted on remnant pillars of the Engineer Vein on 5 Level of the underground workings.
New Exploration Target
On February 27, 2012, BCGold Corp. reported mining grades of 14.5 g/t Au and 44.6 g/t Au for bulk samples 505-3A and 505-3B, respectively, mined from remnant pillars of the Engineer Vein outside of the Inferred Mineral Resource and previously categorized as waste material by conventional chip sampling and drilling. These bulk samples, totaling 104.4 tonnes, comprise the top of a newly identified high-grade gold shoot within the Engineer Vein that is projected to plunge sub-vertically and is open to depth. A longitudinal section of the Engineer Vein, depicting bulk sample results and the newly discovered high-grade gold shoot, can be viewed on the Company's website (view Engineer Vein Longitudinal Section: 2011 Bulk Sample Locations). The 505-3 Shoot is a compelling exploration target for bulk sampling and on-site test milling as it can be accessed with minimal mine development from 6 Level.
Tonnage and grade ranges for the 505-3 Shoot as an exploration target between 5 and 6 Levels are defined in Table 1.
Table 1 - Exploration Target (i)
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Gold Contained
Exploration Target Tonnage Range Grade Range Gold Range
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505-3 Shoot 1,200 to 1,800T 30 to 60 g/t 1,500 to 3,000 oz
(between 5 & 6 Levels)
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(i) The potential quantity and grade is conceptual in nature. There has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.
Plans for 2012 Mine Dewatering and Bulk Sampling
BCGold Corp. plans to conduct a staged $2.5 million exploration and development program at the Engineer Mine property in 2012 that will consist of the following:
- Dewatering 6 Level of the underground mine workings to access the down-plunge extension of the 505-3 Shoot approximately 30 metres vertically below bulk samples 505-3A and 505-3B on 5 Level,
- Mining the 505-3 Shoot between 5 Level and 6 Level, to potentially source 1,200 to 1,800 tonnes of in-site bulk sample material,
- Transporting mined material to the 30 ton per day, on-site gravity separation mill for gold recovery as a gold concentrate,
- Underground diamond drilling to target four previously untested veins and the Shear Zone 'A' and Shear Zone 'B' bulk tonnage exploration targets (view 3D Engineer Mine: 2012 Underground Exploration Drill Targets).
The Company's 2011 bulk sampling and test milling program produced 969.2 kg of dry concentrate estimated to contain 68.3 oz gold. The Company is in discussions to monetize the concentrate and forward sell gold concentrate produced from the upcoming 2012 program. Proceeds from both sales will be applied towards continued exploration at the Engineer Mine property and advancing the property towards sustainable, near-term, small-scale production.
Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release
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