Bandera Announces First Assay Results From Drilling Program at the Belmira Project, Colombia
02 Março 2011 - 7:22PM
Marketwired
On behalf of the entire management team at Bandera Gold (TSX
VENTURE: BGL), I am pleased to provide shareholders with this
update on the progress of the first ever drilling program at our
Belmira project in Colombia. Our South American affiliate, Nueva
California S.A., has commenced its Phase I drill program as laid
out in previous reports. The program consists of 16 holes totaling
4,030m and is to verify the lateral and vertical continuity of the
Filandia hydrothermal system which totals some 11 kilometers in
identified strike length.
Our first hole drilled targeted a secondary zone in a more
accessible area, known as La Ilusion. This area had been identified
through our earlier surficial programs and was thought to contain a
series of gold bearing veinlets. Drilled to a depth of 278.8m at an
angle to the horizontal of -55 degrees, this hole intercepted a
series of quartz-calcite-pyrite veinlets distributed along its
total length including one fault zone between 32-34 meters yielding
1.372 grams per tonne (1372ppb). The most significant zone of
mineralization-fracturing-brecciation was encountered between
120-140 meters but contained negligible gold values.
All continuing holes are addressing the Filandia as per the
inset diagram. (The full exploration Up-date Report from which this
was derived, including plan and sections referred to herein can be
found on the Company Web Site www.banderagold.com).
The Filandia vein dips generally towards the south west but can
be vertical to north east dipping. All holes are located to the
south west of this structure and drilled to the north east. Host
rocks are Intrusive Igneous rocks of the Granodiorite / Tonalite
type referred to here as granodiorites. Near surface rocks are
heavily weathered and altered to a very clayey state referred to as
saprolite. This material provides for very poor recovery and
prohibits accurate near surface core logging but has been known to
contain values in gold-rich areas.
Holes BE10-02 (251.8m) and BE10-03 (440.6m) were both drilled at
-55 degrees and N40 degrees E bearing to intersect the Filandia
Vein at right angles to the strike (see cross section F-1). Hole
BE10-02 intersected a 7m white massive crystalline quartz vein
containing no interesting gold values which is above the upper
limit of identified gold mineralization. Filandia was intercepted
from 224 to 231m yielding quartz with some pyrite but no meaningful
gold values. The most interesting intersection in this hole
correlated with a similar intersection in BE10-03 comprising a
quartz-feldpar-biotite schist with abundant calcite veining and
pyrite/pyrrhotite exceeding more than 3%. The following table
provides details from BE10-02 and BE10-03:
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Hole Sample Number Width From - to Gold ppb
---------------------------------------------------------------------------
BE10-02 Average Composite 10 186 - 196 283
---------------------------------------------------------------------------
A0223 2 188 - 190 598
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BE10-03 Average Composite 29.4 232.6 - 262 526
---------------------------------------------------------------------------
A0379 1 234 - 235 2037
---------------------------------------------------------------------------
A0385 2 242 - 244 1164
---------------------------------------------------------------------------
A0391 2 252 - 254 1584
---------------------------------------------------------------------------
Composite 14 242 - 254 706
---------------------------------------------------------------------------
Hole BE10-03 did not intersect any formalized structure that
could readily be identified as the Filandia which could be due to a
localized steepening in vein dip or faulting and offset.
The next hole, BE11-05 (125m at -55 degrees - see cross section
F-3), was drilled in the same direction as BE10-02 and BE10-03 but
400 meters to the south east. From 79 to 81 m depth, a fractured
white quartz vein (Filandia), typical of artisan mined veins in the
area with goethite and limonite staining and small (less than 1mm)
metallic mineral grains that could be free gold was intersected -
we await assay results from SGS laboratory services at Lima. We are
presently drilling BE11-05A at -75 degrees from the same location
as BE10-05 to enlarge on the previous finding and get a down dip
vein intersection. Results will be reported in our next
communication.
Analytical results of holes presently completed, do not show any
significant gold values on the Filandia system. However, as shown
on cross section F-1, holes BE10-02 and BE10-03 detected a 130m dip
extent of a wide, 10-30m, zone in true width and averages in the
order of 0.283 and 0.526 grams per tonne Gold. In accordance with
the established geological mineralization model, it is possible
that the gold content may increase at depth. Laterally, BE11-04
will be drilled at 200 m distance to the north east to better
identify this zone. If BE11-04 intercepts this gold mineralized
zone, the probability of discovering a large gold deposit will be
high.
Further, as is shown on section F-3, the newly located hole
BE11-05A and the future BE11-06 will be orientated to demonstrate
the Filandia vein continuity at depth and below the postulated
upper limit of gold mineralization. Future drill site locations and
dips may be re-considered as more information becomes available.
Once we have proven the model within Filandia at depth, we will
know that we have a structure of significance (not just
longitudinally). It should be noted that while it is not normal in
a major gold bearing structure to have gold mineralization
throughout, economically recoverable values are often found in
lenses throughout a structure often plunging within a vein to great
depths. We should trust that future drill holes may encounter one
or more of these zones at which time we would modify our drilling
program with closer spaced holes to follow any zone encountered.
This is a normal sequence in first stage exploration.
We are pleased with this early progress. With each drill hole
that is logged our geologists learn more about the nature and
extent of the mineralized systems. This information will assist us
with our future work. We are still in the very early stages of what
we believe will be an extremely exciting exploration effort. There
are many targets on the property that we plan to investigate as we
continue our exploration program.
As we continue with the drilling work we expect to receive assay
results regularly and will report updates in subsequent news
releases in the weeks ahead. We thank our shareholders for their
ongoing confidence and patience.
On behalf of the Board
Kelvin Williams, CEO
Geological comments in this letter have been provided by our
Chief Geologist and Project Manager, Mr Julio Mendez Garcia, and
have been released for publication by our NI 43-101 Qualified
Person, Sr Baltazar Solano Rico, President, Behre Dolbear de
Mexico. Full disclosure of the Report that forms the basis of these
comments can be viewed on www.banderagold.com.
Information provided herein contains forward-looking statements.
The reader is cautioned that assumptions used in the preparation of
such information, which are considered reasonable by Bandera at the
time of preparation, may prove to be incorrect. Actual results
achieved will vary from the information provided and the variations
may be material. There is no representation by Bandera that actual
results achieved will be the same in whole or in part as those
indicated in the forward-looking statements.
To view the maps accompanying this press release please click
the following link:
http://media3.marketwire.com/docs/bandmaps32.pdf
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Bandera Gold Ltd. Kelvin Williams President (780)
465-4129 www.banderagold.com Micro Cap et al Investor Relations
(877) 642-7622 info@microcapetal.com
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