VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug.
16, 2011) - BCGold Corp.
(TSX VENTURE:BCG)(PINK SHEETS:BCGOF) (the "Company") is pleased to provide an update for the current Phase I exploration and development program at its Engineer Mine property, situated in northwestern British Columbia (see press release June 23, 2011).
Highlights of the Companys progress include the following:
-- Two bulk samples have been mined and transported to the mill staging
area for processing in September.
The first bulk sample of 50 tonnes was
sourced by surface trenching the Double Decker Vein where recent assay
results have returned up to 979 g/tonne gold (28.6 oz/ton Au).
-- The second bulk sample of 90 tonnes was mined from the Engineer Vein on
5 Level, proximal to a 23 tonne sample processed in 1995 that returned a
head grade 26.1 g/t gold (0.76 oz/t Au).
-- A total of five underground bulk samples will be mined from the Engineer
Vein above 5 Level and transported to the mill for processing.
These
samples, each ranging from 50 to 150 tonnes, will include at least two
high-grade remnant pillars from the historic Bonanza Shoot, which
averaged more than 62 g/t gold (2 oz/t Au) according to historic mine
records.
-- Refurbishment of the on-site gravity separation mill is 80% complete.
Approximately 65 kilograms of concentrated material, recovered while
cleaning out the ball mill after a sampling program conducted in 1995,
assayed 2,147 g/t gold (62.6 oz/t) and 1,240 g/t silver (36.2 oz/t Ag).
The current exploration program is Phase I of the two-phase, three-year, $10.2 million exploration and development program recommended by Snowden Mining Industry Consultants Ltd.
in their April 2011 National Instrument 43-101 Technical Report for the Engineer Gold Project (available at www.bcgoldcorp.com).
The report describes an Inferred Mineral Resource estimate of 41,000 tonnes grading 19.0 g/t gold (including 14,000 tonnes grading 52.5 g/t gold) for the partially-mined Engineer and Double Decker Veins (see press release March 4, 2011).
"We are pleased with our progress and preliminary results at the Engineer Mine property this year," states Brian P.
Fowler, P.Geo., President and Chief Executive Officer of BCGold Corp.
"BCGold Corp.
is poised to produce gold this season and is positioning itself to produce significantly more next year.
This future production, coupled with Engineers excellent exploration upside, makes BCGold Corp.
a great investment opportunity and separates the Company from its peers.
Any net revenue derived from recovered gold sales of the Double Decker and Engineer Vein bulk samples will be used to support further exploration and development."
Double Decker Vein Trenching and Bulk Sample
Trenching has successfully exposed a 20 metre length of the Double Decker Vein, which has seen partial development on all eight mine levels.
The vein at surface is quite narrow, ranging from 10 to 40 centimetres in width, but channel sampling confirmed that the vein can run "bonanza" grade gold.
BCGold Corp.
geologists removed a 1 metre section of the Double Decker Vein for assay analysis that returned 979 g/t gold (28.6 oz/t Au).
A rerun of the same sample returned 1079 g/t gold (31.5 oz/t Au).
Engineer Vein Underground Bulk Samples
Each of the five underground bulk samples from the Engineer Vein will range from 50 to 150 tonnes.
Underground bulk sample material is transported to surface by rail, via the 5 Level portal, to a loading station and a 10-tonne dump truck.
The sample is then trucked 750 metres to the 30 tonne per day gravity separation mill for processing.
A sampling protocol has been designed to report an average head grade for each bulk sample.
Gold amenable to gravity separation will be recovered on the mills Diester tables.
On-site Gravity Separation Mill
Refurbishment of the gravity separation mill is approximately 80% complete.
The jaw crusher, roll crusher, conveyor system, and triple-deck shaker table system have been refurbished to full functionality; the ball mill has been cleaned out, resurfaced, and reassembled.
A new final Diester table will be delivered to the site shortly and once installed will enhance the gold recovery circuit.
Surface Trenching, Mapping and Channel Sampling
More than 600 metres of trench excavation was completed in three main areas on the property, including the Boulder, Shaft, and Double Decker zones.
Surface trenching exposed a 55 metre length of the Boulder Vein, a 40 metre length of the Shaft Vein and a 90 metre length of the Shear "B" mineralized structure, all of which were either exposed or partially developed 120 metres vertically below on 5 Level in the 1920s.
The exposed veins have been geologically mapped and channel sampling will be completed by the end of August.
Property Scale Exploration
BCGold Corp.
also completed a 600 line-kilometre, helicopter-borne, SkyTEM, deep-penetrating Time-Domain Electromagnetic/Magnetic (TDEM) geophysical survey over the Engineer Mine property and the surrounding Gold Hill property earlier this summer.
The results are being used to focus a property-wide geological mapping and prospecting program, which will target additional high-grade veins and bulk-tonnage, Shear Zone "A" type structures.
A 1,500 metre diamond drill program is planned to test these targets early next spring.
Darren OBrien, 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.
About the Engineer Mine
BCGold Corp.
owns a 60% interest in the Engineer Mine property, with an option to earn a 100% interest.
Engineer Mine was a high-grade gold producer that came to peak production in the mid-1920s and ceased operation in the early 1930s, primarily due to water ingress issues.
More than 560 kilograms of gold and 278 kilograms of silver were officially produced at realized grades exceeding 39 g/t Au and 20 g/t Ag, from high-grade epithermal quartz-carbonate veins on six of eight mine levels.
There are more than 25 known veins on the property and only 4 have undergone limited production and exploration to date.
All veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface.
The Company consolidated its land position around Engineer Mine in 2010 by signing an option agreement to acquire a 100% interest in the adjacent Gold Hill property.
The 2,100 hectare Gold Hill property includes the Happy Sullivan high-grade gold epithermal prospect and a 2.2 kilometre segment of the highly prospective Shear Zone "B" structure.
About BCGold Corp.
BCGold Corp.
(TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored historic and emerging mining districts in British Columbia and Yukon.
BCGold Corp.
acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies.
Kinross Gold Corporation holds a 9% equity interest in BCGold Corp.
On behalf of the Board of Directors,
Brian P.
Fowler, P.Geo., President & CEO
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws.
These statements include, but are not limited to, statements with respect to exploration, development and production activities.
These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals, the completion of reorganizations and the timing and success of future exploration, development and production activities.
In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
