News Releases
03-Oct-2013
Kaiyue International Inc. Commences Work Program at BCGold Corp.’s Toe Property in Yukon
read pdfVancouver, British Columbia, October 3, 2013 (TSX-V: BCG) - BCGold Corp. (“BCGold” or the “Company”) is pleased to announce that (TSX-V: KYU) Kaiyue International Inc. (“Kaiyue”) has commenced exploration work on BCGold’s 100%-owned Toe property in central Yukon. The 1,600 ha property is situated 7 km northwest of Capstone Mining Corp.’s Minto Mine, which currently operates at 3,850 tonnes per day and produces 35.9 million pounds of copper on an annual basis.
The Toe property is one of 16 mineral properties that comprise BCGold’s approximately 16,000 ha, 100%-owned Minto/Carmacks copper-gold property package. All of the properties in the package are strategically situated proximal and adjacent to the Minto Mine and Copper North’s Carmacks Copper project, which is located 52 km to the south. BCGold has methodically advanced this conceptual play and property package through a series of exploration programs that have included geophysical (airborne magnetic, radiometric and induced polarization), geochemical (mobile metal ion), geological field and diamond drill programs. The Company has discovered seven copper zones, including an extension of the Carmacks Copper deposits on BCGold’s adjacent WS property (63.1 m averaging 0.17% Cu, including 23.6 m averaging 0.34% Cu), and has advanced seven properties with “Minto-type” exploration targets to the drill-ready stage.
The 2013 Toe property exploration program, funded entirely by Kaiyue and operated by BCGold, is designed to enhance drill targets previously defined by numerous copper-gold soil and “Minto-type” geophysical anomalies and to expand the survey area. The initial phase of the exploration program will take approximately three weeks to complete and will consist of biogeochemical sampling, VLF geophysics, geological mapping and prospecting.
The geological mapping and prospecting will be carried out concurrently with the VLF geophysics and biochemical sampling programs, which are being conducted by Dumas Consulting and Core Assets Consulting, both independent contractors to the Company. Biogeochemical samples will be submitted to Activation Laboratories Ltd. in Kamloops, British Columbia, an ISO 9001:2008 accredited laboratory. The work program is supervised by Darren O’Brien, P.Geo., Vice President of Exploration for BCGold and a Qualified Person as defined by National Instrument 43-101. Mr. O’Brien has reviewed and approved the technical contents of this news release.
Toe Property Option Agreement Terms
Kaiyue has the option to acquire a 60% interest in the Toe property by making $255,000 in cash payments, $1,900,000 in exploration expenditures and issuing 400,000 shares of Kaiyue to BCGold Corp. over a four year period. Kaiyue can earn an additional 10% interest in the Toe property by completing a feasibility study, for a total interest of up to 70% (see August 10, 2012 news release).
About BCGold
BCGold is a Vancouver-based junior resource company focused on generative copper and gold exploration in under-explored historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by sourcing preferred joint venture partners and exploration alliances. BCGold has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon.
BCGold’s primary gold asset is the 100% owned, historic high-grade gold Engineer Mine property, where the Company has defined a compelling gold concentrate production opportunity through continued bulk sampling and on-site milling. The Company continues to seek a qualified partner to advance this opportunity.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information please contact:
Brian P. Fowler, P.Geo.
Tel: 604-697-2401
Email: [email protected]
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.
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and 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 and the timing and success of future exploration, development and production activities. 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.s