News Releases
14-Sep-2007
BCGold Corp. Completes Exploration Program at Engineer Mine Property, British Columbia
read pdfSeptember 14, 2007 - BCGold Corp. ("BCGold" or "the Company") is pleased to announce it has completed the field component of a $250,000 exploration program on its Engineer Mine Property near Atlin, British Columbia (Figure 1). The work program encompassed a comprehensive geological overview, rock sampling, re-logging of select drill core, limited dewatering and underground rehabilitation and underground mapping and sampling of the 5 Level workings.
The objective of BCGold’s exploration program was to obtain the required information to develop a geological and alteration model to be used for resource estimation purposes as well as the identification of additional high-grade and bulk-tonnage gold exploration drill targets. Assay results are pending and a final report is expected by mid October. Work was performed by Aurum Geological Consultants Inc. out of Whitehorse, Yukon and Mr. Clive Aspinall, P.Eng., M.Sc., the Qualified Person for the purposes of National Instrument 43-101 has reviewed the technical content of this news release.
Engineer Mine
The Engineer Mine property is situated 32 kilometres west of Atlin, B.C. and 140 kilometres south of Whitehorse, Yukon. Access is by helicopter, floatplane or boat from Atlin, or by boat from the village of Tagish, 55 kilometres to the north.
The main period of mining and development at Engineer Mine was from 1925 to 1927 by Engineer Gold Mines of New York. Underground mining consisted of about 5,500 metres of drifts, shafts, raises and stopes on eight levels (Figure 2). The presence of visible gold was the primary method of identifying and following ore shoots in the veins. To service the Engineer Mine, a small village was built beside Tagish Lake housing up to 140 employees. Developed reserves on the 5 Level were exhausted by 1927 but development continued with drifting and limited mining on the 6, 7 and 8 levels until 1933.
A total of 561,659 grams gold (18,058 ounces) and 278,373 grams silver (8,950 ounces) was produced from 14,263 tonnes of ore at Engineer Mine during the period 1913 - 1952. This equates to total realized gold and silver production grades of 39.38 g/t gold (1.15 oz/ton) and 19.52 g/t Ag (0.57 oz/ton) respectively. A previous operator indicated that "approximately 20,000 tonnes or more are readily available between 5 and 8 Levels at an average grade of 34 grams per tonne gold", or approximately 22,000 ounces of gold. Note that this is an informal approximation and does not represent an historical resource nor a 43-101 compliant current resource and should not be relied upon.
Engineer Exploration Targets
Quartz veining and gold mineralization occurs in two modes at Engineer Mine and is directly related to two main shear zones. Both shear zones form distinct regional-scale lineaments trending sub-parallel at 145 degrees and 160 degrees. High grade gold and silver mineralization occurs in several narrow, less than 2 metre wide vertical, tensional northeast-southwest striking quartz-calcite veins hosted in well bedded sediments of the Lower Jurassic Laberge Group. Veins pinch and swell along strike and display good vertical continuity.
Geological studies to date, combined with previous underground sampling on the 8 Level strongly suggests good gold grades (15 - 30 g/t Au range) extend vertically into the undeveloped ground. Lower grade gold mineralization is known to occur within the two broad shear zones and subordinate structures, as well as in two densely veined / stockworked quartz hubs that appear to represent intersection points with secondary north-south structures. The latter offers excellent potential for lower grade gold (5-10 g/t Au) underground bulk-tonnage exploration targets which will be a focus of future exploration at Engineer Mine.
Ownership Agreement
As previously reported on January 19, 2007, BCGold has an agreement with Engineer Mining Corp. ("EMC") to acquire up to a 100% interest in the Engineer Mine property. The agreement was subject to the acquisition by EMC from Winslow Gold Corp. of the remaining 20% interest in the property that EMC did not previously hold. EMC has now acquired this remaining 20% interest. Under the terms of the option, BCGold will acquire a 51% interest by paying an aggregate of $250,000 and issuing an aggregate of 375,000 common shares and 325,000 share purchase warrants to EMC in the first two years. BCGold will then acquire:
1) an additional 9% interest by issuing $150,000 in common shares of BCGold and 75,000 share purchase warrants to EMC in the third year;
2) an additional 15% interest by paying $200,000 (or issuing $200,000 in common shares of BCGold, at BCGold's option) and 100,000 share purchase warrants to EMC in the fourth year; and
3) an additional 25% interest by paying $400,000 (or issuing $400,000 in common shares of BCGold, at BCGold's option) and 100,000 share purchase warrants to EMC in the fifth year.
All payments and issuances may be accelerated at BCGold's option.
About BCGold Corp
BCGold Corp. (TSX-V: BCG) is a Vancouver-based junior resource company focused on base and precious metal exploration in under-explored historic mining and exploration districts in British Columbia and Yukon. BCGold acquires and advances conceptual, early and mid-stage, quality exploration opportunities towards resource development utilizing internal expertise and by engaging preferred joint venture partners.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future payments, expenditures and unit issuances 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 of future payments, expenditures and unit issuances and the timing and success of future exploration, development and production activities.
For further information, please contact:
Jose M. Perez
Manager, Corporate Communications
Telephone: (604) 646-1581 Fax: (604) 642-2411
[email protected]