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January 6, 2014

 Bisha Mining Announces Final 2013 Drilling Results from Northwest Zone

 

Bisha Mining Share Company (BMSC) is pleased to announce the final assay results from the 2013 resource definition drilling program at the Northwest Zone poly-metallic massive sulphide deposit, located 2 kilometers from the Bisha processing plant within the Bisha mining license.

HIGHLIGHTS

  • Highly anomalous gold values intersected in massive and stringer sulphides
  • Four down dip step-out holes demonstrate that the mineralized system continues at depth
  • Additional parallel zone identified but limited drilling to date
  • Maiden mineral resource estimate in early 2014
  • Additional exploration potential along strike to the northeast and southwest

Selected New High Grade Results Include:

  • Hole NWDD202 – 11.7 m @ 21.6 g/t Au from 228.0 m (M-S)* including 7.0 m @ 32.4 g/t Au, 1.06% Cu and 114 g/t Ag from 228.0 m; and 6.0 m @ 6.4 g/t Au from 244.0 (S)*
  • Hole NWDD144 – 12.0 m @ 0.94 % Cu and 3.41 g/t Au from 158.0 m (MS)*
  • Hole NWDD146 – 23.9 m @ 0.74% Cu and 1.15 g/t Au from 194.0 m (MS)*
  • Hole NWDD153 – 16.0 m @ 0.92 % Cu, 3.23 g/t Au and 141 g/t Ag from 57.0 m (O)*

*Notes: Mineralization Types:  M = Massive Sulphide; M-S = Massive and Stringer Sulphide; S = Stringer Sulphides; O = Oxide Zone. Intervals given are drilled metres. True widths are generally 70 to 90% of drilled length depending on hole and mineralisation orientation.

Selected holes are shown in the deposit map below.

Final assay results have now been returned from the 220 hole, 18,892 meter resource definition and expansion drilling program completed in 2013 at the Northwest Zone by the BMSC.  These results are appended at the end of this release.  Prior drilling results were released on May 23 and October 21, 2013.  Work on the maiden resource estimate is in progress and the results to be included in an updated BMSC mineral resource and reserve statement in early 2014.

The new results demonstrate that highly anomalous gold forms coherent zones often associated with later felsic dykes proximal to copper-rich massive and stringer zones.  Mineralization at the Northwest Zone occurs in a series of massive sulphide lenses hosted within altered felsic volcanic rocks containing abundant copper and zinc-rich stringer sulphide mineralization.    Some of the massive sulphides have been exposed to weathering at surface creating oxide zones that are locally enriched in gold.  Beneath these areas, some supergene copper mineralization may also be present.  Core recovery is often poor in the oxide zones as unconsolidated material is easily washed away and not recovered during the diamond drilling process.  Further testing of these areas by reverse circulation drilling will be completed in due course.


northwest Zone Drill Map

The mineralized system at the Northwest Zone is extensive and resource expansion opportunities remain to the north, south and at depth.  In July, four holes were drilled beneath the central and northern portions of the deposit.  This drilling demonstrated that the mineralized system continues to depth and appears to be thickening to the south where further drilling is warranted.  In addition, to the east there is a parallel zone of massive sulphide that is only defined by limited drilling. 

The Northwest Zone was discovered in 2003 by the diamond drilling of an airborne EM anomaly.  Follow-up ground geophysics, soil sampling and drilling from 2004 to 2006 defined a 600 meter long zone of massive and stringer sulphide mineralization.  Further work was deferred while the Bisha deposit was being prepared for mining.  A program of in-fill drilling was started in late 2011 designed to fully delineate the open-pit potential.  This drill program has now been completed and has successfully extended the mineralization an additional 400 meters in strike length.

Quality Assurance

A Quality Assurance/Quality Control program was part of the sampling program for the Northwest Zone work. This program includes a chain of custody whereby drill core samples are initially crushed and subsampled at the Bisha Mine preparation facilities before being transported to Asmara, sealed, and sent on to the laboratories of ALS Limited in Vancouver. ALS is accredited by the Standards Council of Canada. Multi-element analysis is completed using ICP-AES methods; gold is analyzed by fire assay with AAS finish. Certified reference material (standards), duplicates and blank samples are systematically inserted into the flow of core samples and results analyzed on a batch by batch basis.

Hole collars are surveyed using differential GPS; down hole survey was originally completed using the Reflex EZ shot method, now superseded with downhole gyro methods. 

Mr. Paul Gribble C.Eng., FIMMM, BMSC’s Chief Resource Geologist has been overseeing the drilling and resource work at the Northwest Zone and is a Qualified Person as defined by NI 43-101.  Mr. Gribble has reviewed the technical content of this press release and approved its dissemination.

Forward Looking Statements: The above contains statements regarding drill results and anticipated resource and reserve estimate.  Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved.  Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.  The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future.

 

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman



Northwest Zone Intersections for Results Post October 21, 2013

Hole Id

From (m)

To (m)

Length (m)

Cu (%)

Zn (%)

Au (g/t)

Ag (g/t)

Mineralization Type

NWDD144

141.0

146.5

5.5

0.61

0.02

0.7

5.3

S

and

150.6

158.0

7.4

1.12

0.02

0.1

6.8

S

and

158.0

170.0

12.0

0.94

0.05

3.4

14.4

M

NWDD146

194.0

217.0

23.0

0.74

0.05

1.2

6.7

M

NWDD149

66.0

71.2

3.5

1.25

0.03

0.2

8.9

M-S

NWDD151

168.0

244.0

75.0

1.48

0.26

0.1

11.9

M

and

245.0

256.0

11.0

0.67

0.09

1.7

35.0

M

and

266.0

269.0

3.0

0.00

0.01

5.4

22.3

S

NWDD153

57.0

73.0

16.0

0.92

0.05

3.2

141.4

O

NWDD156

98.0

101.4

3.4

0.34

2.90

0.1

6.5

S

NWDD158

221.0

241.0

20.0

1.17

0.05

0.6

7.2

M-S

and

248.0

262.5

14.5

1.02

0.06

0.4

5.4

M-S

NWDD167

60.8

61.4

0.6

0.03

0.04

9.3

17.0

M

and

71.0

111.0

40.0

0.93

0.04

0.2

7.9

M

NWDD168

60.0

91.5

31.5

1.40

0.01

0.2

12.3

M

NWDD201

95.0

101.7

6.7

0.35

1.21

0.2

12.2

M

NWDD202

223.5

228.0

4.5

0.08

0.02

4.8

13.5

M-S

and

228.0

235.0

7.0

1.06

0.03

32.4

114.2

M-S

and

244.0

250.0

6.0

0.11

0.01

6.4

14.2

S

NWDD203

508.0

513.0

5.0

0.17

2.00

0.2

20.6

S

and

623.2

627.0

3.8

0.42

1.52

0.1

16.5

S

NWDD204

512.0

516.1

4.1

0.00

0.01

0.8

14.8

S

and

469.0

471.4

2.4

0.19

0.03

1.0

9.4

S

and

684.0

687.0

3.0

0.23

1.25

0.1

6.7

S

NWDD206

587.0

588.9

1.9

0.02

1.64

0.0

4.5

S

 

Mineralization Types:  M = Massive Sulphide; M-S = Massive and Stringer Sulphide; S = Stringer Sulphides  O = Oxidized Material; D = Dyke


Northwest Zone Drill Collars for Assay Results Reported Post October 21, 2013

Hole ID

Final Depth

Azimuth

Dip

UTM_East

UTM_North

Elevation

NWDD144

257

135

-50

338594.701

1717841.55

553.295

NWDD146

255

135

-50

338584.769

1717886.767

553.264

NWDD149

160

135

-50

338658.117

1717748.587

554.252

NWDD151

311.3

135

-50

338613.311

1717929.078

553.347

NWDD153

163.5

135

-50

338640.638

1717724.947

554.361

NWDD156

118

135

-50

338648.022

1717682.166

554.617

NWDD158

330.5

135

-50

338587.733

1717919.421

552.983

NWDD167

130.2

135

-56

338588.137

1717727.749

554.551

NWDD168

145.5

135

-50

338743.372

1717833.914

555.033

NWDD201

131

135

-50

338675.77

1717619.083

555.178

NWDD202

301.5

135

-50

338732.811

1718021.797

554.139

NWDD203

644

135

-50

338436.51

1718141.055

551.149

NWDD204

704.7

135

-50

338383.717

1718087.774

550.979

NWDD206

614

135

-50

338581.148

1718208.532

552.359