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May 23, 2013

 Bisha Mining Announces Drilling Results From Northwest Zone

 

Bisha Mining Share Company (BMSC) is pleased to announce diamond drill results from resource definition drilling at the Northwest Zone, located 1.2 km from the Bisha processing plant.

HIGHLIGHTS

  • Northwest Zone still open to south, north and at depth
  • Additional parallel zone discovered but limited drilling to date
  • Mineral Resource estimate and Bisha Mineral Reserve update in early 2014

Select High Grade Results Include:

  • Hole NW-050 – 75.9 m @ 1.28% Cu and 0.18% Zn, from 131.1 m to 207.0 m in massive and stringer sulphide
  • Hole NW-031 – 37.5 m @ 0.89% Cu and 4.13% Zn, from 96.0 m to 133.5 m in massive and stringer sulphide
  • Hole NW-072 – 15.0 m @ 28.6 g/t Au from 38.0 m to 53.0 m in surficial weathered zone
  • Hole NWDD-108 – 4.1 m @ 19.17% Cu from 64.9 m to 69.0 m in supergene-enriched massive sulphide
  •  

BMSC has now completed the initial resource definition drilling program at its Northwest Zone located 1.2 km from its operating Bisha Mine.  In 2013, 15,890 meters of drilling was completed at the Northwest Zone.  This is in addition to 4,325 meters completed in 2011 and 13,520 meters completed in 2012.  The system remains open to the north, south and at depth but drilling efforts have now shifted to the Hambok deposit to support 2013 work requirements on the Mogoraib exploration license.

Complete assay results received to-date from 2011, 2012 and 2013 drilling are included at the end of the release.  Results from holes NWDD-129 – NWDD-201 are still outstanding but will be included in the maiden Mineral Resource Estimate.

Mineralization at the Northwest Zone is complex with a series of massive sulphide lenses hosted within altered felsic volcanic rocks.  Both the footwall and hangingwall contain copper and zinc-rich stringer sulphide mineralization.  Synvolcanic faulting and slumping associated with rhyolite cryptodomes and post volcanic faulting associated with regional deformation add complexity.  The massive sulphides have been exposed to weathering at surface, oxide zones have been developed that are locally enriched in gold and beneath these areas, supergene copper mineralization may also be present.  Core recovery is often poor in these zones as unconsolidated material is easily washed away and not recovered during the diamond drilling process.  A program of RC drilling will be completed in these areas to better define the oxide gold potential.

The mineralized system at the Northwest Zone is extensive and resource expansion opportunities remain to the north, south and at depth.  Further drilling is planned for the second half of 2013 to assess this potential.  In addition, to the east there is a parallel zone of massive sulphide that is only defined by limited drilling.  Further drilling on this new zone is also anticipated later in 2013.

Work for a maiden Mineral Resource Estimate at the Northwest Zone is in progress.  This work in conjunction with an economic assessment of the impact of the Northwest Zone is expected to be included in a Mineral Resource and Mineral Reserve estimate update for the entire BMSC operation anticipated for early 2014.

The Northwest Zone was discovered in 2003 by the diamond drilling of an airborne EM anomaly and 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 from 2007 to 2010 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 of this Zone.  This drill program has now been completed.

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 2011 – 2013

Hole Id

From (m)

To (m)

Length (m)

Cu (%)

Zn (%)

Au (g/t)

Ag (g/t)

Mineralization Type
M = MSUL
M-S = Mixed
S = SMSX/STSX

NW-027

91.5

94.5

3.0

0.99

0.06

0.7

19.0

S

NW-028

148.5

154.5

6.0

0.38

1.16

0.2

16.5

S

NW-029

63.0

76.5

13.5

0.18

1.60

0.1

16.7

S

and

109.5

115.5

6.0

0.07

2.20

0.0

5.8

S

and

147.0

153.0

6.0

0.75

0.08

0.1

8.3

M-S

and

192.0

198.9

6.9

0.02

3.84

0.1

14.9

M

NW-030

NSV

             

NW-031

96.0

133.5

37.5

0.89

4.13

0.2

35.6

M-S

including

100.5

118.5

18.0

0.81

3.62

0.3

33.2

M

including

121.5

132.2

10.7

1.28

6.89

0.3

52.8

M

NW-032

117.0

120.0

3.0

0.05

2.67

0.1

7.5

S

and

124.5

127.5

3.0

0.31

0.77

0.1

18.5

S

NW-033

81.0

84.0

3.0

0.55

0.32

0.1

16.5

S

and

102.0

105.0

3.0

0.09

2.25

0.0

3.0

S

and

156.0

160.5

4.5

1.18

0.12

0.2

10.7

M-S

and

186.0

189.0

3.0

0.02

0.03

6.3

60.5

M

NW-034

103.5

133.5

27.8

0.73

3.77

0.2

32.9

M

including

113.4

132.0

18.6

0.87

5.12

0.2

43.7

M

NW-035

192.5

196.5

4.0

1.82

2.18

0.3

31.8

S

NW-036

NSV

             

NW-037

Abandoned

           

NW-038

67.5

70.5

3.0

0.10

1.43

0.0

3.5

S

NW-039

55.5

71.0

15.5

1.81

0.78

1.1

47.6

M-S

including

55.5

63.0

7.5

3.07

0.13

0.3

57.3

M

NW-040

NSV

             

NW-041

74.0

78.0

4.0

1.28

0.10

0.0

2.4

S

and

140.0

146.0

6.0

0.94

0.08

0.2

3.5

M

and

160.0

165.0

5.0

0.90

0.07

0.1

2.6

M

NW-042

99.0

103.0

4.0

0.84

0.73

0.1

13.0

S

and

104.0

108.0

4.0

0.25

0.98

0.0

4.3

S

and

207.0

210.6

3.6

0.44

9.59

0.3

17.3

M

and

215.0

220.0

5.0

0.01

3.51

0.1

8.4

S

NW-043

100.7

149.3

48.6

0.67

3.47

0.3

30.1

M

including

109.0

112.0

3.0

1.49

2.94

0.5

73.0

M

including

120.0

123.0

3.0

0.30

5.11

0.4

44.0

M

including

128.0

136.0

8.0

0.44

8.00

0.2

21.3

M

NW-044

NSV

             

NW-045

55.0

81.0

26.0

1.10

0.01

0.1

13.5

M

including

56.0

68.0

12.0

1.48

0.01

0.1

17.6

M

and

90.5

104.0

13.5

1.00

0.02

0.8

9.8

M

including

95.0

103.0

8.0

1.34

0.01

0.2

11.1

M

NW-046

116.0

124.5

8.5

0.08

1.41

0.7

16.7

M

NW-047

123.0

133.0

10.0

0.67

0.03

0.2

3.9

S

and

143.2

148.5

5.3

0.86

0.04

1.4

7.5

M

NW-048

NSV

             

NW-049

152.0

169.0

17.0

1.45

0.02

0.2

6.1

M-S

including

155.0

160.5

5.5

1.84

0.02

0.2

7.4

M

and

171.0

174.0

3.0

0.82

0.02

0.0

3.3

S

NW-050

131.1

207.0

75.9

1.28

0.18

0.2

10.1

M-S

including

132.0

150.0

18.0

2.34

0.23

0.2

14.2

M

including

152.9

157.0

4.1

1.29

0.12

0.1

10.5

M

including

162.0

168.0

6.0

1.12

0.21

0.1

15.0

M

including

185.0

189.0

4.0

1.23

0.12

0.1

8.8

M

including

194.0

201.2

7.2

1.12

0.10

0.2

7.6

M

NW-051

NSV

             

NW-052

192.0

203.0

11.0

1.00

0.09

0.2

7.3

S

NW-053

NSV

             

NW-054

NSV

             

NW-055

130.0

158.0

28.0

0.69

1.37

0.1

11.1

S

including

148.0

152.0

4.0

0.33

5.91

0.1

20.0

S

NW-056

NSV

             

NW-057

88.7

92.0

3.3

0.01

0.61

6.0

18.8

S

and

105.0

137.0

32.0

1.01

1.41

0.5

10.1

M-S

including

106.0

110.0

4.0

1.21

0.49

2.1

9.5

M

including

114.0

128.0

14.0

1.07

2.80

0.1

11.8

M

NW-058

61.0

66.0

5.0

1.59

0.01

0.1

10.6

S

and

82.0

113.2

31.2

1.26

0.02

0.5

9.7

M

including

84.0

95.0

11.0

1.80

0.01

0.1

9.8

M

including

101.0

105.0

4.0

1.30

0.02

1.2

7.8

M

including

108.0

112.0

4.0

1.71

0.03

0.5

10.8

M

NW-059

100.0

131.0

29.0

0.69

0.11

1.7

10.5

M-S

including

100.0

109.0

9.0

0.68

0.20

0.1

9.1

M

including

124.0

131.0

7.0

0.79

0.07

0.9

8.8

M-S

NW-060

120.7

124.0

3.3

0.58

2.38

0.2

41.5

M

NW-061

132.0

135.0

3.0

0.01

2.99

0.5

27.7

S

NW-062

NSV

             

NW-063

NSV

             

NW-064

NSV

             

NW-065

133.0

140.0

7.0

0.84

2.19

0.4

24.9

M-S

NW-066

158.8

163.0

4.2

1.03

0.38

0.1

17.0

S

and

190.0

197.9

7.9

0.26

2.01

1.5

20.6

M-S

NW-067

NSV

             

NW-069

NSV

             

NW-070

NSV

             

NW-071

75.0

88.0

13.0

2.60

0.71

0.1

37.5

M-S

including

76.3

87.0

10.7

3.02

0.78

0.2

39.9

M-S

NW-072

38.0

53.0

15.0

0.00

0.02

28.6

9.7

S

 

50.0

53.0

3.0

0.00

0.02

41.6

13.0

S

NW-073

NSV

             

NW-074

77.0

80.0

3.0

0.13

2.60

0.0

3.3

S

NW-075

NSV

             

NW-076

NSV

             

NW-077

137.5

139.1

1.6

0.12

3.32

0.5

22.0

M

and

160.0

164.0

4.0

0.09

0.32

1.8

14.5

S

NW-078

134.0

137.0

3.0

0.50

0.80

0.3

28.7

S

NW-079

Abandoned

           

NW-080

NSV

             

NW-081

139.0

147.0

8.0

1.69

0.30

0.2

18.8

S

and

164.5

168.5

4.0

0.57

0.03

0.5

20.5

S

and

268.0

274.0

6.0

0.28

1.78

0.3

23.3

M

NW-082

NSV

             

NW-083

175.0

206.0

31.0

0.82

0.03

0.1

3.0

M-S

NW-084

85.0

122.0

37.0

1.62

0.14

0.1

13.0

M

and

184.0

195.8

11.8

0.55

5.17

1.7

39.1

M-S

NW-085

Abandoned

           

NW-086*

50.0

59.0

9.0

0.00

0.02

65.8

4.7

Oxide

NW-087

170.0

176.0

6.0

0.07

3.45

0.1

28.5

S

and

192.0

195.0

3.0

0.06

2.32

0.1

22.0

S

NW-088

60.0

64.5

4.5

0.79

0.05

0.1

4.7

M

NW-089

53.0

56.5

3.5

0.00

0.06

7.4

44.2

S

and

92.0

96.0

4.0

0.87

0.01

0.1

15.5

M

and

108.0

119.0

11.0

0.91

0.05

0.1

6.3

M-S

NW-090

215.0

236.0

21.0

0.91

0.03

0.7

5.3

M-S

NW-091

NSV

             

NW-092

NSV

             

NW-093

50.0

55.0

5.0

0.01

0.09

19.4

25.6

Oxide

and

71.0

75.0

4.0

0.90

0.01

0.1

9.3

M

NW-094

67.0

70.0

3.0

0.05

1.69

0.0

18.3

S

and

87.0

91.0

4.0

0.37

1.03

0.1

14.3

S

and

156.0

180.0

24.0

1.38

0.06

0.3

7.3

M

NW-095

109.6

146.5

36.9

1.19

0.18

0.2

10.2

M

NW-096

68.0

72.0

4.0

0.01

0.01

2.7

19.0

M

NW-097

105.0

135.0

30.0

1.54

0.21

0.4

11.2

M

and

143.0

147.0

4.0

0.50

0.23

0.3

3.0

M

and

154.0

174.0

20.0

0.90

0.42

0.2

6.9

M

and

193.0

203.0

10.0

0.67

0.21

0.4

5.6

M-S

and

211.7

223.0

11.4

0.51

0.07

7.0

21.2

S

NW-098

71.0

91.0

20.0

2.39

0.01

0.3

10.7

M

and

141.0

157.5

16.5

0.60

0.18

0.3

27.0

M

and

172.0

178.0

6.0

0.59

0.03

0.7

10.3

S

NW-099

NSV

             

NWDD100

157.8

172.6

14.8

0.92

1.35

0.4

13.8

M

NWDD101

105.5

116.9

11.4

1.27

2.01

0.4

19.5

M

NWDD102

147.0

154.0

7.0

0.67

0.30

0.3

10.4

M

and

162.0

171.0

9.0

0.74

1.68

3.0

12.9

M

NWDD103

NSV

             

NWDD104

Abandoned

           

NWDD105

64.0

85.0

21.0

2.16

0.01

0.1

6.5

M

NWDD106

103.0

131.9

28.9

0.22

3.65

0.3

20.7

M-S

NWDD107

103.0

124.4

21.4

0.87

1.24

0.1

11.5

M

NWDD108

64.9

69.0

4.1

19.17

0.07

0.1

33.3

M

and

79.5

84.0

4.5

2.06

0.02

0.0

7.5

M

and

245.0

248.0

3.0

0.06

4.35

0.2

5.3

S

NWDD109

NSV

             

NWDD110

114.3

118.2

3.9

0.59

6.42

0.3

20.3

M

NWDD111

NSV

             

NWDD112

7.5

28.5

21.0

0.03

0.01

1.9

1.4

Oxide

and

76.5

91.6

15.1

1.39

0.01

0.1

6.7

M

NWDD113

149.0

165.3

16.3

0.78

0.02

1.6

0.2

M

NWDD114

66.0

90.9

24.8

1.64

0.02

0.2

16.5

M-S

NWDD115

NSV

             

NWDD116

64.0

77.8

13.8

0.96

0.01

0.1

15.1

M

and

86.2

89.9

3.7

0.68

0.01

0.1

9.3

M-S

NWDD122

79.5

109.0

29.5

1.57

0.02

0.2

15.2

M

NWDD123

56

60

4

0.1

3.82

0.1

8.3

S

NWDD124

109.0

149.6

40.6

1.16

0.98

0.2

12.4

M

NWDD126

119.0

123.0

4.0

0.78

0.02

0.1

2.9

S

and

129.0

134.0

5.0

0.90

0.02

0.1

2.4

S

NWDD127

105.0

110.0

5.0

0.77

0.45

0.2

10.2

S

and

132.0

147.0

15.0

0.98

0.07

0.3

8.8

M-S

and

177.0

180.0

3.0

0.60

0.16

0.2

4.7

S

NWDD128

107.0

113.9

6.9

0.94

0.01

0.1

3.8

M

and

127.0

133.0

6.0

0.86

0.02

0.1

1.9

S

and

142.0

146.0

4.0

0.96

0.02

0.1

1.8

S

* This hole experienced poor drill recovery in the oxide zone

 

 

Northwest Zone collars 2011 – 2013

Hole ID

Depth

Azimuth1

Dip1

Local_X

Local_Y

Local_Z

NW-027

210.0

315

-50

10496

20073

554.7

NW-028

303.0

315

-50

10523

20121

555.7

NW-029

237.0

315

-55

10486

20120

555.3

NW-030

95.0

315

-45

10416

20171

555.6

NW-031

153.0

315

-45

10403

20195

555.4

NW-032

256.4

315

-45

10526

20147

556.1

NW-033

199.5

315

-50

10490

20144

555.8

NW-034

150.0

315

-45

10417

20170

555.7

NW-035

250.5

315

-45

10489

20197

555.9

NW-036

22.5

315

-50

10514

20199

556.7

NW-037

139.0

135

-50

10455

20299

555.8

NW-038

279.0

315

-50

10514

20197

557.7

NW-039

117.0

315

-55

10412

20120

556.0

NW-040

27.8

135

-50

10300

20222

554.9

NW-041

240.0

135

-50

10300

20222

554.9

NW-042

261.0

315

-45

10506

20171

556.1

NW-043

210.0

135

-50

10247

20219

553.3

NW-044

150.0

135

-50

10453

20446

555.5

NW-045

126.0

135

-50

10340

20496

554.6

NW-046

257.5

135

-50

10241

20294

553.5

NW-047

240.0

135

-50

10286

20396

553.9

NW-048

145.0

135

-50

10233

20346

553.9

NW-049

256.5

135

-50

10248

20395

553.3

NW-050

234.0

135

-50

10240

20495

553.6

NW-051

285.0

135

-50

10207

20599

553.9

NW-052

270.0

135

-50

10242

20600

554.0

NW-053

315.0

135

-50

10193

20648

554.1

NW-054

321.0

135

-50

10229

20650

554.8

NW-055

273.0

135

-50

10285

20602

554.6

NW-056

152.0

135

-50

10188

20545

553.4

NW-057

218.0

135

-50

10328

20603

555.0

NW-058

216.0

135

-50

10325

20398

554.1

NW-059

234.0

135

-50

10304

20498

554.2

NW-060

158.0

315

-50

10468

20078

554.3

NW-061

209.0

315

-50

10528

20074

555.1

NW-062

98.0

315

-55

10381

20118

555.8

NW-063

152.0

135

-45

10375

20193

555.4

NW-064

196.0

135

-50

10305

20243

555.6

NW-065

263.0

135

-50

10246

20250

553.2

NW-066

260.0

135

-50

10202

20232

552.9

NW-067

185.0

135

-50

10262

20271

553.7

NW-068

20.0

135

-50

10214

20314

553.1

NW-069

145.2

90

-50

10139

20321

552.5

NW-070

83.0

315

-45

10414

20085

555.4

NW-071

204.0

135

-50

10269

20297

554.0

NW-072

56.0

135

-50

10376

20216

555.2

NW-073

224.0

135

-50

10228

20324

553.3

NW-074

159.0

135

-50

10298

20274

555.0

NW-075

123.0

135

-50

10338

20274

555.1

NW-076

158.0

135

-50

10374

20270

554.9

NW-077

254.0

135

-50

10215

20312

553.3

NW-078

155.2

135

-50

10376

20243

555.3

NW-079

65.0

135

-45

10472

20195

555.7

NW-080

228.5

135

-50

10273

20320

553.7

NW-081

278.0

315

-50

10530

20174

556.2

NW-082

173.0

135

-50

10317

20319

554.6

NW-083

224.0

135

-50

10233

20371

553.1

NW-084

221.0

315

-45

10472

20195

555.7

NW-085

20.0

135

-50

10365

20368

554.7

NW-086

122.0

135

-50

10366

20369

554.8

NW-087

293.0

315

-50

10561

20139

557.7

NW-088

144.0

135

-50

10362

20324

554.8

NW-089

143.0

135

-50

10321

20481

554.2

NW-090

275.0

135

-50

10198

20400

553.1

NW-091

143.0

135

-50

10407

20326

555.2

NW-092

29.0

135

-50

10358

20477

554.5

NW-093

164.0

135

-50

10358

20478

554.6

NW-094

242.0

135

-50

10244

20424

553.5

NW-095

248.0

135

-50

10284

20426

553.8

NW-096

134.0

135

-50

10377

20502

554.8

NW-097

248.0

135

-50

10247

20533

553.5

NW-098

200.0

135

-50

10286

20530

554.0

NW-099

79.0

315

-50

10614

20612

564.5

NWDD100

237.0

135

-50

10300

20700

555.2

NWDD101

183.0

135

-50

10349

20700

556.8

NWDD102

258.0

135

-50

10286

20625

554.9

NWDD103

149.0

315

-50

10400

20100

555.6

NWDD104

61.0

135

-50

10326

20625

554.8

NWDD105

163.5

135

-50

10381

20650

556.6

NWDD106

154.5

315

-50

10450

20100

555.2

NWDD107

205.5

135

-50

10340

20648

555.7

NWDD108

259.5

135

-50

10275

20225

553.8

NWDD109

148.5

135

-50

10396

20755

557.1

NWDD110

197.0

135

-50

10349

20754

556.0

NWDD111

253.0

135

-50

10275

20250

554.4

NWDD112

154.5

135

-50

10375

20675

557.0

NWDD113

205.0

135

-50

10300

20675

555.3

NWDD114

160.5

135

-50

10365

20627

556.1

NWDD115

151.5

315

-50

10350

20200

555.4

NWDD116

167.6

135

-50

10370

20600

555.7

NWDD117

151.5

315

-50

10370

20175

555.2

NWDD118

237.0

135

-50

10322

20624

554.9

NWDD119

111.0

135

-50

10341

20300

554.8

NWDD120

193.5

135

-50

10301

20296

554.5

NWDD121

84.0

135

-50

10381

20575

555.7

NWDD122

199.5

135

-50

10340

20575

555.3

NWDD123

223.5

315

-50

10479

20152

556.0

NWDD124

259.5

135

-50

10301

20575

554.9

NWDD125

51.0

135

-50

10350

20350

554.7

NWDD126

223.5

135

-50

10300

20350

554.1

NWDD127

274.5

135

-50

10260

20575

555.0

NWDD128

247.5

135

-50

10281

20375

553.6


Northwest Zone Dill Holes