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April 28, 2015

 

Bisha Mining Continues to Expand Harena with High Grade Drill Results

 

Bisha Mining Share Company (BMSC or the Company) is pleased to announce new assay results from exploration drilling completed on the Harena Mining License located 10 kilometers south of the Bisha Mine and processing plant.  The drilling is part of the 2015 Bisha regional exploration program which builds on the highly successful 2014 program.

HIGHLIGHTS

  • Intersections of high grade massive sulphide in Lower Zone include:
    • HX-050:  1.66% Cu, 6.62% Zn, 0.41 g/t Au, 28 g/t Ag over 67.2 m
      including 4.61% Cu, 3.43% Zn, 0.99 g/t Au, 63 g/t Ag over 22.1 m
      and 0.22% Cu, 8.18% Zn, 0.13 g/t Au, 10 g/t Ag over 45.1 m
  • HX-051:  1.09% Cu, 3.57% Zn, 0.43 g/t Au, 22 g/t Ag over 73.5 m
    including 4.25% Cu, 1.17% Zn, 1.01 g/t Au, 62 g/t Ag over 11.0 m
     
  • Intersections of massive sulphide in Upper Zone include:
    • HX-043:  0.63% Cu, 5.70% Zn, 0.35 g/t Au, 28 g/t Ag over 18.5 m
  • New Gold Zone intersection confirming continuity:
    • HX-045:  7.49 g/t Au, 171 g/t Ag over 11.0 m
  • Lower Zone massive sulphide extended 120 m down dip with increasing width and grade
  • Upper Zone extended over 150 m along strike
  • Deposit remains open to depth and along strike

BMSC Chairman Cliff Davis commented, “We continue to have exciting results at Harena.  The assays reported today demonstrate that the deposit is increasing in thickness and grade with depth as a core of high grade mineralization is being outlined.  We also continue to see the deposit growing along strike to the south.  These new results bode well for significant further expansion of the resource at Harena”.

Three distinct high grade zones of mineralization being defined at Harena (see Figure 5 of this release).

  1. Lower Zone: massive sulphide open at depth
  2. Upper Zone; massive sulphide lens open on strike
  3. Gold Zone: stringer and stockwork enriched gold zone

Lower Zone

Holes HX-047, HX-050 and HX-051 were drilled to test down dip of hole HX-040 that returned 1.78% Cu, 5.78% Zn over 32.0 metres including 8.82% Zn over 20.1 metres and 4.19% Cu over 11.9 metres (see press release dated December 17, 2014).  Both holes hit comparable intervals of massive sulphide to that of HX-040 with classic volcanogenic massive sulphide zonation consisting of an upper pyrite – sphalerite zone followed by a lower chalcopyrite – rich zone.  Hole HX-050 is the deepest hole drilled to-date and with hole HX-051 demonstrate that the massive sulphide zone is increasing substantially in thickness with depth.  Borehole Transient Electromagnetic (BHTEM) surveys completed in these and neighboring holes have defined a large high conductance geophysical plate associated with this mineralization in what is now being termed the Lower Zone.  This zone appears to be the main core of the Harena deposit based on the thicknesses of massive sulphide encountered, the metal zonation and the high base metal content.  It is still open at depth.

Upper Zone

Hole HX-039 and subsequent holes HX-042, HX-043 and HX-049 were step-out holes approximately 150 metres to the south of the deposit targeting strong alteration in the host felsic volcanic rocks.   These holes have intersected variable thicknesses of massive sulphide that are very zinc-rich.   BHTEM has defined a large plate associated with this mineralization that suggests there should be considerable continuation of the mineralization to the south.  This zone is now termed the Upper Zone and it is open along strike to the south.

Gold Zone

Hole HX-045 targeted a gap in the drilling of the stringer mineralization that occurs between the Upper Zone and the Lower Zone.  This hole successfully intersected stringer mineralization with 7.49 g/t Au and 171 g/t Ag over 11.0 metres and confirms the continuity of precious metal-rich stringer mineralization in what is now termed the Gold Zone.  Further expansion of this zone to the south will be the goal of future drilling.

Regional Exploration Program

The 2015 Bisha regional exploration program is currently focused on three main areas:  expansion of the Harena deposit at depth and along strike; exploring the perimeter of the Bisha deposit at depth and along strike; and, evaluating regional targets on the Mogoraib River License at Asheli and Tekewuda.  Systematic surface and BHTEM surveys in combination with geological and lithogeochemical modeling is being used to successfully guide the exploration effort.

The 2015 Harena exploration results reported today are designed to expand the deposit beyond the known resource (see also press releases dated August 18, September 23, November 13 and December 17, 2014).  Since drilling was renewed at Harena in mid-2014, the indicated resource at Harena has grown by 1.4 million tonnes and the inferred resource has increased by 6.1 million tonnes (see press release dated February 3, 2015).  A plan map of the drilling and representative sections are attached at the end of this release.  Drilling in part, is being guided by BHTEM surveys as the massive sulphides (particularly the copper-rich sections in holes HX-040, HX-047, HX-050 and HX-051) give strong electromagnetic responses. 

Quality Assurance            

A Quality Assurance/Quality Control program was part of the sampling program for the Harena work.  This program includes chain of custody protocols as well as systematic use of standards, duplicates and blank samples into the flow of samples produced by the sampling. All samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia except for holes HX-050 and HX-051 which were prepared and analyzed at Bisha’s on-site laboratory independently operated by SGS.

Drilling intercept lengths only are reported in the tables and text below.

Mr. Robert Foy P.Geo., BMSC’s Exploration Manager, has been overseeing the drilling at Harena and is a Qualified Person as defined by NI 43-101.  Mr. Foy has reviewed the technical content of this press release and approved its dissemination.

Forward Looking Statements

The above contains forward-looking statements regarding drill results and future exploration plans.  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 

Harena Intersections (not previously reported + select previously reported results)

HOLE

ID

From

(m)

To

(m)

Length

(m)

Cu (%)

Zn (%)

Au (g/t)

Ag (g/t)

CuEQ 1

Harena Main – Lower Zone

HX-038

468.00

522.00

54.00

0.54

0.48

0.20

9.6

0.9%

HX-040

407.20

439.20

32.00

1.78

5.78

0.53

31.2

4.3%

HX-041

312.10

316.00

3.90

3.63

3.22

1.17

110.5

6.4%

HX-041

328.70

378.70

50.00

1.10

3.04

0.63

35.7

2.8%

HX-044

235.90

242.00

6.10

0.61

3.95

0.41

32.7

2.5%

HX-044

332.00

352.00

20.00

0.76

0.59

0.93

29.4

1.8%

HX-046

448.00

451.50

3.50

0.39

0.36

1.78

33.1

1.8%

HX-047

488.40

520.00

31.60

1.35

3.70

0.40

26.1

3.1%

including

512.40

520.00

7.60

3.34

1.31

0.88

59.4

4.8%

HX-050

510.70

577.90

67.20

1.66

6.62

0.41

27.6

4.4%

including

510.70

555.80

45.10

0.22

8.18

0.13

10.4

3.2%

and

555.80

577.90

22.10

4.61

3.43

0.99

62.7

6.9%

HX-051

497.00

570.50

73.50

1.08

3.57

0.43

22.5

2.8%

includes

497.00

533.50

36.50

0.27

5.02

0.32

17.0

2.3%

and

542.50

570.50

28.00

2.43

1.38

0.68

35.9

3.6%

includes

559.50

570.50

11.00

4.25

1.17

1.01

61.5

5.8%

Harena Main – Gold Zone

HX-042

321.00

326.00

5.00

0.30

2.92

9.41

43.2

 

HX-045

296.10

307.10

11.00

0.55

0.43

7.49

170.5

 

includes

301.00

305.30

4.30

0.53

0.17

18.37

393.1

 

HX-047

520.00

524.00

4.00

0.44

0.02

16.54

98.4

 

HX-048

Results Pending

 

 

 

 

 

 

Harena Main – Upper Zone

HX-037

No Significant Values

 

 

 

 

 

 

HX-039

281.50

286.85

5.35

0.78

7.42

1.17

123.5

5.1%

HX-043

441.00

459.50

18.50

0.63

5.70

0.35

27.5

3.0%

including

441.00

445.00

4.00

0.86

11.29

0.31

43.1

5.3%

and

448.60

459.50

10.90

0.75

5.43

0.48

30.1

3.2%

HX-049

Results Pending

 

 

 

 

 

 

1   “CuEQ” Copper Equivalent calculation uses Harena 2014 Year End Resource metal prices (USD): copper, zinc, gold and silver -- $3.35/lb., $1.15/lb., $1335/oz., and $21/oz., respectively.   1 g/t Au = 0.57% Cu; 1% Zn = 0.34% Cu; 10 g/t Ag = 0.09% Cu.

 

HOLE

ID

From

(m)

To

(m)

Length

(m)

Cu (%)

Zn (%)

Au (g/t)

Ag (g/t)

Harena North of Pit

HX-028A

No Significant Values

 

 

 

 

 

HX-029

No Significant Values

 

 

 

 

 

HX-030

No Significant Values

 

 

 

 

 

HX-031

No Significant Values

 

 

 

 

 

HX-032

261.40

262.30

0.90

1.54

0.15

0.08

11.0

HX-033

82.20

89.00

6.80

0.03

0.73

0.06

2.5

HX-034

No Significant Values

 

 

 

 

 

HX-035

No Significant Values

 

 

 

 

 

HX-036

No Significant Values

 

 

 

 

 

 
Figure 1. Harena Mine – Drillhole Location Map
Drillhole location Map

Figure 2. Harena - Section A-A’ L6150
Figure 2. Harena - Section A-A’ L6150

Figure 3. Harena - Section B-B’ L6200
Figure 3. Harena - Section B-B’ L6200
Figure 4. Harena - Section C-C’ L6250
Figure 4. Harena - Section C-C’ L6250
Figure 5. Harena – Longitudinal Projection (looking northwest)
Figure 5. Harena – Longitudinal Projection (looking northwest)
Note: Drill holes shown are key holes used to define the borehole geophysical model.


Drill Collar Locations

HOLE
ID

UTM
Easting

UTM
Northing

Elevation

Depth
 (m)

Azimuth

Dip

Harena Drill Collar Locations

HX-028A

334793

1708156

597

542

125

-65

HX-029

334186

1706879

609

396

125

-50

HX-030

334900

1708265

596

452

125

-60

HX-031

335000

1708350

595

446

125

-60

HX-032

334940

1708055

598

317

125

-50

HX-033

335224

1708466

595

431

125

-65

HX-034

335675

1708835

596

380

125

-65

HX-035

335050

1708455

594

401

125

-60

HX-036

335005

1708125

597

419

125

-50

HX-037

334134

1707255

605

494

125

-65

HX-038

334380

1707810

601

605

125

-70

HX-039

334244

1707416

604

477

125

-65

HX-040

334310

1707685

602

536

125

-62

HX-041

334429

1707775

601

492

125

-65

HX-042

334250

1707485

603

461

125

-65

HX-043

334150

1707515

603

605

125

-65

HX-044

334519

1707859

601

473

125

-60

HX-045

334362

1707606

602

410

125

-59

HX-046

334381

1707894

600

586

125

-57

HX-047

334265

1707736

601

607

125

-65

HX-048

334301

1707587

603

551

125

-70

HX-049

334179

1707550

603

536

125

-63

HX-050

334236

1707634

602

680

125

-72

HX-051

334248

1707691

602

650

125

-70

Note: Collar coordinates are in UTM WGS84 Zone37N