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June 18, 2015

 

Bisha Mining Discovers New Massive Sulphide Deposit at Bisha

 

Bisha Mining Share Company (BMSC or the Company) is pleased to announce assay results from a new massive sulphide discovery at the grassroots Asheli prospect on the Mogoraib River Exploration License located 20 kilometers southwest of the Bisha processing plant.  The Asheli drilling is part of the 2015 Bisha regional exploration program which builds on the highly successful 2014 program.

HIGHLIGHTS

  • New greenfield volcanogenic massive sulphide discovery at Asheli
  • High grade massive sulphide intersections include:
    • MX-052: 2.29% Cu, 4.50% Zn,  0.45 g/t Au, 37 g/t Ag over  22.9 m
      Including 3.67% Cu, 8.04% Zn, 0.68 g/t Au, 50 g/t Ag over 7.4 m
      and 7.92% Cu, 3.89% Zn, 1.14 g/t Au, 101 g/t Ag over 2.9 m
    • MX-056: 1.26% Cu, 6.08% Zn, 0.28 g/t Au, 26 g/t Ag over 20.9 m
      including 1.71% Cu, 8.51% Zn, 0.37 g/t Au, 35 g/t Ag over 10.9 m
  • Deposit is associated with highly altered felsic volcanics and is open to expansion
  • Numerous untested geophysical targets along 4 km of similar stratigraphy

 

BMSC Chairman Cliff Davis commented, “We continue to have excellent results from our exploration programs at Bisha.  The assays reported today demonstrate that the Bisha District hosts numerous deposits like other classic volcanogenic massive sulphide (VMS) camps worldwide.  Our new greenfield discovery at Asheli is exciting in that it shows that the mineralizing systems on the Asheli trend are capable of producing high grade deposits with good thicknesses of massive sulphide.  With over 4 kilometers of untested strike length with similar geology the potential for further discoveries on this trend looks very promising”.

Asheli Prospect

The Asheli area was targeted for the initial drill testing of the over 5 kilometer long Asheli Trend which is characterized by an extensive highly siliceous felsic fragmental unit that has numerous geophysical (airborne VTEM and ground Transient EM (TEM)) anomalies associated with it.  A previous operator of the project had drilled 10 short holes at Asheli targeting surface gossans that contained anomalous gold values (ASD-series of holes).  These drill holes did not intersect any massive sulphide mineralization but did encounter narrow zones with minor chalcopyrite and sphalerite stringers.  Bisha Mining Share Company (BMSC) re-evaluated the area by field mapping and completing a lithogeochemical analysis of the volcanic rocks.  This work defined a 700 meter long zone of highly sericite and chlorite altered felsic volcanic stratigraphy associated with gossan zones enhancing the probability that a VMS deposit was likely to be found in the area.

Hole MX-044 drilled immediately below historical holes ASD-001 and ASD-003 which had tested a surface gold bearing gossan intersected the first indications of a new massive sulphide deposit.  MX-044 returned 8.30 meters of massive sulphide grading 1.44% Cu, 4.00% Zn, 0.37 g/t Au, 27 g/t Ag.  Follow-up drilling in hole MX-052 confirmed the new discovery with 22.90 meters of massive sulphide grading 2.29% Cu, 4.50% Zn, 0.45 g/t Au, 37 g/t Ag and similar results were encountered in hole MX-056 drilled approximately 100 meters above MX-052.  The mineralization is associated with strongly chlorite and sericite altered felsic volcanics.

Chalcopyrite-rich zones in the massive sulphide produce strong borehole TEM responses and these responses are helping to guide the drilling of the deposit by allowing large over 100 meter step-outs in the initial drill evaluation.  The zone remains open to expansion in a number of directions.

The Asheli discovery highlights the prospectivity of the Asheli Trend.  With only 1 kilometer of the trend drill tested during this first phase of exploration and an additional 4 kilometers that has never been drill tested and having similar geology, the likelihood of further discoveries is high. Rainy season begins in mid-June and will require further work to be paused until later in the year. 

Regional Exploration Program

The 2015 BMSC 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, Aderat and Tekewuda.  Systematic surface and borehole TEM surveys in combination with geological and lithogeochemical modeling is being used to successfully guide the exploration effort.

Quality Assurance

A Quality Assurance/Quality Control program was part of the sampling program for the Asheli 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 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 Asheli 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

Figure 1. Asheli - Drillhole Location Map

Hole ID

From

To

L (m)

Cu %

Zn %

Au
ppm

Ag
ppm

Rock
Type

MX-044

202.20

210.50

8.30

1.44

4.00

0.37

27

MSUL

includes

204.50

207.00

2.50

1.56

8.51

0.33

27

MSUL

 

 

 

 

 

 

 

 

 

MX-052

242.00

264.90

22.90

2.29

4.50

0.45

37

MSUL

includes

242.70

250.10

7.40

3.67

8.04

0.68

50

MSUL

and

255.00

264.90

9.90

1.99

3.38

0.36

39

MSUL

and

242.70

245.60

2.90

7.92

3.89

1.14

101

MSUL

and

259.90

261.80

1.90

5.62

2.53

0.37

66

MSUL

 

 

 

 

 

 

 

 

 

MX-056

142.10

163.00

20.90

1.26

6.08

0.28

26

MSUL

includes

142.10

153.00

10.90

1.71

8.51

0.37

35

MSUL

and

153.00

161.50

8.50

0.84

3.91

0.20

16

MSUL

Assays are pending for holes MX-041 - 043; MX-045 – 051; MX-053 – 055; MX-057 - 058

Figure 1. Asheli - Drillhole Location Map
Asheli Map

Assays are pending for holes MX-041 - 043; MX-045 – 051; MX-053 – 055; MX-057 - 058

Figure 2. Asheli Section 10300
Asheli map 2
Figure 3. Asheli Section 10400
Asheli Map 3

Figure 4. Asheli Longitudinal Projection (Looking Northwest)
Asheli Map 4

Drill Collar Locations

HOLE
ID

UTM
Easting

UTM
Northing

Elevation

Depth
 (m)

Azimuth

Dip

MX-041

319722

1704390

675

350

120

-50

MX-042

319713

1704286

676

350

120

-60

MX-043

319943

1704493

673

299

120

-55

MX-044

319629

1704138

678

335

120

-55

MX-045

320092

1704641

671

143

120

-55

MX-046

319529

1704000

679

291

120

-55

MX-047

320637

1705652

660

164

120

-55

MX-048

319521

1704198

677

410

120

-55

MX-049

319433

1704053

680

428

120

-60

MX-050

319361

1703843

682

440

120

-58

MX-051

319608

1704340

675

440

120

-60

MX-052

319580

1704068

677

356

120

-63

MX-053

319953

1704255

675

215

120

-58

MX-054

319476

1704126

681

503

120

-62

MX-055

320192

1704582

671

128

120

-55

MX-056

319623

1704042

679

209

120

-55

MX-057

319503

1704400

677

600

120

-68

MX-058

319478

1704222

677

600

120

-68

Note: Collar coordinates are in UTM WGS84 Zone37N

Assays are pending for holes MX-041 - 043; MX-045 – 051; MX-053 – 055; MX-057 - 058