April 19, 2016

Bisha Mining Intersects Further High Grade Mineralization at Asheli

Bisha Mining Share Company (BMSC) is pleased to announce new assay results from drilling at the Asheli prospect which is part of the ongoing 2016 Regional Exploration program at Bisha. 

HIGHLIGHTS

  • New drilling demonstrates continuity of Asheli mineralization
    • New massive sulphide intersections at Asheli include:
      • MX-068:  44.0m @ 1.97% Cu, 9.13% Zn, 0.36g/t Au, 32g/t Ag, including 20.0m @ 2.76% Cu, 11.04% Zn, 0.43g/t Au, 43g/t Ag
      • MX-066:  22.2m @ 2.43% Cu, 9.98% Zn, 0.33g/t Au, 35g/t Ag, including 7.50m @ 2.20% Cu, 21.42% Zn, 0.30g/t Au, 37g/t Ag
      • MX-065:  29.2m @ 2.10% Cu, 4.85% Zn, 0.46 g/t Au, 40 g/t Ag
      • Drill intercepts are estimated to be approximately 70% of the true width
    • Asheli mineralization open with further expansion potential possible
    • Numerous additional untested targets along the over 4 kilometres long trend of similar stratigraphy

Cliff Davis commented, “We continue to have excellent results from our exploration programs at Bisha as demonstrated today by the assays reported from our drilling at Asheli.  Asheli is a new greenfield discovery that we made on our Mogoraib River Exploration License a year ago.  Attractive copper and zinc grades in massive sulphides continue to be intersected and the massive sulphide encountered in a recent hole is nearly twice as thick as our initial intercepts were. With over four kilometres of untested strike length with similar geology the potential for further discoveries on the Asheli trend looks very promising. Our exploration efforts continue to illustrate the high potential for the Bisha District to develop in a fashion similar to that of other large VMS camps worldwide”.

Asheli

The Asheli deposit was discovered by BMSC in April 2015 (see June 18, 2015 Press Release).  The initial focus of exploration was a 700 metre long section of highly sericite and chlorite altered felsic volcanics with associated small, pod-shaped surface gossans within a five kilometre long horizon with similar geology.  Limited historical drilling (ASD prefixed holes) had intersected only narrow stringer style mineralization with minor chalcopyrite and sphalerite but no massive sulphides. 

BMSC’s 2015 discovery hole MX-044 returned 8.30 metres of massive sulphide grading 1.44% Cu and 4.00% Zn.  Follow-up drilling in hole MX-052 confirmed the new discovery with 22.90 metres of massive sulphide grading 2.29% Cu and 4.50% Zn and additional massive sulphide mineralization was intersected in hole MX-056 (20.90 metres grading 1.26% Cu, 6.08% Zn).  Drilling was suspended in July for the rainy season in this part of Eritrea and to focus on other high priority targets elsewhere.

In April 2016, drilling resumed at Asheli with a goal of better defining the geometry of the massive sulphide deposit.  Holes MX-065 (29.2 metres grading 2.10% Cu, 4.85% Zn; see table below) and MX-066 (22.2 metres grading 2.43% Cu, 9.98% Zn) confirmed the thickness and continuity of the massive sulphide zone, in addition to the high grade nature of the mineralization.  Hole MX-068 targeted the projected down plunge extension of the mineralization approximately 100 metres below the known deposit.  This hole successfully intersected 44.0 metres of massive sulphide grading 1.97% Cu and 9.13% Zn.  Additional drilling is currently in progress to further extend this new thick zone of mineralization.

These new drill holes further highlight the prospectivity of the Asheli Trend to host high grade massive sulphide deposits.  With only about one kilometre of the favourable trend having been drill tested so far, further drilling on this trend is planned once the definition of the Asheli deposit has been completed.


 

 

Quality Assurance                                                                                 

A Quality Assurance/Quality Control program was part of the assaying program at Bisha.  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.

Mr. Robert Foy P.Geo., BMSC’s Exploration Manager, has been overseeing the drilling at Bisha 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.

 

 

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman