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June 1, 2016

Bisha Mining Continues to Intersect High Grade Mineralization at Asheli

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

HIGHLIGHTS

  • Drilling extends Asheli down dip with increasing zinc grades
    • New massive and stringer sulphide intersections at Asheli include:
      • MX-071:  13.3m @ 1.82% Cu, 9.87% Zn, 0.51g/t Au, 30g/t Ag
      • MX-075:  31.3m @ 1.30% Cu, 13.98% Zn, 0.70g/t Au, 410g/t Ag, including 13.7m @ 0.91% Cu, 28.01% Zn, 0.24g/t Au, 16g/t Ag
      • MX-076:  11.00m @ 1.91% Cu, 9.99% Zn, 0.36g/t Au, 33g/t Ag
      • MX-082:  14.3m @ 1.43% Cu, 5.93% Zn, 0.37 g/t Au, 23 g/t Ag
      • True widths are estimated to be approximately 70% of the drill intercept length
    • Further expansion potential possible to the northeast
    • Drill testing has begun on the numerous untested targets along the 4 kilometers of similar stratigraphy

Cliff Davis commented, “Asheli continues to demonstrate high grades of copper and zinc with the deeper holes being particularly zinc rich.  The deposit is fairly compact and relatively shallow which should be advantageous for mining. There is room for growth to the northeast and strong footwall alteration is present in this area.  VMS deposits rarely occur in isolation and we have now started testing other targets along the four kilometers of similar geology to the east and northeast. Our exploration efforts continue to illustrate the high potential for the Bisha District”.

The Asheli deposit was discovered by BMSC in April 2015 (see June 18, 2015 Press Release).  The initial focus of exploration was a 700 meter long section of highly sericite and chlorite altered felsic volcanics with associated small, pod-shaped surface gossans.  The geology continues on-strike for five kilometers of similar geology.  Limited historical drilling (“ASD” prefixed holes Figure 2 below) 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 meters 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 meters of massive sulphide grading 2.29% Cu and 4.50% Zn and additional massive sulphide mineralization was intersected in hole MX-056 (20.90 meters 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.  Early results from the campaign included hole MX-068 which targeted the projected down plunge extension of the mineralization approximately 100 meters below the known deposit.  This hole successfully intersected 44.0 meters of massive sulphide grading 1.97% Cu and 9.13% Zn (see April 19, 2016 Press Release).

Four additional holes have now intersected massive sulphides at the Asheli deposit.  Hole MX-075 drilled 60 meters down dip of hole MX-068 intersected 31.3 meters of massive and stringer sulphides grading 1.30% Cu and 13.98% Zn.  A particularly zinc rich section graded 0.91% Cu and 28.01% Zn over 13.7 meters (see cross-section in Figure 2 below). The deposit remains open to the northeast where it has potentially been off-set.   Future drilling will target this area.  A maiden resource for Asheli will be included in the annual resource update scheduled to be released in early 2017.

Drilling is now in progress targeting the 4 kilometers of similar stratigraphy to the northeast. 

 

 

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