In the world of prospecting for gold, there can be several approaches, such as heading for lands that are relatively unexplored, re-exploring abandoned fields that historically showed some reserves or simply going to where the major miners are pulling gold and other resources from the ground on a regular basis.
Junior miners cover the whole gambit of strategies in their quest to unearth the precious yellow metal, but clearly the favorite is to find property centrally located to the "big boys" and dig in with the intention of duplicating their success.
Vancouver-based Bellhaven Copper & Gold Inc. (TSX-Venture:BHV) is one of these companies that finds its primary holdings surrounded by major miners that have produced significant findings all around the Bellhaven prospects in Columbia. As announced last year, the Company holds the rights to earn a 100% interest in its La Mina project in within the Middle Cauca belt of Miocene-age volcano-plutonic rocks in central Colombia.
La Cantera is the Company’s principal porphyry gold-copper prospect at La Mina, but the property also contains five other prospects which occur within one kilometre of La Cantera; the Middle Zone, El Limon, El Cafetal, La Virgen, Filo de Oro, and El Tanque.
While most of the concession remains unexplored, this area is known to host large porphyry gold deposits such as AngloGold Ashanti’s La Colosa project (12.3 M oz Gold contained in 381 Mt @ 1.00 g/t Gold), Sunward Resources’ Titiribi project (3.7 M oz Gold contained in 230 Mt @ 0.5 g/t Gold), AngloGold Ashanti/B2Gold’s Quebradona project and Batero Gold’s Quinchia, and large epithermal gold districts such as Medoro Resources’ Marmato project (9.8 M oz Gold contained in 342 Mt @ 0.90 g/t Gold).
An exhibition as to the magnitude of gold in the region was demonstrated in 2006 as AngloGold Ashanti and Bema Gold had two holes they drilled result in intercepts in excess than 90 metres sampling greater than 1 g/t gold with significant copper at shallow depths.
Today, Bellhaven announced news of the first set of trench results at its Filo De Oro prospect that is part of the La Mina project.
The trench delivered 22 metres grading 0.70 g/t gold and, equally important, ended with the mineralized zone open at both ends with the last sample at the southern end of the trench assayed 1.37 g/t gold. This project is a new discovery this year for Bellhaven and is located only 600 metres from the La Cantera prospect. Given the new discovery and significant findings, Bellhaven has ordered a second diamond drill rig be delivered to the site to expedite the drilling process. The rig’s arrival is expected later this month.
While many miners strike out on their own in search of the elusive gold that continues to push to new highs in value, Bellhaven appears to have found a solid location south of the border.
The La Mina prospect is showing strong promise, but it is not all that the Company possesses as it also controls the Pitaloza and three other high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama. Investors have seen the value of shares rise in value from touching 18 cents in July 2010 to peaking at nearly one dollar in December 2010.
While there has been a decline over the last few months as the value per share has slid to just over 70 cents, with ongoing developments on continued news of substantial gold findings, Bellhaven just may continue to find itself on the top of watchlists for the devout community of mining investors in the near future.
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