Kupol drilling confirms high-grade for Bema

Vancouver – Drilling by Bema Gold (BGO-T) on its Kupol project, in the Chukotka region of northeastern Russia, continues to return high-grade gold and silver values.

Of the 49 holes (9,000 metres) completed so far, assays have been received for 29. Values have shown significant, bonanza-grade gold-silver, confirming earlier results and continuity of the deposit.

Additionally, mineralization has been expanded throughout the four zones that constitute Kupol (the Big Bend, Central, North and South zones). Drilling has also extended the high-grade mineralization to depth at the North zone.

Results from Bema’s latest round of drilling include:

  • Hole KP04-158 An infill hole on the Big Bend zone cut 21.9 metres (from 133 metres),or a true width of 13.02 metres, grading 55.82 grams gold per tonne and 727.3 grams silver per tonne;
  • Hole KP04-172 This hole drilled below the Big Bend zone returned 8.2 metres (from 165 metres), 4.1 metres true width, grading 11.76 grams gold and 196.72 grams silver, including 0.63 metres (true width) of 45 grams gold;
  • Hole KP04-182 The core hole was drilled deeper than previous holes on Big Bend and cut 10.5 metres (from 219.1 metres), or 8.85 metres true width, of 12.85 grams gold and 175.31 grams silver, including 5.06 metres (true width) assayed at 20.01 grams gold and 264.62 grams silver;
  • Hole KP04-190 Drilled to twin an earlier Russian hole, it intersected 5.67 metres (true width) grading 84.99 grams gold and 670.57 grams silver, showing excellent correlation to the previous drilling. A second vein was intersected at about 75 metres, below the extent of the previous Russian program, returning 9.95 metres (true width) grading 44.95 grams gold and 563.79 grams silver, including 6.24 metres of 71.22 grams gold and 888.28 grams silver.

Bema’s program at Kupol this year will include about 55,000 metres of exploratory and infill drilling, ground geophysics (magnetics and resistivity) and surface preparation and construction.

The company is plans to develop Kupol as a high-grade gold-silver operation and is earning a 75% interest from the Government of Chukotka. A preliminary indicated resource of 2.6 million tonnes grading 22.3 grams gold per tonne and 232 grams silver per tonne (1.8 million ounces gold and 19.1 million ounces silver) has been identified. An additional inferred resource of 7.2 million tonnes of 18.4 grams gold and 243 grams silver (4.2 million ounces gold and 55.9 million ounces silver) has been calculated.

Kupol is an epithermal vein system up to 30 metres in width hosting high-grade gold and silver mineralization. The system has been defined over 4 kilometres of strike length and remains open along strike and to depth.

As of the latest report, Bema has 356.6 million shares outstanding.


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