Mining Explorers 2009: BCGold Corp.
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Last updated 11/1/2009 at Noon
BCG: TSX-V
President and CEO: Brian P. Fowler
Chief Financial Officer: Larry M. Okada
BCGold Corp., organized in 2006 in British Columbia, is a Vancouver-based resource company focused on copper and gold exploration in underexplored mining and exploration districts in British Columbia and Yukon Territory.
BCGold Corp. acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them toward resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies.
Among the junior's key projects are the Carmacks copper-gold properties in central Yukon Territory and the Engineer Mine Property near Atlin in northwestern British Columbia.
BCGold has an option to earn 100 percent interest in the 17 Carmacks properties, located about 220 kilometers, or 143 miles, northwest of Whitehorse and covering 17,125 hectares, or 41,271 acres.
The property makes BCGold the largest landholder in the Carmacks Copper-Gold Belt, which also hosts Capstone Mining Corp.'s Minto Mine and Western Copper Corp.'s Carmacks Copper Project, currently in the mine permitting stage.
BCGold's exploration strategy in the region is focused on the discovery of standalone and satellite copper-gold deposits, the latter of which could be used to supplement mill feed for the nearby Minto and future Carmacks Copper Project mining operations.
BCGold Corp. has been methodically exploring and advancing its Carmacks Copper-Gold Properties since November 2006.
To date, the Company has incurred exploration expenditures in excess of C$3.2 million, has discovered 7 copper zones and delineated the Minto and Carmacks Copper-Gold trends by geophysical and geochemical techniques for over 25 and 15 kilometres, respectively.
In 2008 BCGold Corp. conducted a comprehensive $1.2 million, 2-phase exploration program on 9 properties. Exploration work entailed geological mapping and prospecting, line cutting, induced polarization (I.P.) geophysical and mobile metal ion (MMITM) geochemical surveys. Also in 2008, BCGold Corp. completed a 5 hole, 1,235 metre diamond drill program on the WS property, targeting geochemical and/or geophysical anomalies believed to represent strike extensions of Western Copper's Carmacks deposits. Drill hole WS08-09B intersected 2 near-surface copper sulphide horizons over 63.1 metres that averaged 0.17 percent Cu (containing 23.6 m averaging 0.34 percent Cu).
In 2009 BCGold Corp. carried out a $600,000 exploration program on 9 of the Carmacks Copper-Gold Properties, conducting additional geochemical and geophysical surveys, mapping, prospecting and surface trenching.
A number of high quality, drill-ready geophysical and geochemical exploration targets have been defined, including several "Minto-type" targets on 4 properties north of the Minto Mine.
BCGold intends to drill test a number of these targets early in 2010.
The junior, meanwhile, is seeking to ally with a major to assist with advancing the Carmacks properties.
At the Engineer Mine Property, situated 32 kilometers, or 20 miles, west of Atlin, BCGold has spent more than C$1.4 million in exploration since acquiring the property in 2007.
On May 5, the junior reported receipt of an amended permit from the British Columbia Ministry of Environment to fully dewater the Engineer Mine in 2009.
However, BCGold decided not to proceed with dewatering the lowermost mine workings this year.
The junior has an option to earn 100 percent interest in the Engineer Mine Property with no underlying royalties.
BCGold is evaluating the best means to advance the project in 2009.
In addition to bulk tonnage, low-grade gold mineralization, the property offers excellent potential for resource development and near-term, small-scale, high-grade gold production from existing underground headings on the Engineer, Double Decker and Boulder Veins.
The company is currently evaluating a number of exploration and development proposals, several of which could involve proceeding by joint venture or on a royalty agreement basis.
Kinross Gold Corp. has participated in BCGold's last 3 financings and maintains a 13 percent interest in the junior.
Cash and short-term deposits: C$431,394 (at May 31, 2009)
Working capital: C$1.2M (at August 15, 2009)
Market capitalization: C$4.7 million
1400, 625 Howe St.
Vancouver, British Columbia
Canada V6C 2T6
Tel: 604-646-1589
Fax: 604-642-2411
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