Batero rises on long intercepts

Batero Gold (BAT-V) released the best drill results yet from its Batero-Quinchia gold project in Colombia and the news took the company’s shares for a wild ride. 

In Toronto on Feb. 17, the day the results were released, Batero shares shot-up 35% or $1.02 to end the day at $3.93 on 3.01 million shares traded.

Assays were highlighted by hole 8 assaying 0.72 gram gold per tonne and 0.13% copper over 591.5 metres, and hole 5 returning 0.46 gram gold and 0.09% copper over 398.9 metres.

Both holes came out of the La Cumbre porphyry and neither of the intercepts represents true-widths.

“These drill results confirm our strategic approach to step-out drilling and strong belief that La Cumbre mineralization extends at depth,” Brandon Rook, president and chief executive of Batero, said in a statement.

The company’s drill program comprises four rigs aiming to define the mineralized extent of the porphyry bodies discovered more than four years ago, while also looking for new discoveries.

Two of the rigs are testing La Cumbre, where Batero says five historic holes have confirmed the porphyry body. 

So far, the company has drilled 11 holes at the zone.

A third rig is testing what is called the La Lenguita area – a new exploration target that sits 500 metres northeast of La Cumbre.

Batero says the visuals from the hole indicate gold mineralization but results are pending.

The last rig is drilling the first hole at another exploration target known as Matecana, which sits 340 metres lower and 1 km southeast of La Cumbre.

The 16,000-metre drill program got underway last October and Batero plans to add to it by bringing a fifth rig to the project in March, then following that up by adding three more rigs shortly after.

Batero-Quinchia includes three known gold porphyry target centres along Colombia’s emerging Mid-Cauca porphyry gold and copper belt. 

The belt is also home to Medoro Resources‘ (MRS-T) Marmato gold deposit, which sits 20 km to the north and AngloGold Ashanti‘s (AU-N) La Colosa gold deposit, which is 100 km to the south.