Bridgeport Announces Commencement of Exploration on Its Rosario Copper-Gold Property
January 21 2010 - 7:56AM
Marketwired
Bridgeport Ventures Inc. (TSX VENTURE: BPV) ("Bridgeport") is
pleased to announce that it has commenced exploration on its
Rosario property located in Region III of Chile near the mining
centre of Copiapo. The program will consist of geological mapping
and sampling of existing workings. This will be followed by a two
phase 10,000 metre diamond drill program, which is scheduled to
commence on March 1st, 2010.
Numerous distinct zones of copper-gold mineralization, covering
an area of 1.4 square km, have been identified on the Rosario
property by surface and underground mine workings, hydrothermal
alteration, copper showings, and geochemical rock chip sampling. In
addition, sulphide ore trucked from Rosario to the nearby ENAMI
plant over the past 18 months had a weighted average grade of 2.05%
copper and 0.79 gms/tonne gold. Dr. Matthew Gray President,
president of Resource Geosciences expressed the view that the
property has the potential to host bulk mineable copper-gold
deposits in a technical report of the Rosario property. The report
was in compliance with National Instruments 43-101.
Hugh Snyder, Chairman and CEO of Bridgeport, stated "Rosario
presents an outstanding exploration opportunity in a geological
terrain, which is host to a number of major mines. The Rosario
property has never been drilled."
The planned exploration program would also cover Bridgeport's
Tamara and Soesmi properties, which are adjacent to the Rosario
property. Under terms of its agreement with the property owners,
Bridgeport's subsidiary, Rio Condor Resources S.A., can acquire
100% interest in the three properties, subject to the royalties
payable to the owners of the three properties, by paying the
vendors US$11.9 million over 4 years. Initial payments of
US$387,000 have already been made. Bridgeport continues to evaluate
other property acquisition opportunities in the area.
Update on McCart Property
Bridgeport is also pleased to announce that a 40.7 km line
cutting program on its McCart property has been completed and that
the 32 km TEM survey of the property has commenced, the purpose of
which is to locate conductive anomalies that may be associated with
nickel sulphide bodies. Further exploration activity on the
property will depend on the results of the geophysical survey,
which are expected before the end of the First Quarter 2010.
About Bridgeport Ventures
Bridgeport Ventures (TSX VENTURE: BPV) is a Canadian mineral
exploration company with operations in Latin America. Its strong
technical team with local experience has a solid record of
discovery and a proven history of mining success. Additional
information on Bridgeport Ventures can be found at:
www.bridgeportventures.net.
Potential quantity and grade are conceptual in nature. To date,
there has been insufficient exploration drilling to define a
mineral resource on the properties referenced above, and it is
uncertain if further exploration drilling will result in a mineral
resource being defined in this area.
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Bridgeport, including, but not limited
to, the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates, currency
fluctuations, dependence upon regulatory approvals, the uncertainty
of obtaining additional financing and exploration risk. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Bridgeport Ventures Hugh Snyder Chairman (416)
350-2356 investorrelations@bridgeportventures.net
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