Bema looks to Russia for high grade

Vancouver – Bema Gold (BGO-T) has inked a deal with the government of the Chukotka, an autonomous region in northeastern Russia, to acquire up to a 75% interest in the high grade Kupol gold and silver project.

The project is situated about 950 km northeast of Bema’s Julietta Mine and 200 km east of the city of Bilibino. Access to the property is via dirt road and all terrain track in the summer and winter road for the remainder of the year or by helicopter from Bilibino.

Bema stands to earn a 75% interest in the Kupol property through cash payments and the completion of a feasibility study. Details of the agreement will be released once the definitive documentation is completed in November.

The Kupol project hosts a large epithermal gold and silver vein system that is reported to measure up to 30 metres in width. The vein system was defined by a Russian operator using geological mapping, diamond drilling, trenching, geochemistry and geophysics. The system has been outlined over 4 km of strike length and remains open along strike as well as to depth.

Bema reports that about 35 trenches have been dug over 3 km of strike length. Several high grade intercepts were cut in on the 1,800-metre section, including 183.4 grams gold and 2,557.5 grams silver over 11.8 metres in trench K-16. In trench K-34 a 9-metre section cut 154.8 grams gold and 548.8 grams silver.

Highlights of some other trenching results are as follows:

• Trench K-04 cut 10 metres averaging 58.4 grams gold and 530.0 grams silver.
• Trench K-13 cut 2.8 metres averaging 70.1 grams gold and 176.2 grams silver.
• Trench K-12 cut 11.4 metres averaging 13.0 grams gold and 147.5 grams silver.
• Trench K-29 cut 7.0 metres averaging 23.5 grams gold and 160.7 grams silver.
• Trench K-26 cut 3.9 metres averaging 28.0 grams gold and 102.4 grams silver.
• Trench K-10 cut 3.8 metres averaging 20.3 grams gold and 124.7 grams silver.
• Trench K-10 also cut 7.5 metres averaging 11.3 grams gold and 111.7 grams silver.
• Trench K-03 cut 3.2 metres averaging 129.2 grams gild and 517.2 grams silver.
• Trench K-01 cut 12 metres averaging 30.7 grams gold and 329 grams silver.
• Trench PL-49S cut 4.0 metres averaging 56.04 grams gold and 259.9 grams silver.
• Trench K-16 cut 11.8 metres averaging 183.4 grams gold and 2,557 grams silver.
• Trench K-33 cut 3.2 metres averaging 23.4 grams gold and 114.6 grams silver.
• Trench K-17 cut 7.3 metres averaging 37.2 grams gold and 343.4 grams silver.
• Trench K-34 cut 9.0 metres averaging 154.8 grams gold and 548.8 grams silver.
• Trench K-18 cut 3.3 metres averaging 16.2 grams gold and 103.0 grams silver.
• Trench K-19 cut 8.9 metres averaging 16.8 grams gold and 113.8 grams silver.
• Trench K-20 cut 6.2 metres averaging 18.2 grams gold and 147.0 grams silver.

Bema states that it also has received results from 20 diamond drill holes that have been drilled along 400 meters to a maximum depth of 140 metres. Highlights of some of these holes are as follows:

• Drill hole C-14 cut 6.3 metres averaging 32.2 gold and 206.7 grams silver starting 30.8 metres down-hole.
• Hole C-07 cut 17.2 metres averaging 13.2 grams gold and 125.8 grams silver starting 47.2 metres down-hole.
• Hole C-02 cut 6.6 metres averaging 85.3 grams gold and 704.4 grams silver, starting 77.5 metres down-hole. This was followed by a 2.7-metre section that averaged 31.3 grams gold and 143.6 grams silver, starting 95.1 metres down-hole.
• Hole C-05 cut 41.3 metres averaging 51.6 grams gold and 530.9 grams silver, starting 153.7 metres down-hole.
• Hole C-34 cut 147.8 29.2 metres averaging 16.0 grams gold and 340.1 grams silver, starting 147.8 metres down-hole.

Previous Russian operators estimated a resource of 780,000 tonnes grading 33.3 grams gold and 372.8 grams silver. This estimate was calculated from a 400-metre section of the vein strike length to a maximum depth of 100 metres and does not include a number of significant trench results. Bema’s management believes that the Kupol property has the potential to host a multi-million ounce high grade gold and silver deposit that could be exploited by both open pit and underground mining.

The junior intends to deliver camps, drill rigs and supplies to the Kupol site over the winter months and plans to kick off an extensive trenching, drilling and metallurgical sampling program in April 2003.