- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce that the Company has commenced a drill program at its Parrandera gold-copper project located in the Mapimi region of Durango, Mexico. Bearing has the right to acquire a 100% interest in the optioned Parrandera properties (News Release June 21, 2011).
The drill program will consist of approximately 1,200 metres of drill core in 6 to 8 drill holes and is expected to be completed by the end of May, 2012. The drill program will test the Parrandera target for intrusion related precious and base metal mineralization. Prospecting, soil geochemical sampling and an induced polarization ("IP") survey have outlined a 1,500 metres by 500 metres anomaly. The anomaly consists of a coincident gold, copper and zinc soil anomaly with partially coincident IP chargeability highs located within areas of historical pitting and tunneling. Sampling from an adit constructed by historic miners returned a 20 metre weighted average interval grading 2.58 g/t gold and 0.33% copper. Samples collected the full length of the 92.73 metre long adit returned a weighted average of 0.86 g/t gold and 0.15% copper (News Release January 11, 2012).
The Company's exploration efforts in Mexico are focused on targeting precious and base metal-rich systems analogous to the Goldcorp's Penasquito and Camino Rojo deposits. The Parrandera properties represent a small fraction (351 hectares) of the larger Mapimi gold and silver project ("Mapimi"). Mapimi consists of a contiguous land position (Parrandera, Pedro & KM 66 properties) approximately 40,000 hectares in the highly prospective Altiplano Region of Central Mexico (see map at www.bearingresources.ca). The Mapimi silver-gold project exhibits many of the characteristics that typify these deposits, in particular, breccia hosted and carbonate replacement mineralization associated with buried porphyry mineralization (KM 66 property). The Company believes that the precious and base metal mineralization identified to date on the Mapimi property may well be indicative of a larger mineral system under shallow cover.
The KM 66 acquisition (News Release March 12, 2012) remains subject to the completion of due diligence and execution of a Definitive Agreement.
Dave Tupper, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing is conducting exploration for precious and base metals deposits at the ~40,000 hectares Mapimi project located in the Altiplano Region of eastern Durango, Mexico. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west from the town of Smithers, British Columbia. The Company's Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's Flume property located within the White Gold District.
BEARING RESOURCES LTD.
Geoff Chater President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact either Geoff Chater at (604) 614-7830 (email@example.com) or Paul Reinhart at (604) 488-4907 (firstname.lastname@example.org)
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to, those with respect to uncertainties in interpreting exploration and drill results, statements about the terms of the proposed option agreement and exploration potential of the property, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bearing to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta. 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.