- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) is pleased to announce that the Company has commenced diamond drilling at the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west of Smithers, British Columbia. Bearing has an option to earn up to a 65% interest in the project from Eastfield Resources Ltd. (TSX-V: ETF). Exploration work carried out to date at Zymo, including surface sampling, geophysical testing and core drilling, has identified a large copper-gold porphyry system. Four distinct porphyry targets (Hobbes, FM, URC and RD Zones) have been identified over an open ended nine kilometre by three kilometre area defined by a copper in soil anomaly coincident with an induced polarization ("IP") chargeability anomaly.
The Hobbes Zone ("Hobbes") is the most advanced target with ten historic drill holes intersecting copper/gold mineralization over a distance of 600 metres. The best hole (ZY08-09) returned 72 metres (core length) of 0.72% copper and 0.54 gpt gold within a longer interval that returned 159 metres grading 0.44% Cu and 0.32 gpt gold. The URC Zone ("URC") is 1.5 kilometres west and the FM Zone ("FM") is located 4.0 kilometres east of Hobbes. In addition, prospecting in 2010 discovered a mineralized float sample assaying 0.74% copper and 0.70 gpt gold, 1.5 kilometres west of URC, beyond the area of any existing grid work.
The 2011 exploration program for Zymo is budgeted at $2 million and is fully funded. The program includes 8,000 metres (est. 20 drill holes) of helicopter supported diamond core drilling, 30 kilometres of IP surveys, soil geochemical surveys, geological mapping and prospecting. For details of the proposed drilling program please refer to Bearing's news release 11-08 published on August 4, 2011.
Drill results will be published upon receipt and analysis of assay data.
Robert Cameron, 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 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 potential 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 also holds a portfolio of Yukon exploration properties located near Golden Predator's Clear Creek gold project and Northern Tiger's 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,849 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
BEARING RESOURCES LTD.
Geoff Chater President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact Geoff Chater at (604) 614-7830 or 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 the Zymo 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."