- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) is pleased to announce that the Company has commenced its summer exploration program at the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west of Smithers, British Columbia. 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 work program for Zymo is budgeted at $2 million and is fully funded. The work program includes 8,000 metres of helicopter supported diamond core drilling, 30 kilometres of IP surveys, soil geochemical surveys, geological mapping and prospecting. Line cutting, soil sampling and prospecting are underway. IP surveys and diamond drilling are scheduled to begin in mid-August.
"We are excited by the opportunity to begin exploring the Zymo copper-gold porphyry system. We believe that exploration work carried out to date indicates the exceptional potential of the project. We are hopeful that drilling in 2011 will expand known mineralization and identify new areas of interest. " commented Geoff Chater President and CEO of Bearing.
Hobbes has been tested by ten core holes totaling 3,239 metres with encouraging results including higher grade intervals including 72 metres grading 0.72% copper and 0.54 gpt gold in hole ZY08-09. The Zone is untested to the east of ZY08-09. The western extension of Hobbes, defined by hole ZY08-16 that returned 339 metres grading 0.23% copper and 0.13 gpt gold from surface including 78 metres grading 0.41% copper and 0.26 gpt gold, also remains open. The best drill results coincide with a strong magnetic high, mid-level IP chargeability and copper-gold soil geochemistry. Hobbes outcrops and mineralization is associated with the margins of a large granodiorite dyke. Ten holes have been budgeted to test the extensions of the Zone and to infill previous drilling.
FM is a broad soil geochemical target with coincident high IP chargeability values. Within the anomaly are discreet zones that have not been drill tested which exhibit a high magnetic response similar to Hobbes. The northern portion of FM is partially exposed in a creek where an 85 metre chip sample returned 0.13% copper and 0.23 gpt gold. Four holes have been budgeted to test FM.
URC is west and continuous with the soil anomaly that defines Hobbes. URC is underlain by a large magnetic high and is on the flank of a large property wide IP chargeability anomaly. Mapping of the limited outcrop in the area has identified mineralized porphyry grading up to 0.3% copper. Three holes have been budgeted to test this poorly exposed zone.
The RD Zone ("RD") is located two kilometres south of FM near the valley floor and is covered with overburden with limited outcrop. RD is defined by a large gold in soil anomaly with local coincident copper in soil anomalies. The southern portion of the target is underlain by a large magnetic high and a single line of IP indicates the northern contact of the magnetic body is a high IP chargeability zone. An outcrop in a creek exposes a 1 metre wide by 100 metre long base metal vein that has returned values up to 17 gpt gold and 568 gpt silver with associated zinc and lead. This peripheral vein style mineralization may be associated with a buried porphyry target. Three holes have been budgeted to test RD as well as additional IP coverage.
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."