Bearing Reports Maricunga Assay Results




Bearing Reports Maricunga Assay Results

06-Feb-2017

Vancouver, British Columbia - Bearing Resources Ltd. ("Bearing" or the "Company") (TSX Venture: BRZ) has received results from Li3 Energy Inc (“Li3”) from the ongoing exploration program at the Maricunga lithium brine project located in Chile (the “Maricunga Project”). Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga lithium brine project (the “Li3 Definitive Agreement”). Li3 holds a 17.7% interest in the project along with Minera Salar Blanco (“MSB”) and Lithium Power International Limited (“Lithium Power”) at 32.3% and 50% respectively. Under the terms of the joint venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.

Exploration Results

Assay results for two holes are provided which were drilled on the “old code” San Francisco tenement. Results were initially released by Lithium Power on January 17th, 2017.Highlights include hole S3 that returned 1,040 mg/l lithium over 186 metres and hole S13 that returned 999 mg/l lithium over 186 metres.

San Francisco Drilling

Hole S3 – Hole S3 was drilled near the centre of the tenement. Brine samples averaged 1,040 mg/l lithium and 7,708 mg/l potassium over a 186-metre test interval starting at 12 metres with peak assays of 1,240 mg/l lithium and 9,870 mg/l potassium over 6 metres at 174 metres. Hole S3 is located about 2km south from hole M2 and 3km west from hole M10, both of which have been previously released.

Hole S13 – Hole S13 was drilled in the northern section of the tenement. Brine samples averaged 999 mg/l lithium and 7,294 mg/l potassium over the 186-metre test interval, with peak assays of 1,260 mg/l lithium and 9,480 mg/l potassium over 6 metres at 102 metres. Hole S13 is located about 2.5 km north east of hole M2 and 3km north of hole M10, both of which have been previously released.

Both holes S3 and S13 were drilled vertically to 200 metres by rotary drilling and sampled every 6 metres, with reported intervals representing true thicknesses. Both holes terminated in high-grade lithium brine at depth hosted within a favorable sand and gravel sequence.

Jeremy Poirier, President and Chief Executive Officer of the Company commented: “We are extremely pleased with the results from the exploration program to date in which high-grade lithium-rich brine is being encountered outside of the historical resource footprint.”

QA/QC:

Drilling was by rotary drilling that provide cuttings for lithological logging and for geological interpretation.Brine samples were collected at 6 m intervals during drilling. This involved purging brine from the drill hole and then taking a sample corresponding to the interval between the rods and the bottom of the hole.The brine sample was collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. Brine samples collected following the purging of the holes are homogenized as brine is extracted from the hole using a bailer device.Each bottle was taped and marked with the sample number and details of the hole and the time of the sample were noted.The University of Antofagasta in northern Chile was used as the primary laboratory to conduct the assaying of the brine samples collected as part of the drilling program. They also analyzed blanks, duplicates and standards, with blind control samples in the analysis chain.Additional details of the QA/QC program and sampling procedures are provided in the Lithium Power press release mentioned.

Robert Cameron, P.Geo., who is a technical consultant to the Company and is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.


ON BEHALF OF THE BOARD

Signed "Jeremy Poirier"
Jeremy Poirier, Director President and CEO

FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier | Director President & CEO
Phone: + 1 604 262 8835
Email: jpoirier@bearingresources.ca

Neither the 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.

About Bearing Resources Ltd.

Bearing is an exploration and development company. The Li3 Definitive Agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.