- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing" or the "Company") (TSX-V Symbol BRZ) is pleased to announce results from its 2011 Yukon field work program completed on its properties located in the Upper Hyland River Gold Belt in the Watson Lake Mining District. The Company holds four properties (HY-JAY, VF, VBA and VM) that are located along a roughly 90 kilometre belt of favourable Upper Proterozoic to Lower Cambrian Hyland Group stratigraphy. This belt hosts several high grade gold-vein occurrences, including (from south to north); the POW (Aben Resources Ltd. "Aben"); 3ACE and GREEN (Northern Tiger Resources Inc. "Northern Tiger"); FER (Precipitate Gold Ltd.); and Bearing's HY-JAY. A map of the claims is posted on the Company's website at www.bearingresources.ca.
Results from 2011 include the discovery on the HY-JAY of the Zig Zag gold zone ("Zig Zag"), a large field of sub-crop and float boulders of quartz-arsenopyrite vein material in metasediments and phyllite. Grab samples returned assay results of 6.06 grams per ton (g/t) gold, 14.6 g/t gold, 47.0 g/t gold, 19.9 g/t gold and 6.24 g/t gold, (samples 65638, 65639, 65640, 65641 and 19420, respectively). Samples 65640 and 65641 also assayed 175 g/t silver and 3.17% lead, and 230 g/t silver and greater than 1% lead, respectively. It is important to note that grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.
Identification of Zig Zag adds to the East and West gold Zones identified on the HY by previous operators between 1997 and 2000. The East and West Zones are highlighted by 0.9 kilometre and 1.4 kilometre long gold and arsenic soil geochemical anomalies and numerous rock samples hosted in meta-sediments that returned values greater than 1 g/t gold. Grab sample 73723 collected in 1997 from the West zone returned 144.1 g/t gold (Bearing news release of November 24, 2011).
David Tupper, Vice President of Exploration commented "While further mapping and prospecting in 2012 is required to identify the up slope bedrock source of the mineralization, the new discovery of high grade gold mineralization on HY-JAY confirms the potential of the property."
At the south end of the belt, the VF property is located between and contiguous with Aben's Justin property to the southeast and Northern Tiger's Sprogge property to the northwest. .At VF, a broad, low threshold magnetic anomaly is highlighted with spatially associated soil anomalies in gold (up to 730 parts per billion (ppb)) and arsenic (up to 379 parts per million (ppm)). The anomalies are located in the northeast corner of the property adjacent to Aben's 2011 POW zone discovery where drill hole JN11009 intersected skarn-style mineralization including a 60 metres interval grading 1.19 g/t gold (Aben news release November 17, 2011).
The VBA property located 45 kilometres to the northwest of HY-JAY was staked in July 2011 to cover open ground to covering an 824 ppm arsenic (greater than 99% percentile) government regional geochemical stream sediment survey anomaly. Results from preliminary work completed in 2011 identified a number of multiple station, coincident gold (33 of 265 samples above 17 ppb with a high of 405 ppb gold) and arsenic (23 of 265 above 45 ppm with an high of 14,000 ppm arsenic) soil anomalies.
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 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 26,474 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 exploration results 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.