- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) is pleased to provide an exploration update for the Company's activities at the Zymo Copper-Gold Project ("Zymo") in British Columbia. The 12,896 hectare property is located 45 kilometres west of Smithers, British Columbia and Bearing is earning a 65% interest in the project from Eastfield Resources Ltd. (TSX-V: ETF). Historical exploration, including surface sampling, geophysical testing and core drilling, has identified a large copper-gold porphyry system that includes four distinct porphyry targets (Hobbes, FM, URC and RD Zones). Overall the targets are defined by coincident copper and gold soil anomalies contained within an open-ended nine kilometre by three kilometre induced polarization ("IP") chargeability anomaly.
The work program completed in 2011 included 3,454 metres of NQ diamond drilling in 11 drill holes; 7 holes at the Hobbes Zone ("Hobbes"), 2 holes at the FM Zone ("FM") and 2 holes at the URC Zone ("URC"). The RD Zone was not drill tested. In addition, approximately 30 kilometres of IP surveying was completed as well as soil stream sediment sampling and prospecting. The work program was terminated early due to the onset of winter conditions and will be continued in the spring of 2012. Assays are pending and final geophysical data is being compiled and integrated with prior surveys.
Robert Cameron, Vice President Business Development commented, "We believe Zymo has great potential and are very pleased with the progress made during the abbreviated 2011 season. This recent phase of drilling has intercepted mineralization, alteration and lithologies that are consistent with a copper-gold porphyry system. Results are expected in the next several weeks and will be released as they become available and have been reviewed."
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), drilled in 2008, 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. Drilling in 2011 focused on step-out drilling to the north, east and west of the prior drilling and all holes encountered potassic and phyllic-altered intrusives and hornfelsed sedimentary rock.
FM is located four kilometres east of the Hobbes zone and has been tested by seven historical wide-spaced drill holes that encountered mostly barren to low grade phyllic-altered intrusives associated with magnetic lows. This year the Company drill tested two new areas that targeted magnetic high anomalies and associated gold and copper soil geochemistry. Drill core from the two holes encountered variable intensity magnetite-bearing and quartz-stockworked intrusive. At URC, located 1.5 kilometres southwest of the Hobbes zone, two holes were collared but only one hole was completed as one hole was lost due to difficult drilling conditions. The completed hole encountered unaltered sediments. The 200 metre by 1500 metre copper and gold in soil anomaly and coincident geophysical anomalies (magnetic high and IP high) at URC remain unexplained and the URC target remains largely untested.
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 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.