Vancouver, British Columbia – Bearing Resources Ltd. (“Bearing” or the “Company”) (TSX Venture: BRZ) is pleased to provide a review of its Yukon gold exploration projects, including the HY-Jay gold project located in the Upper Hyland River area in eastern Yukon. The Company holds three properties (HY-Jay, VBA and VM) along the 50 kilometre Upper Hyland River Gold Belt. This belt of favourable Upper Proterozoic to Lower Cambrian Hyland Group stratigraphy hosts several high grade, sediment-hosted orogenic gold-vein occurrences, including (from north to south): Bearing’s HY-Jay; the FER (Precipitate Gold Ltd.), 3 Aces (Golden Predator Mining Corp.) and the POW (Aben Resources Ltd.). Please see the Company’s website at www.bearingresources.ca for maps relating to the HY-Jay property.
Work to date on the HY-Jay property has outlined three areas of anomalous gold in rock and soil at the Zig Zag, East Ridge and West zones.
The 2011 discovery of the Zig Zag gold zone returned significant gold assays from grab samples of quartz-arsenopyrite vein material collected from a large field of metasediment and phyllite sub-crop and float boulders. Elevated silver and lead was also returned in some samples.
ZIG ZAG GOLD ZONE
Grab Sample Results (2010/11)
| Sample Number | Gold (g/t) |
Silver (g/t) |
Lead (%) |
|---|---|---|---|
| Grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property. | |||
The East Ridge 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 releases of November 24, 2011 and December 12, 2011).
The Zig Zag, East Ridge and West gold zones occur in a similar geological setting to those reported at the 3 Aces project, where Golden Predator is actively undertaking a large program of geochemical soil sampling, reverse circulation and core drilling and a metallurgical bulk sample at its Sleeping Giant Zone. Bearing is anticipating a follow-up program of data compilation, followed by ground evaluation of the Zig Zag, East Ridge and West gold zones in 2017.
The HY claim group was acquired from Freeport McMoRan Exploration (“Freeport”) in 2011 and was subsequently expanded to roughly 3,200 hectares by the addition of the Jay claims by staking in 2011. Freeport retains a 2% net smelter royalty (“NSR”) on the HY claims, which can be reduced to a 1% NSR through a one-time payment of $1 million.
The VM and VBA properties are located 20 and 45 kilometres to the northwest of HY-Jay respectively. VBA was staked in 2011 to cover drainages highlighted by an 824.4 ppm arsenic (greater than 99 percentile) government regional geochemical stream sediment survey anomaly (sample 811614). Results from preliminary work completed at VBA 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. The VM property was staked to cover two stream drainages highlighted by favorable geology and coincident gold and arsenic anomalous (greater than 95 percentile) government regional geochemical survey samples (sample 813102: 53 ppb Au & 50.8 ppm As; sample 813104: 41 ppb Au & 22.0 ppm As).
David W. Tupper, P.Geo., a Qualified Person under the context of National Instrument 43-101 has reviewed and approved the technical information contained in this release.
About Bearing Resources Ltd.
Bearing Resources Ltd. is a Canadian based company focused on exploration for precious and base metals in North America. The Company’s strategy is to identify, explore and develop mineral deposits with a magnitude of size and grade to be of interest to mid-sized and larger mining companies. The Company will carry out all aspects of exploration and development from grass roots prospecting to feasibility studies. Projects will be acquired through both staking and acquisition. From time to time, the Company may option projects to external exploration companies in an effort to focus both financial and human capital on other internal projects.
ON BEHALF OF THE BOARD
Signed “Jeremy Poirier”
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier– President and CEO Bearing Resources – Telephone: 1-604-722-9842
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.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future plans, programs, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to the Company’s exploration plans, development and corporate strategy and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined and other risks of the mining industry. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
