VANCOUVER, BRITISH COLUMBIA, Sep 17, 2012 (MARKETWIRE via COMTEX) — Bearing Resources Ltd. /quotes/zigman/5381277CA:BRZ-24.00% (“Bearing”, or the “Company”) is pleased to provide an update on its exploration activities at the Mapimi gold-silver project located in an area of good infrastructure, approximately 80 kilometres northwest of the Penoles smelter at Torreon in the State of Durango, Mexico. Mapimi comprises the 13,400 hectare KM66 property, the acquisition terms for which were announced in the Company’s news release dated March 12, 2012, and the contiguous 100% owned approx. 26,000 hectare Pedro property. The project exhibits many of the geologic characteristics that typify Goldcorp’s Penasquito and Camino Rojo deposits; in particular, breccia hosted and carbonate replacement style mineralization potentially associated with buried porphyry style mineralization. The Company believes that the precious and base metal mineralization identified to date on the Mapimi property may be indicative of a larger mineral system under shallow cover.
The Company has recently completed an extensive soil and rock sampling program at Mapimi, which has led to the discovery of a number of new targets including the HP Breccia gold prospect, the Las Lajas gold prospect and the Victorinos gold-silver-lead-zinc prospect (view map at www.bearingresources.ca ). A total of 1,124 soil samples and 297 rock samples have been collected to date on the Project area.
The HP Breccia prospect, located on the Pedro property, is a gold soil anomaly (greater than 40 ppb gold) extending over a 1,800 x 600m area that coincides with extensive silicified sedimentary breccias hosted by the Caracol Formation, which is the key host rock to a number of other gold deposits in the Altiplano Region of Central Mexico including Goldcorp’s Camino Rojo deposit. Of the total 108 rock samples collected at the HP Breccia prospect, 69 samples returned values greater than 0.1 g/t Au, of which 30 samples assayed greater than 0.3 g/t gold (to a maximum value of 2.26 g/t gold).
On the KM66 property, a total of 161 soil samples and 32 rock samples have been collected, primarily in the Victorinos prospect area which define a gold-silver-lead-zinc soil anomaly over an area of approximately 600 x 500 metres.
Previous work on the KM66 property had defined breccia hosted silver-gold-lead-zinc mineralization at the La Gloria and Las Palmitas prospects, for which a historic resource has been defined by a previous operator, as well as a soil anomaly at the North Zone. Ongoing work at Mapimi includes infill soil sampling between the La Gloria and North Zone soil grids, and additional sampling north of Victorinos where prospecting has identified a small feldspar porphyry stock. Fieldwork is expected to continue into the fall of 2012, and will include an Induced Polarization (‘IP’) geophysical survey over the HP Breccia prospect and additional surface sampling of the Victorinos prospect, in order to define drill targets.
Mapimi Gold-Silver Project Overview
The Mapimi gold and silver project (“Mapimi”) comprises a large approx. 40,000 hectare contiguous land position (Pedro & KM66 properties) in the highly prospective Altiplano Region of Central Mexico. It is located approximately 80 kilometres northwest of the Penoles smelter at Torreon and is bisected by a paved highway and power lines.
The approx. 26,000 hectare KM66 property covers a five kilometre-long trend of mineralization that includes the breccia-hosted La Gloria and Las Palmitas silver-gold-lead-zinc deposits. Great Panther Silver Ltd. (“Great Panther”) (who previously held an option to acquire KM66) filed a technical report containing a mineral resource estimate compliant with NI 43-101 for the La Gloria and Las Palmitas deposits titled “Technical Report on the Mapimi Project, Mexico” dated May 8, 2008 and prepared by Wardrop Engineering (“Wardrop”) of Vancouver, B.C. (the “Technical Report”) (a copy of the Technical Report can be found at www.sedar.com under the profile of Great Panther). The Technical Report calculated a total of 22,297,800 silver equivalent ounces (6,585,900 tonnes grading 28 g/t silver, 0.09 g/t gold, 0.41% lead, 1.14% zinc) in the indicated category and a further 6,305,000 silver equivalent ounces (2,027,900 million tonnes grading 34 g/t silver, 0.13 g/t gold, 0.54% lead, 0.81% zinc) in the inferred category using a cut-off grade of 50 g/t silver equivalent.
Metal prices and recoveries used were US $9.55 per ounce and 76 per cent, respectively, for silver, US $530 per ounce and 70 per cent for gold, US $0.63 per pound and 80 per cent for lead, and US$1 per pound and 80 per cent for zinc.
Bearing cautions the reader that the resource prepared by Wardrop for Great Panther is considered a “historical estimate” under NI 43-101 and a qualified person from the Company has not done sufficient work to classify the historical estimate as a current mineral resource. In order to verify the historical estimate additional work may be required. This may include, but may not be limited to, re-evaluation and confirmation of previous drilling and assay results; validation of QA/QC (quality assurance/quality control) procedures and recalculation of the resource model using current metal price and recovery assumptions. Bearing is not treating the historical estimate as a current mineral resource.
In addition to the La Gloria and Las Palmitas resource areas, drilling by Great Panther identified quartz-molybdenite veins in the Bull’s-Eye zone (186.22 metres grading 440 ppm molybdenum) and carbonate replacement deposits in the North Zone (2.14 metres grading 2.98% zinc and 0.41% lead).
The 100% owned Pedro property covers 26,000 hectares of prospective geology and includes contiguous land north, east and southeast of KM66 properties. The geology is dominated by the regionally favourable Caracol Formation and the younger Ahuichila Formation.
Dave Tupper, P.Geo., Vice President Exploration 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 is exploring at the approx. 40,000 hectares Mapimi gold-silver project located in the Altiplano Region of eastern Durango, 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 copper-gold projects are located in British Columbia near Imperial Metals Corporation’s (“Imperial”) Mt. Polley copper-gold mine and includes a 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 RESOURCES LTD.
Geoff Chater, President & CEO
For further information please visit Bearing’s website at www.bearingresources.
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 potential future and exploration potential of anomalies and properties 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.
Contacts:
Bearing Resources Ltd.
Geoff Chater
(604) 614-7830
[email protected]Bearing Resources Ltd.
Paul Reinhart
(604) 488-4907
[email protected]www.bearingresources.ca
