VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2012) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to announce that 2012 field programs have commenced on the Company's Zymo copper-gold project in British Columbia and the Flume gold project in the Yukon.
Zymo Copper-Gold Project, British Columbia
The Company is earning a 65% interest in the Zymo project from Eastfield Resources Ltd. ("Eastfield") (TSX VENTURE:ETF). The 12,113 hectare property is located 45 kilometres west of Smithers, British Columbia. 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 a nine kilometre by three kilometre induced polarization ("IP") chargeability anomaly which remains open to the southeast. The Company has budgeted $900,000 for a six hole, 2,500 metre, diamond drill program designed to further test and expand the four known target areas. A summary of the zones and significant historic results follows:
The Hobbes zone is the most advanced target at Zymo highlighted by drill hole ZY08-09 drilled in 2008, which returned 72 metres (core length) of 1.11% Cu equivalent ("Cu eq.") (0.72% Cu and 0.54 g/t Au). Drilling of seven holes in 2011 by Bearing focused on step-out drilling to the north, east and west of the prior drilling and was successful in extending mineralization approximately 75 metres to the north, 100 metres to the east and 80 metres to the west (hole ZY11-20 returned 126 metres of 0.54% Cu eq. (0.34% Cu and 0.28 g/t Au, starting from 3 metres). The mineralization remains open to depth and to the west, east and south. Mineralization covers an area defined by drilling of 720 metres by 350 metres with the deepest intersection extending to 300 metres.
The FM zone is four kilometres east of the Hobbes zone and was tested by previous operators with seven historic wide-spaced drill holes that encountered mostly barren to low grade phyllic-altered intrusive and intrusive breccias associated with magnetic lows. In 2011, drilling by Bearing tested two new areas which targeted coincident magnetic highs and copper-gold soil geochemistry anomalies. Drilling was successful in identifying two new areas of copper-gold mineralization. Hole ZY11-18 tested the original discovery outcrop and returned 144 metres of 0.32% Cu eq. (0.22% Cu and 0.15 g/t Au) starting at 15 metres before passing into anhydrite-veined diorite breccia. Hole ZY11-19 located 770 metres south of hole ZY11-18 intersected a long low grade interval of 353.5 metres grading 0.16% Cu eq. (0.11% Cu, 0.08 g/t Au) within diorite and diorite breccia. Both areas are open to expansion and suggest additional potential at other undrilled magnetic highs within the FM zone.
The RD Zone lies one kilometre southwest of the FM Zone and 3 kilometres southeast of the Hobbes Zone. The target is defined by an 800 metre by 1,000 metre copper-gold in soil anomaly. Massive sulphide veins up to one metre thick have been located on the western side of the target and these veins carry high silver and gold values. There is no outcrop and no drill testing to date on this target.
At URC, located 1.5 kilometres southwest of Hobbes, is a large 200 metre by 1,500 metre copper and gold soil anomaly with coincident geophysical anomalies (magnetic high and IP high). One drill hole in 2011 returned no significant results and the anomalies remain unexplained. The majority of the URC target remains largely untested.
Flume Gold Project, Yukon
The Flume Property lies approximately 60 kilometres south west of Dawson City in the Yukon Territory, and is in the heart of the gold rich 10-Mile River placer district. The area is underlain by Devonian to Mississippian quartz-mica schists, with intermediate to mafic intrusives interlayered with the meta-sediments. The area is intruded by a mid-Cretaceous monzonite stock. Geophysical surveys highlight large north-south trending structures, possible dyke systems, which are interpreted to be one of the controls of the gold-in-soil anomalies. The southernmost surface gold-in-soil anomaly is, in total, approximately 4 kilometres long and 1 kilometre wide.
Ryan Gold Corp. (TSX VENTURE:RYG) ("Ryan Gold") is in the process of earning a 51% interest on the Flume Property from Bearing with a right to earn up to 75%. Ryan Gold has commenced a 1,500 meter diamond drilling program designed to test soil anomalies identified in 2011. Ryan Gold plans a fence of seven drill holes on the southern gold-in-soil anomaly to test geophysical lineaments, meta-sediments and intrusive stocks which may host gold mineralization (refer to map at Ryan Gold's website www.ryangold.com).
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. Copper equivalent calculations in this news release do not take into account metallurgical recoveries and are based on in ground metal using metal prices of US$1,200/ounce for gold and US$2.50/pound for copper. Information related to drill hole ZY08-09 was disclosed in Eastfield's news release dated November 13, 2008. Drilling results from Bearing's 2011 exploration program were published in the Company's news release dated December 8, 2011.
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 conducting exploration for precious and base metals deposits at the ~40,000 hectares Mapimi 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 projects are located in British Columbia adjacent to 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
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 from the Zymo and Flume 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.