VANCOUVER,
Jan. 13, 2014 /PRNewswire/ - Bear
Creek Mining (TSX Venture: BCM/ BVL: BCM) ("Bear Creek" or the
"Company") is pleased to announce that drilling is underway at the
Carito gold - copper project (See News Release dated March 18, 2013 and
http://www.bearcreekmining.com/s/caritogold.asp). The Phase I
drill program, consisting of seven drill holes for an estimated
total of 2,500 meters, is primarily designed to test the two
targets defined to date; an outcropping disseminated gold
epithermal system hosted within sedimentary rocks and an
underlying, intrusive-hosted, copper - gold porphyry system.
Andrew Swarthout,
Chief Executive Officer, states "The commencement of drilling at
Carito follows our philosophy that has been the foundation of our
success; namely, that selective drilling programs in high-quality,
untested grass-roots prospects provides the potential for the
highest rewards to our shareholders. Our methods continue to
be cost-effective, first phase drilling to establish the upside
before committing substantial funding. Fortunately, we have
the treasury to allow surgical exploration programs such as Carito,
without jeopardizing our longevity or the work necessary to further
Corani and Santa Ana."
Carito is located in north central Peru within the prolific Antamina - Magistral
thrust fault belt, Ancash Department. The district's potential was
unrecognized until recently when prospectors discovered high-grade
gold mineralization beneath thin coluvial cover. The Carito project
is an undrilled Au - Cu system resembling the La Arena deposit, a
robust open pit gold mine with significant potential for
underlying, porphyry-style copper and gold mineralization currently
under exploration.
Gold mineralization is controlled by fractured
and crackle-brecciated quartzites and sandstones of the Cretaceous
Chimu formation. The Chimu formation is a well-known host for
disseminated gold deposits in north central Peru (La Arena, Lagunas Norte, Santa Rosa). The sedimentary unit is intruded by
at least two pervasively altered porphyries phases. Importantly,
hydrothermal breccias and a phreatic-diatreme breccia have been
identified which indicate abundant sources for mineralizing,
hydrothermal fluids. Values derived from one-hundred-nineteen (119)
rock chip samples from the quartzites / sandstones, and intrusives
range from trace to 22.1 g/t gold. Eighty-three (83) samples from
the above one-hundred-nineteen samples contain greater than 50 ppb
gold. Associated favorable trace elements include strongly
anomalous Ag, As, Hg, Sb and W. The two altered intrusives observed
to date exhibit values up to 1.06 g/t gold and 0.59% copper,
indicating a possible target for a mineralized Cu-Au porphyry at
depth coincident with strong Induced Polarization response
suggesting high sulfide mineralization. Drill hole assay results
will be released upon completion of Phase I drilling in February/
March.
Consistent with the Company's aggressive
generative exploration philosophy, several additional prospects in
the portfolio are being evaluated for future acquisition or
drilling.
"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."
Regulatory footnotes:
All of Bear Creek's exploration programs and
pertinent disclosure of a technical or scientific nature are
prepared by or prepared under the direct supervision of
Christian Rios, P.Geo. Exploration
Manager and the President and CEO, Andrew
Swarthout, P.Geo., who serve as the Qualified Persons under
the definitions of NI 43-101. All diamond drilling has been
performed using HQ diameter core with recoveries averaging greater
than 95%. Core is logged and split on site under the supervision of
Bear Creek geologists. Sampling is done on two-meter intervals and
samples are transported by Company staff to ALS Chemex,
Laboratories in Lima, Peru. ALS
Chemex is an ISO 9001:2000-registered laboratory and is preparing
for ISO 17025 certification. Silver, lead, and zinc assays utilize
a multi-acid digestion with atomic absorption ("ore-grade assay
method"). The QC/QA program includes the insertion every 20th
sample of known standards prepared by SGS Laboratories,
Lima. A section in Bear Creek's
website is dedicated to sampling, assay and quality control
procedures.
Certain disclosure in this release, including
management's assessment of Bear Creek's plans and projects,
constitutes forward-looking statements that are subject to numerous
risks, uncertainties and other factors relating to Bear Creek's
operation as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. These risks, uncertainties and
other factors are disclosed in Bear Creek's continuous disclosure
filings with Canadian securities regulators including its most
recent annual information form, available on www.sedar.com.
Bear Creek expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
SOURCE Bear Creek Mining Corporation
Image with caption: "Carito Project (CNW Group/Bear Creek Mining
Corporation)". Image available at:
http://photos.newswire.ca/images/download/20140113_C8036_PHOTO_EN_35439.jpg
