Bearing Resources Acquires HY Property in the Yukon
24 Novembre 2011 - 2:34PM
Marketwired
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX
VENTURE:BRZ) is pleased to announce that the Company has acquired a
100% interest in the HY claims located in the Watson Lake Mining
District of the Yukon from Freeport-McMoRan of Canada Limited,
formerly Phelps Dodge Corporation of Canada Limited ("Freeport").
The HY claims are situated within the Upper Hyland Gold Belt, the
south-eastern extension of the regional Tintina Gold Belt, which
hosts a number of prospects including the nearby 3Ace discovery of
Northern Tiger Resources Inc. The HY claims are comprised of 48
claims totalling 9,974 hectares and are surrounded by Bearing's Jay
claims (view property map at www.bearingresources.ca).
Robert Cameron, Vice President of Business Development,
commented, "The HY claims enhance the Company's existing land
position in the Upper Hyland Gold Belt. HY hosts known occurrences
of high grade gold mineralization and, in light of Northern Tiger's
recent 3Ace discovery, it is a key target area within the
belt."
Under the terms of the purchase agreement with Freeport, the
Company has acquired a 100% interest in the claims through a
one-time payment of $50,000. The claims are subject to a 2% net
smelter royalty ("NSR") payable to Freeport which can be reduced to
a 1% NSR through a one-time payment of $1,000,000. In addition,
should Bearing sell, assign or option all or a portion of the
property to a third party during the first year, Freeport will be
entitled to 30% of the proceeds received that exceed the original
purchase price up to $500,000 and 25% of the proceeds over
$500,000. After the first year no further payments are due to
Freeport other than the NSR.
Work completed by Freeport in 1997 and 1998 outlined two areas
of anomalous gold in rock and soil, the West and East zones. The
West zone anomaly trends north-northwest for 1.4 kilometres
(defined by a 20 ppb gold in soil contour) with soil geochemical
values up to 909 ppb(i) gold and 253 ppm(i) arsenic. The East zone
anomaly is located 800 metres east of the West zone and is 900
metres in length (defined by 20 ppb gold in soil contour) with soil
geochemical values up to 1,259 ppb(i) gold and 1,783 ppm(i)
arsenic. Eight rock samples collected by Freeport from quartz veins
hosted in meta-sediments returned values greater than one gram per
tonne gold with one grab sample returning 144 grams per tonne gold.
In 2005, a three hole, 232 metre drill program was conducted by
Dentonia Resources Ltd. (who had optioned the property from
Freeport) that attempted to test the West (1 hole) and East Zones
(2 holes from 1 location), but failed to identify the bedrock
source of the anomalies. ((i) ppb = parts per billion, ppm = parts
per million)
The Company's Yukon exploration portfolio now includes six
projects (HY, Jay, Jay East, VBA, VM and VF) in the Upper Hyland
Gold Belt, one project (Big) in the Tombstone Gold Belt and one
project (Flume) in the White Gold District. Initial exploration
work was completed on all of the Yukon properties in 2011. This
work is currently being reviewed and compiled.
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
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.
Contacts: Bearing Resources Ltd. Geoff Chater (604)
614-7830gchater@bearingresources.cawww.bearingresources.ca
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