Bard Ventures Ltd.: Acquisition of Little Bear Lake Gold Property, Thunder Bay Mining Division, ON
15 Novembre 2010 - 1:00PM
Marketwired
Bard Ventures Ltd. ("Bard" or the "Company") (TSX VENTURE:
CBS)(FRANKFURT: BVU) has entered into an agreement to acquire a
100% interest in the Little Bear Lake claims (the "Property"),
which are approximately 4 kilometers northeast of Schreiber, ON,
and are situated in the Thunder Bay Mining Division. The 5 mineral
claims that comprise the Property cover an area of approximately
826 hectares.
The Property surrounds a leased claim (not part of the Company's
Property) which hosts the Little Bear Occurrence. The occurrence
was discovered in 1935 by E. McKenzie while surface prospecting. A
2.4 meter by 1.5 meter shaft was sunk to a depth of 5.5 meters
along with trenching and pitting. A one ton bulk sample taken from
the occurrence in 1936 was reported to have an average grade of
1,419 g/ton gold. The claims lapsed and were re-staked by J.E.
Halonen in 1946. Spectacular samples of quartz containing visible
gold and possible tellurides have been taken from the Property.
The Schreiber-Pyramid Occurrence is located to the south of the
Property boundary. Historical records state during the 1930's
Kenecho Gold Mines evaluated six auriferous quartz veins through
trenching and sampling and drove an adit on the #1 Vein. In 1937,
150 tons of ore was milled on site from the #1 Vein at an average
grade of 17.6 g/t gold. In 1969 Zenmac Metal Mines Ltd completed a
five hole drill program totaling 243m. Best results are reported
from a base metal showing located to the north of the
Schreiber-Pyramid #1 Vein adit returning 4.6% Cu and 19.2% Zn /
0.55m from the #2 Vein hosted within a chloritic shear zone. In
1984 Corporation Falconbridge Copper acquired the Schreiber Pyramid
property for its base metal potential following the discovery of
the Winston Lake Zinc deposit. A grab sample taken by Falconbridge
on the #2 base metal vein returned 31% Zinc and a one foot channel
sample reported 13.77% Zinc. A grab sample from the #1 Vein located
above the adit entrance assayed 45.2g/t Au. A new gold discovery is
reported 175m to the south of the Little Bear Lake Property
boundary where a four meter wide iron formation returned 4.85g/t Au
and a quartz vein located immediately south of the Property
boundary along a hydro right of way assayed 10.48g/t Au.
The Property is located in Priske Township within the Thunder
Bay Mining Division and 4km to the northeast of Schreiber, Ontario.
Access to the property is by gravel road and a 4X4 ATV trail. The
claims are located in the east-west trending Big Duck-Schreiber
Greenstone Belt which is believed to be part of the Abitibi-Wawa
Volcanic Sequence. The Property consists of an east-west to
northwest trending sequence of basaltic flows and interflow
sedimentary stratigraphy comprising graphitic shale, greywacke,
sandstone and chert horizons, northwest trending banded oxide iron
formations in the southern portions of the claim group can be
traced across the width of the Property.
During the summer of 2010, 8.075 line kilometers of gridding was
established on the claims to the north of the Schreiber-Pyramid
Occurrence over which magnetic and VLF geophysical surveys were
completed. A prospecting and sampling program was initiated in
August 2010 following up on anomalous magnetic and VLF responses.
Of significance is the discovery of a new gold occurrence
associated with an intense magnetic response. Prospecting in this
area uncovered a smoky banded chert horizon exposed over 6 meters
in length. A one meter chip sample across the northern edge of the
exposure returned 3.32g/t Au and a 1m chip sample at the southern
end of the exposure across a pitted and gossanous calcareous unit
returned 2.03g/t Au. A second area of interest is located
approximately 580m to the south of the above gold occurrence where
a grab sample of smoky banded chert returned elevated and anomalous
results to 0.44g/t Au.
In light of the high grade gold, copper, zinc and silver
occurrences in this area, coupled with the recent gold discoveries
on the Little Bear Lake claims, and it's relatively un-explored
history, the Little Bear Lake Property has high potential to host a
lode gold or VMS style deposit. Consequently, the Company is
planning a dual phase program; the first phase of which is
comprised of data compilation, line cutting and a 3D IP geophysical
survey planned for the winter in early 2011. After interpretation
and integration of all data, and diamond drill targets selection, a
Phase II drilling program is planned for the spring/summer of 2011
on the Property.
In terms of the agreement, Bard has to incur the following to
earn a 100% interest in the Property, subject to a 2% Net Smelter
Return Royalty in favour of the vendors and a 1% Net Smelter Return
Royalty in favour of the Ontario Exploration Corporation (OEC).
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Exploration Cash Share
Due Date Expenditures Payments Payments
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Within five (5) business days
of receipt of regulatory
approval - $2,500 100,000
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Within ninety (90) business
days of receipt of regulatory
approval - $2,500 -
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On or before Nov 6, 2011 $50,000 $10,000 100,000
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On or before Nov 6, 2012 $50,000 $15,000 100,000
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On or before Nov 6, 2013 $100,000 $20,000 100,000
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On or before Nov 6, 2014 - $25,000 100,000
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On or before Nov 6, 2015 $200,000 $25,000 100,000
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Total $400,000 $100,000 600,000
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All future Exploration work on the Property will be conducted
under the supervision of Qualified Person Rick Kemp, P. Geo.,
Vice-President, Exploration of Bard.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at
www.bardventures.com.
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
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.
Contacts: First Canadian Capital Corp. Robert Mullins
416-742-5600 or Toll Free: 1-866-580-8891
www.firstcanadiancapital.com
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