- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce that the Company has optioned the Parrandera gold-copper-zinc prospects through agreements with local Mexican vendors. The Company has also made application and surveyed two additional claims in its own name that are contiguous with the Parrandera properties. The Parrandera project is located in the Mapimi region of eastern Durango, Mexico.
Dave Tupper, Vice President Exploration, commented "Bearing has maintained its strong team of geologists in Mexico under the leadership of Francisco Armenta. Francisco was responsible for the identification of the Cordero silver-gold-lead-zinc discovery and has over 44 years of exploration experience in Mexico. The Mexican team is focused on generative exploration for early stage targets."
The Parrandera options include a contiguous 49 hectare claim group and a roughly 250 hectare claim group. The Company has also staked two additional claims in its own name (Pedro and Pedro 1) that are contiguous with these claim groups. The Pedro and Pedro 1 claims cover roughly 26,550 hectares. Bearing has the right to acquire a 100% interest in both the optioned properties. The 49 hectare claim group can be purchased for a total of $250,000 over two years, subject to a 1.5% NSR (0.5% purchasable for $100,000). The 250 hectare claim group can be purchased for a total of $560,000 over three years subject to a 1.5% NSR (0.5% purchasable for $500,000).
The Parrandera claims are concentrated around a small granodiorite plug and associated east-west striking dykes that intrude limey sediments of the mid-Cretaceous Aurora and La Pena Formations and sandstones of the upper-Cretaceous Caracol Formation. The Aurora and La Pena Formations are well known to host gold-silver-copper-zinc-lead skarn, manto and hydrothermal mineralization in the region as evidenced by Grupo Bal. Peñoles historic Descubridora and La Ojuela mines located 3 kilometres and 45 kilometres to the northwest and east, respectively. Rock grab samples by Bearing has also identified the granodiorites in the region as potential hosts for disseminated gold ± base metal mineralization. The Pedro and Pedro 1 claims were located to cover areas with good potential to host similar mineralization to the east and south of Parrandera as indicated by favourable geology, known mineral occurrences, regional magnetics and government regional stream sediment samples that are anomalous in gold, lead and bismuth.
Rock sampling on the core area of the Parrandera property has returned values of up to 0.603 g/t gold, 14.8 g/t silver, 1.95% copper, 0.95% zinc (sample 105278). Mineralization has also been demonstrated to extend more than 1.3 kilometres to the east with values of up to 0.601 g/t gold, 67.3 g/t silver & 0.89% lead (sample 105259). Of 18 rock grab samples collected in the area, 10 assayed above 100 parts per billion gold. A preliminary work program has begun on the Parrandera property with the collection of 166 soil samples over the core area of interest. The results highlight two irregular, roughly northeast trending gold-copper-zinc anomalies of 300 metres and 400 metres in length and up to 200 metres wide. A program of detailed mapping, prospecting, expanded soil sampling, and geophysics are planned from July to October.
David Tupper, P.Geo., Vice President Exploration, Bearing Resources Ltd,, 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. The 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, Bearing has an option to acquire a 100% interest in the Flume gold property which is located within the newly recognized White Gold District. Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's interest in the Flume property. 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.
BEARING RESOURCES LTD.
Geoff Chater President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact Geoff Chater at (604) 614-7830 or firstname.lastname@example.org
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 the Parrandera prospects 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."