Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) reports that partner Ryan Gold Corp. ("Ryan Gold") has provided the Company with drill results from the nine diamond drill hole (2,307m) program on the Flume Property, Yukon, where Ryan Gold is in the process of earning a 51-per-cent interest from the Company.
The Flume property lies approximately 60 kilometres southwest of Dawson City in the Yukon Territory and is in the heart of the gold-rich 10-Mile River placer district. Ryan Gold completed soil sampling programs in 2010 and 2011 and a detailed magnetic and radiometric airborne survey in 2010.
Summary of Flume Drill Hole Results
Ryan Gold reports, "Results of the soil geochemical surveys and the airborne magnetic survey have revealed an approximately 2.5 km long northwest trending soil anomaly, greater than 100 ppb Au, that is coincident with magnetic structural features. Smaller gold-in-soil anomalies are also present in the northern area near the confluence between the Ten Mile and Flume Creeks. The larger southern anomaly was the focus of the 2012 diamond drill program, with all nine holes spaced over the anomaly. Seven of the holes were drilled in alignment of the main soil anomaly, while the final two (FL12-08 and FL12-09) were oriented with a north-easterly azimuth in order to intersect the structures highlighted in the geophysics, thought to be regional scale fault zones. Drilling revealed complex geology consisting of highly strained meta-sediments, high grade metamorphic rocks, intrusive dykes and volcanic horizons. Although sulphide mineralisation was common throughout the core, this seems to be a late stage overprinting and was not associated with gold mineralisation. The assay results are now being studied in tandem with the core logs to try and better understand the controls on the gold mineralisation."
QA/QC
Ryan Gold further reports that "In total 2,906 drill core samples from Flume have been sent for geochemical analysis. Drill cores for assaying were taken at a maximum of three metre intervals in the weathered zone, but predominantly at 1 metre intervals. Drill core was cut with a diamond saw with one-half of the core placed in sealed plastic bags. Sealed plastic sample bags were placed in a security sealed bag and delivered to ALS Chemex ("ALS Chemex") in Whitehorse, Yukon Territories. Here the entire sample was crushed passing minus 2mm, from which a 250g split of the crushed sample was pulverized passing minus 75 micron. Pulp samples of 100g were shipped to ALS Chemex Vancouver where the samples were analysed for gold by fire assay using a 50g aliquot with an ICP finish. An additional 0.5g sample analysed by aqua regia digestion was analysed for gold and an additional 51 elements with an ICP-MS finish."
"As part of Ryan Gold's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted into the sample batches. ALS Chemex is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses. The exploration program was supervised by Andy Randell, Acting Chief Geologist of Ryan Gold. Ian Gendall, Pr.Sci.Nat., is providing his expertise as the qualified person within the definition of that term in NI 43-101."
Ryan Gold's Option Agreement
Under the terms of the agreement, Ryan Gold has the right to earn a 51% interest in the Flume property by incurring $1.5 million in qualified expenditures over a four year period, which has been met, and making cash payments of $500,000 ($175,000 paid). If the earn-in is achieved, Ryan Gold would further have the option to increase its share to 65% by spending an additional $5 million and making further staged cash payments totalling $500,000 by the end of year seven. RGC would then have the option of increasing its share to 75% by the end of year nine by completing a feasibility study and making a cash payment of $1 million.
Bearing's Underlying Agreement with Freeport-McMoRan of Canada Limited ("Freeport")
Bearing may earn a 100% interest in the Flume property from Freeport by making cash payments totalling $225,000 ($75,000 paid) and by spending $500,000 on exploration work within 4 years (completed). Freeport retains a 2% NSR royalty of which one half can be purchased for a sum of $1,000,000. Freeport also retains the right to share in the proceeds derived from the sale or option of the property to a third party in the amount of 25% of the proceeds.
Robert Cameron, P.Geo., President and CEO of Bearing, and who is a qualified person within the context of National Instrument 43-101 has reviewed 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 is exploring at the ~40,000 hectares Mapimi gold-silver project located in the Altiplano Region of eastern Durango, Mexico. The Company's Mount Polley and October Dome copper-gold projects are located in British Columbia near Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property, with Imperial. In the Yukon, the company has three projects optioned out including the Flume Project where Ryan Gold Corp. has been granted a right to earn up to 75% interest.
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