Bearing Resources Ltd.

TSX VENTURE : BRZ


Bearing Resources Ltd.

November 08, 2012 08:00 ET

Bearing Announces Drill Results From the October Dome Copper-Gold Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to announce the drill results from the Company's 2012 drill program at its 100% owned October Dome copper-gold project, located 6 kilometres west of the town of Likely, in the Cariboo Mining Division of British Columbia. The October Dome copper-gold property forms part of Bearing's larger landholdings in the area which are adjacent with both Imperial Metals Corporation's Mount Polley porphyry copper-gold mine property (10 kilometres to the south) and Barkerville Gold Mines Ltd.'s QR skarn gold mine property (7 kilometres to the northwest).

The 1,002 metre (4 hole) diamond drill program targeted a 400 metre strike length of a 4 kilometre long gold and copper soil anomaly that is coincident with an induced polarization ("IP") chargeability anomaly. The target area is covered by overburden with limited bedrock exposure of diorite and syenite intrusions and sedimentary units. The area drill tested is covered by a layer of up to 3 metres of glacial till. All four drill holes encountered diorite and monzonite intrusions with minor hornfelsed sedimentary units and intrusive dykes. Alteration in the drill holes is pervasive, comprised of propylitic alteration with pyrite, epidote and rare chalcopyrite overprinting an earlier episode of potassic alteration. Gold values are elevated in all holes with the best results occurring in hole OD-1 where a 6 metre interval returned 0.15% copper ("Cu") with 0.46 gram per tonne ("gpt") gold ("Au"). Details of the recent drilling are presented below. Drill intervals reported are core lengths and true widths are not known. Collar locations are presented at the end of this release.

Table 1: Significant Intersections
Hole From
(metres)
To
(metres)
Length
(metres)
Copper
(ppm)
Gold
(ppb)
OD-1 6.1 239.3 233.2 368 105
OD-1 48 54 6 1454 455
OD-1 74 94 20 977 175
OD-2 No significant results
OD-3 96 104 8 833 173
OD-4 6.1 220 213.9 392 91
OD-4 92 114 22 1066 137

The drill results may represent the discovery of a previously unrecognised akalic-style porphyry copper-gold system in an area of extensive glacial till cover. These types of porphyry deposits can be zoned with gold dominant zones located at the outer extremities of the propylitic alteration envelope, similar to the nearby QR gold deposit, and with copper-gold zones located in the core of the system associated with potassic alteration. The area tested by the 2012 drill program represents only 10% of the current 4 kilometre target. Following compilation of the new drill results with existing geophysical and geochemical data, Bearing will determine future exploration plans for the project
QA/QC

NQ size drill core was sampled in two-metre intervals with a manual core splitter. One-half of the core was placed in sealed plastic bags and delivered to Acme Analytical Laboratories Inc. ("Acme") in Vancouver for crushing and pulverizing and then analysed following aqua regia digestion by ICP-MS. As part of the company's QA/QC (quality assurance/quality control) procedures, standards and blanks were inserted into the sample batches. ACME 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. Field work and project management was under the direct supervision of Robert Cameron, P.Geo., who is a qualified person within the context of National Instrument 43-101. Robert Cameron has read and takes responsibility for this news release.

Table 2: Drill Hole Locations
Drill Hole Easting Northing Elevation Depth Dip Azimuth
OD-1 589995 5833171 893 239.3 -61.1 47.1
OD-2 589939 5833242 876 252.1 -61.1 47.1
OD-3 589823 5833360 843 246.0 -61.9 40.9
OD-4 589646 5833368 910 264.3 -59.8 45.2

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.

BEARING RESOURCES LTD.

Robert Cameron, 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 potential future and exploration potential of anomalies and properties 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.

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