Bearing Resources Ltd.

TSX VENTURE : BRZ


Bearing Resources Ltd.

December 03, 2013 19:30 ET

Bearing Announces October Dome Project Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 4, 2013) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to announce the drill results from the Company's 2013 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 1,086 metre (6 hole) diamond drill program targeted the northern end of a 4 kilometre long gold and arsenic soil anomaly that is coincident with an induced polarization ("IP") chargeability anomaly, some 1,200 to1,900 metres northwest of the area drill tested in the 2012 drill pattern (see news release dated November 8, 2012. Holes OD-5 through OD- 7 encountered diorite and monzonite intrusions within hornfelsed sediments and propylitised basalts. Alteration in the drill holes is pervasive, comprised of intense propylitic alteration with pyrite, epidote and minor chalcopyrite with elevated gold values throughout the holes. Hole OD-6 encountered a 15 metre core length of massive magnetite skarn with semi-massive pyrite layers accompanied by chalcopyrite, epidote, and garnet at the sediment/basalt contact. A 9 metre section of this skarn assayed 0.7 grams per tonne ("gpt") gold ("Au") including a 3 metre length that returned 1.3 gpt Au. Holes OD-8 to OD-10 encountered similar altered rocks but returned no significant intercepts.

Details of the recent drilling are presented below. Drill intervals reported are core lengths and true widths for hole OD-6 are estimated to be 75% of core lengths. Other true widths are not known. Collar locations are presented at the end of this release.

Table 1: Significant Intersections
Hole From
(metres
) To
(metres
) Core Length
(metres
) Gold
(gpt
)
OD-5 76 80 4 1.1
OD-5 232 250 18 0.5
OD-6 98 100 2 5.2
OD-6 108 110 2 1.1
OD-6 210 219 9 0.7
Incl. 212 215 3 1.3

The drill results from 2012 indicated an alkalic-style porphyry copper-gold system in an area of extensive glacial till cover. Drilling in 2013, in particular hole OD-6, encountered gold-rich magnetite epidote skarn similar to that found in the nearby QR gold deposit located 6 kilometres to the northwest. The target contact remains open along strike and to depth.

QA/QC

NQ size drill core was largely sampled in two-metre intervals with a manual core splitter except for a 36 metre run in hole OD-6 that was sampled in one-metre intervals. 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 (NAD83 Z10)
Drill Hole Easting Northing Elevation (m ) Length (m ) Dip Azimuth
OD-5 588234 5834421 877 250.0 -50 45
OD-6 587988 5834492 865 261.3 -50 40
OD-7 587988 5834492 865 121.0 -50 220
OD-8 588767 5834303 860 145.4 -60 320
OD-9 588767 5834303 860 157.6 -60 230
OD-10 589696 5833578 817 151.4 -60 225

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 drill results and their relation 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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