Bearing Resources Ltd.

Bearing Resources Ltd.

December 08, 2011 09:22 ET

Bearing Resources Drills 126 Metres Grading 0.54% Copper Equivalent at the Zymo Copper-Gold Project, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2011) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to provide drill results from the Company's 3,454 metre drill program completed on the Zymo Copper-Gold Project ("Zymo") in British Columbia. The 12,896 hectare property is located 45 kilometres west of Smithers, British Columbia and Bearing is earning up to a 65% interest in the project from Eastfield Resources Ltd. (TSX VENTURE:ETF). Historical exploration, including drilling, has identified a large copper-gold porphyry system that includes four distinct porphyry targets (Hobbes, FM, URC and RD Zones) defined by coincident copper and gold soil anomalies contained within an open-ended nine kilometre by three kilometre induced polarization ("IP") chargeability geophysical anomaly.

Drilling intersected significant intervals of copper-gold mineralization, in all holes drilled at Hobbes and FM. Highlights of the drilling include 126 metres of 0.54% Cu equivalent ("Cu eq.") (0.34% Cu, 0.28 grams per tonne ("g/t") Au) in hole ZY11-20 starting from surface at Hobbes. The work program completed in 2011 included 3,454 metres of NQ diamond drilling in 11 drill holes; 7 holes at Hobbes, 2 holes at FM and 2 holes at URC. The RD Zone was not drill tested due to the short drilling season.

Robert Cameron, Vice President Business Development, commented, "Work in 2011 encountered significant intervals of copper and gold and was successful in expanding Hobbes as well as discovering two new areas of mineralization at FM. Future work will continue to explore this promising property with a focus on continued expansion of Hobbes, initial drill testing of RD and deep testing of FM."

Drill results are presented below in table 1. Cross sections and drill plans are posted on the Company's website at Drill intervals reported are core lengths and true widths are not known.

Hobbes Zone

Hobbes is the most advanced target with ten historic (2008-2009) drill holes intersecting copper/gold mineralization including ZY08-09, drilled in 2008, that returned 72 metres (core length) of 1.11% Cu eq. (0.72% Cu and 0.54 g/t Au). Drilling in 2011 focused on step-out drilling to the north, east and west of the prior drilling and was successful in extending mineralization approximately 75 metres to the north, 100 metres to the east and 80 metres to the west. The mineralization remains open to depth and to the west, east and south. Mineralization covers an area defined by drilling of 720 metres by 350 metres with the deepest intersection extending to 300 metres.

Mineralization is hosted by diorite porphyry characterized by well-developed quartz-vein stockwork with magnetite and to a lesser degree late-mineral granodiorite dykes. Adjacent and interleaved sediments have been metamorphosed into hornfels and skarns, and host significant mineralization.

Table 1: 2011 Drill Hole Summary
Hole (total depth) From (m) To (m) Interval (m) Au (g/t) Cu (%) Cu eq. (%)*
ZY11-18 (345 metres) 15.0 159 144 0.15 0.22 0.32
incl. 15.0 93 78 0.20 0.26 0.40
ZY11-19 (356.5 metres) 3.0 356.5 353.5 0.08 0.11 0.16
incl. 3.0 98 95 0.09 0.13 0.19
ZY11-20 (354 metres) 3.0 174 171 0.24 0.29 0.46
incl. 3.0 129 126 0.28 0.34 0.54
ZY11-21 (342 metres) 3.0 165 162 0.15 0.18 0.29
ZY11-22 (347 metres) 11.0 47 36 0.34 0.43 0.67
and 191.0 281 90.0 0.08 0.16 0.22
ZY11-23 (351 metres) 6.0 315 309 0.13 0.21 0.30
incl. 6.0 201 195 0.18 0.29 0.41
ZY11-26 (348 metres) 180 255 75.0 0.20 0.29 0.43
ZY11-27 (366 metres) 33 156 123 0.15 0.21 0.31
and 183 255 72 0.11 0.19 0.27
ZY11-28 (264 metres) 123 228 105 0.14 0.20 0.27
incl. 150 180 30 0.19 0.30 0.30
ZY11-24 (354 metres) no sig. results
ZY11-25 (na) lost in overburden
* Copper equivalent calculations do not take into account metallurgical recoveries and are based on in ground metal using metal prices of US$1,200/ounce for gold and US$2.50/pound for copper.

FM Zone

FM is located four kilometres east of the Hobbes zone and has been tested by seven historical wide-spaced drill holes that encountered mostly barren to low grade phyllic-altered intrusive and intrusive breccias associated with magnetic lows. In 2011, the Company drill tested two new areas that targeted magnetic high anomalies and associated gold and copper soil geochemistry. Drilling was successful in identifying two new areas of copper-gold mineralization. Hole ZY11-18 tested the original discovery outcrop and returned 144 metres of 0.32% Cu eq. starting at 15 metres before passing into anhydrite veined diorite breccia. Hole ZY11-19, located 770 metres south of hole ZY11-18, intersected a long low grade interval of 353.5 metres grading 0.16% Cu eq. within diorite and diorite breccia. Both areas are open to expansion and suggest additional potential at other undrilled magnetic highs within the FM zone.

URC Zone

At URC, located 1.5 kilometres southwest of Hobbes, drill hole ZY11-24 intercepted unaltered sediments. The large 200 metre by 1,500 metre copper and gold soil anomaly and coincident geophysical anomalies (magnetic high and IP high) at URC are unexplained and the URC target remains largely untested. A second hole collared on the target was lost in overburden.


Results of the 2011 exploration program at Zymo were successful in expanding Hobbes by 180 metres in length and defining its northern limit. The zone remains open in all other directions and at depth. Hobbes remains a priority target for future work as the Company outlines a near surface copper-gold deposit. Other targets on the large property continue to advance including new areas discovered at FM. Successful drilling at FM points to a large high-level porphyry system demonstrated by anhydrite bearing diorite intrusive and hydrothermal breccias. Future work at FM will include offset drilling of mineralization encountered in 2011 as well as testing the target at depth. Other targets to be tested at Zymo include URC and RD.


Drill core was sampled in three-metre intervals and cut with a diamond saw with one-half of the core placed in sealed plastic bags and delivered to Acme Analytical Laboratories Inc. ("Acme") in Smithers for crushing and pulverizing. Sample pulps were then analysed by Acme in their Vancouver lab following aqua regia digestion by ICP-MS. As part of the company's QA/QC (quality assurance/quality control) procedures, internationally recognized 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 Bruce Laird, P. Geo. Robert Cameron, P.Geo., 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. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres of Smithers, British Columbia. The Company's 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 potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's Flume property located within the White Gold District. 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 and early stage exploration at the 26,474 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.


Geoff Chater 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 exploration results 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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