Bear Creek announces start of Phase I drilling at its Carito gold project, Peru
VANCOUVER, Jan. 13, 2014 /CNW/ - Bear Creek Mining (TSX Venture: BCM/ BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that drilling is underway at the Carito gold - copper project (See News Release dated March 18, 2013 and http://www.bearcreekmining.com/s/caritogold.asp). The Phase I drill program, consisting of seven drill holes for an estimated total of 2,500 meters, is primarily designed to test the two targets defined to date; an outcropping disseminated gold epithermal system hosted within sedimentary rocks and an underlying, intrusive-hosted, copper - gold porphyry system.
Andrew Swarthout, Chief Executive Officer, states "The commencement of drilling at Carito follows our philosophy that has been the foundation of our success; namely, that selective drilling programs in high-quality, untested grass-roots prospects provides the potential for the highest rewards to our shareholders. Our methods continue to be cost-effective, first phase drilling to establish the upside before committing substantial funding. Fortunately, we have the treasury to allow surgical exploration programs such as Carito, without jeopardizing our longevity or the work necessary to further Corani and Santa Ana."
Carito is located in north central Peru within the prolific Antamina - Magistral thrust fault belt, Ancash Department. The district's potential was unrecognized until recently when prospectors discovered high-grade gold mineralization beneath thin coluvial cover. The Carito project is an undrilled Au - Cu system resembling the La Arena deposit, a robust open pit gold mine with significant potential for underlying, porphyry-style copper and gold mineralization currently under exploration.
Gold mineralization is controlled by fractured and crackle-brecciated quartzites and sandstones of the Cretaceous Chimu formation. The Chimu formation is a well-known host for disseminated gold deposits in north central Peru (La Arena, Lagunas Norte, Santa Rosa). The sedimentary unit is intruded by at least two pervasively altered porphyries phases. Importantly, hydrothermal breccias and a phreatic-diatreme breccia have been identified which indicate abundant sources for mineralizing, hydrothermal fluids. Values derived from one-hundred-nineteen (119) rock chip samples from the quartzites / sandstones, and intrusives range from trace to 22.1 g/t gold. Eighty-three (83) samples from the above one-hundred-nineteen samples contain greater than 50 ppb gold. Associated favorable trace elements include strongly anomalous Ag, As, Hg, Sb and W. The two altered intrusives observed to date exhibit values up to 1.06 g/t gold and 0.59% copper, indicating a possible target for a mineralized Cu-Au porphyry at depth coincident with strong Induced Polarization response suggesting high sulfide mineralization. Drill hole assay results will be released upon completion of Phase I drilling in February/ March.
Consistent with the Company's aggressive generative exploration philosophy, several additional prospects in the portfolio are being evaluated for future acquisition or drilling.
"Neither the 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."
All of Bear Creek's exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of Christian Rios, P.Geo. Exploration Manager and the President and CEO, Andrew Swarthout, P.Geo., who serve as the Qualified Persons under the definitions of NI 43-101. All diamond drilling has been performed using HQ diameter core with recoveries averaging greater than 95%. Core is logged and split on site under the supervision of Bear Creek geologists. Sampling is done on two-meter intervals and samples are transported by Company staff to ALS Chemex, Laboratories in Lima, Peru. ALS Chemex is an ISO 9001:2000-registered laboratory and is preparing for ISO 17025 certification. Silver, lead, and zinc assays utilize a multi-acid digestion with atomic absorption ("ore-grade assay method"). The QC/QA program includes the insertion every 20th sample of known standards prepared by SGS Laboratories, Lima. A section in Bear Creek's website is dedicated to sampling, assay and quality control procedures.
Certain disclosure in this release, including management's assessment of Bear Creek's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bear Creek's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. These risks, uncertainties and other factors are disclosed in Bear Creek's continuous disclosure filings with Canadian securities regulators including its most recent annual information form, available on www.sedar.com. Bear Creek expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Bear Creek Mining Corporation
Image with caption: "Carito Project (CNW Group/Bear Creek Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20140113_C8036_PHOTO_EN_35439.jpgFor further information:
Andrew Swarthout - CEO, or Lisa May - Investor Relations
Phone: 604-685-6269 Direct: 604-628-1111
For further information, please visit the Company's website (www.bearcreekmining.com)