VANCOUVER, March 18, 2013 /PRNewswire/ - Bear Creek Mining
(TSXV: BCM)/(BVL:BCM) ("Bear Creek" or the "Company") is pleased to
announce the acquisition of the Carito and Maria Jose gold targets
http://www.bearcreekmining.com/s/caritogold.asp.
The Company also reports that it is on schedule
for the Corani public audiences, expected to occur in April, which
is considered to be the most important public hearings required for
the approval of the Environmental and Social Impact Assessment
("ESIA") submitted in December 2012
(see news release dated 11 December,
2012).
Andrew Swarthout,
Chief Executive Officer, states "We are excited to have made these
new acquisitions which, in conjunction with the Sumi Phase I
drilling results (see news release dated 13
March 2013), continue to advance our generative exploration
efforts focusing on precious metals. These programs are very
cost effective, high-reward activities that are well within the
capacity of our treasury as we move Corani through the permitting
process. The projects offer potential for high-grade, gold veins
and near-surface, disseminated gold mineralization in areas with
excellent infrastructure and good community relations. We
anticipate drilling to commence on both projects in the second half
of 2013, pending permit approvals."
Carito Gold Prospect - Carito is located
in northern 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 prospect is an undrilled Au 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.
Two styles of mineralization are present at
Carito; a disseminated gold epithermal system hosted within
sedimentary rocks and a copper - gold porphyry system. 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 northern Peru (La Arena,
Lagunas Norte, Santa Rosa). The
sedimentary unit is intruded by at least two pervasively altered
porphyries. Importantly, hydrothermal breccias and a 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 0.23
g/t gold, indicating a possible target for a mineralized Cu-Au
porphyry at depth.
Under the option agreement with a private
Peruvian third party, Bear Creek may acquire 100% of Carito by
making escalating payments totaling US$7,475,000 million over 5 years. A royalty of
2% NSR exists that can be entirely purchased for US$6 million if the deposit is less than 3
million gold equivalent ounces, or the royalty can be reduced for
US$6 million to 1% NSR if the deposit
contains greater than 3 million gold equivalent ounces, as defined
in a feasibility study.
The Maria Jose Prospect - Maria Jose is
located in the Department of Ancash, 140 kms NNW of
Lima. The project is comprised of
Cretaceous to Paleocene diorites and granitoids of the Coastal
Batholith hosting a system of east-west to northeast trending, 45°
to steeply north dipping, mesothermal quartz veins and shear zones
containing high gold grade values. Similarly to Caritos, the
Maria Jose mineralization was only recently exposed by
prospectors. At surface, the three main east-west veins can
be traced for approximately 400 meters; however, shallow cover is
prevalent in the district and the possibility of much longer strike
lengths will be investigated by shallow trenching and sampling. The
observed veins range in thickness from 0.25 meters to 1.7 meters
with average widths of ~1 meter. Northeast trending veins appear to
be younger in age with narrower widths ranging from 0.2 to 0.5
meters exhibiting steeply northwest dips. Initial
mapping and channel sampling (16 samples) of several veins yielded
values ranging from 2.2 g/t to 233 g/t gold in the east-west
trending vein system and from 4 g/t to 22 g/t gold in the
northeast system over widths from 0.2 meters to 0.4 meters. The
full widths will be exposed and sampled in the current field
program. Based upon preliminary field work to date, the mesothermal
veins are consistently gold bearing and are indicated to have
excellent vertical continuity for at least 400 meters as evidenced
by prospect pits and scattered outcrops separated by thin soil
cover.
A possible Cu-Au-Mo porphyry target has also
been identified which focuses on a 300 meters x 500 meters area of
strongly altered intrusive rock (potassic alteration superimposed
by propylitic alteration). This target is also surrounded by thin
soil cover and its full extent is unknown, pending additional
mapping and trenching. Preliminary surface sampling
yielded highly anomalous values ranging from 90 ppm to 1030 ppm
copper, 10 ppb to 200 ppb gold, and 1 ppm to 136 ppm molybdenum,
indicating that an untested porphyry-style deposit may exist at
shallow to medium depths.
The field program will commence next month and
include mapping, trenching, and geophysics in preparation for Phase
I drilling anticipated in the fourth quarter of 2013. Drilling will
define the various veins for grade continuity laterally and at
depths up to 300 meters. In addition, drilling may test the
potential of the Cu-Au-Mo target pending further field work.
Under the option agreement with a private
Peruvian third party, Bear Creek Mining may acquire 100% of Maria
Jose (3,500 hectares) by making escalating payments totaling
US$4 million over 4 years. The
initial option payment is US$300,000
and the second payment of US$250,000
is due in 18 months, allowing the Company sufficient time to
complete initial drill testing to define the potential in advance
of larger, balloon payments. An additional payment of
US$2 million must be made if the
deposit is greater than 1 million ounces gold in resources as
defined by NI 43-101 technical report. There are no royalty
provisions under the agreement.
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."
Regulatory footnotes:
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
Marc Leduc, P. Eng., President and
COO, Christian Rios, P.Geo.
Exploration Manager and the 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
