VANCOUVER, Sept. 12 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear
Creek" or the "Company") is very pleased to announce drilling results from the
Corani silver project as well as additional high-grade trenching and
geophysics that indicate potential to expand considerably the silver
mineralization outlined to date. The eleven diamond core drill holes announced
today have extended the width of mineralization in the southern part of the
silver anomaly to at least 300 meters and expanded it to at least 450 meters
wide to the north. To date, the deposit has been tested over a 1,300 meter
strike length and remains open laterally, especially to the north under
post-mineral cover where some of our higher grades have been encountered.
The additional drilling results in a weighted average (not including
DDH C-10) of all drill holes to date of 2.9 opt Ag, 1.45% Pb (4.7 opt Ag
equivalent) over an average drill intercept of 59 meters. This compares
favorably with results from previous drilling that averaged 3.5 opt Ag over a
slightly shorter average intercept of 52 meters (see 3 August, '05 news
release). The results continue to confirm the presence of a large silver-lead-
zinc deposit and to validate at depth the trench sampling results over the
outcrop area which averaged 3.7 opt Ag on surface.
Drilling in the main mineralized zone continues to yield results in the
3.5 opt Ag range over an area now 1,300 m long by an average width of 200 m.
Slightly lower grades are encountered in the foot wall and hanging wall of the
main mineralized structure in the southern portion of the anomaly where
drilling to define the limits of mineralization intersected long intervals of
1 to 2 opt Ag. However, consistent values on a silver equivalent basis
indicate that the mineralization is continuous over the entire width, and
remains open laterally. The limits of silver mineralization have yet to be
defined. See grade thickness map at www.bearcreekmining.com.
Importantly, four new trenches on the high-grade Corani Este discovery
extend the exposed dimensions on this new discovery to at least 300 m wide by
400 m long with mineralization still open to the north under post-mineral
volcanics and to the southwest where an IP anomaly has been identified under
shallow soil cover. The average grade of the Corani Este trenches is 6.6 opt
Ag and 1.44% Pb (8.4 opt Ag equivalent) over an average width of 64 m. This is
approximately twice the grade of the main Corani discovery located 500 meters
to the west. Drilling commenced on Corani Este on September 6.
Mineralization remains open to the north of both Corani and Corani Este.
Drilling in the northern portion of the main silver zone (DDH C-2B; 60 m (at)
3.1 opt Ag, 1.91% Pb, 1.18% Zn for a silver equivalent grade of 7.6 opt)
continues to show increasing grades towards post-mineral cover and the new
trenching in the Corani Este discovery has extended the exposed higher-grade
mineralization beneath the post-mineral volcanics 500 meters to the
north-northwest.
Geophysics is in progress over the district to define drill targets under
the numerous covered areas. Early results identify a strong, near-surface IP
anomaly which measures 600 m by 700 m extending from the highest grade drill
holes in the northern portion of the main Corani area eastward under shallow
cover for 400 meters towards the Corani Este trenches which averaged
8.4 opt Ag equivalent (see geophysical data on website). The anomaly is still
open to the north under post-mineral cover. The anomaly is widening and also
open to the south towards "La Curva" where trenching is currently in progress
approximately one kilometer south of Corani Este on additional veining which
was recently identified during geologic mapping. La Curva, Corani Este, and
the main Corani zone are all separated by extensive, thin soil cover which
overlies the IP anomaly. The magnitude of the IP response is similar to the
response underlying drill holes such as C-2, C-4, and C-8A, which have
intersected the highest grades on the project to date. Further geophysical
results are expected in late-September.
<<
THE LATEST DRILL HOLE RESULTS ARE AS FOLLOWS:
-------------------------------------------------------------------------
Inclin- Total
Drill Hole Azimuth ation Depth From To Interval (m)
No. (degrees) (degrees) (m) (m) (m) True Width
-------------------------------------------------------------------------
C-2B 75 -80 123.5 0 60 60
-------------------------------------------------------------------------
includes 26 56 30
-------------------------------------------------------------------------
84 98 14
-------------------------------------------------------------------------
C-3A 50 -70 135.6 0 34 34
-------------------------------------------------------------------------
includes 0 10 10
-------------------------------------------------------------------------
Or 0 78 78
-------------------------------------------------------------------------
C-4A 70 -75 120.2 0 70 70
-------------------------------------------------------------------------
C-6A 80 -70 127.4 0 68 68
-------------------------------------------------------------------------
includes
-------------------------------------------------------------------------
C-11 70 -30 59.5 0 46 46
-------------------------------------------------------------------------
includes 22 40 18
-------------------------------------------------------------------------
C-11A 70 -50 62.1 0 40 40
-------------------------------------------------------------------------
includes 38 40 2
-------------------------------------------------------------------------
C-12 250 -30 145.2 0 92 92
-------------------------------------------------------------------------
includes 10 44 34
-------------------------------------------------------------------------
C-12A 70 -45 191.2 0 110 110
-------------------------------------------------------------------------
includes 78 88 10
-------------------------------------------------------------------------
C-13 70 -50 130.7 0 72 72
-------------------------------------------------------------------------
includes 60 70 10
-------------------------------------------------------------------------
C-14 70 -50 136.2 0 78 78
-------------------------------------------------------------------------
includes 54 72 18
-------------------------------------------------------------------------
C-15 240 -50 169.9 0 104 104
-------------------------------------------------------------------------
includes 46 74 28
-------------------------------------------------------------------------
0 170 170
-------------------------------------------------------------------------
-------------------------------------------------------
Silver Silver
(ounces Equivalent
Drill Hole per Lead Zinc (ounces
No. tonne) (%) (%) per tonne)
-------------------------------------------------------
C-2B 3.1 1.91 1.18 7.6
-------------------------------------------------------
includes 4.6 3.15 2.08 12.2
-------------------------------------------------------
1.9 0.57 0.1 2.6
-------------------------------------------------------
C-3A 3.3 1.67 0.1 5.4
-------------------------------------------------------
includes 5.7 2.28 0.1 8.5
-------------------------------------------------------
Or 1.8 0.85 0.1 2.3
-------------------------------------------------------
C-4A 2.2 1.69 1.33 6.7
-------------------------------------------------------
C-6A 1.9 0.70 0.3 2.8
-------------------------------------------------------
includes
-------------------------------------------------------
C-11 1.3 0.78 0.1 2.3
-------------------------------------------------------
includes 2.2 1.02 0.1 3.5
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C-11A 1.0 0.73 0.1 1.8
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includes 5.1 1.38 0.3 6.8
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C-12 2.7 1.45 0.2 4.5
-------------------------------------------------------
includes 3.7 1.86 0.2 6.0
-------------------------------------------------------
C-12A 1.7 0.90 0.1 2.8
-------------------------------------------------------
includes 4.7 0.48 0.1 5.3
-------------------------------------------------------
C-13 1.5 0.88 2.6
-------------------------------------------------------
includes 3.4 1.23
-------------------------------------------------------
C-14 1.9 1.02 0.1 3.2
-------------------------------------------------------
includes 3.3 1.20 0.1 4.8
-------------------------------------------------------
C-15 2.6 1.35 0.6 5.3
-------------------------------------------------------
includes 5.2 1.32 0.23 6.8
-------------------------------------------------------
1.8 1.02 0.1 3.1
-------------------------------------------------------
Note: Silver equivalent is calculated using current metals prices
(Pb (equal sign) $0.39/pound, Zn(equal sign)$0.56/pound and
Ag (equal sign) $7/ounce); 1%Pb (equal sign) 1.23 opt Ag equivalent;
1%Zn (equal sign) 1.78 opt Ag equivalent (used only if
Zn greater than 0.5%)
CORANI ESTE TRENCH SAMPLE RESULTS (Average of 2m rock channel samples)
-------------------------------------------------------------------------
Trench Trench Silver Lead Silver Comments
No. length (opt) (%) Equivalent
(m) (opt)
-------------------------------------------------------------------------
18 west 22 7.4 1.7 9.5 Trench starts in 3 opt Ag
and ends in 11.0 opt Ag
-------------------------------------------------------------------------
18 central 10 2.8 1.7 4.9 Trench ends in 5.6 opt Ag
-------------------------------------------------------------------------
18 east 68 10.4 2.1 13.0 Trench starts and ends in
2.4 opt Ag
-------------------------------------------------------------------------
includes 42 14.5 2.5 17.6
-------------------------------------------------------------------------
19 30 5.2 0.1 5.2 Last sample under post-
mineral contact; 2m (at)
40.0 opt Ag
-------------------------------------------------------------------------
20 44 5.6 1.07 6.9 Trench starts in 3.0 and
ends in 4.5 opt Ag
-------------------------------------------------------------------------
includes 16 10.3 1.90 12.6
-------------------------------------------------------------------------
21 72 3.5 0.7 4.4 Trench starts in 1.0 opt
and ends in 2.0 opt Ag
-------------------------------------------------------------------------
includes 36 5.5 0.9 6.6
-------------------------------------------------------------------------
21 east 18 2.8 1.2 4.3
-------------------------------------------------------------------------
22 58 8.9 2.4 11.9 Trench starts in 9.5 opt Ag
and ends in 3.0 opt Ag
-------------------------------------------------------------------------
includes 20 11.8 4.5 17.3
-------------------------------------------------------------------------
and 22 11.6 2.0 14.1
-------------------------------------------------------------------------
Note: mineralization in Corani Este is contained in multi-directional
veining and structural/hydrothermal breccias; therefore, true widths are
considered to be equal to trench lengths
Please refer to Bear Creek's website at www.bearcreekmining.com for drill
hole locations, trench geochem maps, previously reported drill intervals and
detailed assay results.
Drilling is continuing to perform both in-fill and step out drilling to
define the limits of the mineralization. The underlying favorable sedimentary
contact which hosted much of the high-grade historical silver-lead-zinc
production is being tested by drill hole C-17 (in progress) and drilling will
expand to the north and northwest from Corani Este during September and
October. Targets in the gold-rich portion of the district located three
kilometers to the south will also receive initial drill testing in late
September. Additional drilling and trenching results from the Phase 1 program
are anticipated by mid October. Proceeds from the recently completed
CDN$11 million financing will allow Bear Creek to fast track exploration in
the Corani district including an additional 30,000 meters of infill and
exploration drilling in a Phase II program which will commence immediately
following the completion of the current program.
Metallurgical testing is being designed by Dawson Metallurgical
Laboratories to begin in mid-September to evaluate silver and base metals
recoveries. The tests will be performed by Plenge Laboratories in Lima who
have extensive experience in silver recovery processes. Corani Mining Co. (a
private Peruvian company) processed high grade ores (plus 10 opt Ag, 12% - 15%
combined Pb/Zn) from Corani for 8 years during the 1960's in a 100 tpd
flotation plant. Limited historical data indicates that silver recoveries were
greater than 85%. The operation also involved small heap leaching of oxide
ores. Based on this information and recently completed mineralogical studies
which show that the silver mineralization is contained within argentiferous
galena and silver sulfosalts, Bear Creek expects silver recoveries should be
favorable.
Andrew Swarthout, President and CEO of Bear Creek, states, "We continue
to be very pleased by our exploration results. The additional trench data from
Corani Este is opening up an important new target that will complement, or
exceed, the results from our initial discovery at Corani itself. Based upon
the correlation demonstrated between trenching and drilling results, we expect
the grades seen in the Corani Este trenches will also be confirmed at depth by
drilling. Additional mapping and sampling also continue to generate solid new
targets such as La Curva, which is now receiving detailed evaluation. The
geophysical program is successfully mapping hidden sulfide targets that are
highly prospective for expanding mineralization under cover and connecting the
mineralization between the high grade zones defined. In short, the mineralized
system at Corani is extensive and has excellent potential to continue to grow
as drilling expands to the north and under covered target areas."
The TSX Venture Exchange does not accept 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 David Volkert, P.Geo., Bear Creek's Vice President of
Exploration, who serves as the qualified person (QP) under the definitions of
National Instrument 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 Cusco,
Peru for direct shipping to ALS Chemex Laboratories in Lima. 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. Readers are cautioned not to place undue reliance on
forward-looking statements. 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.
>>
%SEDAR: 00013503E
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Bear Creek announces high grade trench results, positive drill results and geophysical anomaly expands target at Corani silver-gold project
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