Bearing Reports Highest Grade Assays from Program to Date at Maricunga
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2017) - Bearing Resources Ltd. (TSXV: BRZ) (OTCQB: BRGRF) (FSE: B6K1) ("Bearing" or the "Company") has received results from Li3 Energy Inc ("Li3") from the ongoing exploration program at the Maricunga lithium brine project located in Chile (the "Maricunga Project"). Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga lithium brine project (the "Li3 Definitive Agreement"). Li3 holds a 17.7% interest in the project along with Minera Salar Blanco ("MSB") and Lithium Power International Limited ("Lithium Power") at 32.3% and 50% respectively. Under the terms of the joint venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.
Assay results for two holes are provided which were drilled on the San Francisco and Cocina properties, both of which are "old code" tenements. Results were initially released by Lithium Power on February 1st, 2017. Highlights include results from hole S6 drilled on the San Francisco tenement which averaged 1,368 mg/l lithium over 186 metres with a peak assay of 3,375 mg/l lithium which represents the highest-grade lithium brine intersection from the program to date. Drill results remain pending for three holes. The current exploration program was comprised of a total of 11 holes plus one production well for pump testing, in addition to 8 monitoring wells.
San Francisco (1 hole) - Rotary drill hole S6 was drilled in the south of the tenement to a depth of 200 metres. Sample assays returned an average grade of 1,368 mg/l lithium plus 9,468 mg/l potassium over the 186-metre sample interval (from 12 metres to 198 metres) with a peak of 3,375 mg/l lithium and 20,640 mg/l potassium over a 6 metre sample at 12 metres depth. S6 is located approximately 2.4km south from hole S3, and 4.8km southwest from hole M10.
Cocina (1 hole) - Hole M1A was drilled in the northeast of the tenement to a depth of 200 metres. Sample assays returned an average grade of 822 mg/l lithium and 6,104 mg/l potassium over the 186-metre sample interval (from 12 metres to 198 metres) . Hole M1A was completed using sonic drilling and was a replacement for hole M1, which was using rotary drilling, but abandoned at 77 metres. M1A is located adjacent to M1 and approximately 1.3km north east from hole M10, and 2.7km southeast of hole S13
Both holes S6 and M1A were drilled vertically to 200 metres and sampled every 6 metres, with reported intervals representing true thicknesses. Both holes terminated in high-grade lithium brine at depth hosted within a favorable sand and gravel sequence.
Jeremy Poirier, President and Chief Executive Officer of the Company commented: "Assay results from drilling on the Maricunga project and notably "old code" tenements continue to deliver high-grade lithium and potassium rich brine over thick sequences of favorably lithology. Of the remaining holes pending assays, one was drilled to a depth of 360 metres and continued to intersect the favorable thick sand and gravel sequence present in the upper 200 metres. Results from the remaining three holes are anticipated shortly and will form the basis of a resource estimate anticipated in Q2/17."
Drilling of hole S6 was by rotary drilling that provide cuttings for lithological logging and for geological interpretation. Sonic drilling of hole M1A produced cores with close to 100% core recovery. This technique uses sonic vibration to penetrate the salt lake sediments. Brine samples were collected at 6 m intervals during drilling. This involved purging brine from the drill hole and then taking a sample corresponding to the interval between the rods and the bottom of the hole. The brine sample was collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. Brine samples collected following the purging of the holes are homogenized as brine is extracted from the hole using a bailer device. Each bottle was taped and marked with the sample number and details of the hole and the time of the sample were noted. The University of Antofagasta in northern Chile was used as the primary laboratory to conduct the assaying of the brine samples collected as part of the drilling program. They also analyzed blanks, duplicates and standards, with blind control samples in the analysis chain. Additional details of the QA/QC program and sampling procedures are provided in the Lithium Power press releases mentioned.
Robert Cameron, P.Geo., who is a technical consultant to the Company and is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Resources Ltd.
Bearing is an exploration and development company. The Li3 Definitive Agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, Director President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier-- President and CEO Bearing Resources - Telephone: 1-604-262-8835
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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information" and "forward-looking statements"(collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the transactions contemplated by the Li3 Definitive Agreement, the benefits of the proposed transaction with Li3 to shareholders of Bearing . Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: completion of satisfactory due diligence by each of Bearing and Li3, , the absence of a material adverse change in the Maricunga Property and the receipt of all necessary regulatory and shareholder approvals to complete the proposed transaction with Li3 . Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.