Bear Lake Gold Announces Start of Drilling Program at Larder Lake
07.09.2011 | Marketwire
LONGUEUIL, QUEBEC -- (Marketwire) -- 09/07/11 -- Bear Lake Gold Ltd. (the 'Company') (TSX VENTURE: BLG) is pleased to announce the commencement of a 15,000 m drilling program at its Larder Lake gold project located on the prolific Cadillac-Larder Lake Break in the mining district of North-Eastern Ontario.Drilling program
Following the recent completion of a $3,923,750 private placement and the estimation of NI 43-101 compliant mineral resources on the Bear Lake and the Cheminis gold zones of the Larder Lake Project, the Company has designed a 15,000m work program. Approximately 8,000 m is planned to test the extension and better define the Cheminis mineral resource. In addition, some 5,000 m will investigate the extensions of the Bear Lake mineral resource. The recent resource estimate showed that both zones are open on strike and at depth. Finally some 2,000 m of drilling is planned in the Fernland area where hole 13 completed in November 2007, intersected 6.9g/t gold over 13.5m near surface (including 13.1 g/t gold over 6.0m). Additional work is required to evaluate the potential and test the extensions of this mineralized zone.
One diamond drill has already started drilling and a second drill is expected to arrive shortly. A third drill will be mobilized to site when available.
Larder Lake gold project - NI 43-101 Mineral Resource Estimate
As previously announced, the Bear Lake zone resource estimate prepared by P&E Mining Consultants Inc. ('P&E'), an independent geological and mining consulting firm of Brampton Ontario, stands at 3,750,000 tonnes grading 5.67 g/t gold in the Inferred category for a total of 683,600 ounces of gold. The zone remains open on strike and at depth. (See news release dated June 29, 2011.)
The Cheminis zone resource estimate also prepared by P&E outlined Indicated resources of 335,000 tonnes at 4.07 g/t gold for 43,800 ounces of gold and Inferred resources of 1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold. (See news release of April 13, 2011.)
The Table 1 shows the combined resources of the two zones.
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Larder Lake Project
Combined Mineral Resources - June 2011 (1)
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Location Indicated Inferred
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Tonnes Grade Ounces Tonnes Grade Ounces
Bear Lake Zone - - - 3,750,000 5.67 683,600
Cheminis Zone 335,000 4.07 43,800 1,391,000 5.22 233,400
TOTAL 335,000 4.07 43,800 5,141,000 5.55 917,000
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(1) Resources are reported using a 2.5 g/t gold cutoff and a minimal
horizontal thickness of 2.0 m. The gold price used was US$1,207/oz. Process
recovery was 95%. Mining costs were $75/ tonne and Processing and G&A costs
were $20/tonne. Exchange rate used was $0.95USD = $1.00 CDN. Mineral
resources which are not mineral reserves do not have demonstrated economic
viability.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis.
Qualified Persons
The Bear Lake and Cheminis resource estimates were undertaken by Independent Qualified Persons Antoine Yassa, P.Geo., Eugene Puritch, P.Eng. and Tracy Armstrong, P.Geo, of P&E. Mr. Puritch, President of P&E has reviewed and approved the contents of this press release insofar as the Cheminis and Bear Lake mineral resource estimates are concerned.
P&E has completed a technical report for the mineral resource estimates of the two zones in compliance with NI 43-101 and both reports were filed on Sedar.
The other technical information contained in this press release was prepared and approved by Francois Viens, President and CEO of the Company. Mr. Viens is a 'qualified person' within the meaning of that term under NI 43-101.
Forward-Looking Information
This news release contains certain 'forward-looking information' under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Bear Lake and Cheminis mineral resources and their potential expansion, the Company's plans for future work program to be carried out at Larder Lake, and results and timing of exploration programs.. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is engaged in the exploration of gold us mineral properties in North America. Additional information about the Company is available on the Company's website, www.bearlakegold.com and on SEDAR at www.sedar.com.
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.
Contacts:
Francois Viens, President and CEO
Bear Lake Gold Ltd.
450-677-1009
450-677-2601 (FAX)
fviens@bearlakegold.com