Bear Creek Provides Update On Its Exploration Programs Including
Two New Acquisitions, Peru
Bear Creek Mining (TSX Venture: BCM / BVL: BCM) ("Bear Creek" or the "Company")
is pleased to provide updates on its
exploration programs in Peru. The Company
maintains an aggressive generative exploration program while
advancing the development
of two new major silver
mines, Santa Ana and Corani. The four prospects described in this update range from an advanced Phase II drilling program at Tassa to new
acquisitions and discoveries. (To view
location map of new projects
please refer to: http://www.bearcreekmining.com/i/pdf/CurrrentProjectsMapApril5th-2011.pdf)
Andrew Swarthout, CEO of Bear
Creek, states "We are very
pleased to be advancing our exploration
portfolios with two new
prospects while continuing fast track development
at our two
major mines where first silver
production is expected next year. Bear
Creek has a strong discovery
history and is fortunate to have the funding and
exploration expertise to ramp up strong
exploration and drilling campaigns
in 2011 on four different
prospects. Our exploration team discovered our two mines and we remain committed
towards discovering the next precious metals
deposit."
Tassa silver-gold (100% BCM) - Phase II
drilling is scheduled to commence in second quarter of 2011 and will follow up on numerous mineralized intercepts from Phase I including up to 60 meters averaging 224.2 g/t Ag from 24 to
84 meters depth (see news release dated 12/6/2010)
and 40 meters averaging
110.7 g/t Ag from 2 to 42 meters
depth as well as scattered anomalous gold intercepts with up to 1.24 g/t Au
over 2 meters.
Tassa is located approximately 160 kilometers northwest and 230 kilometers south of the Company's Santa Ana
and Corani silver deposits respectively. The
prospect is also located 16 kms north-west from the Canahuire deposit/ Chucapaca district, currently under exploration by
the Goldfields - Buenaventura joint
venture where reported
resources are 83.7 MT averaging
1.9 g/t Au and 8.2 g/t Ag with mineralization
remaining open. Phase I drilling
tested a 1.5 km by 800 meter
anomaly where 852 rock chip
samples averaged 30.71 g/t silver. Silver (and gold) mineralization was intersected contained within multiple phases of breccias,
strongly fractured rhyolitic volcanics, and brecciated sediments. Subsequently surface mapping has identified breccia complexes 1 km
further to the north suggesting the continuation of the hydrothermal breccia complex below the Mesozoic sediments and expanding the target area by two-fold. In
addition, new surface geochemistry sampling has identified a 1.04
g/t gold and 0.55% copper anomaly
in quartz-sulfide veinlets which cut the rhyolitic
volcanics indicating that gold mineralization is originating from an underlying untested source. Stratigraphic studies suggest that the favorable sediments were not reached in the Phase I drilling, therefore, Phase II drilling will test deeper in the system (up to 450 meters
depth) where favorable sedimentary formations which host
the nearby Chucapaca mineralization are believed to exist in contact with the breccia complexes. Future drilling
will also focus on new targets adjacent to the breccias
complexes located over the northernmost
three by two kms of the
concessions where geologic mapping and sampling have again expanded the target area. The Phase II program will
consist of approximately
3,000 meters in eight (8)
drill holes. (To view Tassa
map with expanded target please refer to: http://www.bearcreekmining.com/i/pdf/Tassa_Pre_Realease_February2011.pdf)
Alejandra gold project - The Company has
recently entered into an option agreement with a Peruvian third party to acquire 1,000 hectares in northern
Peru in a volcanogenic
massive sulfide ("VMS") complex
hosting gold and base metal
mineralization. The option agreement allows the Company to acquire a 100% interest for payments totaling US$2.64 M over
five years with the initial
payment being US$15,000. Alejandra is located
within the same volcanic complex as the Tambo Grande VMS deposit, located 30 kms to the south-west,
which hosts 1.9M ounces
gold and 34M ounces silver averaging 3.5 g/t Au and 64 g/t Ag (oxide
deposit) and 191 MT averaging
1.3% Cu, 1.2% Zn, 0.6 g/t Au and 23 g/t Ag (sulfide deposits) as reported by
Manhattan Minerals in 2002.
Initial geologic mapping
and surface sampling defines
a target area 4 by 1.5 kms with
four styles of mineralization typically
associated with VMS ore
bodies: mantos, veins, stockwork and breccia zones. The mantos are composed of sub-horizontal lenses hosted in marine volcaniclastic
rocks with 0.5 to 1.5 mts width and values up to 3.6 g/t gold, 28.9 g/t silver and 0.83% Zn. Veins are comprised of at least two structures with an approximately length of 2 km, 0.2 to 2.0 mts wide containing values up to 9.6
g/t gold, 61.1 g/t silver, 0.11% copper,
0.19% lead and 0.20% zinc. The stockwork zone, characterized by quartz-pyrite veining
with sericitic halos, is located in a pervasively altered volcanic rock containing values
up to 0.13 g/t gold, 25.6 g/t silver and 0.13% lead with highly anomalous
As, Ba, Cu, Hg, Sb. A hydrothermal breccia discovered by trenching through shallow soil cover contains
up to 0.76 g/t gold, 29.8 g/t silver and 0.30% lead. Importantly, over 60% of the area is
covered with thin soil and the more favorable Ereo Formation hosting the large
VMS deposits at Tambo Grande underlie the mineralized outcrops at Alejandra at
depths likely less than 200 meters.
A geophysical program will be designed to define targets buried under shallow
soil cover and additional geologic mapping will be
done to better delineate targets for Phase I drilling program comprised of
1,500 meters in 10 drill holes to commence in second half
of 2011. Community relations with
local populations are favorable at Alejandra.
Sumi gold project
- The Company holds a 100% interest comprised of 1,200
hectares in a discovery located
in the Au-Ag Tertiary-age epithermal
belt in central Peru where alteration and mineralization in the area is typical of a volcanic-hosted, high- sulfidation system. To
date, eleven (11) preliminary
surface rock chip samples have returned
precious metal values including 5 g/t gold and 156 g/t silver
in a vein- breccia
structure with 0.3 to 2.0 meters
width and 0.57 g/t gold and 82.6 g/t silver in a vuggy silica altered volcanic rock. Eight of the eleven samples contained highly anomalous gold > 100 ppb. The
prospect was partially tested in 2003 and 2006 by a third party with
limited drilling reportedly intersecting
multi-gram gold over intervals ranging
from 2 to over 47 meters beginning at the surface. The
program totaled approximately
4,600 meters but did not
test outcrop areas where
BCM sampling has yielded 5
g/t Au. Bear Creek's
initial work indicates that a large prospective area remains
untested, including
favorable sedimentary Mesozoic
formations similar to Tassa/Chucapaca.
Plans are to complete detailed
surface mapping and sampling
in preparation for Phase I drilling
estimated to commence in the second half of 2011.
La Yegua copper-gold-molybdenum project (100% BCM)
- La Yegua is located 20 kms northeast of the
200 MT Los Chancas copper/gold/moly
deposit in a prolific porphyry copper belt that also
contains the Las Bambas, Huaquira, Constancia, Tintaya and Antapaccay mines. Bear Creek has entered into a joint
venture agreement with Japan
Oil, Gas and Metals National Corporation ("JOGMEC") to advance the La Yegua Project into Phase II drilling. The
agreement provides for JOGMEC to earn
a 51% interest through investing US$3M over a three year period. Previous
drilling, which intersected up to 114 meters with 0.24% copper and 0.03 g/t
gold, was restricted to a small portion of the altered
intrusive complex before being terminated prior to completion. Recent work performed
under the new JV agreement has identified
at least two high-chargeability anomalies defined
by Induced Polarization/ Resistivity surveys. These two targets,
measuring 700 x 300 meters
and 500 x 300 meters, are located
at shallow depths 600 meters east and 1.5 kms south-west of previous drilling and strongly suggest the presence of untested porphyry targets. One anomaly is associated
with a potassic- propylitic altered quartz-feldspar porphyry intrusive with anomalous copper (500 ppm). Geologic mapping and re-logging of drill core is being
performed prior to the decision to commence Phase II drilling
in second quarter of 2011.
Consistent with the Company's
aggressive generative
exploration philosophy, several
additional prospects in the portfolio are being evaluated for future drilling or acquisition.
The TSX Venture Exchange does not accept
responsibility for the adequacy
or accuracy of this
release.
- End -
Andrew Swarthout - CEO, or Patrick De Witt - Investor Relations
Phone: 604-685-6269 Direct: 604-628-1111
E-mail: info@bearcreekmining.com
For further information, please
visit the Company's website (www.bearcreekmining.com)