NEWS
RELEASE / Dated July 14, 2009
Bear Lake Gold reports new high-grade gold intercepts
from its Bear Lake gold zone in Larder Lake, Ontario
Hole #67 intersected 7.5 meters grading 10.4 g/t gold,
hole #67W cut 7.9 meters grading 22.5 g/t,
hole #69 intersected 7.0 meters grading 16.3 g/t gold,
hole #70 cut 4.5 meters assaying 11.0 g/t gold
Longueuil,
Qu�bec: July 14, 2009.
Bear Lake Gold Ltd. ("Bear Lake Gold") (TSX.V: BLG) is pleased to
report additional results from the infill core drilling program on the Bear
Lake gold zone of its 100% owned Larder Lake Project, located in north eastern
Ontario.
- Hole #67 intersected, at a
vertical depth of 700 meters, a 7.5 meter section of carbonate-type
mineralization grading 10.4 g/t gold, including 2.7 meters
at a grade of 17.9 g/t gold.
- A wedge placed in hole #67
(hole 67W) re-tested the carbonate-type zone (less than a meter away) and
cut a 7.9 meter section which assayed 22.5 g/t gold,
including 4.3 meters grading 37.5 g/t gold.
- Hole #69 intersected, at a
vertical depth of 460 meters, a 7.0 meter section of carbonate-type
mineralization grading 16.3 g/t gold and, at a depth of 540m
vertical, 1.5 meters of altered ultramafic assaying 20.6 g/t
gold.
- Hole #69 also intersected, at a
vertical depth of 675 meters, 2.2 meters of flow-type mineralization
yielding 11.7 g/t gold.
- Hole #70 cut, at a vertical
depth of 380 meters, 4.5 meters of carbonate-type mineralization
assaying 11.0 g/t gold.
These
holes were all part of the infill program designed to reduce hole spacing and
increase the confidence level in one of the higher-grade gold lenses within the
heart of the Bear
Lake
zone. This infill drilling program at Bear Lake
continues to successfully define the high-grade portion of the deposit and
results obtained to date confirm our interpretation that both high-grade and
lower-grade mineralized zones occur within a wide alteration envelope.
Highlights
of new Larder Lake Assay Results - Bear Lake Area
Hole no.
|
From
(m)
|
To
(m)
|
Core Length (m)
|
True Width (m)
|
Au
(g/t)
|
Mineralization Type
|
BLG09-67
|
719.7
|
727.2
|
7.5
|
6.5
|
10.4
|
Carbonate-type
|
including
|
724.5
|
727.2
|
2.7
|
2.3
|
17.9
|
|
|
|
|
|
|
|
|
BLG09-67W!
|
717.5
|
725.4
|
7.9
|
6.8
|
22.5
|
Carbonate-type
|
including
|
718.7
|
723.0
|
4.3
|
3.7
|
37.5
|
|
|
|
|
|
|
|
|
BLG09-69
|
586.0
|
593.0
|
7.0
|
6.8
|
16.3
|
Carbonate-type
|
and
|
672.5
|
674.0
|
1.5
|
1.4
|
20.6
|
Altered ultramafic
|
|
750.7
|
752.9
|
2.2
|
2.1
|
11.7
|
Flow-type
|
|
|
|
|
|
|
|
BLG09-70
|
475.5
|
480.0
|
4.5
|
4.4
|
11.0
|
Carbonate-type
|
|
666.3
|
673.3
|
7.0
|
6.8
|
0.7
|
Flow-type
|
! Assays pending in other parts of the hole
|
Re-sampling
Program
After
receiving unexpectedly low assay results from several intercepts that were
suspected to contain gold tellurides, the presence of which can sometimes
result in underestimation of gold values unless precautions are taken, samples
suspected to contain tellurides were re-assayed. Despite that most of the
results show no significant difference, there were 5 assays results from holes
49W2, 56A, 58, 59 and 59W that did show some significant increase in gold
content, which should have a positive impact on the upcoming resource
estimates. These results were confirmed by an independent assay
laboratory. The most significant results from this re-sampling program are
shown in the table below.
Most
Significant Assay results - Re-sampling Program
Hole no.
|
From
(m)
|
To
(m)
|
Length (True width)
(m)
|
Original values
Au (g/t)
|
Re-assays
Au (g/t)
|
Mineralization Type
|
NFX08-58
|
1067.4
|
1075.9
|
6.0
|
1.1
|
6.5
|
Carbonate-type
|
|
|
|
|
|
|
|
BLG08-59
|
1133.0
|
1136.5
|
2.1
|
1.7
|
10.5
|
Carbonate-type
|
|
|
|
|
|
|
|
BLG08-59W
|
1466.8
|
1469.6
|
1.7
|
2.3
|
6.7
|
Flow-type
|
|
|
|
|
|
|
|
NFX08-56A
|
1221.5
|
1222.6
|
0.6
|
4.8
|
23.4
|
Flow-type
|
|
|
|
|
|
|
|
NFX08-49W2
|
1033.5
|
1040.2
|
6.5
|
1.4
|
9.9
|
Flow-type
|
|
|
|
|
|
|
|
Gold
tellurides were frequently observed at the Kerr-Addison mine, located 5 km to
the east and are found in several gold deposits located along the Larder
Lake-Cadillac Break. To ensure that the most accurate gold values are
obtained, minor modifications were made to further improve our assay protocol
and all assays reporting above 2 g/t gold are now re-assayed three times.
Link
to flow-type mineralization diagram.
Link
to carb-type mineralization diagram.
The gold
mineralized system identified at Bear
Lake includes both
high-grade and low-grade mineralized shoots, similar to the ore zone setting at
the former Kerr Addison mine, and tighter drilling is necessary to establish
the size and extent of the high-grade zones within this large gold mineralized
envelope.
Link to
complete assay results to date from the Bear Lake Area as at July 14, 2009.
Project
Update
Three drill
rigs are currently working at Larder Lake on the infill drilling of the higher-grade
portion of the Bear
Lake zone between depths
of 400 to 800 meters. Since drilling started in March 2007, more than 55,000
meters of diamond drilling have been completed at Larder Lake.
Work is
on-going to complete an initial mineral resource estimate and a NI 43-101
compliant technical report on the Bear
Lake zone during the
summer of 2009.
Quality Assurance and Control
As part of its QA/QC program, Bear Lake Gold carried out check assays on
the high-grade intersections, with no significant discrepancies found in the
assay results. The assays reported are the uncut average grades of all
determinations from the same samples. The analytical method for gold is one (1)
assay-ton fire assay, with gravimetric finish on all samples. All assays
reporting over 2 g/t gold are automatically re-checked using the rejects.
Assaying is done at Polymet Inc., a certified assay laboratory located in
Cobalt, Ontario.
The quality control process includes inserting blank samples and certified
standards within each batch sent to the laboratory. All rejects from
samples grading above 2g/t gold and randomly-selected rejects from samples
below 2g/t gold are also sent to another certified laboratory as part of Bear
Lake Gold's quality control procedures.
Hope Bay Update
The
exploration program at the Hope
Bay project is scheduled
to start mid-July. The work will focus on the Discovery/Twin Peaks areas
located to the north of the project. The proposed targets are all within
10km from Newmont's Doris and Madrid
gold deposits. A total of 1,100 meters of drilling is planned to test
gold mineralization targets coinciding with surface showings and/or geophysical
anomalies. The program will take approximately one month to complete at a
total cost of $892,000.
Through
its wholly-owned subsidiary Maximus Ventures Ltd. ("Maximus"), Bear
Lake is currently in the sixth year of an option to earn in to a 75% joint
venture interest in the Chicago and Twin Peaks claims groups at Hope Bay,
Nunavut (the "Hope Bay project"). To earn its 75% interest in the Hope Bay
project, Maximus must incur exploration expenditures of $7,250,000 before
October 31, 2010, and issue a total of 5,000,000 common shares, which have been
issued. In order to fulfill its cumulative expenditure requirements for
2009, a total of $892,000 must be spent on the project before October 31st,
2009.
Qualified
Person
The technical content of the information contained in this news release
was reviewed and approved by Mr. Bernard Boily, P. Geo., Bear Lake Gold's Vice
President of Exploration. He is responsible for supervising the drilling
program and is a qualified person under National Instrument 43-101.
Forward-looking
Statements
This news
release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address activities,
events or developments that Bear Lake Gold believes, expects or anticipates
will or may occur in the future, are forward-looking information. This
forward-looking information reflects the current internal projections,
expectations or beliefs of management of Bear Lake Gold, based on information currently
available to them. Forward looking information in this news release includes
statements regarding the nature of mineralization at Larder
Lake, the interpretation of drilling
results on the project and the plan to define a NI 43-101 resource at Larder Lake.
Forward-looking information is based on assumptions and subject to a number of
known and unknown risks and uncertainties beyond Bear Lake Gold's control,
including uncertainties related to the outcome of the current drill program and
other risks involved in the gold exploration and development industry, as well
as those risk factors identified in Bear Lake Gold 's most recent Management
Discussion and Analysis filed on SEDAR. There can be no assurance that the
beliefs and assumptions underlying the forward looking information will prove
to be accurate, and actual results could differ materially from those suggested
by the forward-looking information. Accordingly, readers should not place undue
reliance on forward-looking information. Bear Lake
Gold undertakes no obligation to update publicly or otherwise revise any
forward-looking information, except as may be required by law.
"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."
Additional
information about Bear Lake Gold is available through regular filings and press
releases on SEDAR and on the Company's website at www.bearlakegold.com ..
For further
information please contact:
Fran�ois
Viens
President
and CEO
Bear
Lake Gold Ltd.
Tel:
450-677-1009
Fax:
450-677-2601
www.bearlakegold.com
|
Gerri
Paxton
Manager,
Investor Relations
Bear
Lake Gold Ltd.
Tel:
450-677-2054
Fax:
450-677-2601
gpaxton@bearlakegold.com
|