Bear Lake Gold Announces Initial NI 43-101 Mineral Resource Estimate of the Bear Lake Zone
29.06.2011 | Marketwire
LONGUEUIL, QUEBEC -- (Marketwire) -- 06/29/11 -- Bear Lake Gold Ltd. (the 'Company') (TSX VENTURE: BLG) is pleased to announce the results of an initial mineral resource estimate and an update on the drilling program at the Bear Lake zone of its Larder Lake Project located on the prolific Cadillac-Larder Lake Break in the mining district of North-Eastern Ontario.The Bear Lake zone resource estimate prepared by P&E Mining Consultants Inc. of Brampton Ontario, an independent geological and mining consulting firm, 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.
Bear Lake Zone - NI 43-101 Mineral Resource Estimate
Following the completion of a 14,074m drilling program on the Bear Lake zone in 2011, the Company contracted P&E Mining Consultants Inc. ('P&E') of Brampton Ontario to complete a NI 43-101 compliant mineral resource estimate on the Bear Lake zone. P&E used the 88 surface drill holes available and conducted a re-sampling program in order to confirm the validity of the data. Assays used in the resource estimate were capped at 75.0 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 400m strike length to a depth of 1.3km from surface.
Inferred resources estimated by P&E are: 3,750,000 tonnes at 5.67 g/t gold for 683,600 ounces of gold. (1,2,3,4) Resources are reported using a 2.5 g/t gold cutoff and a minimal horizontal thickness of 2.0 m.
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
3. The gold price used in this estimate was the May 31, 2011 two year
trailing average of 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.
4. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
The Bear Lake mineralized zone is located approximately 2 km east of the Cheminis zone where a recent mineral resource estimate 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.
------------------------------------------------------------------
Table 1
------------------------------------------------------------------
Larder Lake Project
Combined Mineral Resources - June 2011 (1)
------------------------------------------------------------------
Location Indicated Inferred
------------------------------------------------------------------
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
------------------------------------------------------------------
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.
Both zones remain open on strike and at depth and additional exploration is required to assess the additional potential of both zones. In addition other targets remain unexplored, including the Fernland zone where hole #13, completed in November 2007, intersected 13.1 g/t gold over 6.0m near surface. This exploration potential combined with the growth potential of the Bear Lake and the Cheminis resources enhance the significance of the Larder Lake project located in a mining area that benefits from all the infrastructures readily available at close proximity.
Bear Lake zone - Drilling update
The last two holes were completed in May 2011 and hole 87A intersected 3.7 g/t gold over 1.0 m in the flow mineralization between 927.6 and 928.6. Hole 88 was abandoned due to technical problems. A complete results table is available on the Company's website. The diamond drilling program is now completed and drills have been demobilized from site. The Company will review different options for the continuation of the exploration program at Larder Lake and announce its plans shortly.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E Mining Consultants Inc. of Brampton, Ontario. 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 the Cheminis resource estimate was undertaken by Independent Qualified Persons Antoine Yassa, P.Geo. , Eugene Puritch, P.Eng. and Tracy Armstrong, P.Geo, of P&E Mining Consultants Inc. 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 Mining Consultants is completing a technical report for the mineral resource estimate at the Bear Lake zone in compliance with NI 43-101 to be filed on SEDAR within 45 days of this press release. A technical report for the mineral resource estimate at the Cheminis zone was posted on Sedar on May 27, 2011.
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 and precious 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.ca.
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