Bear Creek Mining – More Positive Drill Results at Corani; Drilling Starts at La Curva
VANCOUVER, Aug. 15 /PRNewswire-FirstCall/ — Bear Creek Mining (TSX Venture: BCM) (“Bear Creek” or the “Company”) is pleased to announce results for 36 additional drill holes from the Corani project. This brings the total holes drilled following the first resource estimation (see news release 13 March 2006) on this significant silver discovery to 142; and the total drilling on the project to 45,159 meters in 269 drill holes. Highlights of this release include:
– Corani Este: C-100A intersects 124 meters @ 81g/t Ag, 1.4%Pb, and 1.2%Zn, 80 meters from C-93 (65 meters averaging 173 g/t Ag, 2.8% Pb and 4.0% Zn) – C-102 intersects 86 meters at 96 g/t Ag and 1.3% Pb, extending the western limit of mineralization by 60 meters northwest of C-78 (87 g/t Ag and 1.1% Pb) – Minas Corani: Drilling under large area of thin post-mineral cover continues to intersect silver-base metal mineralization (C-91C intersects 54 meters @ 65 g/t Ag and 1.3% Pb); potential for expansion remains open to north
Andrew Swarthout, President and CEO, stated “drilling continues to expand the mineralization, particularly at Minas Corani where drilling is exploring beneath the 400 meter-wide corridor of post-mineral tuff between the east and west limbs. Expansions at Corani Este are focusing on the western extensions where mineralization is still open between Minas Corani and Corani Este. An updated resource estimation is expected early the week of August 21, which will include results up to July 14th. The resource remains open in several directions and four drills continue on the property which will lead to the resource estimate being updated once again before year end.”
THE LATEST DRILL HOLE RESULTS ARE AS FOLLOWS: CORANI ESTE ————————————————————————- Incli- Total Interval Drill Azimuth nation Depth From To (m) True Hole # (degrees) (degrees) (m) (m) (m) Width ————————————————————————- C-100 70 -70 193 158 170 12 ————————————————————————- C-100A 250 -80 245 98 222 124 ————————————————————————- includes 110 120 10 ————————————————————————- and 180 188 8 ————————————————————————- and 194 210 16 ————————————————————————- C-102 70 -70 110 0 86 86 ————————————————————————- includes 26 62 36 ————————————————————————- C-102A 250 -80 118 0 86 86 ————————————————————————- includes 0 34 34 ————————————————————————- C-105A 250 -80 219 126 196 70 ————————————————————————- includes 146 166 20 ————————————————————————- C-106 70 -70 140 2 68 66 ————————————————————————- includes 20 32 12 ————————————————————————- 90 102 12 ————————————————————————- C-106A 250 -80 134 5 56 51 ————————————————————————- includes 12 36 24 ————————————————————————- C-108 70 -70 143 4 114 110 ————————————————————————- includes 104 114 10 ————————————————————————- C-108A 250 -80 135 8 64 56 ————————————————————————- C-110 70 -70 146 5 86 81 ————————————————————————- includes 52 58 6 ————————————————————————- C-110A 250 -80 149 23 72 49 ————————————————————————- C-112 250 -80 125 24 86 62 ————————————————————————- C-113 250 -80 169 18 118 100 ————————————————————————- includes 90 104 14 ————————————————————————- C-113A 70 -70 182 14 110 96 ————————————————————————- C-115 70 -70 215 44 170 126 ————————————————————————- includes 160 166 6 ————————————————————————- C-115A 250 -80 239 42 138 96 ————————————————————————- includes 90 102 12 ————————————————————————- ————————————————————————- Silver (grams Drill per Lead Zinc Hole # tonne) (%) (%) Comments ————————————————————————- C-100 68.4 1.7 2.6 0-158m, post mineral tuff ————————————————————————- C-100A 80.9 1.4 1.2 0-95m, post mineral tuff ————————————————————————- includes 143.1 0.6 — ————————————————————————- and 180.4 4.2 6.2 ————————————————————————- and 174.2 2.0 2.7 ————————————————————————- C-102 96.4 1.3 0.3 ————————————————————————- includes 161.7 2.1 0.4 ————————————————————————- C-102A 40.4 1.0 0.7 ————————————————————————- includes 59.1 1.6 1.5 ————————————————————————- C-105A 80.9 1.1 1.7 0-126m, post mineral tuff ————————————————————————- includes 133.7 1.3 1.3 ————————————————————————- C-106 49.8 1.2 — ————————————————————————- includes 87.1 1.6 0.1 ————————————————————————- 62.2 1.7 0.2 ————————————————————————- C-106A 40.4 0.4 — ————————————————————————- includes 65.3 0.5 — ————————————————————————- C-108 34.21 0.9 0.1 0-4m, post mineral tuff ————————————————————————- includes 62.2 0.6 0.3 ————————————————————————- C-108A 56.0 0.4 — ————————————————————————- C-110 46.7 0.5 0.1 ————————————————————————- includes 93.3 1.5 0.1 ————————————————————————- C-110A 46.7 0.8 0.2 0-23m, post mineral tuff ————————————————————————- C-112 31.1 0.5 0.1 0-24m, post mineral tuff ————————————————————————- C-113 37.3 0.6 0.1 0-18m, post mineral tuff ————————————————————————- includes 112.0 1.9 0.1 ————————————————————————- C-113A 31.1 0.5 0.1 0-14m, post mineral tuff ————————————————————————- C-115 34.2 0.6 — 0-44m, post mineral tuff ————————————————————————- includes 108.9 0.5 0.1 ————————————————————————- C-115A 37.3 0.3 — 0-142m, post mineral tuff ————————————————————————- includes 108.9 0.9 — ————————————————————————- MINAS CORANI ZONE ————————————————————————- Incli- Total Interval Drill Azimuth nation Depth From To (m) True Hole # (degrees) (degrees) (m) (m) (m) Width ————————————————————————- C-15A 60 -70 221 1 120 119 ————————————————————————- includes 12 40 28 ————————————————————————- C-91A 70 -70 434 56 70 14 ————————————————————————- 92 154 62 ————————————————————————- 170 188 18 ————————————————————————- 232 242 10 ————————————————————————- 386 390 4 ————————————————————————- C-91B 250 -80 190 82 152 70 ————————————————————————- includes 100 114 14 ————————————————————————- C-91C 250 -50 152 66 120 54 ————————————————————————- includes 102 114 12 ————————————————————————- C-103 250 -70 203 84 92 8 ————————————————————————- 116 138 22 ————————————————————————- C-103A 70 -70 202 67 154 87 ————————————————————————- includes 134 154 20 ————————————————————————- C-109 70 -70 226 140 178 38 ————————————————————————- includes 140 154 14 ————————————————————————- C-109A 250 -70 244 No significant intervals ————————————————————————- ————————————————————————- Silver (grams Drill per Lead Zinc Hole # tonne) (%) (%) Comments ————————————————————————- C-15A 77.8 1.3 0.4 ————————————————————————- includes 223.9 0.8 0.2 ————————————————————————- C-91A 34.2 0.7 0.2 0-51m, post mineral tuff ————————————————————————- 34.2 0.9 0.1 ————————————————————————- 65.3 1.4 1.8 ————————————————————————- 90.2 0.6 0.6 ————————————————————————- 124.4 0.8 3.3 ————————————————————————- C-91B 49.8 0.5 0.1 0-52m, post mineral tuff ————————————————————————- includes 80.9 0.6 0.1 ————————————————————————- C-91C 65.3 1.3 0.1 0-57m, post mineral tuff ————————————————————————- includes 105.7 1.4 0.1 ————————————————————————- C-103 62.2 0.4 0.1 0-84m, post mineral tuff ————————————————————————- 34.2 1.2 1.6 ————————————————————————- C-103A 46.7 0.7 nil 0-67m, post mineral tuff ————————————————————————- includes 115.1 1.5 nil ————————————————————————- C-109 49.8 1.2 0.1 0-91m, post mineral tuff ————————————————————————- includes 105.7 2.2 0.1 ————————————————————————- C-109A No significant intervals 0-114m, post mineral tuff ————————————————————————-
(Please refer to Bear Creek’s website at http://www.bearcreekmining.com/ for drill hole locations, trench assay maps, previously reported drill intervals and detailed assay results. To access the silver drill hole map directly please refer to http://www.bearcreekmining.com/i/pdf/2006-08-15_CDR.pdf)
Four drills continue on the project; three defining the continuity of mineralization at Corani Este and Minas Corani, while one commences initial drill testing on the La Curva target which has never been drilled. Metallurgical testing is being completed for release in early September. “We are looking forward to providing both the crucial metallurgical results as well as fleshing out other pre-development elements which will lead to the completion of a scoping study before the end of the third quarter. We also are focused on results from drilling on new target areas such as La Curva as we continue to add value to this significant silver discovery,” stated Andrew Swarthout.
Minas Corani- Drill holes C-91, 91A, 91B, and 91C have established that a broad zone of mineralization exists in the 400 meter wide covered area between C-74 and C-24 / 24A. Drilling fans are now moving systematically north and south to explore this large, prospective area for higher-grade mineralized structures similar to those discovered at Corani Este and along the east and west Minas Corani mineralized corridors. This data is expected to expand the resources in subsequent resource updates.
Corani Este- There are now 88 drill holes completed since the resource calculation released on March 13, ’06 (http://www.bearcreekmining.com/i/pdf/2006-03-13_NR.pdf). The largest intercepts under post-mineral cover seem to be constrained by the latest drilling to the north and east; however good intercepts exist to the west where mineralization remains open and drilling is now focusing. The following drill holes, while intersecting mineralization, likely establish limits for economic grades:
Drill Holes Limiting the Northern and Eastern Extensions of Corani Este ————————————————————————- Incli- Total Interval Drill Azimuth nation Depth From To (m) True Hole # (degrees) (degrees) (m) (m) (m) Width ————————————————————————- C-99A 250 -80 263 No significant intervals ————————————————————————- C-101 70 -70 74 12 74 62 ————————————————————————- C-104 70 -70 134 70 90 20 ————————————————————————- C-104A 250 -70 152 8 28 20 ————————————————————————- C-105 70 -70 197 No significant intervals ————————————————————————- C-107 70 -70 200 162 174 12 ————————————————————————- C-111 70 -70 227 No significant intervals ————————————————————————- C-111A 250 -80 272 No significant intervals ————————————————————————- C-114 70 -70 284 No significant intervals ————————————————————————- C-114A 250 -80 308 180 254 74 ————————————————————————- C-116 70 -70 107 12 20 8 ————————————————————————- C-116A 250 -80 103 No significant intervals ————————————————————————- —————————————— Silver (grams Drill per Lead Zinc Hole # tonne) (%) (%) —————————————— C-99A No significant intervals —————————————— C-101 24.9 0.6 — —————————————— C-104 49.8 0.5 — —————————————— C-104A 46.7 0.5 — —————————————— C-105 No significant intervals —————————————— C-107 93.3 0.8 0.7 —————————————— C-111 No significant intervals —————————————— C-111A No significant intervals —————————————— C-114 No significant intervals —————————————— C-114A 37.3 0.2 — —————————————— C-116 65.3 0.8 0.3 —————————————— C-116A No significant intervals ——————————————-
Corani Main- No drilling occurred during the period. Plans are to follow up the intercept in hole C-77 (152 meters averaging 96.4 g/t Ag, 1.2% Pb) in the soil-covered hanging wall of the main structure with drilling in late August.
La Curva- The first three drill holes contain fine grain sulfide mineralization similar to other deposits at Corani both within the tertiary host tuff and for distances up to 22 meters into the underlying Paleozoic sediments. These results may indicate a new style of mineralization as the sediments at Corani have not previously been a host for precious or base metal mineralization. Assays are pending and will be released with the next drill results.
Metallurgical testing: Bear Creak is well advanced with preliminary metallurgy and is presently defining and optimizing the process flow sheet. This testing is being completed by Dawson Metallurgical Laboratories, G&T Metallurgical Services and Hazen Research, all of whom are working diligently to complete the flow sheet development phase of the metallurgical test work by mid-September so that initial metallurgical recovery information can be released.
Scoping Study- Data is currently being compiled by Independent Mining Consultants of Tucson, AZ for an updated resource estimation which is expected to be completed by the week of August 21st. This resource estimate will involve the addition of over 230 drill holes to the data base, many of them some of the highest grades drilled on the Corani project. The new resource estimate, metallurgical test work, and preliminary engineering studies led by Vector Engineering and Granya y Montero, Lima, Peru will be compiled into a scoping study anticipated in mid-September.
OTHER PROJECTS
Santa Ana- The first phase, involving approximately 1,100 meters of core drilling in eleven drill holes, was completed on July 27th. The drill holes are distributed throughout the southern silver anomaly measuring 2.8km by 600 meters where approximately 450 rock chip samples average 83 g/t Ag, 0.4% Pb and 0.3% Zn. Results of the first phase drilling are expected in late August.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Regulatory footnotes:
All of Bear Creek’s exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of David Volkert, P.Geo., Bear Creek’s Vice President of Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. All diamond drilling has been performed using HQ diameter core with recoveries averaging greater than 95%. Core is logged and split on site under the supervision of Bear Creek geologists. Sampling is done on two-meter intervals and samples are transported by Company staff to Cusco, Peru for direct shipping to ALS Chemex, Laboratories in Lima, Peru. ALS Chemex is an ISO 9001:2000-registered laboratory and is preparing for ISO 17025 certification. Silver, lead, and zinc assays utilize a multi-acid digestion with atomic absorption (“ore-grade assay method”). The QC/QA program includes the insertion every 20th sample of known standards prepared by SGS Laboratories, Lima. A section in Bear Creek’s website is dedicated to sampling, assay and quality control procedures.
Certain disclosure in this release, including management’s assessment of Bear Creek’s plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bear Creek’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. (x)Any reference to the potential quantity & grade of mineralization at Corani is conceptual in nature, there has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in discovery of a mineral resource on the property. Readers are cautioned not to place undue reliance on forward-looking statements. Bear Creek expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT: Andrew Swarthout – President and CEO, or Patrick De Witt – Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail: info@bearcreekmining.com; please visit the Company’s website (http://www.bearcreekmining.com/)
Bear Creek Mining Corporation
CONTACT: Andrew Swarthout – President and CEO, or Patrick De Witt -Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail:info@bearcreekmining.com; please visit the Company’s website(http://www.bearcreekmining.com/)