Bear Creek Announces Start Of Phase I Drilling At Its Carito Gold Project, Peru
Vancouver, B.C. – Bear Creek Mining (TSX Venture: BCM/ BVL: BCM) (“Bear Creek” or the “Company”) is pleased to announce that drilling is underway at the Carito gold – copper project (See News Release dated March 18, 2013 andhttp://www.bearcreekmining.com/s/caritogold.asp). The Phase I drill program, consisting of seven drill holes for an estimated total of 2,500 meters, is primarily designed to test the two targets defined to date; an outcropping disseminated gold epithermal system hosted within sedimentary rocks and an underlying, intrusive-hosted, copper – gold porphyry system.
Andrew Swarthout, Chief Executive Officer, states “The commencement of drilling at Carito follows our philosophy that has been the foundation of our success; namely, that selective drilling programs in high-quality, untested grass-roots prospects provides the potential for the highest rewards to our shareholders. Our methods continue to be cost-effective, first phase drilling to establish the upside before committing substantial funding. Fortunately, we have the treasury to allow surgical exploration programs such as Carito, without jeopardizing our longevity or the work necessary to further Corani and Santa Ana.”
Carito is located in north central Peru within the prolific Antamina – Magistral thrust fault belt, Ancash Department. The district’s potential was unrecognized until recently when prospectors discovered high-grade gold mineralization beneath thin coluvial cover. The Carito project is an undrilled Au – Cu system resembling the La Arena deposit, a robust open pit gold mine with significant potential for underlying, porphyry-style copper and gold mineralization currently under exploration.
Gold mineralization is controlled by fractured and crackle-brecciated quartzites and sandstones of the Cretaceous Chimu formation. The Chimu formation is a well-known host for disseminated gold deposits in north central Peru (La Arena, Lagunas Norte, Santa Rosa). The sedimentary unit is intruded by at least two pervasively altered porphyries phases. Importantly, hydrothermal breccias and a phreatic-diatreme breccia have been identified which indicate abundant sources for mineralizing, hydrothermal fluids. Values derived from one-hundred-nineteen (119) rock chip samples from the quartzites / sandstones, and intrusives range from trace to 22.1 g/t gold. Eighty-three (83) samples from the above one-hundred-nineteen samples contain greater than 50 ppb gold. Associated favorable trace elements include strongly anomalous Ag, As, Hg, Sb and W. The two altered intrusives observed to date exhibit values up to 1.06 g/t gold and 0.59% copper, indicating a possible target for a mineralized Cu-Au porphyry at depth coincident with strong Induced Polarization response suggesting high sulfide mineralization. Drill hole assay results will be released upon completion of Phase I drilling in February/ March.
Consistent with the Company’s aggressive generative exploration philosophy, several additional prospects in the portfolio are being evaluated for future acquisition or drilling.
“Neither the 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.”
Andrew Swarthout – CEO, or Lisa May – Investor Relations
Phone: 604-685-6269 Direct: 604-628-1111
For further information, please visit the Company’s website (www.bearcreekmining.com)