This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bear Creek Announces The Acquisition Of Two New Precious Metals Exploration Targets, Peru

Stocks in this article: BCM

VANCOUVER, March 18, 2013 /PRNewswire/ - Bear Creek Mining (TSXV: BCM)/(BVL:BCM) ("Bear Creek" or the "Company") is pleased to announce the acquisition of the Carito and Maria Jose gold targets

The Company also reports that it is on schedule for the Corani public audiences, expected to occur in April, which is considered to be the most important public hearings required for the approval of the Environmental and Social Impact Assessment ("ESIA") submitted in December 2012 (see news release dated 11 December, 2012).

Andrew Swarthout, Chief Executive Officer, states "We are excited to have made these new acquisitions which, in conjunction with the Sumi Phase I drilling results (see news release dated 13 March 2013), continue to advance our generative exploration efforts focusing on precious metals.  These programs are very cost effective, high-reward activities that are well within the capacity of our treasury as we move Corani through the permitting process. The projects offer potential for high-grade, gold veins and near-surface, disseminated gold mineralization in areas with excellent infrastructure and good community relations. We anticipate drilling to commence on both projects in the second half of 2013, pending permit approvals."

Carito Gold Prospect - Carito is located in northern 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 prospect is an undrilled Au 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.

Two styles of mineralization are present at Carito; a disseminated gold epithermal system hosted within sedimentary rocks and a copper - gold porphyry system. 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 northern Peru (La Arena, Lagunas Norte, Santa Rosa). The sedimentary unit is intruded by at least two pervasively altered porphyries. Importantly, hydrothermal breccias and a 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 0.23 g/t gold, indicating a possible target for a mineralized Cu-Au porphyry at depth.

Under the option agreement with a private Peruvian third party, Bear Creek may acquire 100% of Carito by making escalating payments totaling US$7,475,000 million over 5 years. A royalty of 2% NSR exists that can be entirely purchased for US$6 million if the deposit is less than 3 million gold equivalent ounces, or the royalty can be reduced for US$6 million to 1% NSR if the deposit contains greater than 3 million gold equivalent ounces, as defined in a feasibility study.

The Maria Jose Prospect - Maria Jose is located in the Department of Ancash, 140 kms NNW of Lima. The project is comprised of Cretaceous to Paleocene diorites and granitoids of the Coastal Batholith hosting a system of east-west to northeast trending, 45° to steeply north dipping, mesothermal quartz veins and shear zones containing high gold grade values.  Similarly to Caritos, the Maria Jose mineralization was only recently exposed by prospectors.  At surface, the three main east-west veins can be traced for approximately 400 meters; however, shallow cover is prevalent in the district and the possibility of much longer strike lengths will be investigated by shallow trenching and sampling. The observed veins range in thickness from 0.25 meters to 1.7 meters with average widths of ~1 meter. Northeast trending veins appear to be younger in age with narrower widths ranging from 0.2 to 0.5 meters exhibiting steeply northwest dips.   Initial mapping and channel sampling (16 samples) of several veins yielded values ranging from 2.2 g/t to 233 g/t gold in the east-west trending vein system  and from 4 g/t to 22 g/t gold in the northeast system over widths from 0.2 meters to 0.4 meters. The full widths will be exposed and sampled in the current field program. Based upon preliminary field work to date, the mesothermal veins are consistently gold bearing and are indicated to have excellent vertical continuity for at least 400 meters as evidenced by prospect pits and scattered outcrops separated by thin soil cover.

A possible Cu-Au-Mo porphyry target has also been identified which focuses on a 300 meters x 500 meters area of strongly altered intrusive rock (potassic alteration superimposed by propylitic alteration). This target is also surrounded by thin soil cover and its full extent is unknown, pending additional mapping and trenching.   Preliminary surface sampling yielded highly anomalous values ranging from 90 ppm to 1030 ppm copper, 10 ppb to 200 ppb gold, and 1 ppm to 136 ppm molybdenum, indicating that an untested porphyry-style deposit may exist at shallow to medium depths.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs