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
(see news release dated
11 December, 2012
, 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
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
(La Arena, Lagunas Norte,
). 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
over 5 years. A royalty of 2% NSR exists that can be entirely purchased for
if the deposit is less than 3 million gold equivalent ounces, or the royalty can be reduced for
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
. 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.