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Bearing Resources Ltd (2)
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Close 2017-02-14 C$ 1.16
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Bearing's TO target JV drills 1,368 mg/l Li over 186 m

2017-02-14 08:16 ET - News Release

Mr. Jeremy Poirier reports


Bearing Resources Ltd. has received results from Li3 Energy Inc. from the continuing exploration program at the Maricunga lithium brine project located in Chile. Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga lithium brine project. Li3 holds a 17.7-per-cent interest in the project along with Minera Salar Blanco (MSB) and Lithium Power International Ltd. at 32.3 per cent and 50 per cent respectively. Under the terms of the joint venture, Lithium Power has agreed to finance exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.

Exploration results

Assay results for two holes are provided which were drilled on the San Francisco and Cocina properties, both of which are old code tenements. Results were initially released by Lithium Power on Feb. 1, 2017. Highlights include results from hole S6 drilled on the San Francisco tenement which averaged 1,368 milligrams per litre lithium over 186 metres with a peak assay of 3,375 milligrams per litre lithium which represents the highest-grade lithium brine intersection from the program to date. Drill results remain pending for three holes. The current exploration program comprised a total of 11 holes plus one production well for pump testing, in addition to eight monitoring wells.

San Francisco (one hole)

Rotary drill hole S6 was drilled in the south of the tenement to a depth of 200 metres. Sample assays returned an average grade of 1,368 milligrams per litre lithium plus 9,468 milligrams per litre potassium over the 186-metre sample interval (from 12 metres to 198 metres) with a peak of 3,375 milligrams per litre lithium and 20,640 milligrams per litre potassium over a six-metre sample at 12-metre depth. S6 is located approximately 2.4 kilometres south from hole S3 and 4.8 km southwest from hole M10.

Cocina (one hole)

Hole M1A was drilled in the northeast of the tenement to a depth of 200 metres. Sample assays returned an average grade of 822 milligrams per litre lithium and 6,104 milligrams per litre potassium over the 186-metre sample interval (from 12 metres to 198 metres). Hole M1A was completed using sonic drilling and was a replacement for hole M1, which was using rotary drilling, but abandoned at 77 metres. M1A is located adjacent to M1 and approximately 1.3 km northeast from hole M10 and 2.7 km southeast of hole S13.

Both holes S6 and M1A were drilled vertically to 200 metres and sampled every six metres, with reported intervals representing true thicknesses. Both holes terminated in high-grade lithium brine at depth hosted within a favourable sand and gravel sequence.

Jeremy Poirier, president and chief executive officer of the company, commented: "Assay results from drilling on the Maricunga project and notably old code tenements continue to deliver high-grade lithium and potassium-rich brine over thick sequences of favourably lithology. Of the remaining holes pending assays, one was drilled to a depth of 360 metres and continued to intersect the favourable thick sand and gravel sequence present in the upper 200 metres. Results from the remaining three holes are anticipated shortly and will form the basis of a resource estimate anticipated in second quarter 2017."

Quality assurance/quality control

Drilling of hole S6 was by rotary drilling that provides cuttings for lithological logging and for geological interpretation. Sonic drilling of hole M1A produced cores with close to 100-per-cent core recovery. This technique uses sonic vibration to penetrate the salt lake sediments. Brine samples were collected at six m intervals during drilling. This involved purging brine from the drill hole and then taking a sample corresponding to the interval between the rods and the bottom of the hole. The brine sample was collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. Brine samples collected following the purging of the holes are homogenized as brine is extracted from the hole using a bailer device. Each bottle was taped and marked with the sample number and details of the hole and the time of the sample were noted. The University of Antofagasta in northern Chile was used as the primary laboratory to conduct the assaying of the brine samples collected as part of the drilling program. It also analyzed blanks, duplicates and standards, with blind control samples in the analysis chain. Additional details of the QA/QC program and sampling procedures are provided in the Lithium Power press releases mentioned.

Robert Cameron, PGeo, who is a technical consultant to the company and is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

About Bearing Resources Ltd.

Bearing is an exploration and development company. The Li3 definitive agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the agreement, Bearing will have an undivided 17.7-per-cent interest in the project with all expenditures through to the delivery of a definitive feasibility study (DFS) fully financed by its joint venture partners. The Maricunga project has had in excess of $25-million (U.S.) of exploration to date.

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