LONGUEUIL, QUEBEC--(Marketwire - April 27, 2012) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) is pleased to announce results of nine additional drill holes at its Larder Lake gold project located on the prolific Cadillac-Larder Lake Break in the mining district of Northeastern Ontario. Most holes intersected various gold values and confirmed the presence of the mineralized corridor at Bear Lake and Cheminis.
Drilling at Larder Lake tested the extension of the resources of the Cheminis and Bear Lake zones. Six holes totaling 4,036 m were completed at Cheminis and three holes totaling 1,784 m were completed on the Bear Lake zone. Most holes tested the extension of the D and NCB zones, two of the largest mineralized zones at Cheminis, and the carbonate and flow zones at Bear Lake. Results from six other holes are still pending.
Larder Lake Cheminis & Bear Lake zones - Drill Results ------------------------------------------------------------------------- Hole Sector Zone From To Length Grade (m) (m) (m)(i) (g/t gold) ------------------------------------------------------------------------- 91W Cheminis NSA ------------------------------------------------------------------------- 93W2 Cheminis SS 540.75 542.21 1.46 1.17 ------------------------------------------------------------------------- D 551.5 558.1 6.6 1.38 ------------------------------------------------------------------------- New Zone 562.62 564.84 2.22 1.23 ------------------------------------------------------------------------- 95AW Cheminis NSA ------------------------------------------------------------------------- 96W Cheminis SS 670.5 673.5 3.0 1.54 ------------------------------------------------------------------------- D 682.5 684 1.5 3.00 ------------------------------------------------------------------------- 97 Bear Lake NSA ------------------------------------------------------------------------- 98 Bear Lake Sed. 492 493.2 1.2 2.68 ------------------------------------------------------------------------- 99W Cheminis D 498.5 499.5 1.0 1.55 ------------------------------------------------------------------------- 100 Bear Lake Flow 34.0 35.0 1.0 1.69 ------------------------------------------------------------------------- 271.7 274.4 2.7 2.65 ------------------------------------------------------------------------- including 271.7 273 1.3 4.55 ------------------------------------------------------------------------- Flow 305.2 312 6.8 1.11 ------------------------------------------------------------------------- including 305.2 306.5 1.3 3.38 ------------------------------------------------------------------------- 105 Cheminis NSA ------------------------------------------------------------------------- (i) Information available to date does not allow estimation of true width Hole 101 to 104 - assays pending NSA = No Significant assay
The holes are located outside the limits of the resource estimation model and most holes intersected lower grade mineralization. However, the grades obtained may potentially indicate the presence of lower-grade mineralized horizons intercalated within higher-grade lenses and additional drilling will be required to investigate the presence of higher-grade lenses. Figures 1 & 2 show the recent drill holes locations compared to the grade distribution of the gold resources.
Gold Fields Option and Joint Venture Agreement - Update
In April, 2012, the Company and Gold Fields Abitibi Corporation signed an Option and Joint Venture agreement entitling Gold Fields to acquire 60% of the Larder Lake gold project by spending $40 million over 5 years (see press release dated April 10th, 2012). The Company has obtained the TSX Venture Exchange approval for the transaction. The transaction is subject to Gold Fields completing due diligence enquiries by May 21, 2012.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E Mining Consultants Inc., an independent geological and mining consulting firm of Brampton Ontario. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analyzed, and samples containing visible gold are also analyzed systematically with the metallic screen analysis.
Qualified Person
The technical disclosure contained in this press release was approved by Francois Viens, President and CEO of the Company. Mr. Viens, P. Eng. is a 'qualified person' within the meaning of that term under NI 43-101.
Forward-Looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the drilling results, interpretation of these results as well as the potential expansion of the Bear Lake and Cheminis mineral resources, and future work program at Larder Lake. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is focused on the exploration and development of the Larder Lake gold project in Ontario, Canada. The common shares of the Company trade on the TSX Venture Exchange under the symbol BLG. Additional information about the Company is available on its website, www.bearlakegold.com and on SEDAR at www.sedar.ca.
FIGURE 1: CHEMINIS PROJECT D ZONE LONGITUDINAL SECTION & FIGURE 2: BEAR LAKE PROJECT FLOW ZONE LONGITUDINAL SECTION are available at the following link:http://media3.marketwire.com/docs/blg_maps.pdf
Neither 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.
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