January 17, 2017 - 8:46 AM EST
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Bearing Provides Maricunga Exploration Update and Assay Results

VANCOUVER, BC / ACCESSWIRE / January 17, 2017 / Bearing Resources Ltd. (TSXV: BRZ) ("Bearing" or the "Company") has received drill results from Li3 Energy Inc ("Li3"). from the ongoing exploration program at the Maricunga lithium brine project located in Chile (the "Maricunga Project"). Bearing has signed a binding LOI with Li3 to acquire its interest in the Maricunga lithium brine project as announced on December 11, 2016. Li3 holds a 17.67% shareholding in Minera Salar Blanco S.A., a Chilean company formed to create a joint venture (the "Joint Venture") among Li3, Minera Salar Blanco SpA ("MSB") and Lithium Power International Limited (ASX: LPI) ("Lithium Power") with respect to the Maricunga Project. MSB and Lithium Power hold a 32.33% and 50% interest in the Joint Venture, respectively. Under the terms of the Joint Venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.

Lithium Power is completing a drill program which is anticipated to be done in January 2017, and is focused on drill testing of tenements outside of the existing resource area, and which will lead to a revised resource estimate due in H1/2017.

Exploration Results

Assay results for four holes are provided all of which were drilled on "old code" tenements. Results were initially released by Lithium Power on November 11, December 7 and December 21, 2016 and are summarized below (c.f. Table 1). Highlights include results from Hole M1 that reported 1,447 mg/L lithium over 75m and hole S5 that returned 1005 mg/l lithium over 186 m. All holes bottomed in lithium bearing brine. Drill holes were vertical and represent true thicknesses.

Table 1 Summary of Results

Hole Total Depth (m) Tenure From (m) To (m) Length (m) Li (mg/l) K (mg/l)
M10 200 Cocina 150 190 40 1239 8611
M1 77 Cocina 2 77 75 1447 9903
M2 198 San Francisco 0 198 198 931 6605
S5 200 Salamina 14 200 186 1005 6934

Assay results released are from exploration drilling on the Cocina, San Francisco and Salamina tenements (c.f. Figure 1).

  • Cocina (2 holes) - Hole M10 was drilled to a depth of 200 metres near the centre of the tenement and returned an average grade of 1,239 mg/l lithium over the 40-metre sample interval with a peak of 1,571 mg/l lithium. Hole M1 was drilled to a depth of 75 metres near the northern edge of the tenement and returned an average grade of 1,447 mg/l lithium over the 75-metre sample interval with a peak of 1,946 mg/l lithium.

  • San Francisco (1 hole) - Hole M2 was drilled to a depth of 198 metres along the western edge of the salar and returned an average grade of 931 mg/l lithium over the 198-metre sample interval with a peak of 1,700 mg/l lithium.

  • Salamina (1 hole) - Hole S5 was drilled to a depth of 200 metres near the northeast edge of the tenement and retuned an average grade of 1,005 mg/l lithium over the 186-metre sample interval with a peak of 1,270 mg/l lithium.

Figure 1: Maricunga Salar Tenement Map showing location of drill holes

Image: https://www.accesswire.com/uploads/24541_figure1.jpg

Cannot view this image? Visit: http://www.accesswire.com/uploads/24541_figure123.jpg

Jeremy Poirier, President and Chief Executive Officer of the Company commented: "We are very pleased with the exploration results released by the joint-venture to date. The results continue to demonstrate the robust nature of the Maricunga project as being one of the highest-grade undeveloped lithium brine projects, in addition to the significant potential for resource growth, most notably on 'old-code' tenements."

QA/QC:

Drilling was by rotary drilling that provide cuttings for lithological logging and for geological interpretation. Brine samples were collected at 6 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. They 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, P.Geo., 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 Resources Ltd. is a Canadian based company focused on exploration for precious and base metals in North America. The Company has entered into a binding letter of intent to acquire Li3 Energy Inc.'s ("Li3") interest in the Maricunga lithium brine project located in Chile (the "Maricunga Project"). The Maricunga Project is regarded as the highest quality pre-production lithium project in Chile, with characteristics comparable to the world-leading Atacama lithium brine deposit (which sits at the bottom of the global lithium cost curve).

ON BEHALF OF THE BOARD

Signed "Jeremy Poirier"
Jeremy Poirier, Director President and CEO

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier
President and CEO Bearing Resources - Telephone: 1-604-262-8835

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.

Cautionary Statements Regarding Forward Looking Information

This press release includes certain "forward-looking information" and "forward-looking statements"(collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: the execution of a Definitive Agreement for the Proposed Transaction, the completion of the Proposed Transaction, the benefits of the Proposed Transaction to shareholders of Bearing and the completion of the Private Placement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: completion of satisfactory due diligence by each of Bearing and Li3, negotiation and execution of a Definitive Agreement, approval of a Definitive Agreement by both Bearing and Li3's boards of directors, the absence of a material adverse change in the Maricunga Property, receipt of all necessary regulatory and shareholder approvals and the ability to find suitable investors for the Private Placement. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Bearing Resources Ltd.


Source: ACCESSWIRE (January 17, 2017 - 8:46 AM EST)

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