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Gold Value Of 53.7g/t In a Grab Sample at Little Bear Lake Property; Bard Ventures provides exploration update near GTA's new gold discovery Hemlo-Schreiber greenstone belt of Ontario | Northern BC Business
Home » Mining » Gold Value Of 53.7g/t In a Grab Sample at Little Bear Lake Property; Bard Ventures provides exploration update near GTA’s new gold discovery Hemlo-Schreiber greenstone belt of Ontario

Gold Value Of 53.7g/t In a Grab Sample at Little Bear Lake Property; Bard Ventures provides exploration update near GTA’s new gold discovery Hemlo-Schreiber greenstone belt of Ontario

April 24, 2012
Gold Value Of 53.7g/t In a Grab Sample at Little Bear Lake Property; Bard Ventures provides exploration update near GTA’s new gold discovery Hemlo-Schreiber greenstone belt of Ontario


April 24, 2012 – Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the “Company” or “Bard“) is pleased to announce rock sample results from the Company’s Little Bear Lake property in the Hemlo-Schreiber greenstone belt of Ontario. The Little Bear Lake claims are approximately 4 kilometers northeast of Schreiber, Ontario, and are situated in the Thunder Bay Mining Division (the “Property“). The 5 mineral claims that comprise the Property cover an area of approximately 826 hectares.

The Company has previously reported (News Release February 16th 2012) geophysical results of the 2011 work program consisting of a cut grid, MAG/VLF survey, soil sampling and prospecting program. The grid extends two (2) kilometer southeast of a gold discovery made in late 2010. This gold discovery lies within a strong magnetic high. At this location an exposure of smoky banded chert was uncovered which is strongly magnetic and contains crystals of specular hematite. The rock was exposed over a 1m by 6m area oriented in a north south direction. Assays from this exposure averaged 1.5g/t gold over 6m. The northern 2m of the zone assayed 3.3g/t gold. The zone remains open in all directions.

The magnetic survey outlined a series of linear west-northwest trending anomalies similar to the response seen at the 2010 gold discovery. The largest of these anomalies measures over 700m in strike length. Prospecting and rock sampling were carried out during the soil sampling program, and a total of 43 grab rock samples were collected from outcrop. Bonanza grade gold values ranged from 0.001 to 53.7g/t and silver values ranged from 0.01g/t to 19.25g/t. Six of the 43 samples contained greater than 0.1g/t gold as shown in the following table.

*1ppm = 1 g/t
Assay results from the soil survey are expected in the near future and will be released when compiled.

On April 18th, 2012, GTA Resources and Mining (“GTA”) announced additional drill results from their Northshore Property. GTA’s Afric gold zone consists of the Caly, Caly North and Audney vein systems. Holes WB-13-12 and WB-14-12 represent stepout and deeper intersections of the known zone. An average of 1.41g/t gold was received over 240m in hole WB-14-12, which included bonanza type intersections of 132g/t gold over 0.5m and 120g/t gold over 0.5m. GTA’s gold discovery is 8 kilometers southwest of the Little Bear Lake Property.

The Schreiber-Pyramid Occurrence is located less than 1 kilometer south of the Little Bear Lake Property boundary. Historical records state during the 1930’s Kenecho Gold Mines evaluated six auriferous quartz veins. In 1937, 150 tons of ore was milled on site from the #1 Vein at an average grade of 17.6 gram per tonne gold. A grab sample from the #1 Vein located above the adit entrance assayed 45.2g/t gold. In 1984 Corporation Falconbridge Copper acquired the Schreiber- Pyramid property for its base metal potential following the discovery of the Winston Lake Zinc deposit. A new gold discovery has been reported 175m to the south of the Little Bear Lake Property boundary where a 4m wide iron formation returned 4.85g/t gold, and a quartz vein located immediately south of the Little Bear Lake Property boundary along a hydro right of way assayed 10.48g/t gold.

The Little Bear Lake Property surrounds a leased claim which hosts the Little Bear Occurrence. The Occurrence was discovered in 1935 by E. McKenzie while surface prospecting. A one ton bulk sample taken from the Occurrence in 1936 was reported to have an average grade of 1,419g/t gold. The claims lapsed and were re-staked by J.E. Halonen in 1946. Spectacular samples of quartz containing visible gold and possible tellurides have been collected from this occurrence.

This area of Ontario has a history of significant gold discoveries. The recent gold discoveries by GTA and others along with the relatively unexplored history of the Property and the current high grade rock samples indicate that property has significant potential. Bard is planning a two phase program; the first phase of which is comprised of data compilation, interpretation and integration followed by diamond drill target selection. Contingent upon target generation, a Phase II drilling program is planned for the spring/summer of 2012 on the Property.

In terms of the option agreement, Bard has to incur $400,000 in exploration expenditures, pay an aggregate $100,000 in cash and issue an aggregate 600,000 common shares, within 5 years from the date of the agreement, to earn a 100% interest in the Property, subject to a 2% Net Smelter Return Royalty in favour of the vendors and a 1% Net Smelter Return Royalty in favour of the Ontario Exploration Corporation (OEC) (see Bard’s news release November 15, 2010).

All future exploration work on the Property will be conducted under the supervision of Qualified Person, J Chapman, P. Geo. Mr. Chapman has read and approved the technical content of this news release.

A claim map can be viewed on Bard’s website at www.bardventures.com


On behalf of:
Bard Ventures Ltd.

“Eugene Beukman”
Eugene Beukman, President

For further information please visit our website at www.bardventures.com.

This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

Article source: http://www.bardventures.com/s/NewsReleases.asp?ReportID=520465

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