Big Bear Mining Announces Completion of Initial BG Project Drill Holes and Reports Positive Results From 2010 Rattlesnake Hills
Date : 01/21/2011 @ 9:15AM
Source : PR Newswire
Stock : Big Bear Mining Corp (BGBR)
Quote : 0.1175 0.0 (0.00%) @ 7:40AM
Big Bear Mining Announces Completion of Initial BG Project Drill Holes and Reports Positive Results From 2010 Rattlesnake Hills
Big Bear Mining Corp (OTCBB:BGBR)
Intraday Stock Chart
Today : Friday 21 January 2011
Big Bear Mining Corp (OTC Bulletin Board: BGBR) ("The Company") ("BGBR"), a U.S. based exploration company, focused on the acquisition and development of gold and other precious commodity projects, announced today results from the exploration initiative in the Rattlesnake Hills located in Natrona County, Wyoming. The Rattlesnake Hills initiative was a discovery program focused on the generation of new drill targets in the Eocene – age Rattlesnake Hills Volcanic Complex (RHVC). Big Bear properties cover geologic settings analogous to those hosting Au mineralization on the adjacent advanced program of Evolving Gold (EVG).
The Rattlesnake Hills land position consists of ten Federal lode mining claim blocks and two Wyoming State Leases totaling approximately 9,696 acres (14.4 square miles) covering the RHVC, Natrona County, Wyoming. The RHVC is comprised of approximately 40 shallow plutons of alkaline and subalkaline compositions intruded into Archean – age basement rocks. This volcanic/intrusive event is the heat and volatile source responsible for gold mineralization reported by EVG at North Stock, South Stock, Antelope Basin Flats and in deep porphyry hosted Au mineralization.
Our 2010 field program was completed over an abbreviated season from August through early November. The principal goal was to evaluate and possibly generate drill targets primarily on the DC, QL and BG claims. A secondary focus was to advance other claim groups from a geologic reconnaissance perspective. Detailed geologic evaluation and mapping was conducted by Dr. Charles Ferguson and Dr. Kent Ausburn, both highly experienced independent consultants, for the DC-MF-GP claims and the BG claims. Approximately 350 rock samples were collected primarily from the BG and DC claims. In addition, a soil sample grid of approximately 1240 samples was completed on the DC block and a Total Field Magnetics grid over the BG block.
CEO Steve Rix stated, "The vast amount of work done by our geology team in such a short period of time is a real testament to their acumen and their commitment to our shareholders. The results that follow, suggest the basis for a robust plan for the 2011 campaign. Combined with significant gold intercepts by our neighbors Evolving Gold, we believe there is potential for significant precious metal discovery on our claims in Rattlesnake Hills."
Results
QL Project
The QL claims (2,035 acres) cover two regional faults, one of which is intruded by a quartz latite pluton lying adjacent to and immediately east of EVG claims. Reconnaissance mapping and in 2010 reconfirmed historic Cu +/Au occurrences hosted in sheared Archean metasediments along both fault zones. An initial four – hole drilling program was permitted but not completed due difficult late season access.
Dry Creek Project
The DC claims cover 798 acres immediately adjacent to claims held by Evolving Gold to the west and south encompassing part or all of five phonolite stocks, one trachyte stocks and several phonolite dikes intruded into Archean-age basement rocks. Principally covered by talus, alluvium, and Eocene - aged volcano sedimentary rocks concealing bead rock exposures of possible interest. The area is cut by primary east-west and northeasterly trending structures and is adjacent to the EVG claims where it is believed northeasterly trending structures intersect a diatreme breccia body at the North Stock orebody. Au mineralization on the EVG property is reported to be generally associated with Eocene-aged plutons including those of phonolite composition as at North Stock and South Stock and monzodioritic composition at Antelope Flats.
A 1:12,000 – scale geologic map was produced and 78 prospective rock samples collected. Fourteen (14) samples contained from 10 ppb to 45 ppb Au and four samples containing 119 ppb, 234 ppb, 452 ppb, and 1,125 ppb Au.
A soil sampling grid covering approximately 220 acres (1,283 samples) tested a topographic depression adjacent to two phonolite plutons. Less than 3 % of samples were considered anomalous ranging from 7 ppb Au to 47 ppb Au, and one containing 273 ppb Au. Big Bear geologists suggest excessive depth to bedrock may account for the small number of anomalous samples which generally were collected from areas of thinner overburden.
Four target areas covering mostly coincident Au in soil and Au in rock samples were identified for aggressive follow-up and drill testing in 2011. Two areas are located within much larger potassium anomalies as is typical of other alkaline gold systems. Target areas are believed to be associated with concealed faults or phonolite intrusive contacts.
Barlow Gap Project
The BG claims (1,517 acres) cover Eocene –aged quartz latite plutons and associated intrusive breccia bodies located in the southwestern Rattlesnake Hills volcanic field. Big Bear geologists recently completed 1:12,000 and 1:3,000 scale geologic maps recognizing two new intrusive breccia bodies (0.5 km. sq. and 3.0 km sq.) , several breccia dikes, and larger areas of quartz latite porphyry containing silicic, carbonate, and iron oxide alteration. Silicified quartz latite porphyry was mapped in a centrally located, east – trending zone measuring approximately 1,500 ft, - long and from 300 ft to 400 ft.- wide. Smaller zones of silicification are associated with the margins of both breccia bodies.
During the 2009-2010 geologic programs 184 rock samples (inclusive of 29 from Crescent Resources in 2009) were collected from prospective outcrops and occasionally from float. Ninety three (93) contained detectable Ag (>0.2 ppm Ag) from which 33 contained from 1.0 ppm to 7.7 ppm Ag and 9 contained from 9.8 ppm to 58.3 ppm Ag. Seven samples also contained from 20 ppb to 35ppb Au, and four contained from 63 ppb to 95 ppb Au. Most anomalous samples were collected from silicified quartz latite porphyry containing occasional mm-scale quartz veins, quartz breccia veins, and carbonate veining although a few were from carbonate altered breccia and sheared Archean gneiss.
An initial program consisting of five diamond core holes (3,500 ft.) was completed to test the potential for Au grades to increase with depth in silicified zones or in proximity to breccia pipe centers and to explore the potential for deeper Cu or Mo mineralization. Results are pending with anticipated reporting in late-February.
In summary, the Big Bear technical team is highly encouraged by the generation of widespread Au anomalies in soils and rocks from the DG claims in geologic settings similar to adjacent EVG mineralization and the widespread strong Ag anomalies associated with silicified structures, carbonate and Fe-oxide alteration and possibly the development of breccia pipes on the BG claims.
About Big Bear Mining Corp:
Big Bear Mining Corp is a US based exploration and development company, focused on the acquisition and development of Gold and other precious commodity projects which demonstrate high probability for near term production. Big Bear is a fully reporting company quoted on the OTCBB under the symbol BGBR. Website: www.bigbearmining.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for 2011 such as any acquisitions, geophysics, drilling programs or results from such programs, and the timelines within which such items may be accomplished, as referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Big Bear Mining Corp
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