Vancouver, British Columbia – Bearing Resources Ltd. (“Bearing” or the “Company“) (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) has received results from Li3 Energy Inc (“Li3”) from the pump tests at the Maricunga lithium brine project located in Chile (the “Maricunga Project”). Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga Project (the “Li3 Definitive Agreement”). Li3 currently holds a 17.7% interest in the Maricunga Project along with Minera Salar Blanco (“MSB”) and Lithium Power International Limited (“Lithium Power”) at 32.3% and 50% respectively pursuant to a joint venture arrangement (the “Joint Venture”). 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.
Maricunga Project – Pump Test Results
Results from a sustainable pump test drilled in the centre of the “old code” Cocina tenement were initially released by Lithium Power on February 23rd, 2017. Pump test well P4 was drilled down to 180 metres with testing focused on production from depths of 66 metres to 180 metres to test the productivity and flow rates deeper within the salar. Over the 30-day period, flow rates and brine grades were closely monitored and stable over the observation period, with flow rates varying between 24 and 25 litres per second (L/s) and grades averaging 945 mg/L lithium and 6,924 mg/L potassium. Average grades from sampling brine over the 30-day period, which showed only minor variation, were from sampling of the lower aquifer (66 metres to 180 metres) and therefore excluded brine from the higher grade upper aquifer zone.
Prior pump test wells, namely P1 and P2 located in the Litio tenement, returned average rates of 38 L/s over 14 days and 37 L/s over 28 days respectively. Of note, these flow rates were from a combination of the upper and lower aquifers combined, versus P4 which focused solely on the lower aquifer.
Jeremy Poirier, President and Chief Executive Officer of the Company commented: “Overall we are very pleased with the results from sustained pump testing of well P4 which demonstrated both stable flow rates and grades over the period. This demonstrates the productivity of the Maricunga salar and more specifically, the extractability of brine from depth which coincides with the depth of the majority of our Phase 1 drill program which tested down to around 200 metres.”
Drilling was by rotary drilling that provide cuttings for lithological logging and for geological interpretation. The brine sample was collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. 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.
Pumping test data is continuously monitored via a fluid flow meter at the well head and a series of piezometric wells and monitoring wells spaced at appropriate intervals from the well to measure fluid drawdown both in the upper aquifer and the target aquifer. Data are collected by data loggers and by daily manual inspection. Brine discharge is also monitored using a V-notch weir located approximately 1,200 metres from the well. Brine samples are collected daily from the V-notch discharge to assay variations in brine chemistry over the duration of the pump test. The assay procedures for the pump test samples are the same as for the brine samples collected from drill holes.
Additional details of the QA/QC program and sampling procedures are provided in the Lithium Power press releases mentioned.
Don Hains, 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 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 Li3 Definitive Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
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: completion of the transactions contemplated by the Li3 Definitive Agreement, the benefits of the proposed transaction with Li3 to shareholders of Bearing, the completion of further exploration and Maricunga Project, future exploration results and the completion of technical reports on the Maricunga Project . 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, , the absence of a material adverse change in the Maricunga Property, the receipt of all necessary regulatory and shareholder approvals to complete the proposed transaction with Li3 and results of future exploration activities . 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.