Bard Ventures provides exploration update near GTA's new gold discovery
Hemlo-Schreiber greenstone belt of Ontario
Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company" or "Bard") is pleased to announce recent developments 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.
On February 14th, 2012, GTA Resources and Mining ("GTA") announced results from a Phase 1 drilling program completed on their Northshore Property. GTA's Caly and Caly North Vein Systems returned values of 12.49 gram per tonne gold over 33.80 metres, including bonanza grades of 760.15 gram per tonne gold over 0.40 metres and 131.99 gram per tonne gold over 0.50 metres. A second Vein System (Audney Vein) returned 13.23 gram per tonne gold over 6.50 metres. Results from the broader Afric gold zone are highlighted by holes WB-11-07, WB-11-09 and WB-11-11, which returned respectively capped intercepts of 150.00 metres grading 0.99 gram per tonne gold, 159.00 metres grading 1.05 gram per tonne gold and 149.50 metres grading 1.20 gram per tonne gold. All of these holes collared and ended within the mineralized system. High-grade intervals in all holes were capped for reporting of the broader intercepts at 28.79 gram per tonne gold, which represents the 99th percentile of the values obtained from the current drill program. GTA's gold discovery is 8 kilometers southwest of Bard's Property.
The Schreiber-Pyramid Occurrence is located less than 1 kilometer south of the Property boundary. Historical records state during the 1930's Kenecho Gold Mines evaluated six auriferous quartz veins through trenching and sampling and drove an adit on the #1 Vein. 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. In 1969 Zenmac Metal Mines Ltd. completed a five-hole drill program totaling 243 metres. Best results are reported from a base metal showing located to the north of the Schreiber-Pyramid #1 Vein adit returning 4.6% Copper and 19.2% Zinc / 0.55 metres from the #2 Vein hosted within a chloritic shear zone. 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 grab sample taken by Falconbridge on the #2 base metal vein returned 31% Zinc and a one foot channel sample reported 13.77% Zinc. A grab sample from the #1 Vein located above the adit entrance assayed 45.2 gram per tonne gold. A new gold discovery is reported 175 metres to the south of the Property boundary where a 4 metre wide iron formation returned 4.85 gram per tonne gold and a quartz vein located immediately south of the Property boundary along a hydro right of way assayed 10.48 gram per tonne gold.
The Company has completed a work program consisting of a cut grid, MAG/VLF survey, soil sampling and prospecting program. The grid covers a two (2) kilometer extension of a gold discovery made in late 2010. The gold discovery lies within an area of intense magnetic response. At this location an area of smoky banded chert was uncovered by removing moss and debris to approximately 1 metre by 6 metres oriented in a north south direction. To the south, the stripping was lost in a heavily pitted rusty rock. The chert is highly magnetic, contains crystals of specular hematite and heavily mineralized calcite. Assays from the zone averaged 1.5 gram per tonne gold over the 6 metre width. The northern 2 metres of the zone carried 3.3 gram per tonne gold. The zone remains open along strike and width.
The Property surrounds a leased claim which hosts the Little Bear Occurrence. The Occurrence was discovered in 1935 by E. McKenzie while surface prospecting. A 2.4 metre by 1.5 metre shaft was sunk to a depth of 5.5 metres along with trenching and pitting. A one ton bulk sample taken from the Occurrence in 1936 was reported to have an average grade of 1,419 gram per tonne 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 taken from the Property.
The magnetic survey highlighted numerous linear magnetic features. The first of the anomalous trends appears to fluctuate in intensity across the Property. Along this trend can be seen some minor VLF EM signatures. A coincident strong VLF EM signature occurs along the magnetic anomaly over a distance of 500 meters. A second short strong magnetic response indicates an intense magnetic anomaly without a corresponding VLF EM signature. Numerous smaller magnetic signatures occur and may be associated with sulfide mineralization.
Bard completed a summer prospecting program. Rock and soil samples have been submitted for analysis and results from the sampling program are pending. Bard is planning follow-up prospecting and sampling the regions highlighted in the MAG/VLF survey to better determine the source of the anomalies.
In light of the high grade gold, copper, zinc and silver occurrences in this area, coupled with the recent gold discoveries on the Property, and it's relatively unexplored history, the Company feels the Property has a high potential to host a lode gold or VMS style deposit. Consequently, Bard is planning a dual phase program; the first phase of which is comprised of data compilation, for the winter in early 2012. After interpretation and integration of all data, and diamond drill targets selection, a Phase II drilling program is planned for the spring/summer of 2012 on the Property if warranted.
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, Rick Kemp, P. Geo., Vice-President Exploration of Bard. Mr. Kemp has read and approved the technical content of this news release.
A claim map can be viewed on Bard's website at www.xibv5.com
The Company also wishes to announce that it has granted an aggregate of 1,928,945 incentive stock options to the directors, officers and consultants of the Company, pursuant to the terms and conditions of the Company's 2011 stock option plan. The options will be exercisable for a five (5) year period, i.e. until February 16, 2017, at $0.10 per share.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at www.xibv5.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.
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.
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