| | September 06, 2006
Acquisition of Lone Pine Molybdenum Property, Omineca Mining Division BC
Bard Ventures Ltd. ("Bard" or the "Company") has entered into an agreement with Daniel and William Merkley of Houston, BC, to acquire a 100% interest in their Lone Pine Claims (the "Property"), which are approximately 15 kilometers north-northwest of Houston, BC, and are situated in the Omineca Mining Division. The seven claims that comprise the Property cover an area of approximately 1051 hectares.
The Property area extends over several molybdenum showings (Quartz Breccia, Alaskite Zone, Mineral Hill, and Granby, etc.), that have been previously documented in various assessment and government reports (Minfile Nos. 093L 027, and 093L 028).
The Property is underlain primarily by andesitic to rhyolitic flows, and breccias of the Lower Jurassic Hazelton Group volcanics of the Telkwa Formation, with some sedimentary rocks of the Upper Jurassic Bowser Group being present in discrete locales. All the aforementioned rocks are altered or hornfelsed, proximal to the contacts of Cretaceous Bulkley Intrusions that are noted to occur in the southern and western portions of the Property. Four distinct Bulkley intrusive phases have been mapped locally and consist of dacite, porphyritic granite, alaskite, and fine-grained monzonite.
While galena/pyrite/chalcopyrite vein style mineralization with high silver, and some gold, or similar chalcopyrite/pyrite copper-silver vein mineralization first attracted the attention of early explorers, the Property has long been thought to be an ideal setting for porphyry style molybdenum/copper mineralization. Over the years a considerable amount of disseminated or porphyry style molybdenite +/- chalcopyrite mineralization has been documented to occur in a variety of settings, and in various locations on the Property. The claims are located in a region where a number of porphyry deposits have been discovered in the past. There is also a chance that Volcanogenic Massive Sulphide ("VMS") mineralization could be found locally, similar to that of the "Sam Goosly" Deposit, where VMS style mineralization can be found proximal to molybdenum/copper porphyry style mineralization hosted in Bulkley intrusives.
Exploration or mining activities have been conducted on and around the area of the Lone Pine Claims since early in the last century, with a considerable amount of geological, geophysical, and geochemical work having been done on the Property since 1976. A number of different companies have worked on the Property previously, including Canex Aerial Exploration Ltd., Molymines Exploration Limited, Cominco Ltd., Granby Mining Company and Noranda Mining and Exploration Inc. Several programs of diamond and reverse circulation drilling have been conducted on the Property since the mid seventies; the most notable of which was the program in 1978 where a hole drilled in the Quartz Breccia Zone returned 356.3 meters of 0.068% MoS2 from 20.7 to 377 meters which includes 154 meters of 0.088% MoS2 from 181 to 335 meters. Additionally, a second deeper diamond drill hole drilled during this program, which was drilled in the Alaskite Zone, returned 343.7 meters of 0.06% MoS2 from 3.6 to 352.3 meters, including 101.4 meters of 0.078% MoS2 from 3.6 to 105 meters. Both of the above drill holes were terminated in mineralization. However, for the most part, past programs tended to be fairly limited in scope, with most drilling being confined to probing shallowly beneath known surface mineralization, and no effort has ever been made to determine whether there is any lateral continuity to mineralization noted above, or whether higher grade mineralization exists nearby which correlates to the mineralization noted to occur in these two drill holes which were drilled approximately one kilometer apart.
The Company has not verified any of the results reported in this release. The figures reported were produced prior to NI 43-101. In terms of the agreement, Bard has to incur the following to earn a 100% interest in the Property, subject to a 2.5% Net Smelter Return Royalty in favour of Daniel and William Merkley.
Due Date Exploration
Expenditures Share Payments
Within five (5) business - 15,000 (firm)
days of receipt of
regulatory approval
On or before July 1, 2007 $75,000 (firm) 30,000 (optional)(1)
On or before July 1, 2008 - 100,000 (optional) (1)
On or before July 1, 2009 - 100,000 (optional) (1)
On or before July 1, 2010 - 100,000 (optional) (1)
On or before July 1, 2011 - 100,000 (optional) (1)
On or before July 1, 2012 - 100,000 (optional) (1)
Total $75,000 545,000
In addition to the above, the Company is obligated to make Advance Royalty payments in the aggregate amount of $65,000 payable in cash or shares at the election of the Company on or before July 1, 2012.
Bard has planned a dual phase program; the first phase of which is comprised of data compilation, line cutting, mapping, and a 3D IP geophysical survey. After interpretation and integration of all data, and diamond drill targets are selected, a Phase II drilling program is planned for later on in the fall on the Property. Exploration work on the Property is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo.
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF CONTENT OF THIS PRESS RELEASE |
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