VANCOUVER, BC / ACCESSWIRE / March 1, 2017 / Bearing Resources Ltd. (TSXV: BRZ) (OTCQB: BRGRF) (FSE: B6K1) ("Bearing" or the "Company") has received results from Li3 Energy Inc ("Li3") from the pilot evaporation ponds 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 - Evaporation Testwork
A total of ten trial evaporation ponds were constructed in late 2016 (Q4/16) in order to measure the precipitation of salts, the evolution of brine, and evaporation rates over a one-year period to determine the optimal processing methodology and process flow sheet for the extraction of lithium, potassium, and other by-products. In addition to the trial evaporation ponds, a weather station was also constructed to record temperature, wind, precipitation and solar evaporation over the period. The aforementioned data will be used to support the Pre-Feasibility Study (PFS) which is anticipated later in 2017.
Brine from pump well P1 located on the Litio tenement was used for the evaporation tests. The average grade of the brine from the pump well was 1,260 mg/L lithium and over an initial three-month period, the brine concentration increased five-fold to 6,300 mg/L lithium. In addition, potassium chloride (KCl) and sodium chloride (NaCl) is precipitating in the ponds as the concentration of the brine increases. Potassium chloride is used in the production of potash and can be a valuable by-product in the production of lithium compounds. Initial results from evaporation tests were previously released by Lithium Power on February 24th, 2017.
Jeremy Poirier, President and Chief Executive officer of the Company, commented: "We are pleased with the initial results from the evaporation testing. We look forward to receiving additional results moving forward as the tests advance."
QA/QC:
Brine samples from the evaporation ponds are collected on a periodic basis for assays. Precipitated salts are collected from each pond for mineralogical analysis and chemical analysis to evaluate the evaporation pathway and salt evolution.
Brine samples were collected in a clean plastic bottle and filled to the top to minimize air space within the bottle. Salts collected from the ponds are filtered to remove excess moisture. The University of Antofagasta in northern Chile was used as the primary laboratory to conduct the assaying of the brine and precipitated salt samples collected as part of the evaporation test program. They also analyzed blanks, duplicates and standards, with blind control samples in the analysis chain.
Additional details of the ongoing QA/QC programs and sampling procedures are provided in Lithium Power's press releases.
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.
SOURCE: Bearing Resources Ltd.