Bear Lake Gold reports deep intercepts at Larder Lake

New drill results from the Larder Lake project in northeastern Ontario suggest a strong gold mineralized system is open to depths of more than 1,500 meters, Bear Lake Gold (BLG-V) says.

Its follow-up drill program revealed that the deepening of Hole 57A to 1,550 meters intercepted a 1.5-meter section of flow-type mineralization grading 15.1 grams gold per tonne.

That intercept was 750 meters down dip and 350 meters to the east of Hole 24AW, which cut 5.8 meters grading 3 grams gold per tonne, including 10.2 grams gold per tonne over 1.4 meters.

It is the deepest intersection so far on the Bear Lake zone, just east of the town of Larder Lake in McVittie and McGarry Townships, and demonstrates the potential of the mineralized system, the company says.

Bear Lake Gold says it will now concentrate its efforts on the higher grade zone in the heart of the Bear Lake zone and work towards a National Instrument 43-101 compliant resource as soon as possible.

Hole 57A also intersected 3.5 meters of strongly altered carbonate-type mineralization grading 4.9 grams gold per tonne, including 1.5 meters grading 7.5 grams gold per tonne, at a depth of 1,200 meters.

Other new intercepts include Hole 49, which cut 6.7 meters of flow-type mineralization grading 1.4 grams gold per tonne, including a 2.2- meter section that returned 2 grams gold per tonne.

Hole 59 intersected two zones of strongly altered carbonate-type mineralization at 1,100 meters that returned grades of 1.7 grams gold over 3.5 metres, including 2.5 grams gold over 1.5 meters and 2.9 grams gold over 3 meters, including a 1 meter section yielding 8.4 grams gold.

Since March 2007, Bear Lake Gold has completed more than 45,200 meters of diamond drilling at Larder Lake.

Now the company is returning to previously abandoned holes to deepen them and test the second mineralized zone. While two drills concentrate on defining and expanding the Bear Lake zone, the third drill is examining the Barber Larder zone at depths of 450 meters.

These targets are all within the same rock units that host most of the gold occurrences along the Cadillac-Larder Lake Break, including the former Kerr Addison mine, 5 km to the east.

The Larder Lake property sits on the Kirkland Lake-Larder Lake break, a regional fault zone, an area that included the Kerr Addison mine, which produced 11 million ounces of gold.

By analogy with the Kerr Addison ore zones, similar gold-mineralized shoots occur at Bear Lake within both the carbonate-type and flow-type mineralized zones, the company notes. (Kerr Addison’s ore was found within high-grade shoots of limited strike length, no exceeding 200 meters.)

The Larder Lake property is made up of a 100% interest in the Cheminis, Fernland, Bear Lake, Barber Larder and Kirkland Wright properties.

Bear Lake owns directly and indirectly 100% of the Larder Lake gold project.

The company also has a 75% interest in the Swansea property and holds 29 additional mining claims along the Larder Lake Break.

Earlier drill results from the Bear Lake zone released in March 2008 included Hole 35, which cut 18.3 grams gold per tonne over 4.8 metres, including 163.5 grams gold per tonne over 0.5 metres.

In June last year the company reported results from Hole 44, which intersected 13.6 grams gold over 15.1 metres, including 41.9 grams gold over 4.4 metres.

At presstime Bear Lake was trading at 25¢ per share and has traded between 20¢ and $1.48 per share over the last 52 weeks.

The company has 82.4 million shares outstanding.