Bear Lake Gold Drills 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 1.5 km, Bear Lake Gold (BLG-V) says.

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

That intercept was 750 metres downdip and 350 metres to the east of hole 24AW, which cut 5.8 metres of 3 grams gold, including 10.2 grams gold over 1.4 metres.

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

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

Hole 57A also cut 3.5 metres of strongly altered, carbonate-type mineralization grading 4.9 grams gold at a depth of 1.2 km.

Other new intercepts include hole 49, which returned 6.7 metres of flow-type mineralization grading 1.4 grams gold.

Hole 59 intersected two zones of strongly altered carbonate-type mineralization at 1.1 km that returned grades such as 1.7 grams gold over 3.5 metres.

Since March 2007, Bear Lake Gold has completed more than 45,200 metres 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 is testing the Barber Larder zone at depths of 450 metres.

The Larder Lake property sits on the Kirkland Lake-Larder Lake break, a regional fault zone, an area that included the former Kerr Addison mine, 5 km to the east, which produced 11 million oz. 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, not exceeding 200 metres.)

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 directly and indirectly owns 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 over half a metre.

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.

Bear Lake is trading at about 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.