Projects
Flume (Au)
Recent Update
In May 2013, Ryan Gold Corp ("RGC") terminated its option on the Flume property (Section 4.2). In November 2012, RGC announced the results from its nine diamond drill hole (2,307m) program at the Flume property, the results included the highlight hole F12-006 which included 2m of 5.76 g/t Au. The Company is currently seeking a joint venture partner for the Flume property.
Overview
The Flume project is located in the White Gold district of the Yukon. Flume covers the headwaters of Ten-Mile and Sestak Creeks approximately 8 kilometres west of the Yukon River and 75 kilometres south of Dawson City. Ten Mile Creek and Sestak Creek have been explored and worked for placer gold since the times of the original Klondike Gold rush in the early 1900's.
Flume hosts gold and assenic soil anomalies similar to those found at the White Gold Property (Underworld Resources, now owned by Kinross) and Coffee Property (Kaminak Gold Corp). On these Properties gold and arsenic in soil anomalies have lead to major gold discoveries in the same package of metamorphic rocks as those underlying Flume.
The Flume target is defined by a 3000 metre x 700 metre long northwest trending coincident gold-arsenic-lead soil anomaly has been identified on the southern portion of the Property within meta-sedimentary rocks. This anomaly is spatially related to a sheared granite body. On the northern half of the property several arsenic in soil anomalies occur which coincide locally with gold and lead. These northern anomalies occur within meta-sedimentary rocks and at the margins of biotite quartz monzonite bodies. There is a spatial relationship with gold-arsenic-lead with the Cretaceous granitic intrusive rocks on the Property.
Ownership
Bearing may earn a 100% interest in the Flume property (amended July 2013) from Phelps Dodge (PDC) by making cash payments totalling $245,000 ($100,000 paid) and by spending $500,000 (completed). PDC retains a 2% Net Smelter Royalty (NSR) of which one half can be purchased for a sum of $1,000,000.
The Company had previously optioned the Flume property to RGC whereby RGC had incurred over $1,500,000 in qualified expenditures, and made cash payments of $175,000. In May 2013, Ryan Gold returned the property to Bearing.
In May 2013, Ryan Gold Corp ("RGC") terminated its option on the Flume property (Section 4.2). In November 2012, RGC announced the results from its nine diamond drill hole (2,307m) program at the Flume property, the results included the highlight hole F12-006 which included 2m of 5.76 g/t Au. The Company is currently seeking a joint venture partner for the Flume property.
Overview
The Flume project is located in the White Gold district of the Yukon. Flume covers the headwaters of Ten-Mile and Sestak Creeks approximately 8 kilometres west of the Yukon River and 75 kilometres south of Dawson City. Ten Mile Creek and Sestak Creek have been explored and worked for placer gold since the times of the original Klondike Gold rush in the early 1900's.
Flume hosts gold and assenic soil anomalies similar to those found at the White Gold Property (Underworld Resources, now owned by Kinross) and Coffee Property (Kaminak Gold Corp). On these Properties gold and arsenic in soil anomalies have lead to major gold discoveries in the same package of metamorphic rocks as those underlying Flume.
The Flume target is defined by a 3000 metre x 700 metre long northwest trending coincident gold-arsenic-lead soil anomaly has been identified on the southern portion of the Property within meta-sedimentary rocks. This anomaly is spatially related to a sheared granite body. On the northern half of the property several arsenic in soil anomalies occur which coincide locally with gold and lead. These northern anomalies occur within meta-sedimentary rocks and at the margins of biotite quartz monzonite bodies. There is a spatial relationship with gold-arsenic-lead with the Cretaceous granitic intrusive rocks on the Property.
Ownership
Bearing may earn a 100% interest in the Flume property (amended July 2013) from Phelps Dodge (PDC) by making cash payments totalling $245,000 ($100,000 paid) and by spending $500,000 (completed). PDC retains a 2% Net Smelter Royalty (NSR) of which one half can be purchased for a sum of $1,000,000.
The Company had previously optioned the Flume property to RGC whereby RGC had incurred over $1,500,000 in qualified expenditures, and made cash payments of $175,000. In May 2013, Ryan Gold returned the property to Bearing.