July 31, 2012 - Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company" or "Bard") is pleased to announce a summary of the previously announced soil samples results from the Company's Little Bear Lake property in the Hemlo-Schreiber greenstone belt of Ontario as well as previously announced drill results on the Quartz Breccia Zone ("QBZ") of the Lone Pine Property. The Little Bear Lake claims are approximately 4 kilometers northeast of Schreiber, Ontario, and are situated in the Thunder Bay Mining Division (the "Property"). The 5 mineral claims that comprise the Property cover an area of approximately 826 hectares. The Lone Pine Property is located 15 kilometers northwest of Houston, British Columbia and situated in the Omineca Mining Division.
Little Bear Property
Selected Anomalous Soil Sample Results
1000ppb = 1ppm = 1g/t
The majority of the anomalous soils are located along the margins of the magnetic highs defined by the previously completed geophysical survey. Seven of the anomalous results reported above are associated with a linear magnetic high that traverses the central portion of the grid, and contains the 3.32g/t and 53.7g/t gold in rock samples. This linear anomaly extends approximately 1.4kms to the southeast from the 3.32g/t gold in outcrop sample mentioned above. In the case of the 18.2g/t gold sample, this occurs at the southern end of the sampled line, adjacent to a parallel magnetic high that has only been partially delineated.
For the entire soil database the 95th Percentile value is 9ppb, meaning that all values above this are anomalous.
The company previously reported ( News Release April 24, 2012) Bonanza grade gold values ranged from <0.001 to 53.7g/t and silver values ranged from 0.01g/t to 19.25g/t.
*1ppm = 1 g/t
The Company has previously reported (News Release February 16th 2012) geophysical results of the 2011 work program consisting of a cut grid, MAG/VLF survey, soil sampling and prospecting program. The grid extends two (2) kilometer southeast of a gold discovery made in late 2010. This gold discovery lies within a strong magnetic high. At this location an exposure of smoky banded chert was uncovered which is strongly magnetic and contains crystals of specular hematite. The rock was exposed over a 1m by 6m area oriented in a north south direction. Assays from this exposure averaged 1.5g/t gold over 6m. The northern 2m of the zone assayed 3.3g/t gold. The zone remains open in all directions.
On April 18th, 2012, GTA Resources and Mining ("GTA") announced additional drill results from their Northshore Property. GTA's Afric gold zone consists of the Caly, Caly North and Audney vein systems. Holes WB-13-12 and WB-14-12 represent stepout and deeper intersections of the known zone. An average of 1.41g/t gold was received over 240m in hole WB-14-12, which included bonanza type intersections of 132g/t gold over 0.5m and 120g/t gold over 0.5m. GTA's gold discovery is 8 kilometers southwest of the Little Bear Lake Property.
The Little Bear Lake Property surrounds a leased claim which hosts the Little Bear Occurrence. The Occurrence was discovered in 1935 by E. McKenzie while surface prospecting. A one ton bulk sample taken from the Occurrence in 1936 was reported to have an average grade of 1,419g/t gold. The claims lapsed and were re-staked by J.E. Halonen in 1946. Spectacular samples of quartz containing visible gold and possible tellurides have been collected from this occurrence.
Bard is planning a two phase program; the first phase of which is comprised of data compilation, interpretation and integration followed by diamond drill target selection. Contingent upon target generation, a Phase II drilling program is planned for the spring/summer of 2012 on the Property.
In terms of the option agreement, Bard has to incur $400,000 in exploration expenditures, pay an aggregate $100,000 in cash and issue an aggregate 600,000 common shares, within 5 years from the date of the agreement, to earn a 100% interest in the Property, subject to a 2% Net Smelter Return Royalty in favour of the vendors and a 1% Net Smelter Return Royalty in favour of the Ontario Exploration Corporation (OEC) (see Bard's news release November 15, 2010).
All future exploration work on the Property will be conducted under the supervision of Qualified Person, J Chapman, P. Geo. Mr. Chapman has read and approved the technical content of this news release.
Lone Pine Property
Gold analysis were received from selected drill holes in the Quartz Breccia Zone (QBZ). Gold analyses were completed over the entire length of those drill holes located along the western margin of the QBZ, where polymetallic copper-silver-molybdenum mineralization was intersected over extensive intervals in six drill holes including BDQ-08-02 to BDQ-08-05 and BD-11-69 and BD-11-70. Along the eastern margin of the QBZ four drill holes (BD-07-02, BD-07-06, BDQ-08-01 and BD-11-68) intersected broad intervals of near surface porphyry style molybdenum-copper mineralization; gold
analysis was completed across angled drill hole BDQ-08-01. Elevated and anomalous gold results were received in all drill holes along the western margin of the QBZ with best results reporting up to 0.54 grams per tonne gold over 188.27 meters.
All intervals are reported as drill core widths.
|Drill Hole||From (m)||To (m)||Width (m)||Gold (g/t)|
The Company plans an exploration program to further evaluate the potential of the QBZ.
The Company completed a NI 43-101 positive Preliminary Economic Assessment on the Alaskite Zone (see News Release March 11, 2011). This PEA does not include any resource from the Quartz Breccia Zone. Mineral resources that are not mineral reserves do not have demonstrated economic viability. A copy of the Report is available on SEDAR at www.sedar.com
The Property has an ideal location for operations with established infrastructure including:
Bard earned a 100% interest in the Property under the terms of an option agreement (News release dated July 12, 2012). The Lone Pine Exploration is being conducted under the supervision of Qualified Person Rick Kemp, P.Geo., Vice President, Exploration. Gold and rhenium analysis were performed by ACME Analytical Laboratories in Vancouver. Gold analysis was performed by fire assay utilizing Group 3b methodology. Mr. Kemp has read and approved the technical content of this news release.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information and to review updated maps of the projects 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.
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