Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Grouse Mountain Property, which is located approximately 19 kilometers north-northwest of Houston BC. (the "Property"). The claims are located immediately north, and adjacent to Bard's Lone Pine Property, which Bard holds under option and is presently exploring for porphyry hosted molybdenum mineralisation.
The seven claims that comprise the Grouse Mountain Property contain 94 cells and cover an area of approximately 1,763 hectares, and are wholly situated in the Omineca Mining Division. The Property covers a number of polymetallic showings, the most notable of which are the Copper Crown, Rainstorm, Eureka, North Lake, Hidden Treasure, Solo and Shorn (BC Geological Survey Minfile Nos. 093L 026, 093L 289, 093L 287, 093L 294, 093L 254, 093L 250, and 093L 288 respectively). The claims are prospective for porphyritic molybdenum deposition.
Exploration on the Property dates back to 1914 when chalcopyrite/sphalerite mineralisation was first discovered on the Grouse Mountain Property. During the period 1915 to 1927, extensive drifting and raising was completed on two levels on the Ruby Zone, with some work being done on the Lakeview Zone. After a roughly 30 year hiatus, a company drilled 5,700 meters of diamond drilling, and rehabilitated the underground workings. During 1970, VLF-EM surveys and 1,282 metres of diamond drilling was completed. This was followed by various geochemical/geophysical surveys and additional drilling in 1984 when the operators added a further 720,000 tonne low grade inferred resource to the existing 320,000 tonnes of 0.38% copper, 4.23% zinc, and 0.88 g/t silver. (These resource calculations were completed prior to National Instrument 43-101 and therefore are non-compliant with current regulations) A short exploratory drill program in 1990 is the last known major work done on the Property. It has been reported that there has been over 1100 meters of underground development completed on the Property.
The Property is underlain by Mid Jurassic volcanoclastic sediments of the Smithers Formation, and Lower Jurassic pyroclastic tuffs and breccias of the Telkwa Formation. A number of east-northeasterly trending veins occur on the Property that were formed within steep normal fault planes. These fault zones were ideal conduits for mineralising mesothermal hydrothermal fluids. The copper-zinc-silver +/- gold quartz/carbonate veins encountered are typically mineralised with pyrite/sphalerite/chalcopyrite, with lesser galena and tetrahedrite. Previous petrographic studies have indicated some of the numerous mineralised structures may actually be stratiform massive sulphides.
galena and tetrahedrite. Previous petrographic studies have indicated some of the numerous mineralised structures may actually be stratiform massive sulphides.
Bard has planned an initial program of compilation and verification of historical data before commencing field exploration on the Property this spring. Exploration work will be conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo.
Under the terms of the agreement, to earn a 100% interest in the Property Bard has agreed to pay the Optionor $10,000 within ten days of the receipt of regulatory approval and to incur exploration expenditures and make share issuances as follows (subject to a 2.5% Net Smelter Return Royalty in favour of the Optionor, 2.0% of which can be purchased by Bard from the Optionor for $1,000,000 or $250,000 per 0.5%):
|Within ten (10) business days of receipt of regulatory approval||-||20,000 (firm)|
|On or before October 31, 2007||$50,000 (firm)||30,000 (optional)|
|On or before October 31, 2008||$50,000||50,000 (optional)|
|On or before October 31, 2009||$50,000||50,000 (optional)|
|On or before October 31, 2010||$50,000||100,000 (optional)|
|On or before October 31, 2011||$50,000||150,000 (optional)|
The above agreement is subject to regulatory approval.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF CONTENT OF THIS PRESS RELEASE
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