PERU – BEAR CREEK MINING of Vancouver has raised $11.7 million, part of which is earmarked for drilling and preliminary metallurgy and engineering studies of its Corani silver-gold project 200 km north of Puna. The announcement was made on Aug. 30, just two weeks after the company said it had raised $10.2 million in another bought deal financing.
The Corani prospect is comprised of at least three gold-silver targets defined to date associated with an historical lead-zinc and precious metals district. The district was acquired by RIO TINTO as a porphyry copper target in 2003, and its fieldwork indicates that the alteration and mineralization is likely associated with a disseminated porphyry copper system at depth. Given Rio Tinto’s focus on copper and large minimum deposit size criterion, Rio Tinto and Bear Creek reached an agreement for Bear Creek to earn a majority interest by exploring the district. The Rio Tinto work and that of a consultant in precious metals indicate excellent potential for near-surface silver-gold deposits in veins, structures and disseminations associated with the underlying porphyry copper system.
A description of work done on the property as well as maps and photos are posted at www.BearCreekMining.com.