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NEWS RELEASE Bard Ventures Ltd.
Suite 800 – 1199 West Hastings Street Vancouver, B.C., V6E 3T5 Tel: 604 687 2038 Fax: 604 687 3141
Frankfurt Exchange: BVU November 18, 2010 TSX Venture Symbol: CBS
Acquisition of Little Steel Lake Gold-Silver-Lead-Zinc Property Thunder Bay Mining Division, ON
Bard Ventures Ltd. (“Bard” or the “Company”) has entered into an agreement to acquire a 100% interest in the Little Steel Lake claims (the “Property”), which are located within Tuuri Township, 25 kilometers east of Terrace Bay, ON within the Thunder Bay Mining Division.
The mineral claims that comprise the Property cover an area of approximately 259 hectares. The Trans- Canada highway cuts through the south-central part of the claim block, a well-kept trail that leads to the mouth of the Steel River provides access to the southern portions of the Property while an ATV trail provides access to the northern portions of the claim block.
The Property is located within the Wawa volcanic belt comprising both volcanic and sedimentary stratigraphy and intruded by Archean aged ultrabasic to granitic rocks. The claims are underlain primarily by west-southwest trending sedimentary stratigraphy dominated by greywacke and mica schists, andesite and basalt volcanic sequences inter-bedded with pyroclastic horizons are present within the western portions of the claim group. Small masses and sill like bodies of ultrabasic rocks intrude the volcanic and sedimentary stratigraphy.
The main zone of mineralization on the property is the Simard-Swetz showing discovered in 1951 where trenching exposed Pb-Zn-Ag-Au mineralization within a graphitic schist horizon returning best results of 3.4 grams per ton (“g/t”) gold, 13.0g/t silver, 0.53% lead and 0.21% zinc over a 3.6 metre chip sample. Recent sample results from this showing has returned grab samples reporting to 31.0g/t silver, 3.04% lead and 1.43% zinc. Recent prospecting located base metal mineralization 10 metres to the east and along strike of the Simard-Swetz showing where two grab samples returned 16.2g/t silver, 1.3% copper and 9.6g/t silver, 1.15% zinc and 0.69% lead. In 1982 following the discovery of the Hemlo gold deposit, Silver Sceptre Resources completed a VLF-EM and magnetic geophysical survey followed by a drill program. A total of eight VLF-EM conductors were located on the Property, three of which were tested by drilling. One drill hole tested the Simard-Swetz showing intersecting 4.4 metres of graphitic shale horizon hosting banded sulphide including narrow intervals of near massive galena and sphalerite mineralization. Selected intervals were analyzed for gold returning low level results. Two occurrences located 250 metres to the east along strike of the Simard-Swetz showing have returned elevated and anomalous base metal values up to 2090ppm zinc and 1185ppm copper suggesting the strike potential of the mineralized horizon.
In light of recent prospecting programs where elevated and anomalous base and precious metal occurrences have been uncovered along the favorable Simard-Swetz exhalite horizon and its relatively under explored history with untested geophysical targets, the Little Steel Lake Property has potential to host a lode gold or VMS style deposit. The Company plans to complete a compilation program of the available historical data, the results of which will determine the scope of a 2011 field program to include
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prospecting, mapping and geophysical surveys if warranted. Drill target selection will be based on the combined results of the compilation program and 2011 field program results.
In terms of the agreement, Bard has to incur the following 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).
| Due Date | Exploration Expenditures | Cash Payments | Share Payments |
|---|---|---|---|
| Within five (5) business days of receipt of regulatory approval | ‐ | $2,500 | 100,000 |
| Within ninety (90) business days of receipt of regulatory approval | ‐ | $2,500 | ‐ |
| On or before Nov 18, 2011 | $50,000 | $10,000 | 100,000 |
| On or before Nov 18, 2012 | $50,000 | $15,000 | 100,000 |
| On or before Nov 18, 2013 | $100,000 | $20,000 | 100,000 |
| On or before Nov 18, 2014 | ‐ | $25,000 | 100,000 |
| On or before Nov 18, 2015 | $200,000 | $25,000 | 100,000 |
| Total | $400,000 | $100,000 | 600,000 |
All future Exploration work on the Property will be conducted under the supervision of Qualified Person Rick Kemp, P. Geo., Vice-President, Exploration of Bard.
The Company is also pleased to announce that on November 16, 2010 it closed the second and final tranche of the non-brokered private placement of 3,200,000 flow-through units at $0.075 per unit (the “FT Units”) previously announced by news release dated August 23, 2010, for gross proceeds to Bard of $37,500. Each FT Unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share in Bard for two (2) years at a per share price of $0.10 during the first year and at per share price of $0.12 during the second year.
The issued securities are subject to a four (4) month hold period until March 17, 2011.
On behalf of:
Bard Ventures Ltd.
“Eugene Beukman”
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
OR CONTACT
Robert Mullins Tel: 416-742-5600 Toll Free: 1-866-580-8891 www.firstcanadiancapital.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.