|By Marketwired .||
|January 22, 2014 08:04 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/22/14 -- BE Resources Inc. (TSX VENTURE: BER) ("BE" or the " Company") has, through its 100% wholly owned Canadian subsidiary, 8716650 Canada Limited, optioned a 100% interest, in the LaFlamme graphite property, subject to a 3% NSR. The property was optioned for $20,000 and 200,000 common shares.
The LaFlamme property is located in the Abitibi area of Quebec in Bernetz Township. The closest town (Lebel-sur-Quevilion) is about 35 km to the east. Access to the property is via Hwy 397 that travels from Amos to Lebel-sur-Quevilion.
Local and Regional Geology
The north part of the property is underlain by wacke and mudrock of the Glandelet Formation and the south part by basalts, andesites and amphibolites of the Desboues formation. About 500 meters south of the property the volcanic rocks are in contact with gneissic tonalitic rocks of the Bernetz Intrusion.
All rocks on the property are of Archean age. The contact between the Glandelet sediments and the Desboues volcanics appears to have been displaced by north to northeast trending faults.
Two advanced gold projects are located in the vicinity of the LaFlamme property.
The Sleeping Giant Mine is located about 30 km northwest of the LaFlamme property and has historical production of in excess of 1 million ounces of gold.
The Osbell gold deposit is located about 30 km northeast of the LaFlamme property and has 43-101 classified reserves of 8.1 million tonnes at a grade of 4.6 grams/tonne.
Past Work and History of the Property
The only recorded work done on the property was by Hudson's Bay Exploration and Development in the late 1950's and early 1960's (GM11419A). It consisted of an airborne EM and Magnetic survey followed by ground follow-up EM. Conductive zones were then drilled.
The property was re-flown with an airborne Magnetic and Electromagnetic survey in 2008 by Xstrata Zinc and Virginia Gold (GSC Open File 5970). However, we believe no follow-up work was performed in the area due to the onset of the changing economic conditions.
Mineralization on the Property
The work by Hudson's Bay detected numerous conductive zones crossing the property, at least two of which were tested by diamond drilling. The following is a summary of significant mineralization from the diamond drill logs:
Hole BR-3: 149.3-184.3 feet, Quartz feldspar porphyry with pyrite mineralization and quartz veining (possible gold target). Hole BR-4: 148.8-175.8 feet, Graphitic schist, well mineralized with graphite. Hole BR-5: 225.1-271.3 feet, Graphitic shear zone and banded graphitic sediments. Hole BR-6: 123.7-164.1 feet, Banded graphite schist, massive in places. Hole BR-7: 138.1-150 feet, Banded schist, graphitic bands and seams. Hole BR-8: 121.7-223 feet, Massive graphitic zone, banded sections. Hole BR-9: 34-189.3 feet, Sediments with very narrow graphitic seams. Hole BR-10: 457.8-475.4 feet, Graphitic sediments, medium to strongly graphitic in parts.
Additionally, BE Resources continues to engage in discussions with multiple third parties for mine development projects as well as advanced stage exploration projects.
Mr. Claude P. Larouche, Ing. (OIQ, Quebec), has approved the technical data presented in the news release. Mr. Larouche is an independent consultant for BE Resources Inc. and acts as the Qualified Person under National Instrument NI-43-101.
For additional information, please refer to the BE Resources website at www.beresources.ca.
Certain statements contained in this news release may contain forward-looking information within the meaning of United States and Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "plans", "expects", "believes", "may" and "will" and include, without limitation, statements regarding the undertaking of a comprehensive review of the overall strategy, assets and operations of the Company. Investors are cautioned not to put undue reliance on forward-looking information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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BE Resources Inc.
Chief Financial Officer