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Bearing Resources Ltd.
Summary
| Project: | Maricunga | |
|---|---|---|
| Deposit: | Maricunga | |
| Location: | Chile | |
| Commodities: | Lithium-Potassium | |
| Date: | 4/25/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 25-4-2017: Bearing Resources Ltd. announces a Resource Estimation report for its Maricunga deposit at the Maricunga project. JV - 2012 historic resource estimate disclosed as a current NI 43-101 resource estimate. Bearing Resources Ltd. (“Bearing”) is a T | |
| Resources: | ||
| CP/QP: | [Resources]: Donald H. Hains (Hains Engineering Company Ltd.) | |
| ABSTRACT: | Bearing Resources Ltd. (“Bearing”) is a TSX-V listed junior exploration company. Bearing is proposing to acquire 100% of the common shares of Li3 Energy Inc. (“Li3”) and 100% of LI3’s interests in the salar de Maricunga lithium brine project (“Maricunga project”) in northern Chile. Li3 is an OTCB-listed junior exploration company. As a result of the acquisition of Li3, Bearing will assume Li3’s 17.7% interest in the salar de Maricunga Joint Venture project (“Maricunga JV”), described in more detail below. The current report is designed support the disclosure of the 2012 historic resource estimate for Litio 1-6 tenements as a current resource mineral in conformance with the requirements of NI 43-101. The Maricunga JV will prepare an updated resource estimate when the results of the 2016/7 field program become available by June 2017. 1.2 Property History LI3 has been exploring on the salar de Maricunga since 2010. LI3 acquired its original interest in mineral tenements on the salar de Maricunga by way of acquisition of a 60% interest in the Litio 1-6 tenements (“Litio 1-6 claims”) on May 20, 2011. These tenements total 1,439 ha. On January 31, 2017 Bearing announced the signing of a definitive agreement and plan of merger with Li3 Energy under which Bearing agreed to acquire 100% of the common shares of LI3 and 100% of Li3’s interest in the Maricunga JV project for consideration of 16 million shares of Bearing plus the assumption of certain debts/liabilities of LI3 to a maximum of US$ 2 million. This transaction will represent a fundamental change in the nature of Bearings’ business, which has been gold exploration. Bearing will form a whollyowned subsidiary which will merge with Li3 and in which Li3 will be the surviving entity as a wholly-owned subsidiary of Bearing. Shares of Li3 common stock will be converted to common shares in Bearing based upon an aggregate of 16 million Bearing common shares issuable for the Li3 common stock. | |
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