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| August 01, 2007 Bell Introduces New Porphyry Copper-Molybdenum Project | |
| Drilling Expected to Commence During Fourth Quarter 2007 Vancouver, British Columbia: Bell Resources Corporation (TSXV:BL) today announced it has introduced a new porphyry copper-molybdenum project, the Mesa Well project, into its portfolio of base metal projects. Drilling at Mesa Well is expected to commence during the fourth quarter of 2007 and will continue into 2008. Mesa Well is the first designated project from the strategic alliance Bell formed with Bronco Creek Exploration, announced April 25, 2007. Bell entered into an alliance agreement (the "Alliance Agreement") with Bronco Creek Exploration ("Bronco") to jointly explore and develop multiple copper projects in the southwestern United States owned or introduced by Bronco. For more information on the Alliance, please visit http://www.bellresources.com/s/Bronco.asp. "We are pleased to introduce Mesa Well as the inaugural project from the Bell/Bronco alliance," said W. Glen Zinn, President and CEO. "The Bronco alliance enables us to continue executing our growth strategy of building an exceptional portfolio of copper assets in the Americas, enhancing the potential for new discoveries." Permitting at Mesa Well has been completed for a drill program that can commence in the fourth quarter of 2007. The drill program will include:
Mesa Well Project Introduction & Location The Mesa Wells project is a porphyry Cu-Mo (-Au) exploration target beneath shallow gravel cover west of the Pinaleno Mountains in southeastern Arizona. The Company's land position at Mesa Well consists of approximately 8,260 acres of state mineral leases across 15 sections in Graham County. The target lies along a regional trend of porphyry copper mineralization that stretches from the Morenci and Safford districts to the San Manuel district; The Mesa Well area is strongly enriched in metals, as evidenced by the presence of numerous historic mines, prospects and mineralized outcrops along the western flank of the Pinaleno Mountains. The target also lies just south of the Klondike district, a past producer of copper, lead and zinc from skarn and replacement deposits in limestones and porphyry-like occurrences. History The Mesa Well area has been the subject of past exploration efforts. Bear Creek considered the area to be a porphyry copper exploration target in the early 1970's. Phelps Dodge and Aesop Enterprises drilled in the vicinity of the mineralized fault planes in the 1980's (just east of the Company's land position), and several historic barite, fluorite, copper and gold mines are located on and immediately adjacent to the Bell property position. Barite was produced from the Marcotte Mine in the 1950's (on the Mesa Wells property), and the Arizona Bureau of Mines' records report significant gold mineralization in the Marcotte barite veins. Bell considers the numerous mineral occurrences, general geology, and geochemical signatures (anomalous Mo and Cu) to be indicators of a nearby porphyry copper deposit hidden beneath the gravel cover west of the Pinaleno Mountains. Geology/ Exploration Target A Laramide-aged dike swarm is exposed in the Pinaleno Mountains adjacent to the Mesa Wells land position and cuts both Precambrian granites and diabase sills. The dikes are variable in composition, ranging from latites and diorites to felsic rhyolite porphyry. The more evolved compositions contain prominent quartz phenocrysts and are very similar in texture and composition to dike swarms seen in the Morenci district. The exposures of crystalline bedrock (and the dike swarm) pass under Tertiary gravel deposits to the west; these gravels are in tectonic contact with the underlying crystalline rocks, and have been rotated approximately 75 to 90 degrees. The gravels are positioned in the hanging wall of a low-angle fault, and dip steeply to the west-southwest. This low-angle fault (known as the Eagle Pass fault), has been interpreted to represent a "detachment" fault, and seismic data suggest that the fault plane is relatively horizontal (Kruger and Johnson, 1994; Geology v. 22, p. 351-354). This has important implications for exploration; the steep dip of stratified rocks and diabase sills in the area demonstrates that the crust has been rotated nearly 90 degrees during Tertiary faulting. Thus, the exposures of pre-Tertiary bedrock in the area are essentially cross-sectional views of the crust, and our structural model indicates that the magmatic system that produced the dike swarm lies to the west of the Pinaleno Mountain, out beneath the gravel cover. Mineral occurrences in the area include gold associated with quartz veins cutting Precambrian granites and Laramide-aged intrusive rocks, Fe-oxide-copper-gold- mineralization developed along the Tertiary faults, and barite-fluorite-gold occurrences developed along fault planes in Tertiary gravels. A coincident geophysical (magnetic) anomaly just west of the range front, the presence of anomalous Mo in water well samples, and development of copper, barite, and gold mineralization along Tertiary faults suggest that a significant source of metals is present in the basement rocks west of the range-front. The horizontal orientation of the Eagle Pass fault juxtaposing the Tertiary gravels and underlying basement rocks further suggests that the mineralized target is present at relatively shallow levels, and is reachable by drilling. A cross-section based on a version published by Kruger and Johnson (1994) shows crystalline basement rocks to be located at depths of less than 500 meters several kilometres out into the valley. Several types of mineral deposits are possibly present in the Mesa Well area and could be targeted by the upcoming drill program. These include:
Bell Resources is focused on the exploration and development of a diversified portfolio of North American base metal projects, with the most advanced being the past-producing Granduc Mine. The Company's strategic plan is focused on moving assets toward potential production, while continuing to target new acquisitions based on geological potential and economic viability. For further information on Bell Resources visit www.bellresources.com. On behalf of the Board of Directors of Bell Resources Corporation "W. Glen Zinn" W. Glen Zinn, President and CEO Contact Information Bell Resources Corporation Dwayne Diehl Tel: (604) 669-1484 ddiehl@nexvu.ca Barnes McInerney Inc. Daniel Weinerman Account Executive Tel: (416) 367-5000 ext. 248 dweinerman@barnesmcinerney.com For further information please contact the Company Tel: 604 669-1484 or email: info@bellresources.com THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties www.bellresources.com | |
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