VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 09/13/11 — Barkerville Gold Mines Ltd. (TSX VENTURE: BGM)(FRANKFURT: IWUB) (the „Company“) reports the discovery of the second visible gold („VG“)-cosalite-pyrite-quartz mineralized zone returning up to 1,942 g/T or 56.635 oz/t (resplit 2,156 g/T or 62.875 oz/t) gold – the highest gold grade recorded to date in the area. The new zone is parallel/sub-parallel to the first VG-cosalite-quartz-pyrite zone on Cow Mt. reported by the company on June 27 and July 26, and is about 305 meters (1,000 feet) to the mine grid east. Both zones, running mine grid south and north, are outside the perimeter of the proposed Cariboo Gold Quartz („CGQ“) open pit on the northwest and west flanks of Cow Mountain on the company-s project in central British Columbia.
A third mineralized zone, located mine grid southeast of the proposed CGQ open pit, returned assays grading up to 102 g/T (2.975 oz/t) gold in drill hole CM11-44, is controlled by drill holes CM11-28B & 29 on Pad G, CM11-43 on Pad H, CM11-44 & 45 on Pad M, and CM11-46, 47 & 48 on Pad J-K. The size of the controlled area of the zone is approximately 15 meters (50 feet) around.
The new VG-cosalite-quartz-pyrite zone is controlled respectively by drill holes CM11-85 & 86 on drill pad W, CM11-83& 84 on pad V, M11-93 on pad X6, and CM11-97 on X2 at present, which is about 244 long meters (800 feet). It is preliminarily interpreted that the zone plunges at depth to the mine grid south. Drilling of CM11-97 is still in progress.
For the first time, it is confirmed that, in addition to pyrite, quartz and cosalite (a bismuth and lead sulphide mineral) are also the dominant minerals to carry gold, especially visible gold. Length of visible gold in a quartz vein in CM11-85 is up to 0.7 centimeter and that in drill hole CM11-93 is 0.25-0.50 cm in size.
Drilling on Cow Mountain continues. The Company currently has five drill rigs in operation and a sixth is en route. Results will be released as they become available. Highlights are as follows (see full Table 1 below) and drill sections will be posted on the company-s website at :
Drill core processing included descriptive logging and sampling for geochemical analyses. The HQ and NQ-size drill core was cut/split in two halves using saws and a splitter at the Company-s Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM-s personnel to a shipping company in Quesnel for trans-shipment to Eco Tech Lab in Kamloops, B.C. Sample preparation and geochemical assaying is done at Eco Tech Lab, following their own internal standards for quality control and verification. The gold assaying method uses a standard fire assay with AA finish and a metallic gold assay for those samples with visible gold. ETL is certified under the Assayers Certification Program of B.C.
About Barkerville Gold Mines Ltd.
Since the mid 1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company-s mineral tenures now cover over 1,147 square kilometers, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in the first quarter of fiscal 2011 and the Company began pouring dore gold in September 2010. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. and upgrade to a 3,000-tonne/day facility subject to government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has not hedged any of its future gold production.
The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.
On behalf of the Board of Directors
J. Frank Callaghan, President and CEO
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events and conditions and therefore involve inherent risks and uncertainties. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry-s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. All phases of the Company-s operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets.
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.
Contacts: Barkerville Gold Mines Ltd. J. Frank Callaghan President and CEO (604) 669-6463 or Toll Free: 1-800 663-9688 (604) 669-3041 (FAX)
Only registered users can comment.
