TORONTO, Jan. 17, 2019 /CNW/ - Barkerville Gold
Mines Ltd. (TSXV: BGM) (the "Company" or
"Barkerville") is pleased to provide all stakeholders with a
year-end update on all activities pertaining to the Cariboo Gold
Project and upcoming catalysts for 2019.
2018 Exploration Summary
In 2018 the Company aggressively explored and delineated
resources on the Cariboo Gold Project. The drilling confirmed down
dip extensions of mineralized vein corridors to depths of 700
meters and confirmed high grade intercepts within the current
resource. The current resource of 1.6 million Au ounces
indicated and 2.16 million Au ounces inferred (Technical Report
filed on SEDAR June 14, 2018) is
calculated to an average depth of 300 meters over a combined strike
length of 3.5 kilometers (Table 1 and Figure 1) and includes 50,000
meters of historical drilling and 170,000 meters of new drilling
completed up to the end of 2017. A total of 123,000 meters in
442 holes were drilled on the Project in 2018. Of the 2018
drilling, 64,000 meters were drilled on Cow Mountain, 50,000 meters
on Shaft Zone, 4,500 meters at Mosquito Creek and 4,800 meters on
Grouse Creek Regional target. The 2018 Regional rock and soil
sampling and surface geologic mapping extend the current
mineralized strike to 16 kilometers (Figure 2). Surface geochemical
sampling on the newly acquired Yanks Peak claims returned anomalous
samples greater than 50 ppb Au in soil over a 4.5-kilometer trend
(Figure 3).
2019 Exploration Objectives
Results from the 2018 exploration program defined target areas
based on location within the stratigraphy, soil sample anomalies
and historic core relog. The 2019 exploration program will
- Test the new brownfields targets adjacent to known
deposits,
- Infill high grade vein corridors greater than 6.0 g/t Au to
convert from inferred to indicated category and
- Explore true depth potential with 50-meter step outs down dip
of high-grade vein corridors at Shaft Zone, Cow Mountain and
Mosquito Creek.
A total of 50,000 meters is planned for this initial phase and
an additional 40,000 meters will be proposed following results of
Phase 1. The Company drill proposal and surface anomalies can also
be viewed on the website at the link below
Barkerville Gold Mines Ltd. 3D Deposit Model
An updated Resource statement will be available in 2019 and will
include all 2018 drill results. The Company is undertaking required
economic, environmental and socio-economic studies to initiate
permit applications requesting underground development and mining
at the Cariboo Gold Project (including, but not limited to the
Shaft Zone, Valley Zone and Cow Mountain deposits.
Operations Activities in 2018
Test mining at Bonanza Ledge was completed in December of 2018
on Barkerville Mountain. Valuable technical information and
personnel training was achieved during 2018 that benefits ongoing
advanced studies, permitting and future mining. A total of 1,400
meters of development took place at the Bonanza Ledge and BC Vein
test mine. Approximately 122,000 tonnes were extracted and
processed at a grade of 5.98 g/t Au and 21,125 ounces of gold
poured in 2018. The company has also applied for permit amendment
to extend the test mining for BC vein ore bodies on Barkerville
Mountain.
Qualified Persons
Exploration activities at the Cariboo Gold Project are
administered on site by the Company's Project Geologists,
Kyle Orr and Felipe Castaneda. As per National Instrument
43-101 Standards of Disclosure for Mineral Projects, Maggie Layman, P.Geo. Vice President
Exploration, is the Qualified Person for the Company and has
prepared, validated and approved the technical and scientific
content of this news release. The Company strictly adheres to CIM
Best Practices Guidelines in conducting, documenting, and reporting
its exploration activities on the Cariboo Gold Project.
Mining activities at the Cariboo Gold Project are administered
on site by the Company's Mine Manager, Paul
Ratte. Francois Vezina, ing,
P.Eng, MBA, Chief Operating Officer, is the engineer on record for
the Company and has prepared, validated and approved the technical
and scientific content of this news release.
About Barkerville Gold Mines Ltd.
The Company is focused on developing its extensive mineral
rights package located in the historical Cariboo Mining District of
central British Columbia.
Barkerville's Cariboo Gold Project mineral tenures cover 1,950
square kilometres; along a strike length of 67 kilometres which
includes several past producing placer and hard rock mines, making
it one of the most well-endowed land packages in British Columbia. Since the management change
in mid-2015, the Company has unlocked the fundamental structural
controls of gold mineralization. The Company's Brownfield's
exploration team is focused on upgrading and expanding the
May 2018 43-101 compliant resource
within the 8 kilometers of principle project area located near the
town of Wells, British Columbia. The Company's Greenfield's
team is developing quality exploration assets throughout the
remaining land package through systematic, scientific,
exploration. The operation's team is focused on completing
required studies in order to pemit underground mining on Cow and
Island Mountains.
Cautionary Statement on Forward -Looking
Information
Neither the TSX Venture Exchange ('TSXV') nor
its Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This news release contains
forward-looking information which is not comprised of historical
facts. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
statements regarding exploration results and exploration plans.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
capital and operating costs varying significantly from estimates,
the preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, uncertainties relating to
the availability and costs of financing needed in the future,
changes in equity markets, inflation, fluctuations in commodity
prices, delays in the development of projects and the other risks
involved in the mineral exploration and development industry, and
those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Cariboo Gold
Project Mineral Resources
|
Deposit
|
Tonnes
|
Au
(g/t)
|
Au
Oz
|
Measured
|
|
|
|
Bonanza
Ledge
|
264,000
|
7.3
|
61,900
|
Indicated
|
|
|
|
Bonanza
Ledge
|
63,400
|
4.8
|
9,700
|
BC Vein
|
444,900
|
6.4
|
91,600
|
Mosquito
|
247,000
|
9.5
|
75,700
|
Shaft
|
4,373,200
|
5.9
|
835,600
|
Valley
|
769,600
|
5.8
|
142,700
|
Cow
|
1,947,800
|
6.1
|
381,800
|
Total
Indicated
|
7,845,900
|
6.1
|
1,537,100
|
Total Measured and
Indicated
|
8,109,900
|
6.1
|
1,599,000
|
|
|
|
|
Inferred
|
|
|
|
BC Vein
|
173,400
|
4.6
|
25,400
|
Mosquito
|
699,200
|
6.0
|
135,600
|
Shaft
|
7,357,000
|
5.1
|
1,213,000
|
Valley
|
2,454,300
|
5.4
|
423,400
|
Cow
|
2,047,300
|
5.4
|
358,300
|
Total
Inferred
|
12,731,200
|
5.2
|
2,155,700
|
Table 1: Cariboo Gold Project Underground Mineral Resource
Estimate at a 3.0 g/t Au cut-off grade (May
2, 2018)
SOURCE Barkerville Gold Mines Ltd.