Vancouver, British Columbia /
ACCESSWIRE / July 18 2014 / Barkerville Gold Mines Ltd.
("Barkerville" or the "Company") is pleased to announce today it
has completed the infill and reject assaying program of the diamond
drill hole database on Cow Mountain. With the completion of this
program, the Company intends to commission an update to its NI
43-101 Technical Report ("Technical Report") dated December 31,
2012, which will include an update to the Cow Mountain mineral
resource estimate.
The updated diamond drill hole
database contains 26,728 drill core samples in total including
(Table 1):
-11,611 infill drill core
samples that were previously unassayed and not utilized in the
Technical Report, of which 5,298 samples were analyzed for metallic
screen fire assays and 6,313 samples analyzed for lead
collection/gravimetric assays.
-15,117 original samples with
standard fire assays that were utilized in the calculation of the
Technical Report. Over approximately the past 18 months, 14,452
reject samples of the 15,117 original samples were analyzed for
metallic screen fire assays.
These drill core samples were
collected from 258 diamond drill holes (including 14 twinned holes)
conducted in 2007, 2009, 2010, 2011 and 2012 and do not include
abandoned drill holes.
Assaying of both the reject
and infill core samples were done by ACME Analytical Laboratories
Ltd. in Richmond and SGS Canada Inc. in Burnaby, BC,
Canada.
As recommended in the
Technical Report (see News Releases dated June 19 2013 and December
9, 2013), all available reject samples from drill core that was
originally analyzed before 2012 with standard fire assays and
unassayed infill core samples from those same holes collected in
2013, have been sent for 500/1,000 g metallic screen and 50 g lead
collection/gravimetric fire assay. Considering coarse grained gold
is common in the area, it has been determined that the original 30
g standard fire assay method possibly undervalued gold
grade.
Table 1. SUMMARY OF
DRILL CORE SAMPLES BETWEEN 2007 AND 2012
-------------------------------------------------------------------------------------------------
|YEAR |TOTAL|TOTAL |IN-FILL CORE SAMPLES |ORIGINAL SAMPLES |TOTAL SAMPLES(In-fills |
| |DDH |FOOTAGE | | |+ Std/Met. fire assays)|
| | |(ft) | | | |
| | | |------------------------------------------------| |
| | | |GRAVIMETRIC|METALLIC|SUB-TOTAL|STD |METALLIC| |
| | | | | | |FIRE |SCREEN | |
| | | | | | |ASSAY | | |
|-----------------------------------------------------------------------------------------------|
|2007 |15 |4,802.0 |52 |0 |52 |548 |0 |600 |
|-----------------------------------------------------------------------------------------------|
|2009 |11 |6,234.0 |372 |0 |372 |389 |375 |761 |
|-----------------------------------------------------------------------------------------------|
|2010 |45 |19,000.0 |1,483 |0 |1,483 |1,182 |1,170 |2,665 |
|-----------------------------------------------------------------------------------------------|
|2011* |162 |142,423.0|4,124 |5,298 |9,422 |11,544 |11,495 |20,966 |
|-----------------------------------------------------------------------------------------------|
|2011**|11 |4,630.0 |282 |0 |282 |336 |294 |618 |
|-----------------------------------------------------------------------------------------------|
|2012 |14 |9,031.0 |0 |0 |0 |1,118 |1,118 |1,118 |
|-----------------------------------------------------------------------------------------------|
|Grand |258 |186,120.0|6,313 |5,298 |11,611 |15,117 |14,452 |26,728 |
|Total | | | | | | | | |
-------------------------------------------------------------------------------------------------
Note:
*exploration drill holes; **water well holes
The standard fire assay
technique was conducted on a relatively small (30 g) aliquot of
sample material that may or may not be truly representative of the
gold content of the sample as a whole, particularly if coarse gold
or visible gold is present that is notoriously difficult to
homogenize within a sample pulp. The Metallic Screen technique
utilized in the Company's Double Assay Program effectively
evaluates 500 - 1,000 grams of pulverized material for each sample
and was specifically developed by laboratories to measure coarse or
visible gold within pulverized sample materials to provide a more
representative estimate of overall gold content.
The collection of reject samples, infill core sampling and core
sample cutting of 244 Cow Mt. drill holes conducted in 2007, 2009,
2010 & 2011 started in 2013 was completed in the beginning of
2014. News on complete holes that included metallic screen fire
assay results of reject samples and lead collection fire assay
results of previously unassayed infill core samples were published
as they became available (please see news releases dated May 01
& 22, March 24, February 12, 2014, and December 16, 2013). In
early July 2014, the Company completed the update of new assay
results which are currently being compiled in a format to be
published in a news release shortly.
The Company intends to retain
an independent consultant to complete a comparative analysis
between new and original drill data which will be utilized in the
updated NI 43-101 resource estimate on Cow Mountain.
The technical information contained
in this news release has been reviewed and approved by the
Company's Chief Geologist Jim Yin, Ph.D., a Qualified Person as
defined by National Instrument 43-101 Standards of Disclosure for
Mineral Project.
"J.
Frank Callaghan"
J.
Frank Callaghan
President and
CEO
About Barkerville Gold
Mines Ltd.
The Company has focused
on exploration and development of gold projects in the Cariboo
Mining District in central B.C from the mid-1990s to present. The
Company's mineral tenures cover 1,164 km2 along a strike length of
60 km and approximate width of 20 km, including the Cariboo Gold
Project, the Bonanza Ledge Gold Project, the Barkerville Mountain
and Island Mountain exploration targets and seven past producing
hard rock mines. 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 km by highway and all-weather road
from the Barkerville Gold Camp. In November 2010, the Company
acquired a second permitted mill currently on care and maintenance
in Revelstoke, B.C. The Company has completed significant drilling
and exploration programs and, together with the historical data, is
compiling all information to determine the geologic models and
updated technical reports to continue with exploration and
development of the Cariboo Gold projects. This news release has
been prepared on behalf of the Board of Directors of the Company
which takes full responsibility for its contents.
Cautionary Statement on
Forward-Looking Information
Certain information in
this news release is forward-looking within the meaning of certain
securities laws, and is subject to important risks, uncertainties
and assumptions. This forward-looking information includes, among
other things, information with respect to the Company's beliefs,
plans, expectations, anticipations, estimates and intentions,
including the listing and trading of the Company's common shares on
the TSXV. The words "may", "could", "should", "would", "suspect",
"outlook", "believe", "anticipate", "estimate", "expect", "intend",
"plan", "target" and similar words and expressions are used to
identify forward-looking information. The forward-looking
information in this news release describes the Company's
expectations as of the date of this news release.
The results or events
anticipated or predicted in such forward-looking information may
differ materially from actual results or events. Material factors
which could cause actual results or events to differ materially
from such forward- looking information include, among others, the
Company's ability to engage and retain qualified key personnel,
employees and affiliates, to obtain capital and credit and to
protect its property rights.
The Company cautions
that the foregoing list of material factors is not exhaustive. When
relying on the Company's forward-looking information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. The
Company has assumed a certain progression, which may not be
realized. It has also assumed that the material factors referred to
in the previous paragraph will not cause such forward-looking
information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING
INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE
AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION
AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.
WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE
THIS INFORMATION AT ANY PARTICULAR TIME.
Neither the 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 news release.
SOURCE: Barkerville Gold Mines Ltd.