Barkerville Gold Mines Intercepts 21.5 meters (70.5 feet) of 9.97 g/T (0.291 oz/t) Gold Including 2.8 meters (9.2 feet) of 52.0 g/T (1.516 oz/t) Gold on Cow Mountain
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/11 -- Further to the news releases on the high grade VG-cosalite-quartz-pyrite zones discovered by the Company on Cow Mt. reported by the company respectively on June 27, July 26 and September 13, Barkerville Gold Mines Ltd. (TSX VENTURE: BGM)(FRANKFURT: IWUB) (the 'Company') reports the more significant intercepts of drill results conducted on Cow Mt. recently.
Highlights include (Table 1):
CM11-87
-- 21.5 m (70.5 feet) of 9.97 g/T (0.291 oz/t) gold between 223.8 and 245.2
meters (734.1' and 804.6'), host rock of the intercept include quartz
veins, quartzite, phyllite and argillite
-- including 2.8 m (9.2 feet) of 52.0 g/T (1.516 oz/T) gold between
240.5 and 243.3 meters (789.0' and 798.2')
-- 1.8 m (5.9 feet) of 7.30 g/T (0.213 oz/t) gold between 94.0 and 95.8
meters (308.4' and 314.3')
-- including 0.3 m (1.1 feet) of 39.0 g/T (1.137 oz/T) gold between
95.5 and 95.8 meters (313.2' and 314.3').
-- 2.9 m (9.4 feet) of 4.36 g/T (0.127 oz/t) gold between 41.6 and 44.4
meters (136.4' and 145.8')
-- 0.3 m (1.0 feet) of 92.0 g/T (2.683 oz/t) gold between 29.3 and 29.6
meters (96.0' and 97.0')
CM11-51
-- 5.5 m (17.9 feet) of 2.39 g/T (0.070 oz/t) gold between 54.3 and 59.7
meters (178.1' and 196.0')
-- 1.6 m (5.4 feet) of 1.26 g/T (0.008 oz/t) gold between 30.4 and 32.0
meters (99.6' and 105.0')
CM11-49
-- 9.1 m (29.9 feet) of 1.74 g/T (0.051 oz/t) gold between 374.0 and 383.1
meters (1,227.0' and 1,256.9')
-- 3.2 m (10.4 feet) of 7.79 g/T (0.227 oz/t) gold between 368.4 and 371.6
meters (1,208.8' and 1,219.2')
-- 2.9 m (9.4 feet) of 2.20 g/T (0.064 oz/t) gold between 347.0 and 349.9
meters (1,138.4' and 1,147.8')
-- 7.1 m (23.3 feet) of 1.16 g/T (0.034 oz/t) gold between 324.0 and 331.1
meters (1,063.0' and 1,086.3')
-- 10.1 m (33.3 feet) of 1.25 g/T (0.036 oz/t) gold between 27.0 and 37.2
meters (88.7' and 122.0')
Drill hole CM11-87, part of the second newly discovered zone, was collared on Rainbow Zone at an elevation of 1,439.9 meters (4,724.0 feet). The significant intercept, 21.5 meters of 9.97 g/T gold between elevations of 1,281.6 and 1,266.3 meters (4,204.5 and 4,154.6 feet) above sea level, is below the bottom of the proposed open pit on Cow Mt., which is about 1,281.6 meters (4,316.0 feet) above sea level, and above the 1500 Level, which is 1,310.7 meters (4,300.0 feet) above sea level.
Drill hole CM11-49, 50 & 51 were collared at the same setup on Sanders Zone, which is part of the third newly discovered zone on Cow Mt. All the significant intercepts below 304.8 meters (1,000 feet) from the ground surface of drill hole CM11-49, are below 1200 Level but above 1500 Level.
The distance between the above two drill pads is about 313.9 meters (1,030 feet).
The significant intercepts cut by hole CM11-87 may not be the true width. The true width will be determined after assay results from drill hole CM11-88 at the same setup are received. Lengths of significant intercepts in drill holes CM11-49 & 51 may not be the true widths. True widths of the intercepts will be determined after additional drill holes are completed.
Drilling continues with four drill rigs operating on Cow Mountain and one drill rig operating on Barkerville Mountain. Results will be released as they become available.
Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ & NQ2-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 and ALS Labs respectively at Kamloops and North Vancouver, 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.
Table 1. SIGNIFICANT INTERCEPTS OF 2011 DIAMOND DRILL HOLES ON
COW MT.
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PAD # DIP DDH# FROM TO WIDTH Au Ag
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FEET METER g/T oz/t g/T
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K -54.7 CM11-49 88.7 122.0 33.3 10.1 1.25(i) 0.036(i) N/S
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342.6 344.4 1.8 0.5 2.1 0.061 N/S
-------------------------------------------------------
420.0 432.7 12.7 3.9 1.10(i) 0.032(i) N/S
-------------------------------------------------------
783.0 784.8 1.8 0.5 3.81 0.111 N/S
-------------------------------------------------------
791.6 794.2 2.6 0.8 1.10 0.032 N/S
-------------------------------------------------------
811.6 812.6 1.0 0.3 4.20 0.122 N/S
-------------------------------------------------------
989.0 995.0 6.0 1.8 1.70(i) 0.050(i) N/S
-------------------------------------------------------
1063.0 1086.3 23.3 7.1 1.16(i) 0.034(i) N/S
-------------------------------------------------------
1138.4 1147.8 9.4 2.9 2.20(i) 0.064(i) N/S
-------------------------------------------------------
1208.8 1219.2 10.4 3.2 7.79(i) 0.227(i) N/S
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1227.0 1256.9 29.9 9.1 1.74(i) 0.051(i) N/S
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-64.5 CM11-50 NO SIGNIFICANT ASSAY (hole got stuck & abandoned)
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-72.3 CM11-51 99.6 105.0 5.4 1.6 1.26 0.008 N/S
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178.1 196.0 17.9 5.5 2.39(i) 0.070(i) N/S
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X -45.0 CM11-87 60.0 62.1 2.1 0.6 4.60 0.134 N/S
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96.0 97.0 1.0 0.3 92.0 2.683 12.8
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119.8 128.8 9.0 2.7 1.61(i) 0.047(i) N/S
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136.4 145.8 9.4 2.9 4.36(i) 0.127(i) N/S
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308.4 314.3 5.9 1.8 7.30(i) 0.213(i) N/S
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including
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313.2 314.3 1.1 0.3 39.0 1.137 3.0
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319.3 320.6 1.3 0.4 3.15 0.092 N/S
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734.1 804.6 70.5 21.5 9.97(i) 0.291(i) N/S
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including
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789.0 798.2 9.2 2.8 52.0 1.516 3.4
-------------------------------------------------------
1049.1 1051.1 2.0 0.6 1.35 0.039 N/S
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1136.3 1153.9 17.6 5.4 1.14(i) 0.033(i) N/S
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Note: N/A - no significant intercept; (i) weighted assays
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
