Aug 15, 2013
Barkerville Gold Mines Ltd. Project Update
Vancouver, BC - Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") wishes to provide a project update on its Gold Quartz, Bonanza Ledge Mine and historic Island Mountain Mine projects near Wells, British Columbia and the QR Mine near Quesnel, British Columbia. The Company is working towards completing recommendations put forward in the Technical Report, dated December 31, 2012 (see News Release dated June 19, 2013).
Gold Quartz Mine/Cow Mountain
Jim Yin PhD. P. Geo. Chief Geologist reports; 6,817 infill drill core samples totaling approximately 43,400 feet have been collected from exactly 100 out of 250 Diamond drill holes conducted on Cow Mountain between 2007 and 2011 that were never completely assayed. Of these 6,817 infill core samples, 6,535 have been cut and shipped to Acme Analytical Laboratories Ltd. for screen metallic assay. Of the 6,535 samples in the lab, 4,802 have been analyzed and 1,733 are pending.
In addition, 4,132 reject samples of Diamond drill holes conducted on Cow Mountain in 2011 have been assembled and will be shipped to the lab for metallic re-assays. As noted in Barkerville's recently published Technical Report, screen metallic re-assays can be expected to increase previously published grades by 10-15%.
Results of the assaying and re-assaying described above will be released when the analysis has been completed.
Detailed metallurgical test work is scheduled to begin in the fourth quarter 2013, on Cow Mountain mineralized samples. This work will involve a number of processes, with a focus on producing flotation concentrate as potential feed to the existing QR leach circuit. The generated information would be to standards compliant for PEA level reporting.
Historic data including various reports and old plan and level maps for Barkerville, Cow and Island Mountain are being digitized and added to the Company's database.
Bonanza Ledge Mine/Barkerville Mountain
Mr. Tom Hatton, Mine Superintendent for Wells, reports that the sedimentation dam is nearing completion in Lowhee Creek; construction is by Roktek Services Inc. with supervision and design by Knight Piesold Ltd. The balance of the clearing and stump chipping is underway. Site preparations have begun to enable mining of the Bonanza Ledge deposit. All other preparations to mine Bonanza Ledge and truck ore to the QR Mill are complete.
Snowden Mining Industry Consultants Inc. has been retained to provide a new model on the Bonanza Ledge Open Pit Mine.
The on-site demonstration of dry ore sorting technology is also planned as part of the Bonanza Ledge Mine operation. It would be conducted to evaluate pre-concentration using x-ray (DEXRT) technology on 1 to 2" crushed ore prior to transport to the QR Mill for final processing.
Preliminary metallurgical studies were undertaken for the Gold Quartz and Bonanza Ledge projects beginning in 2011 and extending to earlier this year. The results to date indicate these mineralized samples responded well to conventional flotation and cyanide leaching procedures over a range of the deposit lithology and head grades. Generally gold recoveries exceeded 90%.
Link to photos of operations at Bonanza Ledge:
http://www.barkervillegold.com/s/Bonanza_Ledge.asp?ReportID=396666
Island Mountain Mine
As identified in the recently completed Technical Report, the historic Island Mountain Mine is recognized by the Company as a high priority target for further evaluation. The Island Mountain Mine target consists of a large historic database of surface and underground drilling along with extensive historic underground workings along the Rainbow-Baker contact to a vertical depth of approximately 2,000 feet.
The Company has retained mining consultants APEX Geoscience Ltd. to compile and validate all of the existing surface and subsurface data to enable the construction of a robust geological model for the Island Mountain Mine that will lead to a resource estimate.
Jean Paulter P. Geo., Al Dorherty P. Geo. and Sean Dally P. Geo. have been retained by the Company to assist in completing geological mapping and surface sampling across Island Mountain in order to achieve a better understanding of the Island Mountain Mine geology. Large scale trenching is in progress with over 450 channel samples having been collected to date.
Furthermore, 466 reject core samples from Diamond drill holes completed between 1999 and 2005 have been assembled for screen metallic re-assay analysis and will include QA/QC control samples.
QR Mine and Mill
Kevin McMurren Mine Manager reports the Company is currently undertaking underground mining operations at the QR Mine. Ore in two stopes is being accessed from development completed earlier this year in the West Zone. Mining contractor Roktek Services Inc. is running two shifts per day, seven days per week.
An estimated 4000 tonnes of ore has been mined; transportation of the ore to the mill has started and is being stockpiled at a rate of 150 tonnes a round. Development mining is almost finished, longholing will start soon and each blast will produce a few thousand tonnes.
Re-listing
As reported in News Release 13-12, dated August 9, 2013, Barkerville is in the process of making application to the Exchange to reinstate its common shares for trading (the "Reinstatement Application"). In connection with this process, the Company is exploring further financing options, which may include such options as debt financing, forward gold sales or a gold streaming agreement. Barkerville will report on the progress of the Reinstatement Application and further financing options as information becomes available.
The Company's new corporate presentation is now available on its website and can found at the following link: http://www.barkervillegold.com/s/Presentations.asp
The technical information in this news release has been reviewed and approved by the Company's Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.
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 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. The Company began pouring dor� gold in September 2010, continued until December 2011, and resumed in January 2013. 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 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.
(signed) "J. Frank Callaghan"
J. Frank Callaghan
President and CEO
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 TSX Venture Exchange. 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 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.
- Associated File: http://www.barkervillegold.com/i/pdf/BGM-NR-13-14-Aug-15-2013.pdf
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