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Re: News - Monday, March 21, 2011
First
Diamond Drilling Assay at New Discovery on Barkerville
Mountain Hits 2 Intercepts Gold -- Including 12.1 g/T Gold Over
14.1 Meters
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Vancouver, BC -- Barkerville Gold Mines Ltd. (TSXV:BGM) (the "Company")
reports the first assay results of a 42 hole
Diamond drilling program
being conducted on the new discovery zone on Barkerville Mountain 93
meters away from the Company's Bonanza Ledge deposit. The new discovery
area although in close proximity to the Bonanza Ledge deposit which
sits in the footwall of the BC Vein, is a completely different style of
gold mineralization than Bonanza Ledge. Gold mineralization was hit in
two intervals with highlights as follows:
.. 14.1 meters of 12.1 g/T gold between 24.3 and 38.4 meters including,
- 6.3 meters of 25.4 g/T gold between 29.3 and 35.6 meters, and
.. 0.91 meters of 11.5 g/T gold between 45.5 and 46.4 meters
President and CEO J. Frank Callaghan states, "The discovery of gold
mineralization on the hanging wall side of the BC Vein and Bonanza
Ledge, furthers the opportunity to expand the gold mineralization
across several stratigraphic units and styles of mineralization within
the same area. Four styles of gold mineralization have now been
identified in the camp all within close proximity of each other. Three
styles; Bonanza Ledge style, quartz-pyrite stockworks and BC Vein (a
large gold-bearing quartz strike vein) have all been identified within
the Bonanza Ledge proposed open pit area".
The new discovery zone is located approximately 93m to the local mine
grid northwest of the Bonanza Ledge gold deposit. Please see news
releases dated respectively on September 20 & 29, and October 4 of
2010, and February 14 of 2011, for more detailed information on the new
zone.
The new zone is stratigraphically hosted within the same rock
units/sub-units as the Company's Cariboo Gold Quartz Deposit
approximately 3 km to the northwest. The host rock of the new zone
includes the Rainbow 3 & 4 Sub-units, BC Argillite, and likely the
Rainbow 2 & 1 Sub-units to the mine grid north, with the zone is still
open to the mine grid northeast.
The major control of the new discovered zone appears to be a large
fault system, which may be a secondary level or a branch of the BC
Fault Zone that hosts the large, gold-bearing BC Vein. All of the
fine-grained pyrite and quartz-pyrite veins and/or stockworks are
controlled by the fault system, which consists of first, secondary,
third and even more levels of subsidiary faults as well as
quartz-pyrite stockworks.
Drilling continues and additional assay results of the
Diamond drill
holes conducted on the new zone will be released as they are received.
All the samples were analyzed by Eco Tech Lab. in Kamloops, BC. Assays
include Au fire assay with AA finish, metallic gold assay, and 28
element ICP.
Drill core processing included descriptive logging and sampling for
geochemical analyses. The NQ-size drill core was split in two halves
using 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/or
metallic gold assay. Metallic gold assays are done to confirm the fire
assay results considering existence of visible gold in the samples. 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 1,225 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 February 2010 and the Company began
pouring dor� 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 it to a 2,000-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"
J. Frank Callaghan
President and CEO
Tel: (604) 669 -- 6463
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.
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Copyright (c) 2011 BARKERVILLE GOLD MINES LTD. (BGM) All rights
reserved. For more information visit our website at
http://www.barkervillegold.com or send mailto:info@barkervillegold.com
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