Barkerville Gold Mines Ltd.

Published : August 12th, 2015

Phase 1 drilling results extends mineralization and identifies new gold target at Cariboo Project. Results include 18.4 g/t over 3.35 m

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Phase 1 drilling results extends mineralization and identifies new gold target at Cariboo Project. Results include 18.4 g/t over 3.35 m

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VANCOUVER, BC - August 12,2015 - Barkerville Gold Mines Ltd. (TSXV: BGM) (the "Company" or "BGM") today announced results from the ongoing Phase I drilling program on Barkerville Mountain at the Company's flagship Cariboo Gold Project ("CGP") that identified a new exploration target and significantly improved the Company's understanding of the BC Vein and the TC Area mineralization.

Holes BGM-15-005 through BGM-15-007 were designed to explore the footwall rocks below the BC Vein ("BCV"), an area which had its geometry and gold grades validated during the Company's first drill results (see BGM News Release dated July 28, 2015), for the presence of Bonanza Ledge ("BL") style replacement mineralization. Holes BGM-15-008 through BGM-15-013 tested a mineralized occurrence (TC Area) located approximately 100 metres north of the Bonanza Ledge open pit. Table 1 (below), presents the results from these drillholes which totaled 1,524 metres.

"We are encouraged by these most recent results from our ongoing program," said Tom Obradovich, President and CEO of the Company. "In addition to finding mineralization in each of the holes, we gained valuable information about the style and extent of that mineralization. This data will be extremely valuable in establishing a geological model for the property and, ultimately, a development strategy."

Drilling Highlights:
  • 20.58 g/t (0.60 oz/t) Au over 3.90 metres, including 59.36 g/t (1.73 oz/t) Au over 0.90 metres
  • 18.04 g/t (0.53 oz/t) Au over 3.35 metres, including 37.78 g/t (1.10 oz/t) Au over 1.55 metres
  • 14.69 g/t (0.43 oz/t) Au over 6.00 metres, including 103.97 g/t (3.03 oz/t) Au over 0.65 metres
  • 10.32 g/t (0.30 oz/t) Au over 9.60 metres, including 57.96 g/t (1.69 oz/t) Au over 0.90 metres
  • 10.90 g/t (0.24 oz/t) Au over 8.13 metres, including 46.93 g/t (1.37 oz/t) Au over 0.90 metres

Drilling Plan Map

Table 1: Length weighted gold composites for drillholes BGM-15-005 through BGM-15-013.

HOLE-ID FROM (M) TO (M) CORE LENGTH (M) AU (G/T) AU (OZ/T) COMMENT
BGM-15-005 8.00 10.00 2.00 15.25 0.44 HWV
INCL 8.00 9.00 1.00 27.72 0.81 HWV
BGM-15-005 19.03 20.00 0.97 5.55 0.16 HWV
BGM-15-005 55.00 56.00 1.00 1.45 0.04 HWV
BGM-15-005 78.45 79.15 0.70 2.28 0.07 BCV
BGM-15-005 92.00 93.47 1.47 3.24 0.09 BCV
INCL 93.00 93.47 0.47 6.25 0.18 BCV
BGM-15-006 9.50 18.00 8.50 4.31 0.13 HWV
INCL 13.38 14.52 1.14 6.14 0.18 HWV
AND 17.00 18.00 1.00 7.56 0.22 HWV
BGM-15-006 74.30 76.70 2.40 10.14 0.30 BCV
INCL 75.00 75.78 0.78 10.20 0.30 BCV
AND 75.78 76.70 0.92 14.65 0.43 BCV
BGM-15-007 14.40 15.90 1.50 1.45 0.04 HWV
BGM-15-007 26.00 28.00 2.00 3.12 0.09 HWV
BGM-15-007 52.40 53.90 1.50 0.80 0.02 BCV
BGM-15-008 35.00 36.00 1.00 3.79 0.11 TC AREA
BGM-15-008 44.00 45.50 1.50 5.36 0.16 TC AREA
BGM-15-008 130.15 133.50 3.35 18.04 0.53 BCV
INCL 130.15 131.70 1.55 37.78 1.10 BCV
BGM-15-009 34.80 39.60 4.80 2.50 0.07 TC AREA
INCL 34.80 35.40 0.60 5.47 0.16 TC AREA
AND 36.00 36.70 0.70 7.90 0.23 TC AREA
BGM-15-009 44.00 45.50 1.50 4.05 0.12 TC AREA
BGM-15-009 47.60 48.30 0.70 7.91 0.23 TC AREA
BGM-15-010 15.50 17.00 1.50 9.05 0.26 TC AREA
BGM-15-010 38.00 44.00 6.00 14.69 0.43 TC AREA
INCL 38.00 39.50 1.50 5.48 0.16 TC AREA
AND 39.50 40.00 0.50 7.08 0.21 TC AREA
AND 42.70 43.35 0.65 103.97 3.03 TC AREA
AND 43.35 44.00 0.65 11.24 0.33 TC AREA
BGM-15-011 33.10 37.00 3.90 20.58 0.60 TC AREA
INCL 33.10 34.00 0.90 59.36 1.73 TC AREA
AND 35.30 35.80 0.50 15.44 0.45 TC AREA
AND 35.80 36.50 0.70 13.29 0.39 TC AREA
BGM-15-011 43.50 44.70 1.20 7.05 0.21 TC AREA
BGM-15-012 29.00 38.60 9.60 10.32 0.30 TC AREA
INCL 31.00 36.40 5.40 16.16 0.47 TC AREA
INCL 31.50 32.30 0.80 11.16 0.33 TC AREA
AND 32.30 33.60 1.30 13.81 0.40 TC AREA
AND 34.40 35.30 0.90 57.96 1.69 TC AREA
BGM-15-012 47.00 49.00 2.00 1.67 0.05 TC AREA
BGM-15-013 19.30 30.20 10.90 8.13 0.24 TC AREA
INCL 21.90 26.60 4.70 17.01 0.50 TC AREA
INCL 21.90 22.50 0.60 11.30 0.33 TC AREA
AND 23.30 23.90 0.60 9.01 0.26 TC AREA
AND 25.00 25.90 0.90 46.93 1.37 TC AREA
AND 25.90 26.60 0.70 34.46 1.01 TC AREA
BGM-15-013 37.60 38.10 0.50 3.85 0.11 TC AREA

Notes:
Core lengths represent 70-90% true widths. Rock not recovered by drilling was assigned zero grade and not included in the composites. Top cuts have not been applied to high grade assays. 1.0 ounces = 34.285 grams. BCV - BC Vein; HWV - Hanging Wall Vein.

Discussion of Results

Drillholes BGM-15-005 through BGM-15-007 tested the BLHorizon ~300 metres northwest of the BL open pit. Although no significant mineralization was intersected in this select area of the horizon, a near surface, previously undrilled hangingwall vein (HWV) set was encountered at the top of these holes and represents a new exploration target.

Cross Section - 300M Northwest of Bonanza Ledge Open Pit

The TC Area was targeted by BGM-15-008 through BGM-15-013 and is located ~100 metres north of the BL open pit. The TC mineralization had very limited drilling performed in 2011 by previous operators, and is now defined by 2015 Phase I drilling as a series of sulphide bearing quartz veins striking at an oblique angle to the BCV. Further drilling for both of these areas is being planned to determine the extents of the mineralization.

Cross Section - 100M North of Bonanza Ledge Open Pit

Cross Section - 100M North of Bonanza Ledge Open Pit

Additional Diamond Drill Rigs Ordered

Two additional drill rigs have been ordered from Geotech Drilling Services Limited and are expected to arrive on the project site by the end of August 2015. These drill rigs will be employed on Barkerville Mountain with the ultimate goal of drill defining the BCV to a vertical depth of -400 metres as well as testing previously undrilled targets.

New Drilling Practices and Core Recovery

During the preliminary stages of the 2015 Phase I drilling campaign, it was observed that portions of the mineralized zones were not recovered by the drilling process. These intervals of lost core have been assigned zero gold grade. It has been ascertained that the high sulphide intervals were essentially "washed away" by the drilling process and hence not recovered in their entirety. In consultation with Geotech Drilling Services Limited, an industry standard, environmentally safe drilling additive is now being utilized in all holes and core recoveries have increased to greater than 95% through the mineralized sulphide zones.

Qualified Persons

Exploration activities at the Cariboo Gold Project are jointly administered on site by the Company's Project Managers Maggie Layman, P.Geo. and Wanda Carter, P.Geo. As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration, is the Qualified Person for the Company and has prepared, validated and approved the technical 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.

Quality Assurance - Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently stored on site at the Company's secure facility in Wells, BC. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen byPaul Geddes, P.Geo, Vice President Exploration.

Drill core samples are submitted to SGS Canada's analytical facility in Burnaby, B.C. for preparation and analysis. The SGS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 1,000 grams is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 5ppb and upper limit of 10,000ppb. Samples with gold assays greater than 10,000ppb are re-analyzed using 50g fire assay with gravimetric finish, as well as 1,000g screen metallic fire assay. Samples are also analyzed using a 49 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).


For further information on BGM Ltd., please contact:

Tom Obradovich
President & Chief Executive Officer
(416) 361-2511
[email protected]

About BGM
The company is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. BGM's mineral tenures cover 1,164 square kilometres along a strike length of 60 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia. The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by BGM in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of this year with 91,489 tonnes of ore milled producing 25,464 ounces of gold. BGM has completed a number of drilling and exploration programs over the past 20 years and is currently compiling this data with all historical information in order develop geologic models which will assist new management and provide the framework to continue to explore the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization.

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.

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Barkerville Gold Mines Ltd.

PRODUCER
CODE : BGM.V
ISIN : CA0676421088
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Barkerville Gold Mines is a producing gold company based in .

Barkerville Gold Mines holds various exploration projects in Canada.

Its main assets in production are QR and BONANZA LEDGE in Canada, its main asset in development is CARIBOO in Canada and its main exploration properties are BARKERVILLE MOUNTAIN, MUCHO ORO ZONE, PROMISE and MYRTLE-PROSERPINE in Canada.

Barkerville Gold Mines is listed in Canada. Its market capitalisation is CA$ 134.3 millions as of today (US$ 101.7 millions, € 91.8 millions).

Its stock quote reached its highest recent level on April 14, 2000 at CA$ 2.80, and its lowest recent point on January 02, 2009 at CA$ 0.01.

Barkerville Gold Mines has 335 780 000 shares outstanding.

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Annual reports of Barkerville Gold Mines Ltd.
2009 Annual Report
2008 Annual report
Financings of Barkerville Gold Mines Ltd.
7/19/2011Receives $8,529,375 From Warrant Exercise-All Warrants From ...
5/18/2006First tranche of private placement closes
Project news of Barkerville Gold Mines Ltd.
8/12/2015Phase 1 drilling results extends mineralization and identifi...
8/15/2013Barkerville Gold Mines Ltd. Project Update
6/19/2013Barkerville Gold Mines Ltd. Announces Updated Resource Estim...
5/11/2013(Cariboo)Provides Technical Update on Cariboo Gold Project
4/5/2013(Cariboo)Provides Technical Update on Cariboo Gold Project
6/21/2012Barkerville Gold Mines Receives Environmental Approval at QR...
3/21/2012Barkerville Gold Mines Reports Remaining 2011 Drill Results
2/29/2012Barkerville Gold Mines Summarizes 2012 Exploration Work and ...
2/15/2012Barkerville Gold Mines Intercepts 27.4 meters (90.0 feet) of...
2/15/2012Barkerville Gold Mines Intercepts 27.4 Meters (90.0 Feet) of...
12/6/2011Barkerville Gold Mines Receives Provincial Government Approv...
5/26/2011(Barkerville Mountain)Assays Gold in First 10 Diamond Drill Holes for 2011 on The ...
5/13/2011(Myrtle-proserpine)Acquisition of Myrtle-Proserpine and Promise Properties
4/7/2011(Bonanza Ledge)Provides Update on the Permitting of the Bonanza Ledge Mine
3/22/2011(Barkerville Mountain)First Diamond Drilling Assay at New Discovery on Barkerville...
2/14/2011(Barkerville Mountain)Extends New Discovery Zone on Barkerville Mountain to 125 Me...
5/3/2006(Bonanza Ledge)Preliminary assessment report & application for mine permit ...
4/19/2006(Bonanza Ledge)drilling continues at the Cariboo gold project
Corporate news of Barkerville Gold Mines Ltd.
7/6/2016Barkerville Gold Mines Provides Corporate Update
6/29/2016Barkerville Gold Mines Intersects 30.98 G/T (0.90 Oz/T) Au O...
6/21/2016Barkerville Gold Announces Change of Year-End
6/9/2016Barkerville Gold Mines Intersects 9.97 G/T (0.29 Oz/T) Gold ...
6/3/2016Barkerville Gold Mines Acquires Nugget Mountain Claims
5/2/2016Barkerville Gold and Williams Creek Gold Enter Into Arrangem...
4/26/2016Barkerville Gold Mines Closes $15.5 Million Bought Deal Priv...
4/21/2016Barkerville Gold Mines Provides Outlook and Corporate Update...
4/8/2016Barkerville Gold Mines to Defend Lawsuit
4/4/2016Barkerville Announces $13.5 Million Bought Deal Private Plac...
1/22/2016Barkerville Gold Mines Files Amended Financial Statements an...
1/7/2016Barkerville Gold Mines Intersects 43.48 G/T (1.27 OZ/T) AU O...
12/24/2015Barkerville Gold Mines Closes $6Million Flow-Through Share O...
12/16/2015Barkerville Gold Mines Identifies New High Grade Vein Trend ...
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11/30/2015Barkerville Gold Mines Enters into Letter Agreement with Osi...
10/30/2015Barkerville Gold Mines Files Amended Financial Statements an...
10/20/2015BGM Announces Discovery of Two Additional High Grade Gold Ho...
10/14/2015Barkerville Gold Mines Grants Stock Options
9/15/2015BGM Discovers New High Grade Gold Horizon on Barkerville Mou...
9/2/2015Barkerville Gold Mines Enters into Settlement Agreement
7/29/2015Barkerville Gold Mines Announces Strategic Relationship with...
7/28/2015BGM Announces First Drilling Results from Phase I Program on...
7/28/2015Barkerville Gold Mines Files Amended Financial Statements an...
7/15/2015Barkerville Gold Mines Closes $19Million Debt Settlement and...
7/8/2015Barkerville Gold Mines Announces Settlement of Debt and Crea...
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3/31/2015Barkerville Gold Mines Updates Cow Mountain Mineral Resource
3/23/2015Barkerville Announces Debt Settlement with Lender
3/17/2015Barkerville Gold Mines Provides Corporate Update
3/10/2015Barkerville Announces Executive Appointment
1/13/2015Executive Officer Appointments
12/16/2014Barkerville Announces Director Appointments
12/2/2014Barkerville Announces Further Extension to Credit Facility
11/4/2014Barkerville Gold Mines Reports Whole Hole Fire Assay Results...
10/28/2014Island Mountain Project Update
10/21/2014Barkerville Gold Mines Reports That a New Gold Mineralized Z...
3/13/2014Barkerville Closes Initial Tranche Of Private Placement
2/24/2014Barkerville Gold Mines Reports Whole Hole Metallic Screen Fi...
12/16/2013Barkerville Gold Mines Reports Metallic Screen Fire Assay Re...
11/4/2013Barkerville Gold Mines Reports Significant Intercepts of 201...
10/24/2013Barkerville Gold Mines Ltd. Pricing on Warrants and Grant of...
10/9/2013Closes $15 Million Gold Loan Facility and Common Shares Are ...
8/21/2013Barkerville Gold Mines Ltd. Clarifies And Updates Its Most R...
8/12/2013Barkerville Gold Mines Ltd. Arranges Short Term Loan
4/18/2013Announces Results of AGM
2/19/2013Approves Advanced Notice Policy
1/30/2013Resolves Shareholder Petition Respecting AGM and Pours Gold ...
1/15/2013Provides Project and Technical Update
12/10/2012Extension to Hold AGM and Petition by Rex Harbour to Call AG...
11/5/2012Provides Additional Update on its Technical Review and Proje...
10/20/2012Provides Update on its Technical Review
8/7/2012Be Advised - Barkerville Gold Mines - the next Goldcorp?????...
12/13/2011Barkerville Gold Mines Intercepts 62.3 meters (204.5 feet) o...
6/27/2011Intersects 19.9 Meters (65.4 Feet) of 83 g/t (2.429 oz/t) Go...
6/15/2011(Bonanza Ledge)Appoints Ross Hollinger as Mine Manager For Bonanza Ledge an...
6/2/2011(Myrtle-proserpine)Closes Acquisition of Myrtle-Proserpine and Promise Properti...
5/27/2011Barkerville Gold Mines
2/1/2011Releases Q3 Financials
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