Jun 27, 2011
Barkerville Intersects 19.9 Meters (65.4 Feet) of 83 g/t (2.429 oz/t) Gold at New Discovery Zone on Cow Mountain
Vancouver, BC - Barkerville Gold Mines Ltd. (TSXV:BGM) (the "Company") reports the discovery of a new visible gold-cosalite-pyrite-quartz mineralized zone returning up to 19.9 m (65.4 feet) of 83 g/T (2.429 oz/t) gold including 821 g/T (23.943 oz/t) gold over 1.9 m (6.3 feet) - the highest gold grade recorded to date in the area by the Company. The discovery is in an untested area outside the perimeter of, and below the proposed Cariboo Gold Quartz open pit on the northwest flank of Cow Mountain in central British Columbia. Highlights are as follows (see also Table 1):
Based on the drill holes completed thus far on the new zone, it is preliminarily concluded that the zone is a diagonal vein running 55 degrees northeast (true north), and dipping 20-25 degrees to the northwest. The true width of zone varies between 2.1 m (6.9 feet) and 7.9 m (25.9 feet). The zone is still open along strike and parallel structures may exist. Drilling continues and results will be released as they become available.
Drill core processing included descriptive logging and sampling for geochemical analyses. The HQ and 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. 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 doré 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.
*please refer to cautionary note