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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Barsele Minerals Corp.    BME   CA0688921083

BARSELE MINERALS CORP.

(BME)
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Barsele Minerals : drill hole AVA20002 at the Avan Zone intersects 11.2 metres grading 5.36 gt gold

10/29/2020 | 10:04am EST

Vancouver - Barsele Minerals Corp. ('Barsele' or the 'Company') (TSXV: BME) is pleased to provide an operational update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Vasterbottens Lan, Northern Sweden (the 'Barsele Project').

The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited (TSX, NYSE: AEM) ('Agnico Eagle'). Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an additional 15% in the Barsele Project through the completion of a pre-feasibility study. There is no cash outlay requirement by Barsele until a pre-feasibility study is completed.

Between January 1st and September 30th, Agnico Eagle personnel and certain contractors have been carrying-out office-related and field-specific exploration activities, at a number of exploration sites throughout the property. Work has included gravity and magnetic surveying, plus base of till sampling, along with the more recent initiation of a large MEFFA (multi-element fine fraction analysis) surface till sampling campaign, utilizing automated XRF scanning to define precious/base metal anomalous areas for future drill testing. Initial results are positive, with more results pending.

Site personnel have also been focused on the project database, with emphasis on lithogeochemical and structural reinterpretation of all pre-2020 drill core, toward vectoring in on sectors of the Avan-Central-Skirasen zones, exhibiting superior gold grades. New structural trends are emerging, and recent drilling has provided encouragement. Drill results are pending.

Work has also involved studies related to high-grade gold occurrences associated with certain elements, minerals and alteration phases. Recent drilling has tested these criteria, with results pending.

Initial studies related to spectroscopic Ore/Waste sorting have provided encouraging results, with more testing required.

Diamond drilling to September 30th, within the 46,991-hectare property totals 5,596 metres in 22 completed core holes. Since late 2015, a total of 153,048 metres of overburden penetration and core collection has been tabulated from a total of 389 drill holes. Analytical results from the first three drill holes of the 2020 season are presented in this news release. Initial focus has been along the NW extension of Avan-Central-Skirasen (CAS) 'Orogenic Gold' system with infill and expansion drilling focused within and between the Central and Avan zones. Volcanogenic massive sulphide ('VMS') targets will also be tested during the remainder of this drill season. A second drill cored for 3 weeks during the month of September.

At the Avan Zone, infill drill hole AVA20001 cut five gold zones including 2.0 metres core length (estimated 0.9 metres true thickness) grading 3.41 g/t gold at a midpoint depth of 70 metres below surface, plus 5.0 metres core length (estimated 2.2 metres true thickness) grading 2.59 g/t gold at a midpoint depth of 115 metres below surface, plus 19 metres core length (estimated 8.6 metres true thickness) grading 1.12 g/t gold at a midpoint depth of 185 metres below surface, plus 9.0 metres core length (estimated 4.1 metres true thickness) grading 0.83 g/t gold at a midpoint depth of 270 metres below surface, plus 11.0 metres core length (estimated 5.0 metres true thickness) grading 0.84 g/t gold at a midpoint depth of 345 metres below surface.

Highlight hole AVA20002 cut three gold zones including 11.2 metres core length (estimated 7.2 metres true thickness) grading 5.36 g/t gold uncut (2.57 g/t gold cut (to 20 grams)) at a midpoint depth of 115 metres below surface plus 32.0 metres core length (23.6 metres true thickness) grading 1.43 g/t gold at a midpoint depth of 175 metres below surface and including 8.0 metres core length (estimated 6.0 metres true thickness) grading 2.3 g/t gold at a midpoint depth of 160 metres below surface, plus 2.0 metres core length (estimated 1.50 metres true thickness) grading 1.59 g/t gold at a midpoint depth of 195 metres below surface.

Expansion hole CNT20001 toward the NW extension of the Central Zone cut 2.0 metres core length (estimated 1.5 metres true thickness) grading 2.55 g/t gold, at an estimated depth of 45 metres below surface.

Barsele's President, Gary Cope states; 'Ongoing Base of Till and initial MEFFA sampling results are very encouraging and the initial drill results of the 2020 drill campaign are very positive. I look forward to results from the ongoing testing of the gold and massive sulphide targets.'

The assay method is SWED-Edh-6, which comprises: FAS-121, Au fire assay-AA on 50 gram-above 3 ppm Au fire assay-gravimetric; FAS-425, Au by fire assay and gravimetric finish-50-gram nominal sample weight; IMS-230, 48 element four-acid digestion ICP-MS; ICF-6Xx, default over limit methods for ICF-6Ag, ICF-6As, ICF-6Cu, ICF-6Pb, ICF-6Zn, SPM-210 (S); FAS-418, Ag by fire assay and gravimetric finish for Ag above 1,000 ppm. For semi-massive to massive sulphide rock, ICP-130 aqua regia is used for multi element analysis, instead of the four-acid digestion.

As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the Barsele Project area. Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing.

About the Barsele Gold Project

The Barsele Project is located on the western end of the Proterozoic 'Skellefte Trend', a prolific volcanogenic massive sulphide deposits belt, that intersects with the 'Gold Line' in Northern Sweden. Both polymetallic 'VMS' deposits and intrusive hosted 'Orogenic Gold' deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

On February 21st, 2019, Barsele released an independently verified Mineral Resource Estimate that was completed by Quebec-based InnovExplo Inc., for the purposes of the Company. The study concluded that drilling to the end of 2018 along the Avan-Central-Skirasen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method, a 1.50 g/t gold cut-off for a bulk underground extraction mining method, a 1.80 g/t cut-off for a selective underground extraction mining method, has in combination, outlined an Inferred Resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an Indicated Resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold).

The main gold-bearing system remains open in all directions. The structurally-linked gold mineralized 'lodes' occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiples of parallel to sub-parallel 'lodes' that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan-Central-Skirasen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor does contain localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content, but also occurs as native metal.

About Barsele Minerals Corp.

Barsele is a Canadian-based junior exploration company managed by the Belcarra Group, comprised of highly qualified mining professionals. Barsele's main property is the Barsele Gold Project in Vasterbottens Lan, Sweden, a joint venture with Agnico Eagle. An updated NI 43-101 Technical Report on the Barsele Project with an effective date of February 21st, 2019, was filed on SEDAR on April 2nd, 2019.

Contact:

Tel: (604) 687-8566

Email: info@barseleminerals.com

Web: www.barseleminerals.com

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Barsele undertakes no obligation to update such statements, except as required by law.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED 2.17% 65.87 Delayed Quote.6.91%
BARSELE MINERALS CORP. 4.84% 0.65 Delayed Quote.24.00%
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Sales 2020 - - -
Net income 2020 -1,00 M -0,77 M -0,77 M
Net Debt 2020 - - -
P/E ratio 2020 -65,0x
Yield 2020 -
Capitalization 77,1 M 59,3 M 59,4 M
Capi. / Sales 2020 -
Capi. / Sales 2021 -
Nbr of Employees -
Free-Float 81,1%
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NameTitle
Gary G. Cope President, Chief Executive Officer & Director
N. Ross Wilmot Chief Financial Officer & Director
Arthur Charles Freeze Independent Director & Geologist
Richard Sayers Independent Director
William Harry White Independent Director
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