Barsele Provides an Update on Project Activities
Surface Exploration and Data Analysis has been ongoing since January.
- 2020 Work Plan approved by Saami Village and sent to the County Administration, Mining Inspectorate and landowners.
- 2020 planned diamond drilling delayed for a few months due to COVID-19 concerns.
- Data review and search for high-grade gold vectors within the large gold-bearing system.
- Initial 36 base of till holes completed.
- Ground gravity surveying completed in some project sectors, with more work planned.
- Ground magnetic surveying continuously carried-out and on-going.
- Lithogeochemical studies of core samples and base of till samples ongoing.
- High density surface till sampling campaign planned for the summer months.
VANCOUVER, May 27, 2020 /PRNewswire/ - Barsele Minerals Corp. – (TSXV: BME) ("Barsele") is pleased to provide an operational update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Västerbottens Län, 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.
Early in 2020, the proposed plans for the annual exploration campaign were successfully approved by the local Saami Village and sent to the County Administration Board, the Mining Inspectorate and affected landowners. Between January 1st and April 30th, Agnico Eagle personnel and certain contractors have been carrying-out office related and field specific exploration activities at a number of exploration sites, within the property. Base of till sampling by a contractor has been ongoing. Ground gravity surveying by a contractor has been partially completed, with more work planned for later in the year. Ground magnetic surveying is being carried out by Agnico Eagle site personnel and is ongoing. It is planned to initiate a large surface till sampling campaign employing site personnel in the coming weeks. Utilizing previously collected data, lithogeochemical reinterpretation of all pre-2020 base of till data is in progress. In addition, base-metal/gold association studies are being carried out toward vectoring in on sectors of the Avan-Central-Skiråsen zones exhibiting superior gold grades, as well as studies of high-grade gold associated with certain alteration phases and structures. Planned diamond drilling on gold and VMS targets will be delayed for a few months because of restrictions related to the Corona Virus. The commencement of drilling is dependent on how the COVID-19 situation develops.
Barsele's President, Gary Cope states; "Since the start of 2020, Agnico Eagle has been working hard at carrying out high-quality research, including a review and a re-think of existing data, as well as detailed surface exploration, with on-site personnel during these difficult times. I look forward to the results from drill testing new targets, resultant from this ongoing work."
Technical information related to this news release was verified by way of a site visit in January of 2020 by the Qualified Person, wherein certain data was discussed with the site management and the technical staff and the database was reviewed and drill core and till sampling material and handling procedures were examined. Agnico Eagle maintains comprehensive quality control/quality assurance protocols. Recently, updates have been via video conferencing between Barsele management and Agnico Eagle management.
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.
Pre-2019, drilling was mainly focused on verifying, defining and expanding the "Orogenic gold" mineral resources within and along the Avan, Central and Skiråsen zones and more recently, the Risberget Zone and the Skirliden area.
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–Skiråsen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method and a 1.50 g/t gold cut-off for a bulk underground extraction mining method and 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 mineralized zones occur within granodioritic-volcanic-sedimentary host rocks and vary in width from 10's of metres to 700 metres and have been traced over a strike length exceeding 8.0 kilometres and to a depth approaching 1.0 kilometre. Gold is generally associated with arsenopyrite and low base metal content, but also occurs as native metal.
Since January 2019, drilling has been mainly focused on the pursuit of massive sulphide mineralization that is hosted in rocks of volcanic and sedimentary composition, partitioned by post mineral intrusive dykes and sills.
Proposed 2020 drilling will probe for both "Orogenic gold" and massive sulphide targets.
Art Freeze, P.Geo. is the Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
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 Västerbottens Län, Sweden, a joint venture with Agnico Eagle. An updated NI 43-101 Technical Report on the Barsele Project with an effective date of February 16th, 2018, was filed on SEDAR on April 12th, 2018.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
Neither 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.
SOURCE Barsele Minerals Corp.