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Barsele Minerals Corp. - (TSX-V: BME) ("Barsele") is pleased to report to its shareholders recently-released operational progress on the current exploration program within the Barsele Au-VMS Project area in Västerbottens Län, northern Sweden (the "Barsele Project") contained in Agnico Eagle Mines Limited's - (TSX, NYSE: AEM) ("Agnico Eagle") press release announcing its first quarter 2016 results. The exploration program at the Barsele Project is being operated by joint venture partner Agnico Eagle. Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele.
In its press release, Agnico Eagle stated that the drilling results from the Barsele Project extended the known mineralization at depth and joined the Central Zone with the Skirasen Zone. The press release also suggested that the Barsele Project has the potential to become a Goldex type deposit, which is one of Agnico Eagle's existing gold mines. Equally noteworthy, is the illustration that accompanied the press release, which shows the potential growth of the known deposit to the south-east as a result of the latest drilling, and also that the deposit remains open in three directions.
Highlight intercepts from drill results to date and drill hole coordinates from this program are set out in the tables below and the drill hole pierce points are also shown on the Barsele Project composite longitudinal section below. All intercepts reported for the Barsele Project show capped grades over estimated true widths, based on a preliminary geological interpretation that is being updated as new information becomes available with further drilling.
Recent exploration drill results from the Barsele Project
Drill hole Location From To Depth of Estimated Gold grade Gold
(metres) (metres) midpoint true width (g/t) grade
below (metres) (uncapped) (g/t)
surface (capped)*
(metres)
--- -------
CNT15-007 Central Zone 437.0 449.0 310 9.0 12.37 3.28
--------- ------------ ----- ----- --- --- ----- ----
CNT15-009 Central Zone 106.0 168.0 90 46.5 1.12 1.12
--------- ------------ ----- ----- --- ---- ---- ----
and 383.0 432.0 300 36.8 1.15 1.15
--- ----- ----- --- ---- ---- ----
CNT15-010 Central Zone 223.0 252.0 230 21.8 1.59 1.59
--------- ------------ ----- ----- --- ---- ---- ----
and 494.0 589.0 515 71.2 0.88 0.88
--- ----- ----- --- ---- ---- ----
CNT15-013 Central Zone 473.5 492.0 370 13.9 3.00 3.00
--------- ------------ ----- ----- --- ---- ---- ----
and 519.2 526.0 400 5.1 5.02 5.02
--- ----- ----- --- --- ---- ----
CNT15-015 Central Zone 23.0 34.0 20 8.2 8.06 6.74
--------- ------------ ---- ---- --- --- ---- ----
CNT15-016 Skiråsen Zone 270.0 277.0 215 5.2 5.06 5.06
--------- ------------- ----- ----- --- --- ---- ----
and 339.0 451.0 310 84.0 2.07 2.01
--- ----- ----- --- ---- ---- ----
CNT15-017 Central Zone 623.0 632.0 540 6.8 1.72 1.72
--------- ------------ ----- ----- --- --- ---- ----
SKI15-001 Skiråsen Zone 323.0 384.0 260 45.8 1.94 1.61
--------- ------------- ----- ----- --- ---- ---- ----
and 405.0 434.0 310 21.8 1.42 1.42
--- ----- ----- --- ---- ---- ----
SKI16-001 Skiråsen Zone 101.0 108.0 75 5.2 4.85 4.85
--------- ------------- ----- ----- --- --- ---- ----
and 120.0 140.0 95 15.0 3.92 3.23
--- ----- ----- --- ---- ---- ----
and 276.0 312.1 210 27.1 3.06 2.40
--- ----- ----- --- ---- ---- ----
SKI16-005 Skiråsen Zone 193.0 213.0 170 15.0 1.19 1.19
--------- ------------- ----- ----- --- ---- ---- ----
and 399.0 504.0 370 78.8 1.25 1.25
--- ----- ----- --- ---- ---- ----
and 593.0 609.0 485 12.0 1.86 1.86
--- ----- ----- --- ---- ---- ----
*Holes at Barsele use a capping factor of 20 g/t gold.
Barsele Project exploration drill collar coordinates of selected holes
Drill collar coordinates*
------------------------
Drill hole ID UTM North UTM East Elevation Azimuth Dip Length
(metres above (degrees) (metres)
sea level)
--- ---------
CNT15-007 7214686 618733 321 360 -53 725
--------- ------- ------ --- --- --- ---
CNT15-009 7214671 618829 317 360 -57 701
--------- ------- ------ --- --- --- ---
CNT15-010 7215040 618808 291 180 -70 655
--------- ------- ------ --- --- --- ---
CNT15-013 7214613 619033 306 333 -55 597
--------- ------- ------ --- --- --- ---
CNT15-015 7214601 619133 296 360 -52 523
--------- ------- ------ --- --- --- ---
CNT15-016 7214525 619127 302 360 -55 664
--------- ------- ------ --- --- --- ---
CNT15-017 7214895 618859 293 290 -60 902
--------- ------- ------ --- --- --- ---
SKI15-001 7214598 619125 296 040 -48 580
--------- ------- ------ --- --- --- ---
SKI16-001 7214515 619222 300 040 -50 557
--------- ------- ------ --- --- --- ---
SKI16-005 7214516 619221 300 360 -57 645
--------- ------- ------ --- --- --- ---
Recent drilling has connected the Central Zone with the Skiråsen Zone. The combined Central-Skiråsen Zone has a strike length of approximately 1,400 metres, and extends from surface to a depth of at least 540 metres and ranges in width from 10 to 150 metres. Mineralization remains open at depth and along strike.
Results include hole CNT15-016 that intersected the Skiråsen Zone with two intercepts: 5.06 g/t gold over 5.2 metres at 215 metres depth, and 2.01 g/t gold over 84.0 metres at 310 metres depth. Almost 300 metres away at the southeast extent of the zone, hole SKI16-001 intersected the zone with three intercepts: 4.85 g/t gold over 5.2 metres at 75 metres depth, 3.23 g/t gold over 15.0 metres at 95 metres depth and 2.40 g/t gold over 27.1 metres at 210 metres depth. The deepest intercept to date in the Skiråsen Zone is hole SKI16-005 that intersected 1.86 g/t gold over 12.0 metres at 485 metres depth, as well as two shallower intercepts.
Recent drilling has extended the depth of the Central Zone to 540 metres. Highlights include hole CNT15-015 that intersected 6.74 g/t gold over 8.2 metres at 20 metres depth. Hole CN15-013 intersected 3.00 g/t gold over 13.9 metres at 370 metres depth and 5.02 g/t gold over 5.1 metres at 400 metres depth. Hole CN15-007 intersected 3.28 g/t gold over 9.0 metres at 310 metres depth.
In 2016, Agnico Eagle indicated that it plans to spend approximately US $4.9 million on exploration to further evaluate the mineral potential of the property. This includes 19,000 metres of diamond drilling, a recently completed Titan-24 induced polarization geophysical survey, till sampling and hyperspectral core scanning. A basic environmental assessment will be done, as well as ongoing community relations programs to engage the various stakeholders in the region. Drilling is expected to resume in early May after spring breakup.
Barsele's President, Gary Cope says, "I am very pleased to see the mineralized zone has expanded so significantly in this report, and that Agnico Eagle has planned expenditures which will in aggregate fulfill the full phase one commitment per the joint venture terms and in so doing will advance us to the second phase which ultimately leads to a preliminary resource estimate for the project."
Art Freeze, P.Geo. and Ben Whiting, P.Geo., are Qualified Persons as defined in NI 43-101 and take responsibility for the technical disclosure contained within this news release.
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, where it intersects with the "Gold Line" in Northern Sweden. Both polymetallic deposits and intrusive hosted orogenic gold deposits are present in this region and on the property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden, and Storliden.
In September of 2015, mineral resource estimates by Barsele were released for the Barsele Project in four zones, the Central, Avan and Skiråsen Gold Zones and the Norra VMS Zone (Orex News Release dated 21 November 2012). The resource estimate for the Central-Avan-Skiråsen Zones states an Indicated Resource of 14.1 million tonnes grading 1.21 g/t gold for 547,000 contained ounces, plus an Inferred Resource of 20.2 million tonnes grading 0.97 g/t gold for 627,000 contained ounces. The polymetallic Norra Zone contains an Indicated Resource of 110,000 tonnes grading 3.13 g/t gold, 30.3 g/t silver, 0.53 % copper and 0.72 % zinc, plus an Inferred Resource of 310,000 tonnes grading 1.62 g/t gold, 12.7 g/t silver, 0.26 % copper and 0.42 % zinc. All zones were estimated at a gold cut-off grade of 0.6 g/t.
About Barsele Minerals Corp.
Barsele is a Canadian-based junior exploration company 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 Mines Limited.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary CopePresident
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.
Image with caption: "Barsele Project - Composite Longitudinal Section (CNW Group/Barsele Minerals Corp.)". Image available at: http://photos.newswire.ca/images/download/20160504_C3535_PHOTO_EN_682416.jpg
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SOURCE: Barsele Minerals Corp.
please contact Barsele Minerals Corp. at (604) 687-8566 x227, email
info@barseleminerals.com or visit our website at www.barseleminerals.com
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