2012-12-06 20:22:13 -
Prince George, British Columbia CANADA, December 06, 2012 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture),
During the past year Barker has taken advantage of the lull in the resource sector, to prepare the Company for the anticipated next leg up in the bull market, through strategic corporate planning and by preparing key high potential exploration projects for the next phases of exploration.
2012 exploration field work was kept to a minimum, except, at the Frank Creek and Black Bear projects where drilling related activities occurred.
Although Kuroko style precious and base metal massive sulphides are the primary target at Frank Creek, a new significant gold discovery was announced in January which included an impressive intercept of 3.8 g/t
gold over 22 metres. Frank Creek has drawn deserved attention from major companies and governments around the world and in 2012 property visits were conducted by a number of major entities for the purpose of evaluating the property for a possible joint venture partnership. Should any discussions lead to a letter of intent or memorandum of understanding it will be disclosed in a news release at that time. Exploration activities in 2013 are expected to follow up from this important gold discovery as well as to continue testing the high potential VMS targets defined from past programs.
Barker completed initial drilling on the Black Bear project in 2012 which resulted in the discovery of a potential gold environment. Approximately 845 metres was drilled in 4 holes with all holes intercepting gold pathfinders in a favorable geological environment for gold deposition. All drill holes will be sampled by XRF analysis to characterize the holes and to determine which portions to send for accredited lab analysis.
Drilling activities have been suspended for the winter season and are expected to resume early in the spring as weather permits.
The Company's purchase of a drill and XRF has already saved a significant amount of money and has aided in the discovery of gold at Frank Creek and identifying a large hydrothermal system on the Black Bear project with high potential for gold.
This past year much effort was spent in the continued cultivation of important contacts in the government, mining and investment communities as well as with individual investors.
High grade gold/silver/copper/zinc were discovered in float on the Spanish Creek project near (approximately 10km) the recently released multi-million ounce gold resource of Spanish Mountain Gold.
During 2012, a scientific study of the mantle rock was initiated on the Tasse project which was co-sponsored by Barker and the Canadian Government. This study is being completed to help create a better geological understanding of the basement rocks at Tasse and to determine if diamond indicators or diamonds may be present. The results will be announced once received by Barker.
During the field season, entities from Australia and the United States conducted property visits to the Cariboo Zinc project and the Black Bear silver/gold/lead project to evaluate the potential for 10,000 tonne bulk samples at each project.
After the visits, it was determined that the Company and our potential bulk sample partners should proceed to the next step in evaluating the bulk sample viabilities of each project. Samples were taken by the potential partners for metallurgical and grade potential purposes. Discussions with potential buyers of the bulk sample metals have initially returned positive responses and it appears the market exists to accept our bulk sample material if we choose to go forward. The process, of ensuring proper permits are in place, is underway and logistics and permitting for shipping and transportation are also being studied and determined.
On the Cariboo project the high grade mineralization is on surface and would be extracted by blasting and crushing to the desired shipping size on site. On the Black Bear project the high grade mineralization is in laddered veins and a bulk sample would likely be extracted in benches with a hydraulic jack hammer on a large excavator and then also crushed on site for shipping.
Further information is required before making a final decision on either project. If there is a decision made to proceed it will be press released at that time.
There are currently no NI 43-101 drilled off resources on either project. The Company is looking at the bulk sample potential for metallurgical purposes, as well as a possible means of cash flow to help minimize dilution in raising required exploration and operational funds.
Other early stage exploration in 2012 included recon soil sampling and rock sampling on the Company's Spanish Creek gold, Cush Sedex, Doreen gold and Simlock gold project areas. All samples will be analyzed by handheld XRF and follow up select samples will be sent to accredited labs for analysis.
Corporately in 2012, management reviewed its subco options which included evaluating a number of different potential structures. In determining the viability of possible subcos part of this process included gathering preliminary opinions from applicable regulatory bodies. If the Company chooses this route much of the required preliminary work has been completed which may help expedite the process should we decide to proceed with a wholly owned subco.
As reported in several previous news releases, the Company has been concerned with irregular trading patterns in conjunction with the spreading of malicious, defamatory and libellous information in public and on the internet, regarding both the management and the Company. Individuals, and/or, groups have used "false, selective or ignorant statements and rumours" to continuously drive down the Company's share price. These actions have made it more difficult for the Company to raise required funds which has hindered and delayed the development of its business. Dr. Susanne Trimbath was retained in 2012 to provide an update to her 2010 report: (The 2010 STP Report). A summary of the results of the 2012 STP Report will be provided in the near future after internal management and BOD discussions, and a plan of action is determined.
More and more companies have started to become aware of failure to deliver activities and the illegal act has now been recognized and reported by media, through ongoing lawsuits and in documentaries. Barker is proud to be one of the first public companies in Canada to attempt to stop these illegal and harmful activities by using the successful Pro Long System, as a component of its larger Pro Long Strategy, to create transparency in its trading and settlement activities. For the foreseeable future, the Company will continue the monitoring of its trading and settlement activities and will from time to time report the results to the regulators, its shareholders and the investing public.
Moving forward, in 2013 we will continue to insert the building blocks that create value, which we anticipate will continue to make Barker an attractive option for speculative resource based investors in order to set us in a class well above our peers.
Although our sector is currently in a lull, all the actions and activities undertaken in 2011/2012 are beginning to bear fruit; this is a very exciting time in our history and we are enthusiastically looking forward to the future.
Barker appreciates the ongoing support, patience and understanding of its loyal shareholders as we work diligently to expose and hold those accountable for any illegal and fraudulent activities.
On behalf of everyone at Barker Minerals we would like to wish you all a very Happy Holiday and a Healthy and Prosperous New Year.
On behalf of Barker Minerals Ltd.
Louis E. Doyle,
President & CEO
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Source: Barker Minerals Ltd. (BML - TSX-V)
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