2012-10-03 15:35:26 -
Prince George, British Columbia CANADA, October 03, 2012 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture), (the "Company") is pleased to provide an update and to report drill results on the 2012 Providence drilling program on its Black Bear project referred to on July 30, 2012 (BM-12-210: www.barkerminerals.com/s/NewsReleases.asp?ReportID=540302&_Type= ..)and September 21, 2012 (BM-12-213: www.barkerminerals.com/s/NewsReleases.asp?ReportID=549350&_Type= ..). The Black Bear project is 100% owned and is located 74 km northeast of Williams Lake, in the Cariboo region of British Columbia. The project has excellent access and infrastructure nearby. (Black Bear Location Map: www.barkerminerals.com/bb/bb-location.jpg)
The drill program was undertaken to test for shallow extensions of the high grade silver, gold and lead vein mineralization exposed in outcrop. Three holes have been
completed to date with BB12-06 drilled to a depth of 90.5 metres and BB12-07 to a depth of 309.14 metres and BB12-08 is at a depth of 340 metres. (Drill Plan Map: www.barkerminerals.com/12-214/bb_drill_holes.pdf
On July 30, 2012 Barker announced the initial gold and gold pathfinder elements on BB12-07 from an internal handheld XRF study. After careful consideration and in order to comply with timely disclosure rules Barker chose to issue these results in advance of fire assay lab results as there were consistently high gold and gold pathfinder mineral readings. Not only were the readings on both counts high, they were also consistently frequent. Had these frequently high readings subsequently been verified by the lab, the XRF data would have been construed as material information.
As the XRF readings were taken in advance of, or together with the core logging, a time lag was created from the time XRF readings were taken and the fire assay results were received and ultimately reported. The Company reports that low order gold values occurred over these same sections of drill core when subsequently analyzed by fire assay. The levels of gold in individual one metre samples analyzed by fire assay ranged from <1 ppb to a high of 120 ppb (.12 g/t or ppm) in BB12-06; and 798 ppb (.80 g/t or ppm) in BB12-07.
The lab analysis, however, has confirmed that the important suite of gold pathfinders elements arsenic (As), antimony (Sib), selenium (Se), tellurium (Te), bismuth (Bi), thallium (Tl) and tungsten (W) are widely dispersed in elevated levels, individually or associated in various combinations throughout most of the 90.5 metres of BB12-06 and 309.14 metres of BB12-07.
A number of other factors contributing to the decision to report the initial handheld XRF results (with appropriate cautionary language on BB12-07) are summarized below:
During 2011 Barker conducted a small drill program on its Frank Creek VMS/Gold project shortly after the purchase of a Niton hand held XRF analyzer which is known for its high level of accuracy for the detection of the suite of gold pathfinder elements. It was used as a tool for checking of core for potential pathfinder elements associated with the footwall, or feeder system of VMS style mineralization. (The pathfinder elements geochemical signatures are very similar for VMS and epithermal gold deposits). Handheld testing of the drill core at Frank Creek showed gold values between 5 ppm - 15 ppm over a 30 metre section which were similar in nature and frequency to the Black Bear XRF gold readings. Subsequent fire assay analysis at Frank Creek returned uncut gold values of 3.80 g/t over 22.45 metres which was announced on April 13, 2012 (BM-12-204: www.barkerminerals.com/s/NewsReleases.asp?ReportID=518564&_Type= ..
As a follow up to the 2011 Frank Creek drilling in July 2012 the Company completed handheld XRF analysis on the pulp samples from the 2011 drilling which showed the presence of gold by fire assay. The XRF was effective in identifying the presence of gold in many of the samples (5 - 15 ppm) which were confirmed gold bearing by fire assay.
Barker conducted further XRF analysis of samples from the Ace gold project which previously returned up to 29 g/t gold by fire assay. The XRF readings were in a similar range (5 - 15 ppm) as the Frank Creek XRF readings and follow up submittal of the samples for confirmation of gold by fire assay analysis returned gold values of 4.6 g/t gold and 10.8g/t gold respectively.
A third project, Spanish Creek, returned XRF gold values (between 5 ppm and 20 ppm) from samples that were submitted to the lab which confirmed gold values up to 9.16 g/t gold by fire assay analysis.
On the Black Bear Providence target, in the immediate vicinity of the 2012 drilling in late 2011, five shallow drill holes were completed. Drill core samples analyzed by the lab from the 2011 Black Bear Providence drilling identified the same suite of gold pathfinder elements (As, Sb, Se, Te, Bi, Tl and W) identified by the hand held XRF providing a level of expectation that the 2012 Black Bear Providence drilling XRF gold and pathfinder element readings were more than likely accurate.
Barker's early experience with the XRF and fire assay analysis on four different properties were important factors in deciding to disclose initial XRF gold results without first having the fire assay results for comparison. Other important deciding factors were based on technical and historical information in the Likely/Black Bear areas that provide indications there is a high potential for bedrock gold to be discovered particularly around the Black Bear Providence target.
Past exploration on the Black Bear Providence target area includes historic minor production where a Government of British Columbia Minfile report (B.C. Minfile 093A 003) states that a sample of selected ore from the now idle Providence Silver/Gold Mine assayed: 3,343 grams/tonne silver (Ag) (104 oz/t Ag), 4.9 grams/tonne gold (Au) (0.15 oz/t Au), 0.11% zinc and 46% lead. In the fall of 2006 an independent consultant completed a small grab sample program from the various outcrops near the known high-grade mineralization as well as from the mineralized outcrop itself. The sampling confirmed the presence of high-grade silver and gold with assays ranging from 127.6 -- 170.4 troy oz/t silver (3,970 -- 5,300 g/p/t Ag), 0.18 -- 0.24 troy oz/t gold (5.6 -- 7.6 g/p/t Au) and 41.6% -- 70.5% lead in the mineralized outcrop.
Barker undertook a 2000 metre trenching program on the Black Bear project in 2010, and on March 30, 2011 announced that high grade silver had been identified in most of the trenches sampled. (BM-11-176: www.barkerminerals.com/s/NewsReleases.asp?ReportID=449644&_Type= ..
) Follow up fire assay gold analysis results from the trenching program were announced on August 24, 2011 (BM-11-185: www.barkerminerals.com/s/NewsReleases.asp?ReportID=477780&_Type= ..
The trenching assay results demonstrated that gold pathfinder elements, gold and silver were associated with the surface galena vein mineralization sampled in outcrop between the Black Bear Providence target and the Hunt target 2 km's to the NW.
Placer gold has not been discovered or reported on Black Bear Creek up past the drainages associated with the Black Bear Providence target area. The Black Bear Providence target drainages report the highest gold values from heavy mineral stream sampling which indicate a possible source of the placer gold in Black Bear Creek below. The Black Bear placer gold has been reported to be very coarse with little to no small fine gold associated which indicates a nearby source. Placer miners state the placer gold on Black Bear Creek below the Black Bear Providence has a fineness of just over 800 which is indicative of electrum gold which can be associated with epithermal style gold deposits.
The Cariboo River and Black Bear drainages are important historic placer gold producers and are currently active. Placer claims owned by other operators overlap a significant portion of the Company's western mineral claim boundary near Likely and also cover most of the Black Bear GSC airborne anomaly. (Likely area Placer Gold Claim Map with BML Mineral Claims: www.barkerminerals.com/12-214/bml_claims-placer.pdf
Platinum Group Elements (PGE's) have been recognized in the Black Bear Creek, Cariboo River and Quesnel River drainages by historic BCGS studies. (Levson 2002) Previous research undertaken by the U.S. and Canadian Federal Governments in the 1920's (Rublee 1986) determined that the PGE's and gold in these drainages occurs as microscopic inclusions in grains of magnetite and chromite. Both chromites and magnetite have been observed in the 2012 drill core and have also been identified together with platinum from heavy mineral concentrates from the historic government studies. Platinum Group Elements occur in a number of gold deposits of the Urals which are hosted in rocks similar in character and of geological age to the Black Bear area. The Government studies confirmed the presence of gold, silver, platinum and the suite of gold pathfinder elements in the Black Bear Creek drainage immediately below the 2012 Black Bear Providence drilling.
Intrusive rocks have been identified by trenching on the Black Bear property where a porphrytic felsic intrusion was exposed approximately 1 km SW from the 2012 drilling. The intrusive exposure is located stratigraphically between the current drilling and the current active placer operation on Black Bear Creek below. Intrusions of this nature can be an important driving force as a heat engine creating the hydrothermal system as well as being a host to gold mineralization which could be a possible source of metals introduced into the hydrothermal systems.
On July 24, 2012 Spanish Mountain Gold announced gold resources in the following categories outlined below in a chart obtained from the Spanish Mountain Gold website. The Spanish Mountain deposit is adjacent to Barker's Black Bear property and is located approximately 7 km SW from the Providence drilling. (Black Bear and Spanish Mountain Property Claim Boundaries: www.barkerminerals.com/12-214/bml_claims-sm.pdf
Spanish Mountain updated resources (at a 0.20 g/t gold cut-off) from July 24, 2012 Resource Update** (source - Spanish Mountain Website)
Classification Tonnes Gold grade Silver grade Gold Silver
(g/t) (g/t) (ounces) (ounces)
Measured 29,360,000 0.60 0.67 560,000 630,000
Indicated 186,870,000 0.44 0.69 2,620,000 4,150,000
Measured plus 216,220,000 0.46 0.68 3,180,000 4,780,000
Inferred 316,740,000 0.36 0.65 3,650,000 6,620,000
In 2009 the Geological Survey of Canada completed a radiometric and magnetic airborne survey over the Black Bear project area which successfully identified large (approximately 7 km by 2 km) coincident potassium high and moderate magnetic high anomalies. The Black Bear Providence target is located along the eastern edge of the anomaly. The GSC airborne anomalies cross Black Bear Creek below the Black Bear Providence target and continue to the SE where porphrytic felsic intrusive rocks have also been recognized. (Black Bear GSC Airborne Potassium: www.barkerminerals.com/nr/bm-11-176/blackbear_potassium-50k.pdf
)(Black Bear GSC Airborne 1st Derivative Magnetics: www.barkerminerals.com/nr/bm-11-176/blackbear_vd1-50k.pdf
Although economic gold has not yet been found in the 2012 drilling at the Black Bear Providence target, the results thus far indicate the drilling is on the upper level or edge of a large hydrothermal system associated with epithermal style alteration and pathfinder mineralogy which is favourable for the deposition of gold.
Characteristics of epithermal systems include deep structures, typical gold pathfinder alteration and mineralogy, the presence of placer gold and airborne geophysical signatures. All of these important features, and others, are present on the Black Bear project and surrounding area. Important deep structures present in the area are the NW/SE trending Eureka Thrust Fault and the Cariboo and Quesnel Lake NE/SW deep fault systems.
Epithermal gold systems typically have large alteration footprints which means deposits may be over looked due to the presence of associated barren shoulders and lithocaps with associated gold pathfinder geochemistry which may be masking important gold mineralization below, or nearby. The exploration to date indicates the Black Bear Providence target lies on the eastern edge of the favourable GSC airborne potassic/magnetic anomaly which is supported by the various alteration patterns which include the presence of magnetite and pyrrhotite in the drill core in all 2012 drill holes.
Typical alteration patterns in epithermal gold deposits which are present on the Black Bear Providence target consist of pyrite, fuschite (chrome mica), calcite, carbonate, sericite, bioitite, hematite, epidote, silica and magnetite. Minor amounts of tourmaline, titanium minerals and chromites were also observed. This type of alteration is known as propylitic, or in the Uralian gold deposits as listwanite/berezite alteration. Some associated gold pathfinder minerals for epithermal gold deposits are silver, bismuth, arsenic, antimony, cadmium, tin, mercury, selenium, tellurium, nickel, lead, copper, zinc and manganese.
Due to the presence of many highly anomalous common gold pathfinder elements dispersed over wide intervals in a favourable gold environment, the Company is completing confirmatory re-assays to check on selected sample intervals of BB12-06 and 07. If there is any material variation from the reported intervals the Company will report such in a subsequent news release.
As part of the Company's Quality Assurance and Quality Control procedures (QA/QC) Certified Standard Reference materials (CRSM or Standards) with gold and PGE's were inserted with the 2012 drill core samples. The Company also included pulps and reject samples from the Frank Creek 2011 drill program. In order to gain more confidence in the XRF, as an exploration tool, all of the standards and QA/QC samples for BB12-06 and BB12-07 were systematically analyzed in a controlled fashion by the handheld XRF which provided good quality control checks and comparisons on the pathfinder elements and base metals by known assays, and by the handheld XRF analyzer.
The CRSM Standards samples came back as expected but a significant discrepancy exists in the pulp from the Frank Creek sample which was .15 metres in length and originally assayed >25 ppm by ICP-MS, 26.40 g/t by fire assay and 41.40 g/t by gravimetric fire assay. The two Frank Creek pulp samples when inserted in the Black Bear sample sets each returned >10 ppm (g/t) when analyzed by fire assay and 90.9 g/t and 29.5 g/t when analyzed by gravimetric fire assay respectively.
The significant discrepancy from the original 2011/2012 Frank Creek fire assay results of 26.4 g/t gold by fire assay and 41.4 g/t gold by gravimetric fire assay, to 90.9 g/t gold when the same pulp was re-analyzed for QA/QC in BB12-06 is being investigated as this could have important implications for the Frank Creek gold exploration programs in the future.
All the above confirmation analysis and fire assays were completed by AGAT Labs who also completed the 2012 Black Bear fire assay analysis. The drill core was cut in half with one half of the core sample shipped to AGAT Labs by Barker staff. The remaining half of the core is kept at the Company core shack for future assay verification, or any other further studies. All drill samples were prepared and screened for fire assay and multi-element ICP-MS analysis by AGAT Laboratories. Gold values are determined by standard fire assay with an AA finish, or if over 10.0 g/t Au, were re-assayed with a gravimetric finish. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream within each batch.
Detailed sampling and analysis of the favourably altered zones with associated gold pathfinder element mineralogy is required to determine where gold may be present in the hydrothermal system. The drilling is continuing with the next hole planned to test more north-westerly moving further into the airborne anomaly which will also provide important information in our evaluation on possible bulk sampling of the galena silver, lead and gold vein mineralization exposed on surface. Future holes may focus on nearby airborne magnetic lows which may be a favourable host for gold in epithermal type deposits.
Much more exploration and drilling is required on the known targets to determine their economic potential and exploration will focus on locating the sources of placer gold in the Black Bear drainage system, especially within the immediate area of the current Black Bear Providence target. The Company remains encouraged and optimistic on its chances for exploration success. As drilling continues over the coming months, mineralized samples will be batched and sent to accredited labs for analysis to determine the levels of gold and to identify important gold pathfinder elements.
As a result of the analysis discrepancy between the handheld XRF and fire assay analysis on the Black Bear project the Company has decided it will not report any gold XRF results in the future until initially confirmed by fire assay. As the Company gains more experience on the various properties with the use of the XRF it will get a better understanding of the XRF capabilities in order to maximize its use to aid in exploration.
The scientific and technical information contained in this news release was prepared under the supervision of Rein Turna, B.Sc., P.Geo. the Company's "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Barker Minerals
Barker Minerals is advancing exploration on its mineral properties in the Cariboo Gold District, one of the most mineralized belts in British Columbia. The Company has more than 20 projects on its exploration properties, all of which are 100% owned by Barker Minerals. Eight projects have drill-ready gold and/or massive sulphide targets.
Certain statements in this press release may be considered forward-looking information, including those relating to "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE WWW.BARKERMINERALS.COM OR CONTACT:
Louis E. Doyle Robert H. Kuhl
Tel: (250) 563-8752 Tel: (604) 321-0709
Fax: (250) 563-8751 Fax: (604) 321-0719
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.
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Source: Barker Minerals Ltd. (BML - TSX-V)
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