2012-09-21 15:07:57 -
Prince George, British Columbia CANADA, September 21, 2012 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture), reports that it was recently selected for a mining disclosure review by the British Columbia Securities Commission and as a result of this review the Company is issuing the following news release to clarify its disclosure.
On July 30, 2012, Barker announced it had discovered significant alteration and mineralization, typical of epithermal style gold deposits, on the Providence target in the Black Bear project area.
The drill program was undertaken to test for shallow extensions of the high grade silver, gold and lead vein mineralization exposed in outcrop. Two holes were reported on July 12th with BB12-06 drilled to a depth of 90.5
metres and BB12-07 to a depth of 309.14 metres. BB12-08 has since been drilled to approximately 340 metres and is located 62 metres north west of BB12-06 and 53 metres north east of BB12-07.
BB12-08 is similar in alteration and mineralization styles to BB12-07 with alternating zones of argillite/mudstones and felsic rocks from surface up to approximately 150 metres where the rocks change to hydrothermally altered mafic volcanic and felsic rocks through to the bottom of the hole. Drilling, XRF analysis and core logging are continuing and, once completed, mineralized samples will be sent to accredited labs for fire assay analysis to determine the levels of gold and gold pathfinder minerals.
As reported in the July 30, 2012 news release, the Company employs a handheld portable XRF analysis in its exploration programs and reported significant gold results from its 2012 Black Bear drill program. Due to the overall high tenor of XRF gold results over a broad area, the Company determined that the XRF results could be of a material nature and thus announced the initial results. The XRF results were announced with appropriate cautionary language so as not to mislead the investment public yet promptly disclose potentially material news.
The Company wishes to reiterate from the July 30 news release and cautions that the handheld portable XRF gold analysis results are only indicative of the potential for gold and are not meant to be representative of the actual grades of gold in the drill core itself. Reliable gold analysis can only be accurately determined through accredited laboratory fire assay analysis. Investors should not rely on the handheld XRF values until confirmed by fire assay analysis. The fire assay results for BB12-06 and BB12-07 have not yet been received by the Company but are expected in the near future and will be reported promptly.
Barker's hand held XRF analysis will include the comparison of lab accredited fire assay results of gold and pathfinder minerals, the initial drill core handheld XRF results and the pulps of the fire assay re-analyzed by handheld XRF analysis. Once these data sets are received, compared and interpreted, an internal protocol will be decided on in regards to future reporting of hand held XRF results which will conform to current NI 43-10 regulations.
The Company uses the Thermo Scientific Niton XL3t handheld x-ray fluorescence (XRF) analyzer which combines proprietary Niton electronics with an ergonomic design and easy-to-use software, transforming XRF analysis. It does this through reduced measurement times, increased precision, and lower detection limits than could previously be achieved with portable x-ray fluorescence analyzers. Further information on the uses and capabilities can be viewed on the Niton website. www.niton.com/en/niton-analyzers-products/xl3/xl3t
The handheld XRF is used for quality control as it features an integrated CCD camera that helps accurately position the instrument on a specific location of a sample. Images and analysis data are stored together by the XRF instrument for easy reference, data management, and data integrity. Data can then be uploaded from the XRF to computer format to use for interpretive purposes.
The British Columbia Securities Commission review identified historical information which does not comply with today's current NI 43-101 requirements on the Company's website which require either updating or removing. The recommended changes being completed on the Company's website include:
* The "Cariboo Mining District" web page is out of date in regards to resource estimates at the adjacent Mt. Polley and Spanish Mountain. This information will be updated or removed in order to comply with 2.2 of the NI 43-101.
* The "Company History" web page does not have the proper language in regards to historical estimates at its Cariboo property. This information is being updated to comply with 2.4 of NI 43-101.
* The Company will add the name and relationship of its Qualified Person who has reviewed the technical information on its web site in order to comply with 3.1 of NI 43-101
The Company is also reviewing the remainder of its website and investor relations documents where required in order to update or remove information so as to be NI 43-101 compliant.
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.
To view this release as a web page, please click on the following link:
Source: Barker Minerals Ltd. (BML - TSX-V)
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