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Barkerville Announces a NI 43-101 Compliant Indicated Resource of 10,626,100 oz Gold
Barkerville Announces a NI 43-101 Compliant Indicated Resource of 10,626,100 oz Gold
Barkerville Announces a NI 43-101 Compliant Indicated Resource of 10,626,100 oz's Gold on Cow Mtn with a NI 43-101 Compliant Geological Potential of 65-90 Million oz's Gold in an Area Encompassing Approximately 10% of its Cariboo Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2012) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company" or "Barkerville") announced today a NI 43-101 compliant, indicated resource estimate for the Gold Quartz open pit model on Cow Mountain as well as a NI 43-101 compliant estimation of the geological potential of the 6.4 km Island Mountain, Cow Mountain and Barkerville Mountain trend. This trend is the central portion (where the Company has focused its exploration activities) of a larger 67 km trend on the Company's 1,118 sq. km property.
Geoex Limited ("Geoex") was retained to complete an independent estimate of the mineral resources and geological potential of Barkerville's property (the "Property") by management of the Company.
The indicated resources, between the elevations 3,550 feet and 4,550 feet above sea level (town elevation 4,000 feet), estimated by Geoex for the Gold Quartz open pit model on Cow Mountain are 69,039,000 tons with an average grade of 0.154 ounces gold per ton (5.28 grams/T) and 10,626,100 ounces of contained gold as summarised in the following table. Geoex is of the opinion that this resource has a reasonable prospect of economic extraction.
COW MOUNTAIN SUMMARY OF INDICATED RESOURCES, effective date December 31, 2011
(cut-off 0.025 oz/t or 0.857 g/T, In Situ and Undiluted)
§Tons Grade
(oz/t / g/T) Contained
Gold Ounces Waste Tons
****
Subtotal 70,455,000 0.161 / 5.52 11,367,100 101,676,000
Less Historic Mining 1,416,000 0.53 / 18.2 750,000
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Adjusted*** 69,039,000 0.154 / 5.28 10,626,100
* The resource is summarized in further detail in this news release.
*** The total indicated resource has been adjusted for total production from the narrow vein underground production of the Gold Quartz Mine.
**** The Waste is within the resource solids and does not include pit wall waste.
Company President and CEO, J. Frank Callaghan, stated:
"This resource estimate on 10% of the Company's prospective gold belt, which I believe puts th |
