nagoya1
11 years ago
Barkerville Announces Non-Brokered Private Placement To Raise Up To $10,000,000, Concurrent Shares For Debt Settlement and Ex...
Date : 02/28/2014 @ 9:02AM
Source : Access Wire
Stock : Barkerville Gold Mines Ltd (BGM)
Quote : 0.58 -0.1 (-14.71%) @ 9:42AM
Barkerville Announces Non-Brokered Private Placement To Raise Up To $10,000,000, Concurrent Shares For Debt Settlement and Ex...
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Vancouver, BC - Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") is pleased to announce a proposed non-brokered private placement (the "Offering") of up to 20,000,000 common shares of the Company (each a "Share"), at a subscription price of $0.50 per Share, for gross proceeds of up to $10,000,000.
Finder's fees may be payable in connection with the completion of the Offering in accordance with TSX Venture Exchange ("TSXV") policies. The net proceeds of the Offering are expected to be utilized by the Company for general corporate and working capital purposes.
Concurrent with the Offering, the Company also intends to settle a total of up to $1,500,000 of indebtedness with certain creditors (the "Shares for Debt Settlement") by issuing up to 3,000,000 Shares at a deemed price of $0.50 per Share.
In light of the Company's current working capital position, and in order to preserve capital to fund the development of the Company's various projects, the Company has agreed to the conversion of the indebtedness into Shares subject to the prior approval of the TSXV.
All securities issued in connection with closing of each of the Offering and Shares for Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance of the Shares in accordance with applicable securities legislation.
Closing of each of the Offering and the Shares for Debt Settlement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including that of the TSXV.
The Company and its subsidiaries have also agreed with 2176423 Ontario Limited (the "Lender") to extend the effective date of the $1,500,000 minimum working capital requirement from February 1, 2014 to August 1, 2014 (the "Working Capital Covenant Extension") under the $15 million gold loan facility (the "Facility") governed by the credit agreement dated October 8, 2013. In connection with the Working Capital Covenant Extension, the Company has agreed to increase the notional amount of gold delivered to the Lender as repayment of the Facility by 45 ounces of gold over the life of the Facility, to increase the maximum reference price of gold from $1,600 to $1,650 per ounce for the purpose of calculating the repayment amounts as well as the mandatory prepayment amounts under the Facility and to increase the reference price of gold from $1,600 to $1,650 per ounce for the purpose of calculating the voluntary prepayment amounts under the Facility.
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
nagoya1
11 years ago
News Release 14-03 Barkerville Gold Mines Reports Both Metallic Screen & Lead Collection Fire Assay Results of Fifteen Diamon...
Vancouver, BC - Barkerville Gold Mines Ltd. (TSXV: BGM) (the "Company") announced today, results from complete hole metallic screen and lead collection fire assay results of fifteen diamond drill holes conducted on Cow Mountain in 2011.
As recommended in the Company's NI 43-101 report dated December 31, 2012 (the "Technical Report", see News Release dated June 19 2013) and mentioned in the news release dated December 9, 2013, all reject samples from drill core that was originally analyzed in 2011 with standard fire assays and unassayed infill core samples from those same holes collected in 2013 have been sent for 1,000 g metallic screen and 50 g lead collection/gravimetric fire assay. Considering coarse grained gold is common in the area it has been determined that the original 30 g standard fire assay method possibly undervalued gold grade. Once all drill data has been received, the Company will provide a comparative analysis between new and original drill data. The Company will also provide an updated NI 43-101 resource estimate.
Metallic screen and lead collection fire assay results of fifteen drill holes have been received and significant intercepts are listed in Table 1. Highlights include:
CM11-30
-2.1 meters (6.9 feet) of 160.0 g/T (4.668 oz/t) gold between 45.4 and 47.5 meters (148.9 and 155.8 feet)
CM11-35
-3.9 meters (12.8 feet) of 13.11 g/T (0.382 oz/t) gold between 175.2 and 179.1 meters (574.7 and 587.5 feet)
CM11-37
-5.6 meters (18.4 feet) of 8.77 g/T (0.256 oz/t) gold between 51.4 and 57.0 meters (168.6 and 187.0 feet)
CM11-40
-4.6 meters (15.1 feet) of 8.90 g/T (0.260 oz/t) gold between 68.4 and 73.0 meters (224.4 and 239.5 feet)
CM11-102
-2.2 meters (7.2 feet) of 293.0 g/T (8.633 oz/t) gold between 77.4 and 79.6 meters (254.0 and 261.2 feet)
-1.5 meters (4.8 feet) of 158.8 g/T (4.632 oz/t) gold between 192.9 and 194.4 meters (633.0 and 637.8 feet), and
-1.4 meters (4.5 feet) of 72.6 g/T (2.117 oz/t) gold between 249.8 and 251.2 meters (819.5 and 824.0 feet)
Table 1. SIGNIFICANT INTERCEPTS OF THE WHOLE HOLE SAMPLES INCLUDING BOTH
METALLIC SCREEN FIRE ASSAYS OF REJECT SAMPLES AND LEAD COLLECTION FIRE/GRAVIMETRIC
ASSAYS OF INFILL CORE SAMPLES FROM DRILL HOLES CONDUCTED ON COW MOUNTIAN IN 2011
-----------------------------------------------------------------
|HOLE ID |CORE SAMPLING INTERVAL |METALLIC |
| | |FIRE |
| | |ASSAY |
| |------------------------------------| |
| |From |To |WIDTH | |
| |------------------------------------------------------|
| |Feet |Meter |Au (g/T) |Au |
| | | | |(oz./t)|
|---------------------------------------------------------------|
|CM11-06 |55.0 |65.0 |10.0|3.0 |0.46 |0.013 |
|---------------------------------------------------------------|
|CM11-16 |No significant (>&=0.40 g/T Au) intercept |
|---------------------------------------------------------------|
|CM11-30 |148.9 |155.8 |6.9 |2.1 |160.0 |4.668 |
| |------------------------------------------------------|
| |894.0 |895.3 |1.3 |0.4 |20.0 |0.583 |
|---------------------------------------------------------------|
|CM11-33 |444.3 |446.2 |1.9 |0.6 |37.55 |1.095 |
| |------------------------------------------------------|
| |647.2 |667.3 |20.1 |6.1 |2.58 |0.075 |
|---------------------------------------------------------------|
|CM11-35 |375.4 |392.6 |17.2 |5.2 |1.86 |0.054 |
| |------------------------------------------------------|
| |574.7 |587.5 |12.8 |3.9 |13.11 |0.382 |
|---------------------------------------------------------------|
|CM11-37 |168.6 |187.0 |18.4 |5.6 |8.77 |0.256 |
| |------------------------------------------------------|
| |242.8 |250.0 |7.2 |2.2 |4.85 |0.141 |
|---------------------------------------------------------------|
|CM11-39 |842.6 |850.8 |8.2 |2.5 |2.18 |0.064 |
|---------------------------------------------------------------|
|CM11-40 |112.4 |118.8 |6.4 |2.0 |3.99* |0.116* |
| |------------------------------------------------------|
| |224.4 |239.5 |15.1 |4.6 |8.90 |0.260 |
|---------------------------------------------------------------|
|CM11-41 |252.8 |257.1 |4.3 |1.3 |5.85 |0.171 |
|---------------------------------------------------------------|
|CM11-42 |225.0 |226.2 |1.2 |0.4 |1.05 |0.031 |
|---------------------------------------------------------------|
|CM11-47 |337.3 |342.1 |4.8 |1.5 |3.08 |0.090 |
|---------------------------------------------------------------|
|CM11-48 |63.7 |73.1 |9.4 |2.9 |4.74 |0.138 |
| |------------------------------------------------------|
| |107.9 |114.8 |6.9 |2.1 |7.37 |0.215 |
|---------------------------------------------------------------|
|CM11-102|53.8 |55.2 |1.4 |0.4 |13.66 |0.398 |
| |------------------------------------------------------|
| |85.1 |93.1 |8.0 |2.4 |5.74 |0.167 |
| |------------------------------------------------------|
| |225.3 |244.7 |19.4 |5.9 |4.74 |0.138 |
| |------------------------------------------------------|
| |254.0 |261.2 |7.2 |2.2 |293.0 |8.633 |
| |------------------------------------------------------|
| |342.5 |344.7 |2.2 |0.7 |84.6 |2.467 |
| |------------------------------------------------------|
| |517.0 |524.6 |7.6 |2.3 |4.42 |0.129 |
| |------------------------------------------------------|
| |633.0 |637.8 |4.8 |1.5 |158.8 |4.632 |
| |------------------------------------------------------|
| |819.5 |824.0 |4.5 |1.4 |72.6 |2.117 |
|---------------------------------------------------------------|
|CM11-122|701.8 |717.8 |16.0 |4.9 |2.86 |0.083 |
| |------------------------------------------------------|
| |1264.0|1277.0 |13.0 |4.0 |2.89 |0.084 |
| |------------------------------------------------------|
| |1314.5|1330.3 |15.8 |4.8 |2.90 |0.085 |
|---------------------------------------------------------------|
|CM11-131|481.0 |494.8 |13.8 |4.2 |4.74 |0.138 |
| |------------------------------------------------------|
| |520.7 |537.8 |17.1 |5.2 |3.82 |0.111 |
-----------------------------------------------------------------
Note: 0.40 g/T cutoff and uncapped grade; * lead collection/gravimetric fire assay
All the significant intercepts of CM11 drill holes described above and in Table 1 may not be the true width. Due to the complexity of analyzing three types of quartz veins; namely, strike, diagonal & orthogonal veins, the true width will be determined after the Company's 3D geological model is updated.
The standard fire assay technique was conducted on a relatively small (30 g) aliquot of sample material that may or may not be truly representative of the gold content of the sample as a whole, particularly if coarse gold or visible gold is present that is notoriously difficult to homogenize within a sample pulp. The Screen Metallic technique utilized in the Company's Double Assay Program effectively evaluates 1,000 grams of pulverized material for each sample and was specifically developed by laboratories to measure coarse or visible gold within pulverized sample materials to provide a more representative estimate of overall gold content.
The collection of reject samples, infill core sampling and core sample cutting of 239 Cow Mt. drill holes conducted in 2007, 2009, 2010 & 2011 has been completed. News on complete holes that include metallic screen fire assay results of reject samples and lead collection fire assay results of previously unassayed infill core samples will be published as they become available. The Company is in the process of utilizing this information to update the drill hole database.
Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ-size drill core was cut/split in two halves using saws at the Company's Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM's personnel to a shipping company in Quesnel for trans-shipment to ACME Analytical Laboratories Ltd. in Vancouver, both of which are under the Bureau Veritas Group Company, for analysis. Sample preparation and geochemical assaying is done at ACME, following their own internal standards for quality control and verification. The gold assaying method uses a 1,000 grams metallic screen gold assay and 50 g lead collection fire assay. ACME is certified under the Assayers Certification Program of B.C.
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
NYBob
11 years ago
Barkerville Gold Mines Ltd. (TSXV:BGM)
assumed the prev. mining operation of -
Cross Lake Minerals (TSE:CRN) =
(ZBLFF) -
bottom lines;
cleaned out 99.99% complete by the banks receivers -
USSR's red copycats =
ZBLFF left to old shareholders of the
newest BC's, Canada; biggest gold mill company -
Current Price
Volume:
Bid Ask Day's Range
ZBLFF Detailed Quote Wiki
Procon Completes Investment in Cross Lake
VANCOUVER, BRITISH COLUMBIA, Jun 1, 2009
(Marketwire via COMTEX) --
Procon Mining and Tunnelling Ltd.
("Procon") of Suite 108 - 4664 Lougheed Highway, Burnaby,
British Columbia, V5C 5T5 reports its recent acquisition
of securities in 0373849 B.C. Ltd.
(formerly Cross Lake Minerals Ltd.)
(the "Company") at a purchase price of $1,650,000.
Pursuant to the amended and restated plan of compromise and
arrangement (the "Plan") filed by the Company on
May 21, 2009 pursuant to the Companies'
Creditors Arrangement Act ("CCAA") and
the British Columbia Business Corporations Act,
the investment agreement between Procon and
the Company dated April 3, 2009 as amended on May 7, 2009 and
upon conversion of a non-interest bearing loan of $1,650,000
to the Company (the "Loan"), on June 1, 2009
Procon acquired from the Company ownership of 56,885,026
common shares and 695,135,018,831 non-voting shares of
the Company.
Each common share and non-voting share was issued at
a price of $0.0000023734453621304 per share.
Procon acquired the common shares and non-voting shares
of the Company for investment purposes.
As a result of the acquisition of the shares, Procon
now owns 56,885,026 common shares and 695,135,018,831
non-voting shares of the Company representing
approximately 45% of the (voting) common shares and
100% of the non-voting shares of the Company,
providing Procon with the ownership of 99.99% of
the total equity of the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
SOURCE: Procon Mining and Tunnelling Ltd.
International Wayside Gold Mines Ltd.: Court Approves Cross Lake Plan of Arrangement Including Proposed QR Mine & Mill (900 tpd) Acquisition
VANCOUVER, BRITISH COLUMBIA, May 28, 2009 (MARKETWIRE via COMTEX) -- International Wayside Gold Mines Ltd. ("Wayside") (TSX VENTURE: WYG)(FRANKFURT: IWUB) is pleased to announce further to News Release 09-09 dated May 19, 2009, that as previously stated, the creditors of Cross Lake Minerals Ltd.("Cross Lake") approved an amended and restated plan of compromise and arrangement (the "Plan"), which amended, in a number of technical respects, the plan of compromise and arrangement filed on April 7, 2009 pursuant to the Companies' Creditors Arrangement Act and B.C. Business Corporations Act.
On May 25, 2009, the British Columbia Supreme Court issued the final order to approve the Plan, which among other things, allows for a subsidiary of Cross Lake to hold all of Cross Lake's interest in the QR Mine and Mill (the "QR Subco"). Wayside intends to proceed to enter into an agreement ("the Agreement") first announced on February 04, 2009 and updated April 9, 2009 whereby Wayside will purchase the QR Subco. Completion of the Agreement is subject to the satisfaction of a number of conditions including, but not limited to, completion of due diligence and obtaining the necessary shareholder, regulatory and Court approvals.
The 900 tonne per day QR Mill, which was fully operational until February 2009 (now on care and maintenance), is a CIP mill designed for an output of 70,000 ounces of gold per annum for that location. The mill is located 110 km by road from Wayside's Cariboo Gold Project and proposed Bonanza Ledge Mine. Following a positive feasibility study in 1994, Kinross Gold Corp. constructed the QR Mill with capital costs estimated at over $40 million.
Cross Lake commenced operations at the QR Mine in 2007 -
- after spending over $34 million in the preceding 24 months
- on project acquisition ($4.3 million),
- exploration & development ($20 million)
- and refurbishing the mill facilities ($10.3).
- Cross Lake expended an additional $3 million on asset
retirement obligations, including having BC Hydro
bring three phase power to the project.
It is Wayside's objective to process material from its proposed Bonanza Ledge Mine at the QR Mill, in addition to recommencing operations at the QR Mine.
The Company initiated operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,065 square km (106,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining.
ON BEHALF OF THE BOARD OF DIRECTORS
J. Frank Callaghan, President and CEO
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.
Contacts:
International Wayside Gold Mines Ltd.
Andrew H. Rees
Director
604-669-6463 or Toll Free: 1-800-663-9688
604-669-3041 (FAX)
www.wayside-gold.com
SOURCE: International Wayside Gold Mines Ltd.
CONTACT: http://www.wayside-gold.com
basserdan
12 years ago
Updated: Barkerville climbs 50% on 10.6-million-oz. resource
2012-07-03
(bolded for emphasis)
VANCOUVER — Barkerville Gold Mines' (BGM-V) share price has climbed more than 50% since the company put out a 10.6-million-oz.-gold resource estimate for its Cow Mountain deposit, but questions remain as to the accuracy of the estimate.
The resource estimate in question, compiled by Geoex Ltd. president Peter T. George, establishes 62.6 million indicated tonnes grading 5.28 grams gold per tonne using a 0.86 gram cut-off for the project in central British Columbia.
On the day Barkerville released the news its share price almost doubled at one point, climbing 79¢ to a high of $1.60 before closing up 40¢ or 49% at $1.21 with 7.2 million shares traded. On July 3, the second day of trading following the news, the company’s share price again spiked, reaching as high as $1.67 before enthusiasm waned and the company closed up a penny at $1.22 with 11.3 million shares traded.
The new resource follows up on a 2006 estimate on the project by G. H. Giroux of Giroux Consultants that estimated Cow Mountain contained 6 million indicated tonnes grading 2.23 grams gold for 431,000 oz. gold, plus an inferred resource of 1.5 million tonnes grading 1.85 grams gold for a further 91,000 oz. gold, all using a 0.68 gram gold cut-off.
The huge jump in both the tonnage and grade has raised the suspicion of observers.
“It can’t go from half a million oz. at half the grade to 10 million oz. at twice the grade, you can’t do that, it doesn’t happen in reality,” said geologist Brent Cook of Exploration Insights in a phone interview. Cook said his initial reaction to the news was disbelief.
“It got me to pull out my copy of ‘Gold Today, Gone Tomorrow,’” Cook said of the book about the Bre-X scandal.
Quinton Hennigh, writing for Brent Cook’s Exploration Insights newsletter, raised numerous questions about the estimate. To giving a visualization of what the deposit would look like, he wrote:
“It is an order of magnitude richer per cubic meter than the Timmins Camp in Ontario. To support such a resource, the 1,000 by 300 by 300-meter block of ground at Barkerville’s Cow Mountain would have to host approximately 39 kilometers of Mother Lode type veins, at a density of one 2-meter wide vein spaced every 7.6 meters. This assumes each and every vein is consistently grading 5.28 grams per tonne gold along a 300 meter strike and 300 meter depth.”
Along with pointing out the dubious “quantum leap in size and grade” of the resource compared with the previous one, Hennigh also points out the oddity of the whole resource qualifying as indicated category with no inferred, that a single drill hole in a 100-ft.-horizontal by 50-ft.-vertical ellipse qualifies the block as ore, that the company has employed ‘extreme grade smearing’, and that the company has released far too little data overall.
For instance, the 2006 resource was based on 366 diamond and percussion drill holes completed between 1980 and 1998, and the company looks to have drilled about 238 drill holes between 2007 and 2011. Barkerville, however, states that a total of 2,638 drill holes have now been drilled on Cow Mountain totalling 145,600 metres of drilling, without providing the source of all those drill holes nor the assay results.
Looking beyond the Cow Mountain resource, the Geoex study also took the unusual step of putting out the ‘geological potential’ of the 6.4-km-long trend on which Cow Mountain falls. Based on 10% of the company's tenure, including the Cow Mountain, Island Mountain, and Barkerville Mountain areas, the Geoex report states there could be between 367 million tonnes and 621 million tonnes grading between 4.11 grams gold and 5.49 grams gold. That would mean the company could theoretically be sitting on between 65 million and 90 million oz. gold.
“It’s impossible, period,” was Cook’s reaction to the 90 million oz. figure. Even for the Cow Mountain resource itself, Cook pointed out the challenge of achieving such high numbers.
“This is a narrow, high-grade vein district. From the cross-sections we’ve seen, you have a real hard time connecting the veins. Continuity is a real real problem there,” Cook said.
Geologically the project is underlain by the Barkerville terrane, which is part of the Omineca belt of the Canadian Cordillera. Barkerville reports that gold mineralization occurs as quartz veins located in shear-type and tension-type fractures in lithologies more brittle than the surrounding lithologies, and as disseminated sulphide zones localized in the nose of secondary local fold structures that have the same northwesterly plunge as the regional, orogeny-related, asymmetrical, overturned, isoclinal fold structures.
Peter George has already been rebuked once for an overly-optimistic resource estimate, with the British Columbia Securities Commission forcing Rubion Minerals (RMX-V) in March 2011 to re-state an estimate prepared by George.
http://www.northernminer.com/news/updated-barkerville-climbs-50-on-10-6-million-oz-resource/1001505371/
gsfl
13 years ago
Shareholder Update on Cariboo Gold Project
Vancouver, British Columbia, March 1, 2012 - Barkerville Gold Mines (TSXV:BGM) (Frankfurt:1WUB) has issued an update to shareholders. The report summarizes the 2011 activities on its Cariboo Gold Project near Wells in central British Columbia, where the company has been active since the mid 1990s.
InvestmentPitch.com has produced a "video news alert" based on this information. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Barkerville1217" in the search box. Please refer to the full news release for more information.
During the period 1935 to 2011, a total of 7,183 drill holes, measuring 347,000 metres have been drilled on the Cariboo Gold Project.
The company will be accumulating all this data in preparation of an updated NI 43-101 resource estimation the company has commissioned for the Gold Quartz proposed open pit mine on Cow Mountain and to begin preparations for mining operations at its Bonanza Ledge open pit mine on the southwest flank of Barkerville Mountain.
During 2011, the company completed 238 diamond drill holes totalling approximately 58,000 metres, on both Barkerville and Cow Mountains, with assays still pending on 33 drill holes. 167 of these holes, totalling 43,000 metres were conducted on Cow Mountain to explore for gold in and around the proposed open pit. This resulted in the discovery of 3 new gold vein zones.
Another 29 drill holes, totalling 9,000 metres targeted the BC Vein on Barkerville Mountain. Most of these drill holes returned promising intercepts of pyrite and quartz veins. In addition, 16 holes totalling 1,900 metres followed up a new zone on Barkerville Mountain discovered by trenching. The remaining 26 holes on both Barkerville and Cow Mountains will be used to monitor water before and during mining.
Other highlights of the year include the acquisition of several properties within its 65 kilometre long gold belt, the acquisition of the remaining 50% of the Mosquito agreement and the purchase of the 3% net smelter return. An approximately 3 kilometre long exploration road was built in the Grouse Creek area and two drill pads were completed along the road. Construction of the haul road connecting the Bonanza Ledge gold mine and Barkerville Highway 26 was also completed.
The company's mineral tenures now cover more than 117,000 hectares, encompassing 7 past producing hard rock mines and 3 NI 43-101 gold deposits, including the QR Mine and Mill.
The company began pouring doré gold in September 2010, becoming Canada's newest gold producer, and continued until December 2011.
Barkerville is currently trading at $0.80 and with 107 million shares outstanding, is capitalized at approximately $86 million.
gsfl
13 years ago
27.4 Meters (90.0 Feet) of 7.09 g/T (0.207 oz/t) Gold
Including 12.2 Meters (40.0 Feet) of 15.7 g/T (0.457 oz/t) Gold & Including 9.1 Meters (30.0 Feet) of 20.8 g/T (0.606 oz/t) Gold & 2011 Drilling Programs Completes on Cow Mountain
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2012) - Further to the news releases on the high grade VG-cosalite-quartz-pyrite zones discovered by the Company on Cow Mt. reported respectively on June 27, July 26, September 13, October 18 and December 12, Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports more significant intercepts of 2011 drill results conducted on Cow Mt. recently.
Highlights include (Table 1):
CM11-74
27.4 m (90.0 feet) of 7.09 g/T (0.207 oz/t) gold between 215.2 and 242.6 meters (706.0' and 796.0')
including 12.2 meters (40.0 feet) of 15.7 g/T (0.457 oz/t) gold between 215.2 and 227.4 meters (706.0' and 746.0')
including 9.1 meters (30.0 feet) of 20.8 g/T (0.606 oz/t) gold between 215.2 and 224.3 meters (706.0' and 736.0')
CM11-106
3.6 m (11.8 feet) of 6.56 g/T (0.191 oz/t) gold between 44.8 and 48.4 meters (147.0' and 158.8')
CM11-109
4.7 m (15.5 feet) of 11.313 g/T (0.330 oz/t) gold between 213.8 and 218.5 meters (701.5' and 717.0' )
including 1.2 meters (4.0 feet) of 43.382 g/T (1.265 oz/t) gold between 215.5 and 216.7 meters (707.0' and 711.0')
CM11-122
15.4 m (50.6 feet) of 3.59 g/T (0.105 oz/t) gold between 352.7 and 368.1 meters (1,157.0' and 1,207.6')
including 8.9 meters (29.1 feet) of 5.98 g/T (0.174 oz/t) gold between 354.8 and 363.7 meters (1,164.0' and 1,193.1')
CM11-125
4.1 m (13.6 feet) of 22.328 g/T (0.651 oz/t) gold between 143.6 and 147.7 meters (471.0' and 484.6')
CM11-126
22.7 m (74.5 feet) of 5.736 g/T (0.167 oz/t) gold between 55.7 and 78.4 meters (182.8' and 257.3')
including 14.8 meters (48.5 feet) of 8.679 g/T (0.253 oz/t) gold between 57.2 and 71.9 meters (187.5' and 236.0')
including 5.0 meters (16.5 feet) of 22.911 g/T (0.668 oz/t) gold between 66.9 and 71.9 meters (219.5' and 236.0')
CM11-138
23.5 m (77.2 feet) of 5.597 g/T (0.163 oz/t) gold between 193.4 and 217.0 meters (634.6' and 711.8')
including 10.0 meters (32.7 feet) of 12.52 g/T (0.365 oz/t) gold between 197.2 and 207.2 meters (647.0' and 679.7')
including 4.2 meters (13.7 feet) of 26.763 g/T (0.781 oz/t) gold between 197.2 and 201.4 meters (647.0' and 660.7')
CM11-139
7.7 m (25.3 feet) of 8.560 g/T (0.250 oz/t) gold between 90.8 and 98.5 meters (298.0' and 323.3')
including 1.9 meters (6.3 feet) of 34.053 g/T (0.993 oz/t) gold between 96.6 and 98.5 meters (317.0' and 323.3')
CM11-140
11.1 m (36.3 feet) of 12.75 g/T (0.372 oz/t) gold between 21.5 and 32.6 meters (70.7' and 107.0')
including 3.0 meters (9.7 feet) of 47.627 g/T (1.389 oz/t) gold between 21.5 and 24.5 meters (70.7' and 80.4')
The significant intercept of drill holes CM11-74 mentioned above includes a high grade (40%) pyrite replacement band in grey/tan colored phyllite between 221.8 meters (727.7 feet) and 223.5 meters (733.4 feet).
All the significant intercepts described above and in Table 1 may not be the true width. The true width will be figured out after assay results of more drill holes at the same setups are received.
2011 Drilling Program on both Cow and Barkerville Mt. were completely finished by December 23, 2011 and results will be released as they become available. In total, 235 drill holes, which includes those got stuck and abandoned, were conducted on both Cow and Barkerville Mountains. These drill holes include 167 exploration drill holes conducted on Cow Mt., 46 exploration (41) and environmental (5) drill holes on Barkerville Mt., and 22 monitoring water holes on both Cow and Barkerville Mountains. Pending assay results of the other drill holes will be published as soon as they are received.
Drill core processing included descriptive logging and sampling for geochemical analyses. The NQ & NQ2-size drill core was cut/split in two halves using saws and a splitter at the Company's Lowhee Creek Compound in Wells-Barkerville, central B.C. One-half of the core is put in a sample bag. After all the samples are placed in the rice bags at the mine site, they are transported by BGM's personnel to a shipping company in Quesnel for trans-shipment to ALS Minerals in North Vancouver and Inspectorate Exploration & Services Ltd. in Richmond, B.C. for analysis. Sample preparation and geochemical assaying is done at ALS and Inspectorate Labs respectively, following their own internal standards for quality control and verification. The gold assaying method uses a standard fire assay with AA finish and a metallic gold assay for those samples with visible gold. Both ALS and Inspectorate are certified under the Assayers Certification Program of B.C.
PAYDAY11
13 years ago
Good day everyone.... Need answers....
What sparked barkerville to rise to $2.25 a share in 2001 feb-july ?
Was it just news, or share holer hype ? was it they actually mined, or drilled or purchased new property, or mergered, or ??? what made it rise,,, ? there must of been something that sparked the share price to climb ?
Was barkerville not a former company that changed names ?
What it the out look for this new claim they have approval to mine?
Does anyone see any difference from last year, to this year, and will the shares jump more so, even higher, based on this new mining venture with approval ot mine the barkerville mountain?
My concern is the limited time frame to run the operation of mining on a year around basis, due to the winter region its allocated in.
Appreciate any advice.. on these questions.. thanks
gsfl
13 years ago
Barkerville Gold Mines Ltd. : Barkerville Closes Acquisition of the Property and Royalty Interests from Mosquito Consolidated Gold Mines Limited
Jan 17, 2012
Vancouver, BC -- Barkerville Gold Mines Ltd. (TSXV:BGM) (the "Company") announces that it has closed the acquisition of all residual property interests owned by Mosquito Consolidated Gold Mines Limited ("Mosquito") in the Cariboo District near Wells, BC, under the terms previously disclosed on December 7, 2011 (News Release 11-35). These interests include a 50% interest in the Cariboo Gold Quartz Property, placer mining rights on the Mosquito Creek Property and a 3% Net Smelter Return royalty on the Cariboo Gold Quartz Mine Property, Island Mountain Mine Property and Mosquito Creek Mine Property (the "Mosquito Interests"). Pursuant to the letter agreement dated November 30, 2011 between the Company and Mosquito, Mosquito Interests were purchased by the Company for an aggregate consideration of $5,000,000.
About Barkerville Gold Mines Ltd.
Since the mid 1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company's mineral tenures now cover over 117,691.14 hectares, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in the first quarter of fiscal 2011 and the Company began pouring doré gold in September 2010. In November 2010, the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. and upgrade to a 3,000-tonne/day facility subject to government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has not hedged any of its future gold production.
On behalf of the Board of Directors
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
Tel: (604) 669 -- 6463
gsfl
13 years ago
Barkerville Gold Mines Receives Provincial Government Approval for the Bonanza Ledge Gold Mine
VANCOUVER, BRITISH COLUMBIA, Dec 06, 2011 (MARKETWIRE via COMTEX) -- Barkerville Gold Mines Ltd. CA:BGM -7.14% (frankfurt:IWUB) (the "Company") is pleased to report it has received approval of Mines Act Permit M-238 to develop an open pit gold mine at its Bonanza Ledge property near Wells, British Columbia.
The Application, submitted to the B.C. Chief Inspector of Mines in accordance with Part 10.12 of the Health, Safety and Reclamation Code for Mines in British Columbia in August 2010 was formally accepted for review on November 29, 2010. The proposal was reviewed by strategic provincial and federal government agencies, with coordination by the B.C. Ministry of Mines Kamloops office and subsequently by the Chief Inspector's office in Victoria, B.C.
Approximately 73,000 tonnes of ore per year will be produced at the Bonanza Ledge Mine, for a current mine life of four (4) years. The average grade is approximately 9.05 grams per metric tonne (or approximately 0.264 ounces per short ton). The mine design is the culmination of geological exploration, engineering and environmental studies undertaken by the Company in the Barkerville camp since the Bonanza Ledge deposit was discovered in 2000. This work included the extraction of a 10,000 tonne underground bulk sample at Bonanza Ledge in 2004 containing approximately 7,000 ounces of gold.
Frank Callaghan, president and CEO of the Company said: "Approval of the Bonanza Ledge Gold Mine is a major accomplishment for Barkerville Gold Mines in its close to twenty years of exploration in the region. The company has invested its resources in the development of the property and the QR mill, and it's great to see this project come to fruition.
This will mean a lot to the residents of Wells, Quesnel and the Lhtako Dene Nation. It has been a joint effort to make this work with such a small environmental footprint, and the Company is excited to begin development of the mine."
The mine site is on the southwest face of Barkerville Mountain at an elevation of approximately 1,480 m (4850') above sea level and within roughly two kilometers of Highway 26. Existing access is in place to truck the mineralized material to the company's permitted QR Mill, near Quesnel, B.C. for processing to gold dore.
Community and First Nations consultation has taken place on the mine proposal over several years leading up to the Application, and feedback has been incorporated in aspects of the project design. A Memorandum of Understanding is in place between the Company and the Lhtako Dene First Nation providing for continued close cooperation and benefits related to development of the Company's projects in the Cariboo region.
On behalf of the Board of Directors
J. Frank Callaghan, President and CEO
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