Barkerville Gold Mines Ltd.
TSX VENTURE : BGM
FRANKFURT : IWUB

Barkerville Gold Mines Ltd.

May 03, 2010 08:01 ET

Barkerville Intercepts Gold Beneath Bonanza Ledge and Up to 25.7 g/T at Cow Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2010) - Barkerville Gold Mines Ltd. ("Barkerville", the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) announces that it has confirmed Bonanza Ledge style disseminated gold mineralization at depth in diamond drill hole BC10-03, intercepting up to 50% pyrite replacement below 500 ft returning 3.8g/T gold from 505.6 ft to 510.0 ft (see table). The current Bonanza Ledge NI 43-101 resource has only been defined to a depth of 250 ft. Based on these results, the Company is making immediate plans to follow up with several more diamond drill holes to be done to depth and along trend to the Bonanza Ledge deposit.

Further, the Company reports that it has received results from several of its drill holes from the reconnaissance exploration program at Cow Mountain and Island Mountain (see table). Further drill results pending. Highlights include:

  • Drill holes CM10-05 & 11 intercepted quartz veins with up to 40% massive and/or semi-massive pyrite, which returned significant assays up to 25.7 g/T gold.
  • Drill hole CM10-04, intercepted 50.0 feet of 0.62 g/T gold from 507.0 ft to 557.0 ft, including 17.8 ft of 1.41 g/T gold in dark grey quartzite with 1-2% pyrite dissemination between 519.2 ft to 537.0 ft in the Rainbow Fault Zone.
  • CM10-04 also intercepted 22.5 ft of 1.57 g/T gold in quartz vein from 477.0 ft to 499.5 ft.

Base on these results, the Company has immediate plans to further drill this new zone along with the resource and pit expansion drilling program early this year.

Arnie Pollmer, P.Geo, designed drill holes CM10-05 through 12 for reconnaissance exploration purposes in the northwest area of Cow Mountain.

CM10-01 through 04 in the northwest Cow Mountain were designed by Dr. Jim Yin to test the continuity of the gold mineralization in the new zone of gold mineralization outside of the proposed Cariboo Gold Quartz open pit intercepted by drill holes CM09-07 and CM09-08 completed at the end of 2009 (see News Release 10-03 January 18, 2010). CM10-04 was collared approximately 60 ft mine grid west of CM09-07 & 08.

Preliminary interpretations of the mineralized bodies intercepted respectively by drill holes CM09-07, CM10-09, CM10-04 and CM10-02 are as follows: The dominant host rock of the whole ore body is dark grey blocky quartzite with 1-2% coarse-grained cubic pyrite disseminations, and quartz vein above or below the mineralized quartzite. The controlled length of the ore zone is around 200 feet. The mineralized quartzite body plunges to the northwest (true north) at an angle of approximately 55 degrees. The ore body has a trend to swell at depth to northwest and to thin out at the surface to the southeast. The thickness and width are not clear at this time due to limited drill holes. The major ore controls include Rainbow Fault and the dark grey blocky quartzite.

Drill Hole From To Width Gold
Feet Feet g/T
IM10-01 66.0 69.3 3.3 1.01
196.0 200.6 4.6 0.27
326.0 346.0 20.0 0.22
356.0 361.0 5.0 0.18
371.6 381.9 10.3 0.13
403.5 409.8 6.3 0.23
436.0 448.0 12.0 0.47
CM10-01 71.4 74.0 2.6 0.29
173.0 174.0 1.0 0.11
187.0 190.0 3.0 1.27
279.5 282.0 2.5 1.54
CM10-02 232.5 246.0 13.5 0.66
including
232.5 237.0 4.5 1.03
CM10-03 37.0 49.7 12.7 0.10
CM10-04 269.5 273.0 3.5 0.31
404.4 409.3 4.9 0.22
477.0 499.5 22.5 1.57
including
477.0 487.0 10.0 1.50
497.0 499.5 2.5 7.20
507.0 557.0 50.0 0.62
including
519.2 537.0 17.8 1.41
CM10-05 510.0 513.0 3.0 14.60
517.0 525.0 8.0 0.24
CM10-07 495.8 500.5 4.7 0.12
CM10-09 Pending
CM10-10 Pending
CM10-11 66.0 76.0 10.0 0.24
452.2 456.8 4.6 16.1
including
454.0 456.8 2.8 25.7
466.0 473.6 7.6 0.79
including
471.7 473.6 1.9 2.56
481.7 482.6 0.9 0.57
487.5 492.6 5.1 0.17
546.0 556.0 10.0 0.12
BC10-03 126.0 136.0 10.0 2.36
176.0 186.0 10.0 0.11
206.0 246.0 40.0 0.26
473.2 486.7 13.5 0.21
505.6 510.0 4.4 3.80

About Barkerville Gold Mines Ltd.

The Company has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced 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 February 2, 2010, the Company reported that it closed the acquisition of the QR Mine, Mill and its associated assets and began gold mining operations at the QR Mine.

The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.

On Behalf of the Board of Directors

J. Frank Callaghan, President

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Barkerville Gold Mines Ltd.
    Andrew H. Rees
    Director
    604-669-6463 or Toll Free: 1-800-663-9688
    604-669-3041 (FAX)
    www.barkervillegold.com