VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2014) - Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce drill results for hole UTD-005 at its Upper Tengkereng gold-copper porphyry prospect, located in the Province of Aceh, Indonesia.
Hole UTD-005 was completed on March 17, 2014 at a final length of 1,121 metres. UTD-005 is the most successful drill hole to date at Upper Tengkereng in terms of both grades and intercept width. From 520 to 710 metres, UTD-005 returned 190 metres of 1.3 g/t gold + 0.6% copper (1.4% copper equivalent at current market prices) within a wider intercept of 348 metres of 0.9 g/t gold + 0.4% copper (1.0% copper equivalent at current market prices). In addition, higher up hole, from 442 to 472 metres, UTD-005 returned 30 metres of 0.8 g/t gold + 0.3% copper + 0.002% molybdenum (0.8% copper equivalent).
"Hole UTD-005 is an extraordinary drill hole and continues to validate Upper Tengkereng's potential as a significant new gold-copper porphyry system in a country that hosts some of the world's richest porphyry deposits," said Alex Granger, Chief Executive Officer of Barisan Gold. "Our geological models had predicted a 150 metre wide high grade zone of 1% copper equivalent from 525 metres; instead UTD-005 hit a 348 metre high grade zone of 1% copper equivalent from 520 metres. In addition, our geological models had predicted we would hit the vertical limestone contact wall at the 750 metre mark; instead limestone was never intersected anywhere along the hole. This has resulted in changes to our geological models which now show an extended and wider high grade zone and a limestone contact zone that is diagonally dipping away from the deposit rather than vertical."
Hole UTD-005 was drilled with an azimuth of 55 degrees and an inclination of 78 degrees. The hole was mineralized six metres from surface until the bottom of the hole. Two narrow barren zones (same as the ones intersected in holes UTD-002/003/004) were intersected at the 126-258 metre level and 472-520 metre level. From the 956-metre level, UTD-005 entered volcanoclastic sedimentary rock. At the contact between the porphyry and volcanoclastic sedimentary rock, UTD-005 intersected a skarn/calc-silicate zone which returned, from 956-970 metres, 14 metres at 0.3 g/t gold + 0.3% copper + 1.1% zinc. From 970 metres, the volcanoclastic sedimentary zone remains mineralized, albeit at lower grades than those experienced in the porphyry/diorite zones. The presence of this skarn/calc-silicate zone in UTD-005 makes it more likely that there exists skarn mineralization at the contact zone between the limestone and the porphyry, which, if present, would likely be of much higher grade than this skarn/calc-silicate zone as the skarn identified in UTD-005 is only affected by calcareous sediment, not pure limestone. No limestone was intersected in UTD-005, which indicates that the limestone cap located east and north of the diorite footprint is not vertically dipping but more likely diagonally dipping away from the deposit, horizontally lying or sitting much closer to surface. An updated geological interpretation of the UTD-002/005 cross section can be found in the latest version of the investor presentation located on the Barisan Gold website (www.barisangold.com).
Assays have been received for the first 1,000 metres of UTD-005, results of which are presented below. Assays for the remaining of the final 121 metres are pending but are assumed to not be meaningful as that zone is located in the volcanoclastic rock.
||AA-ARG, Hydro Breccia
||ARG, Hydro Breccia
||Barren Zone (grade below 0.1% copper eq.)
||AA-ARG, Hydro Breccia
||Phyllic/ARG, HFP/FP/Hydro Breccia
||Barren Zone (grade below 0.1% copper eq.)
||Skarn/Calc-Silicate, Volcanoclastics Sediments
||SCC/Propylitic, Volcanoclastics Sediments
|AA-ARG = Advanced Argillic-Argillic, ARG = Argillic, UA = Unaltered, SCC = Chlorite-Sericite
|FP = Feldspar Porphyry, HFP = Hornblende Feldspar Porphyry, HDI = Hornblende Diorite, EDI = Equigranular Diorite
In light of the results of UTD-005 (more precisely the presence of skarn/calc-silicate and the lack of limestone), Barisan Gold has hired, on a two-month contract, a team of geologists, whose sole focus will be to map in detail the limestone area sitting to the east and north of the diorite footprint. Barisan Gold aims to identify key areas and build a drill pad atop the limestone over the next few months in order to drill test the potential for skarn mineralization at the contact zone between the porphyry and the limestone.
In the meantime, drilling continues at Upper Tengkereng and, on March 26, 2014, drilling commenced at hole UTD-006. UTD-006 is being drilled using the same drill platform as UTD-005 with an azimuth of 267 degrees and an inclination of 75 degrees. UTD-006 has been planned to test the south western part of the diorite footprint where there hasn't been any drilling to date. The azimuth is lined up to intersect one of the four high grade copper-gold geochemical anomalies mapped at surface, located at the south west corner of the diorite footprint. UTD-006 is also expected to intersect, in the upper parts of the hole, the high grade copper quartz-alunite zone where UTD-002 intersected 114 metres at 0.3 g/t gold + 0.7% copper from 226 metres to 340 metres in length. UTD-006 is planned to a length of 1,500 metres, which is where it is expected to reach the western edge of the diorite footprint. An updated map is available on the Barisan Gold website (www.barisangold.com/barisanporphyry/uppertengkereng) that shows the positioning and direction of UTD-006.
As of March 29, 2014, UTD-006 had reached a length of 100 metres. The hole is mineralized 1 metre from surface until the current position. Assuming forecast drilling pace is maintained, UTD-006 should reach 1,500 metres towards the end of May 2014.
Barisan Gold retained the laboratory services of PT Intertek Utama Services of Jakarta, Indonesia, which, in the case of UTD-005, employed the fire assay method (FA50) on gold samples and for other precious and base metal analyses, ICP with multi acid digestion.
Dibiansyah Hamid, MAIG, the designated QP within the meaning of NI 43-101, has reviewed and approved the content of this release.
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About Barisan Gold Corporation
Barisan Gold (TSX VENTURE:BG) is a Canadian-based minerals exploration company listed on the TSX Venture Exchange under the symbol "BG". The Company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. Barisan Gold currently owns and operates two gold and gold-copper properties in Indonesia's Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt and the Abong epithermal gold project. Barisan Gold currently has 40,721,186 shares outstanding.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs at the Company's Upper Tengkereng Porphyry prospect, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; and general market and mining exploration risks. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.