VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 9, 2014) - Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce the first batch of drill results for hole UTD-004 at its Upper Tengkereng porphyry prospect, located in the Province of Aceh, Indonesia.
Hole UTD-004 was completed on January 8, 2014 at a final length of 1,465 metres, making it the longest and deepest hole ever drilled at the Barisan porphyry prospects. Similar to the three previous holes, UTD-004 was fully mineralized, intercepting porphyry mineralization six metres from surface all the way to the end of the hole at 1,465 metres, with only a narrow 82 metre barren zone intercepted towards the top of the hole (compared with two barren zones for a combined 158 metres in UTD-003). As a result, the porphyry system remains open in all directions as well as at depth (true depth of UTD-004 is estimated at 1,394 metres) after the first four holes.
Assays have been received for the first 986 metres of UTD-004, results of which are presented below. Despite being drilled away from the high-grade zone identified in UTD-002 and UTD-003, UTD-004 returned two intercepts that include similar high grades to those intercepted in UTD-002 and UTD-003. From 320 to 350 metres, UTD-004 returned 30 metres at 1.2 g/t gold + 0.4% copper, similar to the 1.2 g/t gold + 0.5% copper intersected from 638 metres in UTD-002. The UTD-004 intercept is 40 metres to the southwest and 300 metres shallower than the UTD-002 intercept, hence widening the potential shell of that high-grade zone both horizontally and vertically. Deeper down hole, from 664 to 866 metres, UTD-004 returned 202 metres at 0.7 g/t gold + 0.4% copper + 0.01% molybdenum. This 202-metre long continuous high-grade zone is located 185 metres to the east and 200 metres deeper than the high-grade zone of UTD-002/003, potentially extending that zone on an east-west and depth basis.
"We are very pleased with the first batch of results received from hole UTD-004," said Alex Granger, Chief Executive Officer of Barisan Gold. "Although we were drilling away from the high grade zone identified in the last two holes, we still managed to intercept two similar high grade zones in UTD-004 to those in holes UTD-002 and UTD-003, including one zone that is 202 metre wide at the 664 metre level, the second widest high grade zone intersected in the deposit so far. The results appear to indicate that the high grade zone is going much further to the west than our geological models predicted."
Following UTD-003, Barisan Gold had identified a 60 by 25 metre high-grade zone (with a depth of 250 metres). The potential footprint of this high-grade zone has now been increased to 100 by 210 metre (with a depth of 530 metres) as a result of the two new intercepts drilled in UTD-004.
In addition, UTD-004 has also returned the first meaningful molybdenum intercepts identified at the Upper Tengkereng porphyry prospect. The first 986 metres of UTD-004 average approximately 0.01% molybdenum with assays as high as 0.12% molybdenum in some areas.
The following table presents the assays received to date for UTD-004.
||AA-ARG, Hydro Breccia, FP
||Barren Zone (grade below 0.1% copper eq.)
|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
The rest of hole UTD-004, from 986 to 1,465 metres, remains in a series of dioritic and tonalitic intrusions which contain some visually interesting zones that could yield meaningful intercepts. From 1,044-1,080 & 1,097-1,193 metres, a tonalite rock formation was intercepted which seems to contain meaningful chalcopyrite mineralization. From 1,307-1,317 metres, a potassic rock formation was intercepted which seems to contain meaningful chalcopyrite mineralization. From 1,356-1,448 metres, meaningful chalcopyrite mineralization has been visually identified.
Separately, on December 24, 2013, Barisan Gold completed the construction of the new 130-metre road to the new drilling area on time and below budget, allowing for the construction of the next drill pad. The new drill pad is now ready to receive for set up the rig as soon as de-commissioning of hole UTD-004 is complete. The drilling contractor is currently pulling the rods out of UTD-004, following which the rig will be moved to the new drill platform and drilling of hole UTD-005 will begin. The transition between drill pads is expected to take approximately two weeks.
Hole UTD-005 is being planned with an azimuth of 55 degrees and an inclination of 76 degrees. UTD-005 is designed to test the north eastern boundary of the high-grade zone identified in UTD-002 and UTD-003 by pursuing the UTD-002 intercept of 59 metre grading 1.2 g/t gold + 0.5% copper both in the north eastern direction and at depth. In addition, UTD-005 will be testing the limestone contact zone identified at surface, located north east of the diorite footprint. Very little is currently known about the limestone present at surface and UTD-005 will help in determining the vertical inclination of the limestone and how the mineralization interacts in the contact zone between the porphyry and the limestone zone. UTD-005 is planned to a length of 1,200 metres, unless it hits a vertically dipping limestone zone prior to that.
"UTD-005 is an exciting hole for Barisan Gold," further added Alex Granger. "With completion of the permitting and construction of the new drill pad located closer to the center of the deposit, we will be able to target new highly prospective areas of the porphyry deposit that were unreachable from the previous drill pad. UTD-005 is lined up parallel to UTD-002 and will chase both the northeast extension of the UTD-002 high-grade zone at a steeper angle and the yet to be targeted contact zone between the diorite and the limestone."
Barisan Gold intends on updating the market early in February with final assays for the 986-1,465 metre section of UTD-004 as well as a general progress update on drilling at UTD-005. Should UTD-005 reach its targeted length of 1,200 metres, it is anticipated be completed by mid/late March 2014.
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.