VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 5, 2013) - Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce initial drilling results at its Upper Tengkereng prospect, located in the Province of Aceh, Indonesia.
Hole UTD-003 was completed on October 14, 2013 to a depth of 922 metres and final assays have been received. Porphyry mineralization was intersected in UTD-003 from 18 metres to the end of the hole at 922 metres. UTD-003 validated the geological model of the Upper Tengkereng porphyry prospect by confirming the width and depth of the high grade zone identified in hole UTD-002. UTD-002, drilled in December 2010, intersected a 59 metre interval grading 1.21 g/t gold + 0.48% copper (2.0g/t gold equivalent or 1.2% copper equivalent) at the bottom of its hole. At the same depth and area, UTD-003 intersected important copper and gold mineralization, including a 262 metre interval grading 0.81 g/t gold + 0.49% copper (1.6g/t gold equivalent or 1.0% copper equivalent). UTD-003 has significantly increased the width of mineralisation along a southeast-northwest direction on the north-eastern edge of the system, further validating the mineralization intersected in UTD-002.
The following table presents the complete assays of UTD-003. UTD-003, as a whole, returned 904 metres grading 0.41 g/t gold + 0.25% copper (0.8g/t gold equivalent or 0.5% copper equivalent).
||AA-ARG, Hydro Breccia, FP
||Barren Zone (grade below 0.1% copper eq.)
||AA-ARG, Hydro Breccia, HFP/FP
||Barren Zone (grade below 0.1% copper eq.)
||SCC, Propylitic, FP
|AA-ARG = Advanced Argillic-Argillic, ARG = Argillic, UA = Unaltered, SCC = Chlorite-Sericite
|FP = Feldspar Porphyry, HFP = Hornblende Feldspar Porphyry, HDI = Hornblende Diorite
"We are very pleased with this first hole of the new drill program," said Alex Granger, Chief Executive Officer of Barisan Gold. "We have validated one of the highest-grade porphyry discoveries anywhere in the world of the past decade. There are very few new porphyry discoveries that have returned intercepts of 1% copper equivalent over more than 250 metres. This is even more impressive by the fact that we have not yet drilled down to the potassic zone and associated bornite mineralization of the Upper Tengkereng porphyry system where higher grades are usually intersected. The grades we are intersecting higher up in this system are higher than those that other recent discoveries have found in bornite rich mineralization within potassic zones."
Drilling of hole UTD-004, began on October 24, 2013. UTD-004 is being drilled from the same drill platform as UTD-003 with an azimuth of 290 degrees and an inclination of 75 degrees. UTD-004 is designed to test the center of the surface identified diorite intrusive, which has yet to be targeted by the first three holes. In addition, the steep inclination of the hole is meant to try to target the potassic core mineralization of the porphyry prospect at depth, where grades are anticipated to be higher. UTD-004 is planned to a depth of 1,400 metres and, should it reach that depth, is likely to be completed by the end of the year with assays available early in the New Year. As of today, UTD-004 has reached a length of 192 metres and is fully mineralized starting at 6.6 metres from surface to the current point.
Barisan Gold is also currently in the process of planning, approving and building a 130 metre road from the current drill platform to an area where the next drill platform will be built. The road and new drill platform are expected to be completed by year end. The following few holes will be drilled from that platform, which will have the advantage of being located closer to the middle of the deposit rather than on its eastern edge like the first two drilling platforms. An updated map of Upper Tengkereng, including the locations of UTD-003, UTD-004 as well as the proposed road and new drill platform is available on Barisan Gold's website at www.barisangold.com/barisanporphyry/uppertengkereng.
Barisan Gold remains well financed to advance drilling at its Upper Tengkereng prospect with an estimated $3.6 million of cash on hand at end as at September 30, 2013.
Barisan Gold also wishes to announce that 200,000 incentive stock options having an exercise term of 5 years and an exercise price equal to the higher of (a) today's closing market price and (b) $0.10 are being granted to Mr. Steven Feldman, Manager Investor Relations, who was appointed on October 28, 2013.
All gold equivalent and copper equivalent figures based on current market prices. Copper Equivalent % = (Copper % + ((Gold Grade x Gold Price) / (22.0462 x Copper Price x 31.0135)). Gold Equivalent g/t = (Gold g/t + ((Copper % x 2204.6 x Copper Price) / (Gold Price x 0.0310135)).
Dibiansyah Hamid, MAIG, the designated QP within the meaning of NI 43-101, has reviewed and approved the content of this release.
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.
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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 40,706,186 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 reflect management's current assumptions and expectations regarding future work programs at the Company's Upper Tengkereng Porphyry prospect, results of any work programs, the Company's performance or events as of the date hereof 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, the interpretation of drill results and the estimation of mineral resources and reserves; 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.