Barisan Gold Corporation

TSX VENTURE : BG


Barisan Gold Corporation

September 03, 2014 08:00 ET

Barisan Gold Receives Final Assays for Holes UTD-007 & UTD-008 and Provides Exploration Update for Its Upper Tengkereng Prospect

UTD-008 INTERSECTS 506 METRES OF 0.7G/T GOLD + 0.6% COPPER (1.1% COPPER EQUIVALENT)

UTD-007 INTERSECTS 386 METRES OF 0.8G/T GOLD + 0.5% COPPER (1.0% COPPER EQUIVALENT)

DRILLING CONTINUES, FOCUSED ON THE RECENTLY DISCOVERED NEAR SURFACE HIGH-GRADE ZONE WITH THE GOAL OF PRODUCING A MAIDEN RESOURCE ESTIMATE

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - Barisan Gold Corporation (TSX VENTURE:BG) is pleased to provide investors with an update on exploration activities at its Upper Tengkereng gold-copper porphyry discovery, located in the Province of Aceh, Indonesia.

Assay Results

Final assay results have been received for holes UTD-007 and UTD-008. UTD-007 was a vertical hole drilled in the eastern part of the deposit to test the vertical extensions of the high-grade zone discovered in that area in holes UTD-002/003/005 whereas UTD-008 was drilled in the southern portion of the deposit to test the newly discovered near surface high-grade zone located in that area.

Hole UTD-008 is the best hole drilled so far at Upper Tengkereng, returning the highest grades intercepted over the entire length of a hole as well as the longest intercept above 1% copper equivalent of any hole drilled so far at Upper Tengkereng. As a whole, UTD-008 returned 890 metres of 0.5 g/t gold + 0.5% copper (0.8% copper equivalent at current market prices) 4 metres from surface to the bottom of the hole at 894 metres, including 506 meters of 0.7 g/t gold + 0.6% copper (1.1% copper equivalent at current market prices) from 188 metres to 694 metres.

From
(m)
To
(m)
Intercept
(m)
Gold
(g/t)
Copper
(%)
Gold Eq.
(g/t)
Copper
Eq. (%)
4 894 890 0.51 0.47 1.3 0.8
Incl. 4 750 746 0.57 0.53 1.5 0.9
Incl. 188 694 506 0.71 0.62 1.8 1.1
Incl. 188 464 276 0.68 0.74 1.9 1.2
Incl. 226 464 238 0.72 0.78 2.0 1.2
Incl. 296 464 168 0.85 0.85 2.3 1.4
And 464 694 230 0.75 0.49 1.6 1.0
Incl. 568 640 72 0.90 0.56 1.9 1.1
Copper Eq. & Gold Eq. calculated using current market prices.
No adjustments have been made for metallurgical recovery as these remain uncertain at this time.

Geological understanding of the near surface high-grade zone is advancing following receipt of the drill results and assays from holes UTD-002/006/008. Based on results so far, the zone seems to be approximately 700-800 metres depth starting from surface and contains three distinct types of mineralization stacked one on top of the other. From surface to approximately 100 metres depth, there is the presence of a top layer of advanced argillic altered hydro breccia mineralization where grades average approximately 0.4-0.6% copper equivalent; from 100 to 400 metres depth, there is the presence of high-grade covellite rich silica-pyrophyllite-alunite mineralization where grades average 1.0-1.2% copper equivalent; and from 400 to 800 metres depth, there is the presence of high-grade chalcocite-chalcopyrite mineralization where grades average 0.7-1.0% copper equivalent (see update presentation on the Barisan Gold website at www.barisangold.com for cross-section map interpretations).

Similarly, hole UTD-007 was the second best hole drilled so far at Upper Tengkereng, after hole UTD-008. UTD-007 returned 824 metres of 0.7 g/t gold + 0.3% copper (0.7% copper equivalent at current market prices) 292 metres from surface to the bottom of the hole at 1,116 metres (UTD-007 was drilled from outside the porphyry back towards it, hence why the first 292 metres were not meaningful), including 386 meters of 0.8 g/t gold + 0.5% copper (1.0% copper equivalent at current market prices) from 510 metres to 896 metres.

From
(m)
To
(m)
Intercept
(m)
Gold
(g/t)
Copper
(%)
Gold Eq.
(g/t)
Copper
Eq. (%)
292 1,116 824 0.65 0.34 1.2 0.7
Incl. 510 1,068 558 0.77 0.39 1.4 0.9
Incl. 510 896 386 0.82 0.45 1.6 1.0
Incl. 510 598 88 0.93 0.53 1.8 1.1
And 644 788 144 0.94 0.48 1.7 1.1
Copper Eq. & Gold Eq. calculated using current market prices.
No adjustments have been made for metallurgical recovery as these remain uncertain at this time.

Ongoing Drilling

Drilling continued throughout the summer at Upper Tengkereng, save for the Idul Fitri holiday period in late July/early August. Holes UTD-009 and UTD-011 have since been completed and hole UTD-012 has recently started. Unfortunately hole UTD-010 was abandoned.

UTD-009 was drilled from a new platform located at the south-central edge of the porphyry discover and was drilled in a southeast-northwest direction (302 degree azimuth) with a shallow dip of 50 degrees. UTD-009 was the first hole drilled on a north-south axis into the near-surface high-grade zone previously discovered in holes UTD-002/006/008. Objectives of hole UTD-009 were to extend the footprint of the high-grade zone along the north-south axis. Assays are pending.

UTD-011 was drilled in the opposite direction of UTD-009 (120 degree azimuth) also with a shallow dip of 50 degrees to test the same north-south axis of the near-surface high-grade zone but drilling towards the south. With the rig sitting in the southern edge of the deposit, hole UTD-011 was a short hole to identify the boundaries of the zone. Assays are pending.

UTD-012 began last week and is in the same direction as UTD-011 but with a steeper dip of 85 degrees allowing for a more vertical definition of the high-grade zone in the southern edge of the deposit. As of September 1, 2014, UTD-012 had reached 244 metres in length.

Exploration Program for Next 12 Months

Barisan Gold has refocused all its efforts on the near surface high-grade zone located in the south-central part of the deposit. All resources (drilling, geology, human and financial) are being directed towards that area with a 12-month objective of producing a maiden mineral resource estimate in accordance with NI 43-101.

Initially, the focus will be on delineating the boundaries of the zone. Approximately 10 holes of various lengths and dips have been planned to delineate the east-west-north-south boundaries of the near-surface high-grade zone. At this stage, the zone remains open in all directions, except towards the southeast corner where hole UTD-011 reached the boundary of the porphyry deposit.

After having delineated the boundaries of the zone, resource drilling will commence, where at least 8-10 holes will be required (in addition to holes already drilled or being planned) depending on the final footprint of the zone.

Barisan Gold retained the independent laboratory services of PT Intertek Utama Services of Jakarta, Indonesia, which, in the case of UTD-007/008, 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.

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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FOR FURTHER INFORMATION, visit the Company's website at www.barisangold.com.

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.

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