TORONTO, ON – July 26th, 2017 – Barkerville Gold Mines Ltd. (TSXV: BGM) (the “Company” or “Barkerville”) is pleased to announce additional drilling results from the ongoing 130,000 metre Phase II Island Mountain exploration drilling program at the Company’s flagship Cariboo Gold Project. The Company is currently exploring and delineating the Valley and Shaft Zones with seven drill rigs, while an eighth drill rig is conducting exploratory drilling on Barkerville Mountain. Given the continued drilling success at the project, the Company has ordered two additional drill rigs for early August 2017 bringing the total number of operating rigs to ten. Detailed drilling results, a drill hole location plan map, level plan and longitudinal section are presented at the end of this release.

Drilling Highlights:

  • IM-17-104: 11.93 g/t Au over 7.15 metres
  • IM-17-109: 12.19 g/t Au over 5.55 metres
  • IM-17-111: 15.94 g/t Au over 3.00 metres
  • IM-17-113: 29.95 g/t Au over 8.85 metres
  • IM-17-115: 10.14 g/t Au over 4.00 metres
  • IM-17-116: 11.68 g/t Au over 3.00 metres

True widths cannot be accurately determined from the information available therefore core lengths are reported.

Shaft Zone Veining Expands at Depth

Continuity and extensions of the Shaft Zone vein systems continues as demonstrated by drillhole
IM-17-113 which intersected three separate corridors grading 10.84 g/t Au over 4.95 metres, 4.71 g/t Au over 10.25 metres followed by 29.95 g/t Au over 8.85 metres from 400 to 475 metres vertically below surface. These new intersections correlate along vein strike to the northeast with previously reported drillhole CM-17-023 which recently discovered veining grading 12.43 g/t Au over 7.20 metres and
5.22 g/t Au over 19.55 metres
. These holes are separated by an untested 175 metre gap and are open for expansion.

In the same portion of the Shaft Zone, drillhole IM-17-104 intersected additional veining grading
11.93 g/t Au over 7.15 metres at a vertical depth of 450 metres below surface. This new occurrence is untested along vein strike for 275 metres to previously reported drillholes CM-17-014 and CM-17-045 which intersected 11.98 g/t Au over 4.35 metres and 5.41 g/t Au over 3.50 metresrespectively.

Chris Lodder, President and CEO, comments, “Two more drills will be added to the exploration program in August. This allows testing of new targets on Barkerville Mountain and regionally while the present eight rigs concentrate on drilling of the main targets on Island Mountain, Cow Mountain and the Valley Zone. The regional exploration program is advancing gold in rock and soil anomalies defined in 2016 to drill stage. Regional exploration crews are also continuing with systematic reconnaissance exploration along the Cariboo Break and newly defined parallel structures. The Bonanza Ledge Mine development is progressing and planned mill start up for August is on schedule. In regard to the wildfire situation in the Cariboo Region of BC, BGM’s exploration drilling was voluntarily suspended for 9 days in July while the wildfire rating had reached extreme. All rigs are now back at work as the local danger has subsided sufficiently in the Wells – Barkerville area.”

Qualified Persons

Exploration activities at the Cariboo Gold Project are administered on site by the Company’s Exploration Manager, Maggie Layman, P.Geo. As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on the Cariboo Gold Project.

Quality Assurance – Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently stored on site at the Company’s secure facility in Wells, BC. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Company’s Qualified Person, Paul Geddes, P.Geo, Vice President Exploration.

Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 250 grams is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 1,000g screen metallic fire assay. A selected number of samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

For further information on Barkerville Gold Mines Ltd. please contact:
Chris Lodder
President & Chief Executive Officer
155 University Avenue, Suite 1440
Toronto, Ontario, Canada
[email protected]

About Barkerville Gold Mines Ltd.

The Company is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. Barkerville’s mineral tenures cover 2,110 square kilometres along a strike length of 67 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia. The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by Barkerville in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of 2015 with 91,489 tonnes of material milled producing 25,464 ounces of gold. The Company has completed several drilling and exploration programs over the past 20 years and has compiled this data with all historical information in order develop geologic models which are assisting management in defining new deposits in the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization.

Cautionary Statement on Forward -Looking Information
Neither the TSX Venture Exchange (‘TSXV’) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Table 1: Length weighted gold composites for Valley and Shaft Zone drillholes:

HOLE-ID FROM (M) TO (M) CORE LENGTH (M) AU (G/T)
CM-17-056 319.70 320.90 1.20 6.13
CM-17-056 382.40 382.90 0.50 28.20
CM-17-058 28.50 29.70 1.20 1.25
CM-17-059 132.50 136.00 3.50 8.54
INCLUDING 134.90 135.40 0.50 12.25
AND 135.40 136.00 0.60 26.10
CM-17-059 137.50 138.00 0.50 6.18
CM-17-059 145.30 146.20 0.90 7.03
CM-17-059 156.80 157.30 0.50 10.30
CM-17-059 231.00 231.50 0.50 11.10
CM-17-059 236.00 236.50 0.50 7.20
CM-17-060 31.05 32.20 1.15 5.09
CM-17-061 398.30 399.00 0.70 27.20
CM-17-062 257.50 258.05 0.55 8.25
CM-17-062 282.60 283.10 0.50 35.60
CM-17-062 287.05 288.55 1.50 7.71
IM-17-104 246.75 247.45 0.70 8.66
IM-17-104 509.50 509.90 0.40 16.45
IM-17-104 588.80 595.95 7.15 11.93
INCLUDING 588.80 589.40 0.60 13.70
AND 593.20 593.90 0.70 8.90
AND 593.90 594.40 0.50 114.50
AND 595.00 595.95 0.95 8.67
IM-17-108 124.60 125.40 0.80 10.25
IM-17-108 247.80 250.00 2.20 17.40
INCLUDING 247.80 248.30 0.50 70.20
IM-17-108 307.05 307.80 0.75 17.00
IM-17-108 357.00 358.00 1.00 24.40
IM-17-108 555.95 557.00 1.05 17.95
IM-17-108 561.40 564.70 3.30 7.50
IM-17-108 587.00 587.50 0.50 14.15
IM-17-108 639.10 639.60 0.50 13.10
IM-17-108 657.05 657.55 0.50 7.20
IM-17-108 660.45 662.50 2.05 19.42
INCLUDING 661.15 661.85 0.70 56.00
IM-17-108 673.15 673.65 0.50 13.60
IM-17-109 99.55 105.10 5.55 12.19
INCLUDING 99.55 100.50 0.95 44.50
AND 104.60 105.10 0.50 34.70
IM-17-110 58.80 60.30 1.50 42.40
IM-17-110 99.80 100.30 0.50 13.15
IM-17-110 345.20 346.10 0.90 8.55
IM-17-110 405.00 405.80 0.80 14.10
IM-17-110 527.00 527.75 0.75 32.90
IM-17-110 527.00 527.75 0.75 32.90
IM-17-110 596.50 597.00 0.50 33.70
IM-17-110 610.80 611.50 0.70 8.04
IM-17-111 53.00 56.00 3.00 15.94
INCLUDING 54.60 55.10 0.50 93.40
IM-17-112 ASSAYS PENDING
IM-17-113 17.30 18.00 0.70 8.87
IM-17-113 20.40 21.00 0.60 15.40
IM-17-113 22.70 23.75 1.05 19.00
IM-17-113 406.00 406.95 0.95 9.40
IM-17-113 407.50 408.50 1.00 6.88
IM-17-113 454.50 455.10 0.60 19.50
IM-17-113 497.30 502.25 4.95 10.84
INCLUDING 497.30 497.90 0.60 22.70
AND 499.50 500.75 1.25 21.10
IM-17-113 525.45 526.40 0.95 7.15
IM-17-113 537.75 548.00 10.25 4.71
INCLUDING 537.75 538.25 0.50 19.80
AND 546.30 547.10 0.80 12.60
AND 547.10 548.00 0.90 26.20
IM-17-113 597.15 606.00 8.85 29.95
INCLUDING 597.15 597.65 0.50 17.95
AND 597.65 598.15 0.50 18.05
AND 601.50 602.00 0.50 108.00
AND 602.75 603.35 0.60 23.30
AND 603.35 604.50 1.15 154.50
IM-17-114 ABANDONED
IM-17-115 152.70 153.20 0.50 54.80
IM-17-115 220.50 221.00 0.50 7.58
IM-17-115 419.30 423.30 4.00 10.14
INCLUDING 422.20 422.70 0.50 8.85
AND 422.70 423.30 0.60 54.70
IM-17-116 78.00 81.00 3.00 11.68
INCLUDING 79.00 79.50 0.50 43.30
AND 79.50 80.15 0.65 19.55
IM-17-116 210.00 213.00 3.00 8.59
INCLUDING 211.20 212.00 0.80 9.64
AND 212.00 213.00 1.00 17.05
IM-17-116 313.00 314.00 1.00 7.77
IM-17-116 422.25 433.70 11.45 5.02
INCLUDING 425.00 426.20 1.20 16.25
AND 428.05 429.20 1.15 23.70
IM-17-116 476.50 479.55 3.05 8.83
INCLUDING 477.70 478.30 0.60 36.10
IM-17-116 503.10 504.20 1.10 24.46
INCLUDING 503.10 503.60 0.50 52.50
IM-17-117 164.00 164.50 0.50 25.20
IM-17-117 218.10 218.60 0.50 13.55
IM-17-117 261.30 262.20 0.90 17.30
IM-17-117 468.95 470.00 1.05 14.85
IM-17-118 60.80 62.00 1.20 17.75
INCLUDING 60.80 61.40 0.60 34.50
IM-17-118 76.30 77.40 1.10 10.75
IM-17-118 174.30 174.80 0.50 10.50
IM-17-118 345.50 346.00 0.50 9.41
IM-17-118 358.95 359.60 0.65 9.45
IM-17-118 372.50 374.00 1.50 7.63

True widths cannot be accurately determined from the information available therefore core lengths are reported. Rock not recovered by drilling was assigned zero grade. Top cuts have not been applied to high grade assays. SHAFT = Shaft Zone, VALLEY = Valley Zone.

Table 2: Drillhole Collar Orientations:

HOLE-ID AZIMUTH DIP
CM-17-058 224.80 -44.30
IM-17-104 131.60 -61.50
IM-17-108 136.70 -48.30
IM-17-109 136.80 -63.80
IM-17-110 130.40 -45.10
IM-17-111 135.70 -44.00
IM-17-113 122.60 -64.40
IM-17-114 127.70 -42.80
IM-17-115 135.60 -45.40
IM-17-116 138.30 -64.60
IM-17-117 137.30 -41.30
IM-17-118 140.60 -43.60
CM-17-056 135.30 -44.50
CM-17-059 307.50 -45.00
CM-17-060 223.50 -64.70
CM-17-061 312.00 -55.90
CM-17-062 311.60 -45.80