NEW FOOTWALL EXTENSION GRADES 48.07 G/T AU OVER 4.10 METRES

 

TORONTO, ON – August 29th, 2017 – Barkerville Gold Mines Ltd. (TSXV: BGM) (the “Company” or “Barkerville”) is very pleased to announce that additional drilling results from the ongoing 130,000 metre Phase II Island Mountain exploration drilling program at the Company’s flagship Cariboo Gold Project have confirmed short range continuity of the vein systems and expanded a veining corridor at depth in the Shaft Zone. The Company is currently exploring and delineating the Valley and Shaft Zones with eight drill rigs, while a ninth drill rig is testing a broad gold in soil anomaly on Barkerville Mountain. Drill ten is currently expanding the known mineralization on the BC Vein. Detailed drilling results, a drill hole location plan map, vertical section and longitudinal section are presented at the end of this release.

 

Shaft Zone Footwall Mineralization Expanded

 

Drillhole IM-17-132 has extended the shallow footwall extents of the vein-hosting sandstone package through the intersection of new veining grading 48.07 g/t Au over 4.10 metres at a vertical depth of 90 metres below surface. This new intersection represents the up-dip extension of mineralization intersected by previously reported Phase II drillhole IM-17-101 which discovered two significant veining corridors grading 13.31 g/t Au over 11.00 metres and 7.60 g/t Au over 11.75 metres at vertical depths of 180 metres and 250 metres respectively. This footwall portion of the Shaft Zone is sparsely drilled and is open for expansion in all directions.

 

Infill Drilling Discovers New Veining

 

Averaging 14.03 g/t Au over 10.55 metres at a vertical depth of 150 metres in the Shaft Zone, Phase II infill drillhole IM-17-128 intersected new veining in an area that was formerly believed to be closed off by Phase I drilling. At an average vertical depth of 410 metres below surface, infill drillhole IM-17-130 intersected three veining corridors grading 12.39 g/t Au over 8.85 metres, 6.54 g/t Au over 8.50 metres followed by 10.38 g/t over 9.50 metres. These new occurrences are situated 20 metres southwest along vein strike of previously reported drillhole IM-17-104 which intersected 11.93 g/t Au over 7.15 metres. The lack of drilling below these intersections allows for downdip expansion.

 

“Drilling on Island Mountain again identifies new vein corridors and extensions to previously discovered mineralized zones,” noted Chris Lodder, President and CEO of BGM. “With the large number of mineralized occurrences identified to date, the Exploration team is now working with our Operations and Environmental Departments on a development plan and permitting to gain new underground access to Island Mountain, the Valley Zone and Cow Mountain. This access will be advanced over the next few years and allow for more efficient exploration, assist with feasibility level work requirements and reduce surface disturbances. In the meantime, drilling from surface will continue at a rate of at least 120,000 m per year”.

 

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 Phase II drillholes:

HOLE-ID FROM (M) TO (M) CORE LENGTH (M) AU (G/T)
CM-17-063 78.60 79.25 0.65 8.73
CM-17-063 212.00 212.65 0.65 8.78
CM-17-063 333.60 334.35 0.75 34.80
CM-17-063 371.85 377.40 5.55 7.50
INCLUDING 371.85 372.35 0.50 9.06
AND 372.35 372.85 0.50 21.10
AND 372.85 373.35 0.50 45.20
CM-17-064 76.90 77.40 0.50 13.70
CM-17-064 81.90 82.75 0.85 31.10
CM-17-064 151.70 156.10 4.40 16.44
INCLUDING 151.70 152.55 0.85 53.40
AND 153.10 153.60 0.50 24.00
AND 155.60 156.10 0.50 25.20
CM-17-064 289.00 289.70 0.70 15.35
CM-17-064 290.20 291.00 0.80 7.17
CM-17-064 300.50 301.00 0.50 10.65
CM-17-064 321.80 330.70 8.90 9.01
INCLUDING 321.80 322.30 0.50 13.60
AND 325.30 325.80 0.50 14.85
AND 325.80 326.85 1.05 38.70
AND 326.85 327.35 0.50 25.60
AND 330.10 330.70 0.60 19.55
CM-17-064 378.70 379.35 0.65 13.35
CM-17-064 389.15 389.95 0.80 14.95
CM-17-064 598.60 599.10 0.50 17.45
CM-17-065 100.30 100.95 0.65 7.17
CM-17-065 145.70 146.55 0.85 8.66
CM-17-065 169.50 170.00 0.50 13.75
IM-17-122 541.70 542.20 0.50 11.10
IM-17-122 592.15 595.25 3.10 8.26
INCLUDING 593.00 593.70 0.70 14.95
AND 594.55 595.25 0.70 14.35
IM-17-123 ASSAYS PENDING
IM-17-125 417.45 418.25 0.80 8.94
IM-17-125 626.00 629.45 3.45 16.20
INCLUDING 626.00 626.70 0.70 7.40
AND 626.70 627.75 1.05 7.74
AND 628.70 629.45 0.75 56.80
IM-17-125 641.50 642.00 0.50 26.90
IM-17-125 645.00 645.75 0.75 16.00
IM-17-125 647.30 648.00 0.70 8.85
IM-17-125 650.00 650.80 0.80 15.85
IM-17-126 175.60 176.30 0.70 11.20
IM-17-126 178.50 179.15 0.65 7.10
IM-17-126 325.40 325.90 0.50 11.00
IM-17-126 348.00 348.50 0.50 32.60
IM-17-126 350.85 351.45 0.60 10.50
IM-17-126 355.00 360.60 5.60 12.49
INCLUDING 355.80 356.30 0.50 9.90
AND 356.30 357.50 1.20 21.30
AND 357.50 358.10 0.60 32.60
AND 358.10 358.90 0.80 23.30
IM-17-126 370.00 370.50 0.50 33.60
IM-17-126 464.50 465.50 1.00 26.60
IM-17-126 484.30 484.80 0.50 35.30
IM-17-126 495.25 496.00 0.75 20.30
IM-17-127 ASSAYS PENDING
IM-17-128 144.30 144.90 0.60 8.01
IM-17-128 194.00 194.50 0.50 10.65
IM-17-128 207.10 217.65 10.55 14.03
INCLUDING 211.85 212.65 0.80 59.60
AND 213.85 214.60 0.75 119.50
IM-17-128 236.80 237.30 0.50 14.45
IM-17-128 241.85 242.35 0.50 11.95
IM-17-128 250.30 251.45 1.15 14.95
IM-17-128 297.25 298.20 0.95 10.20
IM-17-128 305.50 306.00 0.50 18.50
IM-17-128 446.30 447.10 0.80 8.37
IM-17-129 60.50 61.00 0.50 53.90
IM-17-129 122.50 123.00 0.50 7.75
IM-17-129 125.20 125.80 0.60 9.10
IM-17-129 174.30 175.35 1.05 8.39
IM-17-129 302.40 303.30 0.90 17.75
IM-17-129 335.35 336.00 0.65 17.00
IM-17-129 408.80 410.40 1.60 8.91
INCLUDING 409.30 409.85 0.55 14.05
AND 409.85 410.40 0.55 8.10
IM-17-129 440.00 440.50 0.50 15.15
IM-17-129 470.65 471.15 0.50 16.40
IM-17-130 99.65 100.15 0.50 69.60
IM-17-130 422.90 423.70 0.80 14.25
IM-17-130 449.70 450.30 0.60 43.00
IM-17-130 479.85 480.65 0.80 85.70
IM-17-130 577.65 586.50 8.85 12.39
INCLUDING 577.65 578.50 0.85 16.00
AND 585.45 586.50 1.05 81.40
IM-17-130 617.10 625.60 8.50 6.54
INCLUDING 621.90 622.80 0.90 9.68
AND 624.80 625.60 0.80 46.30
IM-17-130 638.10 647.60 9.50 10.38
INCLUDING 645.30 646.00 0.70 88.80
AND 646.60 647.60 1.00 17.40
IM-17-131 ASSAYS PENDING
IM-17-132 165.90 170.00 4.10 48.07
INCLUDING 165.90 166.60 0.70 277.00
IM-17-133 227.10 228.00 0.90 13.25
IM-17-133 231.80 232.50 0.70 8.42
IM-17-133 251.40 252.10 0.70 10.95
IM-17-134 20.65 21.40 0.75 20.40
IM-17-134 69.90 70.50 0.60 10.25
IM-17-134 262.00 269.00 7.00 11.29
INCLUDING 262.00 263.00 1.00 19.20
AND 263.00 264.00 1.00 27.20
AND 264.00 265.00 1.00 16.15
IM-17-134 304.40 312.50 8.10 4.36
INCLUDING 305.00 306.00 1.00 7.31
AND 310.10 311.00 0.90 9.62
IM-17-134 332.70 333.60 0.90 14.05
IM-17-134 332.70 342.50 9.80 4.49
INCLUDING 332.70 333.60 0.90 14.05
AND 341.75 342.50 0.75 24.40
IM-17-135 293.00 296.20 3.20 13.78
INCLUDING 293.00 293.70 0.70 32.90
AND 294.35 295.40 1.05 16.05
IM-17-136 65.00 66.50 1.50 8.23
IM-17-137 60.25 60.95 0.70 9.30
IM-17-137 250.75 251.50 0.75 19.10

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.


 

Table 2: Drillhole Collar Orientations:

HOLE-ID AZIMUTH DIP
CM-17-063 309.70 -48.20
CM-17-064 312.00 -45.00
CM-17-065 313.30 -58.70
IM-17-122 128.30 -45.30
IM-17-125 127.80 -65.00
IM-17-126 138.20 -44.20
IM-17-128 139.80 -42.50
IM-17-129 144.60 -62.90
IM-17-130 135.60 -44.70
IM-17-132 139.60 -44.80
IM-17-133 141.40 -63.90
IM-17-134 139.60 -45.00
IM-17-135 142.10 -63.70
IM-17-136 142.10 -64.20
IM-17-137 144.90 -64.70