Barisan Gold Mobilizes Second Drill Rig at Upper Tengkereng Prospect
24 April 2014 - 10:00PM
Marketwired
Barisan Gold Mobilizes Second Drill Rig at Upper Tengkereng
Prospect
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) -
Barisan Gold Corporation (TSX-VENTURE:BG) is pleased to announce
that it is in the process of mobilizing a second drill rig to its
Upper Tengkereng gold-copper porphyry discovery, located in the
Province of Aceh, Indonesia.
Following successful drill results in the first five holes,
Barisan Gold is accelerating the drill program at Upper Tengkereng
by mobilizing a second drill rig to site. The second rig will test
the numerous high-grade zones intersected to date as well as test a
number soil geochemistry anomalies identified during surface
mapping and sampling programs. In addition, the second drill rig
will also test the large limestone cover lying to the east and
north of the mineral intrusive for potential high grade copper-gold
skarn mineralization and the hydrothermal breccia cover lying to
the south of the diorite footprint.
"Bringing in a second rig allows us to accelerate the discovery
and delineation of the Upper Tengkereng porphyry prospect," said
Alex Granger, Chief Executive Officer of Barisan Gold. "As we are
drilling deep holes of up to 1,750 metre depth at Upper Tengkereng,
each hole is taking approximately two months to complete. By adding
a second rig, we will increase our production rate to one hole
completed every month, accelerating the definition of the
mineralization and disclosure of assays. We anticipate a
significant decrease in our already low drilling costs per metre as
the addition of the second rig requires no additional fixed
overhead costs and very limited additional flexible costs."
PT. Indodrill Indonesia, the current drilling operator at Upper
Tengkereng, is in the process of moving a second rig to site, which
has the same capacity (1,750 metres) as the current rig. The rig is
schedule to arrive in the next two weeks and will immediately be
put to use.
Barisan Gold will immediately begin prepping a new drill pad
location where the second rig will shortly begin drilling hole
UTD-007. The drill pad will be located across the highway drilling
back in the opposite direction of holes UTD-002 and UTD-005 on the
same axis. The objective of UTD-007 is to scissor cut the
high-grade zone identified in holes UTD-002 and UTD-005 (190 metres
of 1.3 g/t gold + 0.6% copper intersected in UTD-005) as well as
attempt to determine both the true shallowness and true depth of
the high-grade zone. UTD-007 will be drilled at a very steep angle,
over 85 degrees incline, in an attempt to get a sense of the
vertical width of the high-grade zone. An updated map is available
on the Barisan Gold website
(www.barisangold.com/barisanporphyry/uppertengkereng) that shows
the positioning and direction of UTD-007.
Work continues on the mapping and sampling program of the
limestone cover located to the east and north of the mineral
intrusive. Once the campaign is completed and results are compiled,
it is expected that one of the two rigs will be moved to a new
drill pad to be located atop the limestone to start drilling high
probability skarn prospects. Drilling atop the limestone should
begin in two-to-three months time.
Separately, drilling continues at Upper Tengkereng. Hole
UTD-006, which is being drill with an azimuth of 267 degrees and an
inclination of 75 degrees, had reached a length of 862 metres as of
April 22, 2014. The hole is fully mineralized from surface to the
current position of the hole and so far no barren zones have been
intersected. From 140 metres to 280 metres, UTD-006 intersected
similar looking quartz-alunite mineralization intersected in hole
UTD-002, which returned 114 meters at 0.3 g/t gold + 0.7% copper
(0.9% copper equivalent at current market prices) from 226 metres
to 340 metres in length. UTD-006 continues to be planned to a
length of 1,500 metres and is chasing a high-grade target
associated with a high copper-gold soil geochemistry anomaly in the
western part of the mineralized intrusion.
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.
To receive or
stop receiving BG news via email, please email info@barisangold.com
and state your preference in the subject line.
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.
Barisan Gold CorporationSteven FeldmanManager Investor
Relations+1 604 684 8676info@barisangold.comwww.barisangold.com
Barisan Gold Corporation (TSXV:BG)
Historical Stock Chart
From May 2024 to Jun 2024
Barisan Gold Corporation (TSXV:BG)
Historical Stock Chart
From Jun 2023 to Jun 2024