- Mine grades of 7.05 g/t compared favorably to plan of 6.5
g/t
- Mill recoveries on track at 91.6%
- Both mine and mill throughput exceeding initial target
levels
TORONTO, Sept. 11, 2018 /CNW/ - Barkerville Gold Mines
Ltd. (TSXV: BGM) (the "Company" or "Barkerville")
is pleased to announce positive results from its test mine at
Bonanza Ledge. Barkerville's Bonanza Ledge mine has allowed the
company to assess mining methods, understand what ground conditions
to expect in different lithological units, train a local workforce,
and generate cash flow to offset some exploration
expenditures. All gathered data will add to the robustness of
the company's feasibility study, which will be released in
2019.
Since the start of the Bonanza Ledge Project, approximately
80,000t have been extracted using long hole mining methods on two
active levels. The mining blocks mined so far yield better
grade than expected with an average grade of 7.05 g/t compared to
the planned 6.5 g/t and dilution is on track with the predicted
12%. Cemented rock fill has been used as backfill.
During development, conventional drill and blast methods were used
along with a road header (continuous miner). The tested
development methods will have a positive economic impact for the
larger project at Cow and Island Mountain; major improvements on
the performance and cost have been achieved in the last 5 months of
operation. Significant reductions in operating cost has been made
over the past few months, effectively reducing the initial
$300/tonne CAD operating cost to
$190/tonne CAD in the recent
month.
Chris Lodder said "We are
very pleased with the progression of the mine and mill and we
continue to improve daily with our project team in place. The
Bonanza Ledge Mine is proving the viability of our vision for the
Cariboo project and the potential of growth to becoming a
significant gold producer in British
Columbia."
Significant Impacts
- No lost time accidents have been recorded since the beginning
of the Bonanza Ledge Project.
- All Mining infrastructure (ventilation, pumping, electricity)
and development (over 1,000m) have
been complete, and a local mining team is in place.
- The average head grade of 7.05 g/t was higher than expected 6.5
g/t.
- Mine production was able to achieve up to 2000tpd, mill
production was up to 800tpd.
- Over 70,000t of ore have been milled project to date.
- Milled recovery is 91.6% compared to the expected 92%,
currently working toward further improvements including the
recommissioning of a gravity circuit.
- Over 12,200 ounces produced to date.
Qualified Persons
Mining activities at the Cariboo Gold Project are administered
on site by the Company's Mine Manager, Paul
Ratte. Francois Vezina, ing,
P.Eng, MBA, Chief Operating Officer, is the engineer on record 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.
About Barkerville Gold Mines Ltd.
The Company is focused on developing its
extensive mineral rights package located in the historical Cariboo
Mining District of central British
Columbia. Barkerville's Cariboo Gold Project mineral tenures
cover 1,950 square kilometres; along a strike length of 67
kilometres which includes several past producing placer and hard
rock mines, making it one of the most well-endowed land packages in
British Columbia. Since the
management change in mid-2015, the Company has unlocked the
fundamental structural controls of gold mineralization. The
Company's Brownfield's exploration team is focused on developing
and delineating a mineable resource within the 7 kilometers of
principle project area located near the town of Wells, British
Columbia. The Company's Greenfield's team is developing
quality exploration assets throughout the remaining land package
through systematic, scientific, exploration. The operation's
team is focused on developing and mining the Bonanza Ledge and BC
Vein deposits on Barkerville Mountain. This operation allows
the company to generate near term cash flow, train a local work
force, keeps the present mining permit active, and de-risk's the
project through staged production growth. Processing of
material from these deposits is processed at the QR mill. QR
is a fully owned, permitted mill and tailings facility, located
approximately 110 kilometres away from Wells, and can be accessed
by an all-season road.
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.
SOURCE Barkerville Gold Mines Ltd.
