- The Mineral Resource Estimate is based on 100 percent
underground extraction criteria
- Twelve percent of the ounces are classified as Indicated
Resources
- Higher quality underground Mineral Resources at higher gold
grades add confidence
VANCOUVER, Feb. 26, 2018 /CNW/ - Barsele Minerals
Corp. – (TSX-V: BME) ("Barsele") is pleased to
report that an independently verified mineral resource estimate has
been completed for the purposes of the Company on the Barsele Gold
Project in Västerbottens Län, northern Sweden (the "Barsele Project"). The
study concludes that drilling to date along the
Avan–Central–Skiråsen gold zones at a 1.75 g/t gold cut-off has
outlined an Inferred Resource of 15,279,000 tonnes grading 2.91 g/t
gold (1,427,000 ounces of contained gold) and an Indicated Resource
of 2,399,000 tonnes grading 2.50 g/t gold (193,000 ounces of
contained gold).
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Inferred Mineral
Resource Estimate
(Underground Resources)
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Indicated Mineral
Resource Estimate
(Underground Resources)
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Gold Cut-off
Grade (g/t)
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Tonnage
(metric)
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Gold Grade
(g/t)
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Contained
Ounces
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Gold
Cut-off
Grade (g/t)
|
Tonnage
(metric)
|
Gold
Grade
(g/t)
|
Contained
Ounces
|
|
4.00
|
3,286,000
|
3.88
|
410,000
|
|
4.00
|
171,000
|
4.79
|
26,000
|
|
3.00
|
4,180,000
|
4.74
|
637,000
|
|
3.00
|
420,000
|
4.09
|
55,000
|
|
2.00
|
11,396,000
|
3.26
|
1,194,000
|
|
2.00
|
1,637,000
|
2.80
|
147,000
|
|
1.90
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12,766,000
|
3.12
|
1,280,000
|
|
1.90
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1,910,000
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2.68
|
164,000
|
|
1.80
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14,405,000
|
2.97
|
1,377,000
|
|
1.80
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2,220,000
|
2.56
|
183,000
|
|
1.75
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15,279,000
|
2.91
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1,427,000
|
|
1.75
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2,399,000
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2.50
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193,000
|
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1.70
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16,253,000
|
2.83
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1,481,000
|
|
1.70
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2,605,000
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2.44
|
204,000
|
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1.60
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18,389,000
|
2.70
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1,594,000
|
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1.60
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3,097,000
|
2.31
|
231,000
|
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1.50
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20,647,000
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2.57
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1,707,000
|
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1.50
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3,718,000
|
2.19
|
261,000
|
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1.40
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23,136,000
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2.45
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1,823,000
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1.40
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4,510,000
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2.06
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298,000
|
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1.30
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25,884,000
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2.33
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1,942,000
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1.30
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5,356,000
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1.95
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335,000
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1.20
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28,862,000
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2.22
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2,062,000
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1.20
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6,336,000
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1.84
|
374,000
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Base case mineral resources highlighted in bold within
sensitivity analysis charts.
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Mineral Resource
Estimate Footnotes:
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1.
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The Independent
and Qualified Persons for the Mineral Resource Estimate, as defined
by NI 43‑101, are Pierre-Luc Richard, P.Geo.,
M.Sc. and Carl
Pelletier, P.Geo., B.Sc, both from InnovExplo Inc., and the
effective date of the Estimate is February 15, 2018.
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2.
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These mineral
resources are not mineral reserves as they do not have demonstrated
economic viability. While the results are presented
undiluted and
in situ, the reported mineral resources
are considered to have reasonable prospects for economic
extraction.
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3.
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The entire
resource is presented as Underground Potential. Underground
resource estimation is reported at 1.75 g/t Au cut-off. The
cut-off calculation
is based on following assumptions: Mining cost = US$45.00;
Processing cost = US$15.00; General and Administration= US$8.00;
Refining and Selling
Costs = US$10.00; Gold price: US$1,300 (3-year trailing average);
and Metallurgical Recovery = 92.6%. Cut-off grades will have to be
re-evaluated in
light of future prevailing market conditions (metal prices,
exchange rate and mining cost,
etc.).
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4.
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For sensitivities
purposes, the resources were also compiled at cut-off grades of
1.20, 1.30, 1.40, 1.50, 1.60, 1.70, 1.75, 1.80, 1.90, 2.00, 3.00,
and 4.00
g/t Au.
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5.
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The Mineral
Resources presented herein are categorized as Indicated and
Inferred. The Inferred category is only defined within the areas
where
the drill spacing is less than 100m. The Indicated category is only
defined within the areas where the drill spacing is less than 25m.
Clipping boundaries
were used to define classification based on those criteria.
The quantity and grade of reported Inferred Resources in this
Mineral Resource Estimate are
uncertain in nature and there has been insufficient exploration to
define these Inferred Resources as Indicated or Measured, and it is
uncertain if further
exploration will result in upgrading them to these
categories.
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6.
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The resource was
estimated using Geovia GEMS 6.8. The estimate is based on 269
surface diamond drill holes (99,343m). With rare local
exceptions
having no material impact on the resource, a minimum true thickness
of 2.0 m was applied, using the grade of the adjacent material when
assayed, or
a value of zero when not assayed. The estimate includes one (1)
low-grade gold-bearing mineralized envelope encompassing 47
higher-grade gold-
bearing zones.
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7.
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High grade capping
was done on composite data and established on a per corridor basis
for gold (Au g/t): Low Grade Mineralized envelope = 8; high-
grade gold bearing zones: Skirasen = 45; Central = 40; Avan = 15).
Capping grade selection is supported by statistical
analysis.
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8.
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Density values
were applied based on lithology. All mineral zones were attributed
2.73g/cm3).
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9.
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Grade model
compositing was done on drill hole intersections falling within the
mineralized zones (composite = 2.0 m with adjusted length from
1.0m
to 3.0m if needed).
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10.
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Grade model
resource estimation was evaluated from drill holes using an OK
interpolation method in a block model (block size = 10 x 3 x 5
m).
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11.
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Calculations used
metric units (metres, tonnes and g/t). Metal contents are presented
in troy ounces (metric ton x grade / 31.10348).
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12.
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The number of
metric tons was rounded to the nearest thousand. Any discrepancies
in the totals are due to rounding effects; rounding followed
the
recommendations in NI 43‑101.
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13.
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CIM definitions
and guidelines for mineral resources have been
followed.
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14.
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InnovExplo is not
aware of any known environmental, permitting, legal, title-related,
taxation, socio-political or marketing issues, or any other
relevant
issue not reported in the Technical Report, that could materially
affect the Mineral Resource Estimate
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The exploration program at Barsele is being operated by joint
venture partner Agnico Eagle Mines Limited – (TSX, NYSE:
AEM) ("Agnico Eagle"). Ownership in the Barsele Project
is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an
additional 15% in the Barsele Project through the completion of a
pre-feasibility study. There is no cash outlay by Barsele until
pre-feasibility is completed.
"We are extremely pleased with the progress to date at
Barsele," states President, Gary
Cope. "This gold deposit continues to evolve, supported
by the new updated Mineral Resource Estimate, that only focuses on
the underground component of the Avan–Central–Skiråsen zones. These
results indicate a significant step forward for the project, given
the higher grades and contained gold ounces. We continue to look
forward to the advancement of the Barsele Project, specifically the
recent discovery at Risberget, located 3.0 kilometers from the
ultimate drilling at Skiråsen; where the positive results to date
are not included in the resource. The 7.0-kilometer gold-bearing
structural system remains open in all directions. Finally, we would
like to thank our joint venture partner Agnico Eagle for their hard
work and commitment."
The mineral resources have been estimated by Pierre-Luc Richard, P. Geo., M.Sc., and
Carl Pelletier, P. Geo., B.Sc., both
of InnovExplo Inc., of Val d'Or,
Quebec. Both Richard and Pelletier are qualified persons and
are independent of both Barsele and Agnico Eagle, based on the
requirements outlined in National Instrument 43-101.
For the Mineral Resource Estimate, the database used by
InnovExplo incorporates 672 drill holes. Only 269 drill holes have
been used to produce this Independent Mineral Resource
Estimate. The remaining holes were not included for various
reasons (either no confidence in the drill hole collar location, or
drill hole orientation, or suspect analytical results, or the drill
holes were outside the coherent resource study area). These 269
drill holes represent a total of 99,343 metres of drilling that
took place at the Barsele Project from 1989 through October
2017. The deposit model has been created by Agnico Eagle and
that same wireframe model has been accepted as is by InnovExplo
Inc.
Various gold-grade capping parameters were applied to the
Avan–Central–Skiråsen gold zones respectively, with metal factor
reductions as follows (Avan-2.10%), (Central-0.21%),
(Skiråsen-2.55%).
A downhole composite length of 2.0 metres was selected.
Variography studies were carried out on the gold distribution
within the principal granodiorite gold host as well as within the
Avan–Central–Skiråsen gold zones. A three-pass interpolation
approach was used with a minimum of two drill holes being necessary
in each case.
In the high-grade domain, Indicated Resources are based on a
drill spacing of up to 25.0 meters and Inferred Resources are based
on a drill spacing of up to 100 meters. In the low-grade domain,
there are no Indicated Resources and Inferred Resources are based
on a drill spacing of up to 100 meters.
Toward the Mineral Resource classification, a gold price of
$US1,300.00 is used. Assigned
metallurgical recovery is 92.6 percent. Total underground mining
costs are estimated at $US45.00 per
tonne. Total processing costs are estimated at $US15.00 per tonne. General and Administrative
costs are estimated at $US8.00 per
tonne.
Specific Gravity (S.G.) varies with lithogeochemical units with
the average value from each unit being used. Assigned S.G.
depending on the rock type varies on average between 2.73 and 2.87,
with default mineral zones assigned a density of 2.73.
The independent qualified persons for the Mineral Resource
Estimate are of the opinion that ongoing drilling will have a
positive impact on grade and tonnage distribution, upgrade parts of
the Inferred Resources into Indicated Resources and potentially
increase the overall Mineral Resource of the project.
Much of the technical information in this news release was
discussed in preliminary terms during a visit to Val d'Or, Quebec in November 2017 and a visit to the project site in
December of 2017, by the Barsele Minerals Corp., Qualified Person.
The data was discussed with Agnico Eagle and InnovExplo Inc.
resource personnel in Val d'Or and
with the site management and technical staff in Sweden. The
quality control/quality assurance program at the Barsele Project is
described on our website at
http://barseleminerals.com/s/QAQCProcedures-Barsele.asp.
All samples referred to in this news release were tested at
independent ALS Laboratories in Romania and Ireland, using ultra trace level method
(ME-MS61)-48 element by using four acid digestion together with
ICP-AES and ICP-MS analytical methods. Gold is tested by fire
assay, aqua regia digestion and analysed with an atomic absorption
spectroscopy (AAS) or gravimetric finish depending on grade
(Au-AA24 and Au-GRA22). Each method has a lower and upper
calibration range for which results are accurately determined.
About the Barsele Gold Project
The Barsele Project is located on the western end of the
Proterozoic "Skellefte Trend", a prolific volcanogenic massive
sulphide deposits belt, where it intersects with the "Gold Line" in
Northern Sweden. Both polymetallic
deposits and intrusive hosted orogenic gold deposits are present in
this region and on the property. Current and past producers in the
region include Boliden, Kristineberg, Bjorkdal, Svartliden and
Storliden.
Drilling has been focused on verifying, defining and expanding
the mineral resources within and along the Avan, Central and
Skiråsen zones and recently the Risberget Zone.
This gold system remains open in all directions. These
structurally-linked mineralized zones occur within
granodiorite-volcanic-sedimentary host rocks that vary in width
from 10's of meters to 500 meters and have been traced over a
strike length exceeding 8.0 kilometers. Gold is generally
associated with arsenopyrite and low base metal content, but also
occurs as native metal.
Art Freeze, P.Geo. is the
Qualified Person as defined in NI 43-101 and takes responsibility
for the technical disclosure contained within this news
release.
About Barsele Minerals Corp.
Barsele is a Canadian-based junior exploration company managed
by the Belcarra Group, comprised of highly qualified mining
professionals. Barsele's main property is the Barsele Gold Project
in Västerbottens Län, Sweden, a
joint venture with Agnico Eagle. InnovExplo Inc., is preparing a
formal National Instrument 43-101 Technical Report.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
This News Release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, potential mineral recovery processes, assay
results, resource estimates and definitions, timing of changes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements and Barsele undertakes no obligation
to update such statements, except as required by law.
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
SOURCE Barsele Minerals Corp.
