|By Marketwired .||
|June 5, 2014 08:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/05/14 -- Barisan Gold Corporation (TSX VENTURE: BG) is pleased to provide an update on its exploration activities at its Upper Tengkereng gold-copper porphyry discovery, located in the Province of Aceh, Indonesia.
Activities at Upper Tengkereng are at an all time high with two deep (1,750-metre) drill rigs operating 24 hours per day. Below is a summary of results at the recently completed UTD-006 hole, as well as summary of operations at the active UTD-007 and UTD-008 holes.
Final assays for hole UTD-006 have been received from the laboratory. From 4 to 990 metres, UTD-006 returned 986 metres of 0.5 g/t gold + 0.3% copper (0.6% copper equivalent at current market prices), including 272 metres of 0.6 g/t gold + 0.6% copper (1.0% copper equivalent at current market prices) within 594 metres of 0.6 g/t gold + 0.4% copper (0.8% copper equivalent at current market prices). On a whole, UTD-006 is the highest-grade hole drilled so far at Upper Tengkereng.
Upon further review of the core, UTD-006 intersected two distinct but continuous mineralized zones from 142 to 736 metres that returned significant mineralization.
From 142 to 362 metres, UTD-006 intersected a high-grade covellite rich silica-pyrophyllite-alunite zone, which returned a 220 metre intercept grading 0.6 g/t gold + 0.6% copper (1.0% copper equivalent at current market prices). This covellite rich zone was first intersected in UTD-002 where, from 226 to 340 metres, a 114 metre intercept returned 0.3 g/t gold + 0.7% copper (0.9% copper equivalent at current market prices). The covellite rich zone appears to sit close to surface and has returned the highest-grade copper assays so far intersected at Upper Tengkereng. It appears to be around 200+ metres in thickness and remains open in all directions. UTD-008, currently being drilled, continues to test this zone.
From 362 to 736 metres, UTD-006 intersected a high grade chalcocite-chalcopyrite rich zone, which returned a 374 metre intercept grading 0.6 g/t gold + 0.3% copper (0.7% copper equivalent at current market prices), including a 76 metre intercept grading 0.8 g/t gold + 0.3% copper (0.9% copper equivalent at current market prices) from 634 to 710 metres. This chalcocite-chalcopyrite rich zone was first intersected in UTD-004 where, from 656 to 906 metres, UTD-004 intersected 250 metres grading 0.6 g/t gold + 0.4% copper (0.7% copper equivalent at current market prices), including 160 metres grading 0.7 g/t gold + 0.4% copper (0.9% copper equivalent at current market prices). This high-grade zone appears to sit immediately underneath the rich covellite zone, starts at approximately 350 metres in depth, is at least 500 metres in thickness and remains open in all directions and at depth. UTD-008 is also testing the extent of this zone below the covellite rich zone.
Following the results of UTD-006, Barisan Gold has now identified three distinct high-grade zones at Upper Tengkereng, all of which are open in all directions and at depth. Drilling over the next few months will look to expand these high-grade zones, delineate them in more details and target the potential for additional high-grade zones. An updated investor presentation can be found on the Barisan Gold website, where a number of tables and maps show the location and grade distribution of all three high-grade zones.
Drilling at hole UTD-007 began on May 7, 2014. UTD-007 is being drilled with an azimuth of 220 degrees and an inclination of 87 degrees from a new drill platform that has been built on the north side of the highway. The objectives of UTD-007 are to test the vertical true depth and length of the high-grade zone discovered on the eastern edge of the deposit in holes UTD-002, UTD-003 & UTD-005. Due to topographical challenges, the new drill platform could not be built immediately above the high-grade zone but is located 22 metres to northwest of the high-grade zone.
As of June 3, 2014, drilling at UTD-007 had reached 486 metres. Drilling has been slower than anticipated due to the unusually high rainfall experienced at site during most of the month of May. Since May 24, 2014, the rain has subsided and drilling is now progressing at a normal rate.
From surface until approximately 162 metres in length, UTD-007 intersected strong argillic-advanced argillic hydrothermal breccia mineralization. All four holes (UTD-003/004/005/006) drilled from that part of the deposit have intersected this mineralization in the first 100-200 metres from surface. This zone has returned material gold and copper assays in all previous four holes.
From 162 to 310 metres in length, UTD-007 intersected limestone sulfidic breccia mineralization. UTD-007 is being drilling from the eastern edge of the deposit adjacent to the limestone surface contact zone. Indications are that the limestone contact zone slightly curves into the porphyry deposit on the eastern edge at a depth of 150-300 metres. The limestone intersected contains gold and copper mineralization.
From approximately 326 metres until the present position, UTD-007 has intersected strong argillic altered feldspar porphyry intercut by hornblende feldspar porphyry mineralization as it entered the core of the deposit. Mineralization intersected in this section is akin to that in the high-grade zone intersected in holes UTD-002/003/005. Should this prove correct, UTD-007 would have extended the high-grade zone by another 100 metres closer to surface.
Hole UTD-007 is being planned to a maximum depth of 1,500 metres or until UTD-007 exits the high grade zone vertically or horizontally.
Drilling at hole UTD-008 began on May 23, 2014. The hole is being drilled with an azimuth of 235 degrees and an inclination of 80 degrees from the same drill platform where holes UTD-005/006 were drilled. Barisan Gold had initially planned to drill UTD-008 from a new drill platform built in the south of the deposit area, however heavy rainfall during the month of May has rendered such a plan impossible due to the potential for landslides. That proposed hole will now be drilled later this year during the dry season.
Hole UTD-008 is being drilled such to scissor cut hole UTD-002. The objectives of UTD-008 are to (1) test the extension of the covellite rich zone intersected in UTD-002/006 and (2) test the extension of the chalcocite-chalcopyrite rich zone intersected in UTD-004/006.
As of June 3, 2014, drilling at UTD-008 had reached 462 metres. Drilling has been faster than anticipated, averaging over 40 metres per day.
From surface until approximately 62 metres in length, UTD-008 intersected strong argillic-advanced argillic hydrothermal breccia mineralization. Hole UTD-006 intersected this mineralization in the first 75 metres from surface and returned material gold and copper assays.
From approximately 62 metres until the present position, UTD-008 has intersected strong advanced argillic altered covellite rich silica-pyrophyllite-alunite porphyry mineralization. Mineralization intersected in this section is akin to that in the high-grade zone intersected in holes UTD-002/006. Should this prove correct, UTD-008 would have extended the high-grade zone by another 100 metres closer to surface and by 100 metres further at depth.
Hole UTD-008 is being planned to a maximum depth of 1,500 metres or until UTD-008 exits the high-grade chalcocite-chalcopyrite rich zone vertically or horizontally.
Barisan Gold retained the laboratory services of PT Intertek Utama Services of Jakarta, Indonesia, which, in the case of UTD-006, employed the fire assay method (FA50) on gold samples and for other precious and base metal analyses, ICP with multi acid digestion.
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.
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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.
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