|By Marketwired .||
|June 23, 2014 08:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/23/14 -- Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce the first tranche of assay results for hole UTD-008 at its Upper Tengkereng gold-copper porphyry discovery, located in the Province of Aceh, Indonesia.
Assays have been received from the first 400 metres of hole UTD-008. Hole UTD-008 is being drilled parallel to UTD-002 but in an opposite direction, scissor crossing that hole, with the objective of expanding and further defining the second high grade zone discovered in holes UTD-002 and UTD-006. UTD-008 is mineralized 4 metres from surface. From 296 to 400 metres, UTD-008 returned 104 metres of 0.7 g/t gold + 1.0% copper (1.4% copper equivalent at current market prices) within a wider intercept of 212 metres of 0.6 g/t gold + 0.8% copper (1.1% copper equivalent at current market prices). The high-grade mineralization remains open down hole at a depth below 400 metres.
---------------------------------------------------------------------------- From To Intercept Gold Copper Gold Eq. Copper Eq. (m) (m) (m) (g/t) (%) (g.t) (%) ---------------------------------------------------------------------------- 4 400 396 0.42 0.56 1.4 0.9 ---------------------------------------------------------------------------- Incl. 188 400 212 0.57 0.75 1.8 1.1 ---------------------------------------------------------------------------- Incl. 226 400 174 0.61 0.82 2.0 1.2 ---------------------------------------------------------------------------- Incl. 296 400 104 0.74 0.95 2.3 1.4 ----------------------------------------------------------------------------
Copper Eq. & Gold Eq. calculated using current market prices. No adjustments have been made for metallurgical recovery as these remain uncertain at this time.
Hole UTD-008, as a whole, is the highest-grade hole drilled so far at Upper Tengkereng averaging 0.9% copper equivalent over its entire length to-date and returning the first 100-metre long intercept of greater than 1% copper assays. In addition to further validating the second high-grade zone initially discovered in holes UTD-002 and UTD-006, UTD-008 has extended the high-grade zone further to the south by over 50 metres and further at depth by another 50 metres. The high-grade zone is not limited to the first 400 metres with indications it continues below that level.
This second high-grade zone, returning mineralization above 1.0% copper equivalent, now covers an area of 100m x 100m at surface based on the three holes drilled to-date and is open in all directions. Further drilling in that area will seek to identify the width of the high-grade zone on a north-south axis as all three holes so far have been drilled on an east-west axis.
"Drilling at Upper Tengkereng continues to return outstanding copper and gold mineralization", said Alex Granger, Chief Executive Officer of Barisan Gold. "UTD-008 has not only returned the highest grade intercept so far drilled at Upper Tengkereng but has also done so in a zone that sits very close to surface, reinforcing the economic potential of the deposit. The first high-grade zone discovered at Upper Tengkereng seems to start 400-500 metres below surface. This second high-grade zone starts within 150 metres from surface with significant economic grades in the mineralization above it. Upper Tengkereng continues to prove itself as a world-class discovery and, to-date, demonstrates the possibility that the high-grade Upper Tengkereng discovery and associated porphyry-style mineralization may develop into a meaningful copper-gold deposit."
An updated investor presentation can be found on the Barisan Gold website, where the tables and maps have been updated to show the location and grade distribution of this newly validated high-grade zone.
Drilling continues at Upper Tengkereng despite minor technical issues at both UTD-007 and UTD-008 that impacted drilling over the past couple of weeks.
Drilling at UTD-007 was interrupted for one week in early June due to technical issues with the rig. Since June 15, 2014, drilling is back to normal and as of June 21, 2014 drilling had reached 773 metres in length. UTD-007 is testing the depths of the first high-grade zone discovered in the eastern part of the deposit.
Drilling at UTD-008 was interrupted for a 10-day period in early June due to technical issues with the rig. Since June 17, 2014, drilling is back to normal and as of June 21, 2014, drilling had reached 640 metres in length. Visual interpretation indicates that the high-grade zone continues at depth below 400 metres.
Barisan Gold retained the laboratory services of PT Intertek Utama Services of Jakarta, Indonesia, which, in the case of UTD-008, 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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