|By Marketwired .||
|July 21, 2014 08:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- Barisan Gold Corporation (TSX VENTURE: BG) is pleased to announce the second 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 now been received from the first 600 metres of hole UTD-008 with the first 400 metres disclosed in the Company's press release dated June 23, 2014. UTD-008 was drilled parallel to UTD-002 but in an opposite direction, scissor crossing that hole, with an azimuth of 235 degrees and an inclination of 80 degrees from the same drill platform as UTD-005 & UTD-006. UTD-008 was completed on July 6, 2014 at a final length of 994 metres.
Hole UTD-008 is mineralized 4 metres from surface and, as a whole, is the highest-grade hole drilled so far at Upper Tengkereng averaging over 0.9% copper equivalent (1.5g/t gold equivalent) over its entire length to-date. From 188 to 600 metres, UTD-008 returned 412 metres of 0.7g/t gold + 0.7% copper (1.1% copper equivalent at current market prices). High-grade mineralization remains open down hole at a depth below 600 metres with the final 32 metres of the intercept (from 568 to 600 metres) returning 0.9 g/t gold + 0.6% copper (1.2% copper equivalent at current market prices).
---------------------------------------------------------------------------- From To Intercept Gold Copper Gold Eq. Copper (m) (m) (m) (g/t) (%) (g.t) Eq. (%) ---------------------------------------------------------------------------- 4 600 596 0.56 0.55 1.5 0.9 ---------------------------------------------------------------------------- Incl. 188 600 412 0.70 0.65 1.8 1.1 ---------------------------------------------------------------------------- Incl. 188 464 276 0.68 0.74 1.9 1.2 ---------------------------------------------------------------------------- Incl. 296 464 168 0.85 0.85 2.3 1.4 ---------------------------------------------------------------------------- And 464 600 136 0.76 0.47 1.6 1.0 ---------------------------------------------------------------------------- Incl. 568 600 32 0.93 0.58 1.9 1.2 ---------------------------------------------------------------------------- Copper Eq. & Gold Eq. calculated using current market prices. No adjustments have been made for metallurgical recovery as these remain uncertain at this time.
The mineralization in hole UTD-008 can be generally characterized as follows: (a) from 4 to 188 metres, top layer of advanced argillic altered hydro breccia mineralization, (b) from 188 to 464 meters, high-grade covellite rich silica-pyrophyllite-alunite mineralization and (c) from 464 to 600 metres, high-grade chalcocite-chalcopyrite mineralization. Hole UTD-008 has validated the high-grade zone initially intercepted in holes UTD-002 and UTD-006. Drilling to-date indicates this zone lies very close to surface (within 100 metres) and has a higher copper-to-gold ratio than the first high-grade zone discovered at depth in the eastern part of the deposit. This high-grade zone now covers an area of 100m x 100m at surface based on the three holes drilled to-date and is open in all directions.
Drilling has commenced at hole UTD-009, which is seeking 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.
"Hole UTD-008 continues to return spectacular assays," said Alex Granger, Chief Executive Officer of Barisan Gold. "This 400+ metre intercept at 1.1% copper equivalent is twice the length of the previous longest intercept above 1% copper equivalent returned in the first seven holes at Upper Tengkereng. We now have a significantly large high-grade zone that sits right at surface and remains open in all directions. Hole UTD-009 will seek to add a third dimension, on a north-south axis, to what has currently been delineated. UTD-009 has the potential to significantly grow the size of this high-grade zone."
Following completion of UTD-008, the rig was moved approximately 50 metres to the south to a newly built drill platform from which UTD-009 is currently being drilled (see updated maps and charts in the investor presentation on the Barisan Gold website). UTD-009 is being drilled with an azimuth of 302 degrees and a dip of 50 degrees. Hole UTD-009 is the first hole to be drilled on a north-south axis into the high-grade zone validated in hole UTD-008. The objective of hole UTD-009 is to test the width of the high-grade covellite rich silica-pyrophyllite-alunite mineralization on a north-south basis. As the covellite rich zone sits within 500 metres from surface, UTD-009 is being drilled with a shallow dip, in an attempt to test the true width of the zone without exiting it vertically.
Drilling at hole UTD-009 began on July 11, 2014. As of July 19, 2014, UTD-009 had reach 239 metres in length and visual indications are that it entered the high-grade covellite rich zone from approximately the 50-metre mark, which continues until the current position. If this is confirmed through assays, it will have intersected the high-grade zone 100 metres closer to surface than in previous holes.
Later this week, the Company anticipates to disclose initial assays for hole UTD-007, which was recently completed, as well as give an update on drilling at hole UTD-010. It should be noted that drilling is expected to be suspended at Upper Tengkereng from approximately July 27, 2014 to August 3, 2014 so that Barisan Gold's Indonesian employees can celebrate the Idul Fitri holiday with their respective families.
Barisan Gold retained the independent 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.
To receive or stop receiving BG news via email, please email [email protected] and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at www.barisangold.com.
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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