Barsele Announces the Resumption of Diamond Drilling Activities for 2022

Rhea-AI Summary

Barsele Minerals Corp announced the initiation of diamond drilling on June 3rd, 2022, focused on Orogenic Gold and Volcanogenic Massive Sulphides in the Barsele Gold-VMS Project, Northern Sweden. The drilling program is budgeted for 3,000 metres (approximately 15 holes), targeting areas like Risberget, Avan, and Skiråsen. As part of the joint venture with Agnico Eagle (TSX: AEM), the project is progressing without cash outlay until a pre-feasibility study is completed. Agnico Eagle retains a 55% interest and can earn an additional 15% through project advances.

Positive

• Diamond drilling program budgeted for 3,000 metres to test high-potential gold targets.
• Agnico Eagle can earn additional 15% stake, aligning interests for project advancement.
• Recent exploration has revealed new mineralized trends, indicating growth potential.

Negative

• None.

Coring was initiated on June 3rd

• Diamond drilling is budgeted for 3,000 metres (approximately 15 holes) and will test for Orogenic Gold and Volcanogenic Massive Sulphides.
  
  
• Drilling will commence near the known Risberget Zone, to test Orogenic Gold targets in the vicinity of previously intersected gold mineralization.
  
  
• Other Gold targets where testing is planned include Avan, Skiråsen, Bastuträsk, and Södra Sundträsket.
  
  
• Testing for Volcanogenic Massive Sulphides will take place at the Norra Zone and Bastuträsk target areas.
  
  
• COVID-19 protocols continue to be recommended, in order to keep the workers and the people living in the surrounding communities safe.
  
  

VANCOUVER, BC, June 7, 2022 /PRNewswire/ - Barsele Minerals Corp. (TSXV: BME) (the "Company" or "Barsele") is pleased to provide an operational update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Västerbottens Län, Northern Sweden (the "Barsele Project"). The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited – (TSX: AEM) (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 requirement by Barsele until a pre-feasibility study is completed.

Between January 1 and May 31, 2022, Agnico Eagle personnel and certain contractors have continued with office-related and field-specific exploration activities at a number of exploration sites throughout the property. Work has included geophysical surveys, base of till sampling, plus MEFFA (multi-element fine fraction analysis) surface till sampling and data interpretation programme utilizing automated pXRF scanning, together with laser ablation and ICP-MS, to define precious/base metal anomalous areas. All this work has been carried out in preparation for this year's diamond drill campaign. 

New mineralized structural and stratigraphic trends continue to evolve, for both deposit types. Studies related to gold occurrences associated with certain elements, minerals and alteration phases have been on-going.

Diamond drilling by Agnico Eagle since 2015, within the 34,533-hectare property totals 158,439 metres of overburden penetration and core collection from a total of 422 drill holes. ADC Drilling of Finland has been retained to carry out the 2022 diamond drilling campaign. 

Barsele's President, Gary Cope states; "I am once again very pleased that diamond drilling has resumed at Barsele. I am confident that the Agnico Eagle technical team has outlined top quality targets for both "Orogenic Gold" and Volcanogenic Massive Sulphide "VMS" styles of mineralization."

Since mid-2020, technical updates have been via detailed monthly reports and video conferencing between Barsele management and Agnico Eagle management. Agnico Eagle maintains comprehensive quality control/quality assurance protocols.

Sample results referred to in prior News Releases have been tested at independent MS Analytical Service, wherein core cutting and sample preparation is carried out in Storuman, Sweden and the analyses of both Au and multi-element analysis is completed in Canada.

The assay method is SWED-Edh-6, which comprises: FAS-121, Au fire assay-AA on 50 gram-above 3 ppm Au fire assay-gravimetric; FAS-425, Au by fire assay and gravimetric finish 50-gram nominal sample weight; IMS-230, 48 element four-acid digestion ICP-MS; ICF-6Xx, default over limit methods for ICF-6Ag, ICF-6As, ICF-6Cu, ICF-6Pb, ICF-6Zn, SPM-210 (S); FAS-418, Ag by fire assay and gravimetric finish for Ag above 1,000 ppm. For semi-massive to massive sulphide rock, ICP-130 aqua regia is used for multi element analysis, instead of the four-acid digestion.

As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the Barsele Project area. Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing.

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, that intersects with the "Gold Line" in Northern Sweden. Both polymetallic "VMS" deposits and intrusive hosted "Orogenic gold" deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

On February 21^st, 2019 (the effective date), Barsele released an independently verified Mineral Resource Estimate that was completed by Quebec-based InnovExplo Inc., for the purposes of the Company. This NI 43-101 Technical Report and Mineral Resource Estimate (Amended) for the Barsele Property was modified and resubmitted effective December 16^th, 2020. The Amended Technical Report contains no material differences to the original technical report filed on April 2, 2019.

The study concluded that drilling to the end of 2018 along the Avan–Central–Skiråsen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method, a 1.50 g/t gold cut-off for a bulk underground extraction mining method, and a 1.80 g/t cut-off for a selective underground extraction mining method, has in combination, outlined an Inferred Resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an Indicated Resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold).

The main gold-bearing system remains open in all directions. The structurally linked gold mineralized "lodes" occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiples of parallel to sub-parallel "lodes" that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan–Central–Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor does contain localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content and occurs often 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.

A NI 43-101 Technical Report on the Barsele Project with an effective date of February 21^st, 2019, was filed on SEDAR on April 2^nd, 2019. This NI 43-101 Technical Report and Mineral Resource Estimate (Amended) for the Barsele Property was modified and filed on SEDAR on December 16, 2020.

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, receipt of property titles, potential mineral recovery processes, 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.

View original content:https://www.prnewswire.com/news-releases/barsele-announces-the-resumption-of-diamond-drilling-activities-for-2022-301562950.html

SOURCE Barsele Minerals Corp.

FAQ

What is the focus of Barsele Minerals' drilling activities?

The drilling activities focus on Orogenic Gold and Volcanogenic Massive Sulphides in the Barsele Gold-VMS Project.

When did the diamond drilling program by Barsele Minerals commence?

The diamond drilling program commenced on June 3rd, 2022.

What is Agnico Eagle's stake in the Barsele Project?

Agnico Eagle currently holds a 55% stake in the Barsele Project and can earn an additional 15%.

How many metres of diamond drilling are planned?

A total of 3,000 metres of diamond drilling is planned for the project.

Where is the Barsele Gold-VMS Project located?

The Barsele Gold-VMS Project is located in Västerbottens Län, Northern Sweden.