Mr. Gary Cope reports
OPERATIONAL UPDATE FOR THE BARSELE AU-VMS PROJECT
Barsele Minerals Corp. has provided its eighth operational progress update for the current exploration program within the Barsele gold-VMS (volcanogenic massive sulphide) project area in Vasterbottens Lan, northern Sweden. The exploration program is being operated by joint venture partner Agnico Eagle Mines Ltd. Ownership in the project is 55 per cent Agnico Eagle and 45 per cent Barsele.
During the month of November, diamond drilling with four machines was focused within and along the trend of the Avan, Central and Skirasen zones, where validation, conversion and expansion drilling has taken place. The highlight conversion hole SKI16010 yielded six metres core length (estimated four metres true thickness) grading 33.46 grams per tonne (g/t) gold uncut (6.33 g/t gold cut) at a depth of 180 metres below surface, plus 178 metres core length (estimated 125 metres true thickness) grading 1.68 g/t gold uncut (1.51 g/t gold cut) at a midpoint depth of 320 metres below surface. In addition, expansion hole CNT16017 yielded 31 metres core length (estimated 23.3 metres true thickness) grading 2.65 g/t gold uncut (2.6 g/t gold cut) at a midpoint of 410 metres below surface. This last intercept expands the known Central zone by 175 metres toward the Avan zone.
Twelve holes were completed during the month of November, of which five were validation holes and seven were conversion holes that verify continuity of mineralization. During November, 4,935 metres were drilled for a cumulative 2016 total of 30,432 metres in 79 holes. During November, there were 6,218 samples sent for analysis, with 8,014 assay results received. Basal till sampling results are yet to be received.
Barsele's president, Gary Cope, stated: "We continue to receive positive results in validation, conversion and expansion drilling at Barsele, and we remain confident in Agnico Eagle's deposit development methodology. The 178-metre hole in the Skirasen zone is very supportive of continuity in this sector of the deposit."
HIGHLIGHT RESULTS FROM THE NOVEMBER, 2016, REPORTING PERIOD
Hole Category From To Core True Au Top-capped at
(m) (m) length thickness (g/t) 20 g/t Au
(m) (m) (g/t)
AVA16012 Expansion 202.00 213.00 11.00 8.30 2.80 2.62
AVA16013 Expansion 174.00 186.00 12.00 9.00 2.38
AVA16014 Expansion 604.00 612.00 8.00 5.00 2.03
AVA16015 Validation 117.00 131.00 14.00 7.50 1.46
AVA16016 Validation 18.00 30.00 12.00 7.00 1.46
AVA16017 Validation 135.00 160.80 25.80 18.50 1.33
AVA16018 Validation 200.00 207.00 7.00 5.00 1.63
CNT16014 Validation 20.00 40.00 20.00 15.00 4.93 2.35
67.00 107.00 40.00 30.00 3.94 3.13
142.10 169.00 26.90 20.20 1.02
217.00 240.00 23.00 17.30 1.15
CNT16015 Validation 29.00 47.00 18.00 12.00 1.70
58.00 67.00 9.00 6.00 2.13
83.00 99.00 16.00 10.50 1.35
124.00 148.00 24.00 21.00 1.32
169.00 174.00 5.00 3.80 2.94
191.00 238.00 47.00 31.00 1.55
257.00 291.00 34.00 21.00 2.76
CNT16017 Expansion 61.70 71.00 9.30 7.00 0.95
388.00 395.70 7.70 5.80 1.92
432.00 463.00 31.00 23.30 2.65 2.60
483.00 492.00 9.00 6.80 0.90
CNT16019 Validation 10.00 21.00 11.00 8.30 4.26
65.00 77.00 12.00 9.00 1.48
88.00 100.00 12.00 9.00 1.27
113.00 144.00 31.00 23.30 1.75
154.00 158.00 4.00 3.00 3.22
CNT16020 Validation 11.00 29.00 18.00 13.50 1.83
98.00 107.00 9.00 6.80 1.11
CNT16021 Validation 3.50 16.00 12.50 9.40 0.56
73.00 83.00 10.00 7.50 0.89
CNT16022 Validation 21.00 76.00 55.00 43.00 1.22
95.00 102.00 7.00 5.50 1.97
CNT16024 Expansion 495.00 508.00 13.00 6.50 1.75
526.00 541.00 15.00 7.50 1.10
CNT16025 Expansion 375.00 390.00 15.00 5.00 1.41
493.00 517.00 24.00 8.50 3.61 1.65
543.00 578.00 35.00 16.00 0.94
CNT16026 Conversion 394.00 434.00 40.00 22.00 1.41
480.00 504.00 24.00 13.00 0.89
631.00 639.00 8.00 4.50 2.41
SKI16008 Conversion 361.00 471.00 110.00 69.00 1.82 1.66
Including 361.00 403.00 42.00 26.00 2.32 1.89
Including 415.00 458.00 43.00 27.00 2.16
SKI16009 Conversion 303.00 317.00 14.00 8.50 0.94
419.00 436.00 17.00 10.50 1.22
SKI16010 Conversion 243.00 249.00 6.00 4.00 33.46 6.33
285.00 290.00 5.00 3.50 13.29 6.05
350.00 528.00 178.00 125.00 1.68 1.51
Including 420.00 428.00 8.00 5.50 9.55 5.65
Including 513.00 528.00 15.0 11.00 4.80
625.00 627.00 2.00 1.50 8.00
SKI16011 Conversion 59.00 66.00 7.00 5.00 1.76
109.00 119.00 10.00 7.50 3.68 2.99
192.00 211.00 19.00 14.30 6.42 1.34
347.00 352.00 5.00 3.80 3.04
423.00 425.00 2.00 1.50 8.58
SKI16012 Conversion 248.00 263.00 15.00 7.50 2.69
386.00 413.00 27.00 14.00 3.11 3.01
494.00 525.00 31.00 16.00 0.99
534.00 560.00 26.00 14.00 5.01 2.49
652.00 659.00 7.00 3.80 3.56
Drilling continued until Dec. 21, 2016, at which time there was a break until planned resumption in the new year.
As project operator, Agnico Eagle, has developed a community relations program to engage the various stakeholders in the project area. Basic environmental assessment and surface water characterization, species studies, and hydrogeology studies are continuing. Barsele expects that Agnico Eagle will release a new mineral resource estimate for the Avan, Central, Skirasen and Norra deposits in mid-February, 2017.
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.
On Sept. 25, 2015, mineral resource estimates by Barsele were released for the Barsele project in four zones, the Central, Avan and Skirasen gold zones and the Norra VMS zone. The resource estimate for the Central-Avan-Skirasen zones states an indicated resource of 14.1 million tonnes grading 1.21 g/t gold for 547,000 contained ounces, plus an inferred resource of 20.2 million tonnes grading 0.97 g/t gold for 627,000 contained ounces. The polymetallic Norra zone contains an indicated resource of 110,000 tonnes grading 3.13 g/t gold, 30.3 g/t silver, 0.53 per cent copper and 0.72 per cent zinc, plus an inferred resource of 310,000 tonnes grading 1.62 g/t gold, 12.7 g/t silver, 0.26 per cent copper and 0.42 per cent zinc. All zones were estimated at a cut-off grade of 0.6 g/t gold.
Art Freeze, PGeo, is the qualified person as defined in National Instrument 43-101 and takes responsibility for the technical disclosure contained within this news release.
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