Barisan Gold Discovers Second High Grade Zone at Upper Tengkereng Gold-Copper Porphyry Discovery With 272 Metres of 0.6 g/t G...
May 12 2014 - 7:00AM
Marketwired
Barisan Gold Discovers Second High Grade Zone at Upper Tengkereng
Gold-Copper Porphyry Discovery With 272 Metres of 0.6 g/t Gold
& 0.6% Copper (1.0% Copper Equivalent) Intercept
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) -
Barisan Gold Corporation (TSX-VENTURE:BG) is pleased to announce
that drilling at hole UTD-006 has confirmed the presence of a
second distinct high-grade zone located in the south-central part
of the Upper Tengkereng gold-copper porphyry discovery, located in
the Province of Aceh, Indonesia.
Assays have been received from the first 600 metres of hole
UTD-006, which confirm the existence of a second high-grade zone.
From 142 to 414 metres, UTD-006 returned 272 metres of 0.6 g/t gold
+ 0.6% copper (1.0% copper equivalent at current market prices)
within a wider intercept of 458 metres of 0.6 g/t gold + 0.5%
copper (0.9% copper equivalent at current market prices). This new
high-grade zone remains open down hole and is anticipated to return
meaningful grades until at least the 730-metre mark in length.
This newly validated high-grade zone was initially encountered
in the upper part of hole UTD-002, where 114 metres at 0.3 g/t gold
+ 0.7% copper from 226 metres to 340 metres was intersected.
UTD-006 was drilled approximately 110 metres north of UTD-002, also
on an east-west axis, and intersected that same mineralization,
hence validating this as a high-grade zone. An updated investor
presentation has been uploaded onto the Barisan Gold website, where
a number of tables and maps show the location and grade
distribution of this newly discovered high-grade zone.
This high-grade zone (#2) is separate and distinct from the
high-grade zone previously discovered in the eastern part of the
deposit (#1) by holes UTD-002/003/005. High-grade zone #2 is
characterized by covellite rich mineralization located within a
strong advanced argillic altered zone. High-grade zone #2 starts
close to surface (intersected at approximately 100 metre true depth
in UTD-006) and contains a higher concentration of copper-to-gold,
60:40 (Cu:Au ratio at current market prices). On the other hand,
high-grade zone #1, located in the eastern part of the porphyry
discovery is characterized by chalcopyrite-chalcocite rich
mineralization located within a strong advanced
argillic-phyllic/chlorite-sericite zone. High-grade zone #1 has
been intersected deeper (intersected at approximately 400 metre
true depth in UTD-003) and contains a more balanced concentration
of copper-to-gold, 45:55 (Cu:Au at current market prices).
The following table summarizes the results received in the first
6 holes of the two high-grades that have been validated.
Hole # |
|
From (m) |
|
To (m) |
|
Intercept (m) |
|
Au (g/t) |
|
Cu (%) |
|
Cu eq. (%) |
|
Main Mineralization |
|
Alteration |
High-Grade Zone #1 |
002 |
|
638 |
|
696 |
|
58 |
|
1.2 |
|
0.5 |
|
1.2 |
|
Chalcopyrite/Chalcocite |
|
Argillic-Phyllic |
003 |
|
428 |
|
690 |
|
262 |
|
0.8 |
|
0.5 |
|
1.0 |
|
Chalcopyrite/Chalcocite |
|
Argillic-Phyllic |
005 |
|
520 |
|
710 |
|
190 |
|
1.3 |
|
0.6 |
|
1.3 |
|
Chalcopyrite/Chalcocite |
|
Argillic-Phyllic |
|
High-Grade Zone #2 |
002 |
|
254 |
|
340 |
|
86 |
|
0.4 |
|
0.7 |
|
1.0 |
|
Covellite |
|
Advanced Argillic |
006 |
|
142 |
|
414 |
|
272 |
|
0.6 |
|
0.6 |
|
1.0 |
|
Covellite |
|
Advanced Argillic |
Cu Eq. calculated using current market
prices |
"We are extremely pleased with the results of hole UTD-006",
said Alex Granger, Chief Executive Officer of Barisan Gold.
"Discovering a new high-grade zone that sits right at surface and
has the highest copper values intersected so far has significantly
improved the economics of the Upper Tengkereng deposit. The Upper
Tengkereng discovery continues to produce stellar results with all
six holes drilled so far returning meaningful intercepts over 1%
copper equivalent. We have now validated two material high-grade
zones and identified the potential for two more that have yet to be
validated. Additional blue sky opportunities remain under the
limestone cap located to the east of the deposit, under the
hydro-breccia located to the south of the deposit and below the
high-grade soil geochemistry anomalies."
As a whole, UTD-006 is the highest-grade hole that has been
drilled so far at Upper Tengkereng. UTD-006 is mineralized 4 metres
from surface and returned a 596-metre intercept grading 0.5g/t gold
+ 0.4% copper (0.7% copper equivalent at current market prices)
over the entire length of the hole so far. Summary assay results
are presented in the following table.
From |
To |
Interval |
Gold |
Copper |
Moly |
|
Rock Type |
(m) |
(m) |
(m) |
(g/t) |
(%) |
(%) |
|
4 |
34 |
30 |
0.27 |
0.26 |
0.019 |
|
ARG, Hydro Breccia |
34 |
56 |
22 |
0.18 |
0.09 |
0.005 |
|
AA-ARG, HFP |
56 |
74 |
18 |
0.29 |
0.50 |
0.014 |
|
AA-ARG, Hydro Breccia |
74 |
82 |
8 |
0.14 |
0.06 |
0.007 |
|
ARG, HFP |
82 |
104 |
22 |
0.24 |
0.43 |
0.019 |
|
AA-ARG, FP |
104 |
140 |
36 |
0.20 |
0.07 |
0.005 |
|
ARG, HFP |
140 |
288 |
148 |
0.57 |
0.64 |
0.006 |
|
AA-ARG, FP |
288 |
290 |
2 |
0.19 |
0.25 |
0.003 |
|
Phyllic, HFP |
290 |
600 |
310 |
0.58 |
0.37 |
0.007 |
|
AA-ARG/Phyllic/SCC, FP |
AA-ARG = Advanced Argillic-Argillic,
ARG = Argillic, SCC = Chlorite-Sericite |
FP = Feldspar Porphyry, HFP =
Hornblende Feldspar Porphyry |
Following the discovery of a new high-grade zone located in the
south-central part of the porphyry, Barisan Gold has decided to
build a new drill platform at the southern end of the deposit. Hole
UTD-008, which is currently in the preparation stage, will target
the high-grade zone #2 on a north-south axis (UTD-002/006 were both
drilled on an east-west axis) to determine the true width of the
high-grade zone on that axis. UTD-008 will also target a high-grade
intercept from hole UTD-004 further to the north where UTD-004
returned 242 metres of 0.6g/t gold + 0.4% copper (0.8% copper
equivalent) from 664 metres to 906 metres. More details about hole
UTD-008 will be provided once drilling plans are finalized on this
new platform.
Barisan Gold remains well financed to advance the next stage of
drilling at its Upper Tengkereng gold-copper porphyry
discovery.
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.
To receive or
stop receiving BG news via email, please email info@barisangold.com
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.
Barisan Gold CorporationSteven FeldmanManager Investor
Relations+1 604 684 8676info@barisangold.comwww.barisangold.com
Barisan Gold Corporation (TSXV:BG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barisan Gold Corporation (TSXV:BG)
Historical Stock Chart
From Sep 2023 to Sep 2024