BAROYECA GOLD & SILVER
INC.
1008 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone (604) 689-5002 Fax: (604) 689-5003
TSX-V: BGS
VANCOUVER, BC, March 3, 2021 /CNW/ - Baroyeca Gold &
Silver Inc. (TSXV: BGS) ("Baroyeca" or the "Company") is
pleased to report results from surface rock sampling conducted on
its recently acquired Santa Barbara Project, comprising 110.86
hectares located in the San Lucas Gold Belt, in Bolivar Department,
one of the richest gold districts in Colombia.
Preliminary Exploration Results
With this initial sampling program, Baroyeca has expanded the
known gold bearing vein system at Santa Barbara through rock
sampling over a 500m x 500m area, located on trend with the regional
NE-SW structures that host the gold bearing veins in the project
area. The 2020 exploration due diligence field program
expanded a cluster of high-grade silver-gold veins identified from
2015 to 2018 at the center of the property by the previous
operator. The program involved the collection of ten samples with
all samples reporting gold grades greater than 7.0 g/t Au. The
seven highest grade samples were obtained from a series of rock
chip samples taken in three exposures of the veins right at
surface, and returned gold values of 13.20 g/t, 13.18 g/t,
11.73g/t, 11.49 g/t, 11.13 g/t, 11.11 g/t and 10.01 g/t Au. Table 1
included below at the end of this release sets out the results of
all samples that were collected by the previous operator (the first
fourteen) and by the Company (ten samples). Following the table is
a map labeled as Figure 1 on which is plotted the location of each
of the samples collected and the vein structures identified.
The vein system was recognized by the extensive number of pits
and prospects excavated by artisanal miners on the property.
Prospecting and conducting a GPS inventory of the artisanal works
resulted in the discovery of multiple sets of low to intermediate
sulphidation epithermal veins, vein swarms, and siliceous breccias
hosted in basement gneisses of the San Lucas Formation. Individual
quartz veins typically range from 20 cm to >1.0 m in width, are steeply dipping, and have
been traced on surface for up to >250
m along strike with several vein structures interpreted to
project beyond their current mapped extent beneath talus and scree
cover. Dominant vein orientations are north-northeast.
Rick Wilson President and CEO
commented: "We are very pleased with these preliminary results that
indicate the richness and continuity of the vein system within our
Santa Barbara project. Finding additional veins on the property
will allow the expansion of the ongoing bulk sampling program with
the expectation of increased gold production from the test
mill."
2021 Surface Exploration Program
Concurrent with the 2021 prospecting program in the Santa
Barbara Property, Baroyeca is planning a field program designed to
evaluate continuation of known structures. It will consist of
reconnaissance level structural and geological mapping based on
Lidar detailed imagery and DEM, prospecting and soil geochemical
sampling to evaluate historic showings and to explore for new zones
of mineralization. Induced Polarity (IP) Geophysical surveys
are contemplated as part of the definition of structures hosting
veins at a property scale. These programs will be undertaken over
the next six to twelve months and have been budgeted at a cost of
$500,000. The Company has the funds
on hand to finance these programs.
Advancing exploration tunnels will continue non-stop and a
second vein will be evaluated as a new large size bulk sample (300
to 500 tons). Net revenues from sales of gold produced will be used
to defray overhead expenses and the costs of exploration
activities.
Title and Access to Santa Barbara Property
On February 5, 2021, the Company
closed its Mineral Property Option Agreement with Malabar Gold
Corp. ("Malabar") pursuant to which Malabar granted the Company an
option to acquire a 100% interest in the Santa Barbara Property.
Malabar holds the right to the title to the property through a
third party who has filed for the transfer of title to Malabar with
the Colombian registry. Agreements providing access to the property
and the right to conduct the bulk sampling and test milling
activities are in place between Sociedad Minera La Fortuna SAS,
Malabar's Colombian operating subsidiary, and the third party. In
order for the Company to exercise its working right and access to
the property provided, Malabar has transferred control of Sociedad
Minera La Fortuna SAS ("La Fortuna") to the Company for the term of
the option. Leases of the surface rights are already held by La
Fortuna and agreements are in place setting out environmental and
social protocols and guidelines to be followed while conducting
operations on the property.
QA/QC
Rock samples are shipped by transport truck in sealed woven
plastic bags to SGS sample preparation facility in Medellin, Colombia for sample preparation and
from there by air to SGS facility in Lima (Peru)
for analysis. SGS operate according to the guidelines set out
in ISO/IEC Guide 25. Gold is determined by fire-assay fusion
of a 50 g sub-sample with atomic absorption spectroscopy
(AAS). Samples that return values >10 ppm gold from fire
assay and AAS are determined by using fire assay and a gravimetric
finish. Silver is analyzed by inductively-coupled plasma (ICP)
atomic emission spectroscopy, following multi-acid digestion.
Silver is determined by ore grade assay for samples that return
>100 ppm.
About the Santa Barbara Project
The Santa Barbara Project is comprised of 110.86 hectares
strategically located in the core of a prolific gold camp next to
the Pueblito Mejia Special Reserve Area of Mining (the "ARE") as
declared by the the Colombian National Mining Agency (the "ANM").
It is geographically located on the northern tip of the Serranía de
San Lucas, also known as the "richest gold belt" in Colombia surrounded by numerous active
small-scale mining operations and artisanal miners, indicating the
richness of the district. Figure 2 attached at the end of this news
release contains a map of the regional geology of the Santa Barbara
Project.
About Baroyeca Gold & Silver Inc.
Baroyeca Gold & Silver Inc. is a mineral exploration company
focused on high-grade silver and gold projects located in
Colombia. Baroyeca's flagship asset is the high-grade Atocha
Silver-Gold Project located in Tolima Department, Colombia. The Company also holds an option to
acquire a 100% interest in the Santa Barbara Property, Bolivar
Department, Colombia, which is
renowned for its high-grade gold mineralization and vein
density. Current exploration activities on the Santa Barbara
Property involve the bulk sampling of vein structures, which
material then feeds into a trial production facility which has
consistently been producing gold for over a year. The revenue from
the sale of produced gold defrays part of the operating costs. The
Company is planning to expand these activities.
The Company's Board and senior management are committed to
creating shareholder value through the discovery process, careful
allocation of capital, and environmentally and socially responsible
mineral exploration.
Qualified Person
Raul Sanabria, M.Sc., P.Geo.,
Technical Advisor for Baroyeca Gold & Silver Inc. and a
qualified person ("QP") as defined by Canadian National Instrument
43-101, has reviewed and approved the technical information
contained in this release.
BAROYECA GOLD & SILVER INC.
Per: "Richard
Wilson"
Richard Wilson, President and CEO
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.
Table 1
Q4-2020 Baroyeca and previous historic sampling
results
Figure 1
Figure 1. Rock chip sample results, 2018 and 2020 seasons. Santa
Barbara property.
Figure 2
Figure 2. Geological map around the Santa Barbara property
(Source: Ingeominas) indicating location of past and currently
producing mines, and known veins identified within and in the
immediate areas around the Project (red dashed lines).
SOURCE Baroyeca Gold & Silver Inc.