Barisan Gold Intersects 202 Metres of 0.7 g/t Gold + 0.4% Copper + 0.01% Molybdenum in Hole UTD-004 at Upper Tengkereng Prosp...
January 09 2014 - 7:30AM
Marketwired Canada
Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce the first batch
of drill results for hole UTD-004 at its Upper Tengkereng porphyry prospect,
located in the Province of Aceh, Indonesia.
Hole UTD-004 was completed on January 8, 2014 at a final length of 1,465 metres,
making it the longest and deepest hole ever drilled at the Barisan porphyry
prospects. Similar to the three previous holes, UTD-004 was fully mineralized,
intercepting porphyry mineralization six metres from surface all the way to the
end of the hole at 1,465 metres, with only a narrow 82 metre barren zone
intercepted towards the top of the hole (compared with two barren zones for a
combined 158 metres in UTD-003). As a result, the porphyry system remains open
in all directions as well as at depth (true depth of UTD-004 is estimated at
1,394 metres) after the first four holes.
Assays have been received for the first 986 metres of UTD-004, results of which
are presented below. Despite being drilled away from the high-grade zone
identified in UTD-002 and UTD-003, UTD-004 returned two intercepts that include
similar high grades to those intercepted in UTD-002 and UTD-003. From 320 to 350
metres, UTD-004 returned 30 metres at 1.2 g/t gold + 0.4% copper, similar to the
1.2 g/t gold + 0.5% copper intersected from 638 metres in UTD-002. The UTD-004
intercept is 40 metres to the southwest and 300 metres shallower than the
UTD-002 intercept, hence widening the potential shell of that high-grade zone
both horizontally and vertically. Deeper down hole, from 664 to 866 metres,
UTD-004 returned 202 metres at 0.7 g/t gold + 0.4% copper + 0.01% molybdenum.
This 202-metre long continuous high-grade zone is located 185 metres to the east
and 200 metres deeper than the high-grade zone of UTD-002/003, potentially
extending that zone on an east-west and depth basis.
"We are very pleased with the first batch of results received from hole
UTD-004," said Alex Granger, Chief Executive Officer of Barisan Gold. "Although
we were drilling away from the high grade zone identified in the last two holes,
we still managed to intercept two similar high grade zones in UTD-004 to those
in holes UTD-002 and UTD-003, including one zone that is 202 metre wide at the
664 metre level, the second widest high grade zone intersected in the deposit so
far. The results appear to indicate that the high grade zone is going much
further to the west than our geological models predicted."
Following UTD-003, Barisan Gold had identified a 60 by 25 metre high-grade zone
(with a depth of 250 metres). The potential footprint of this high-grade zone
has now been increased to 100 by 210 metre (with a depth of 530 metres) as a
result of the two new intercepts drilled in UTD-004.
In addition, UTD-004 has also returned the first meaningful molybdenum
intercepts identified at the Upper Tengkereng porphyry prospect. The first 986
metres of UTD-004 average approximately 0.01% molybdenum with assays as high as
0.12% molybdenum in some areas.
The following table presents the assays received to date for UTD-004.
----------------------------------------------------------------------------
From To Interval Gold Copper Moly
(m) (m) (m) (g/t) (%) (%) Rock Type
----------------------------------------------------------------------------
6 186 180 0.16 0.16 0.011 AA-ARG, Hydro Breccia, FP
----------------------------------------------------------------------------
186 238 52 0.37 0.23 0.006 AA-ARG, FP
----------------------------------------------------------------------------
238 320 82 Barren Zone (grade below Propylitic, HDI
0.1% copper eq.)
----------------------------------------------------------------------------
320 350 30 1.22 0.41 - - Phyllic/AA-ARG, FP
----------------------------------------------------------------------------
350 482 132 0.36 0.17 - - Phyllic/AA-ARG, HFP
----------------------------------------------------------------------------
482 664 182 0.30 0.12 - - SCC, HFP
----------------------------------------------------------------------------
664 720 56 0.73 0.27 - - SCC/Phyllic, FP
----------------------------------------------------------------------------
720 774 54 0.72 0.38 - - SCC, FP/EDI
----------------------------------------------------------------------------
774 824 50 0.68 0.49 0.014 SCC, EDI
----------------------------------------------------------------------------
824 866 42 0.46 0.37 0.011 SCC, EDI
----------------------------------------------------------------------------
866 878 12 0.22 0.14 0.009 SCC, HFP
----------------------------------------------------------------------------
878 904 26 0.39 0.29 0.021 SCC/Potassic, EDI
----------------------------------------------------------------------------
904 946 42 0.25 0.19 0.010 SCC/Potassic, EDI
----------------------------------------------------------------------------
946 986 40 0.10 0.07 0.010 SCC, EDI
----------------------------------------------------------------------------
AA-ARG = Advanced Argillic-Argillic, ARG = Argillic, UA = Unaltered, SCC =
Chlorite-Sericite
FP = Feldspar Porphyry, HFP = Hornblende Feldspar Porphyry, HDI = Hornblende
Diorite, EDI = Equigranular Diorite
The rest of hole UTD-004, from 986 to 1,465 metres, remains in a series of
dioritic and tonalitic intrusions which contain some visually interesting zones
that could yield meaningful intercepts. From 1,044-1,080 & 1,097-1,193 metres, a
tonalite rock formation was intercepted which seems to contain meaningful
chalcopyrite mineralization. From 1,307-1,317 metres, a potassic rock formation
was intercepted which seems to contain meaningful chalcopyrite mineralization.
From 1,356-1,448 metres, meaningful chalcopyrite mineralization has been
visually identified.
Separately, on December 24, 2013, Barisan Gold completed the construction of the
new 130-metre road to the new drilling area on time and below budget, allowing
for the construction of the next drill pad. The new drill pad is now ready to
receive for set up the rig as soon as de-commissioning of hole UTD-004 is
complete. The drilling contractor is currently pulling the rods out of UTD-004,
following which the rig will be moved to the new drill platform and drilling of
hole UTD-005 will begin. The transition between drill pads is expected to take
approximately two weeks.
Hole UTD-005 is being planned with an azimuth of 55 degrees and an inclination
of 76 degrees. UTD-005 is designed to test the north eastern boundary of the
high-grade zone identified in UTD-002 and UTD-003 by pursuing the UTD-002
intercept of 59 metre grading 1.2 g/t gold + 0.5% copper both in the north
eastern direction and at depth. In addition, UTD-005 will be testing the
limestone contact zone identified at surface, located north east of the diorite
footprint. Very little is currently known about the limestone present at surface
and UTD-005 will help in determining the vertical inclination of the limestone
and how the mineralization interacts in the contact zone between the porphyry
and the limestone zone. UTD-005 is planned to a length of 1,200 metres, unless
it hits a vertically dipping limestone zone prior to that.
"UTD-005 is an exciting hole for Barisan Gold," further added Alex Granger.
"With completion of the permitting and construction of the new drill pad located
closer to the center of the deposit, we will be able to target new highly
prospective areas of the porphyry deposit that were unreachable from the
previous drill pad. UTD-005 is lined up parallel to UTD-002 and will chase both
the northeast extension of the UTD-002 high-grade zone at a steeper angle and
the yet to be targeted contact zone between the diorite and the limestone."
Barisan Gold intends on updating the market early in February with final assays
for the 986-1,465 metre section of UTD-004 as well as a general progress update
on drilling at UTD-005. Should UTD-005 reach its targeted length of 1,200
metres, it is anticipated be completed by mid/late March 2014.
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.
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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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Barisan Gold Corporation
Steven Feldman
Manager Investor Relations
+1 604 684 8676
info@barisangold.com
www.barisangold.com