Barkerville's final results bring more high grades

The final drilling results from Barkerville Gold Mines’ (CN:BGM) 160,000m programme at Island Mountain and Valley Zone, at its flagship Cariboo gold project in British Columbia, have continued to reveal high gold grades as the company works to prove up district-scale potential.

Staff reporter
Company working on district-scale potential

Company working on district-scale potential

Among the highlights, the company intersected 9.95m at 48.17g/t gold from 538.5m, 45m down-dip from an earlier hole that assayed 72.23g/t gold over 12.05m.

The company said recent modelling of Island Mountain's vein corridors proposed 50 mineralised vein corridors at the Shaft Zone and 17 at Valley Zone.

Seven rigs are continuing to delineate the vein corridors at Island Mountain for the western Canada-focused company, which is aiming to establish initial resources for Cow Mountain, Island Mountain and Valley Zone this year, along with an update for Barkerville Mountain.

Permits permitting, the company also hopes to start underground access to explore for increased resources at Cow and Island Mountain targets and allow for trial stoping and bulk sampling.

Barkerville is led by chairman Sean Roosen, who also heads Osisko Gold Royalties (CN:OR), and has experienced people on the board including Osisko Mining (CN:OSK) founder John Burzynski plus Kirkland Lake Gold (CN:KL) president and CEO Anthony Makuch.

It had C$36.7 million (US$28.7 million) in working capital at the start of the year after raising almost $11 million (US$8.6 million) at the end of December in a brokered private placement at $1 per flow-through share.

Shares in the company closed up C3c yesterday to 64c but are down about 15% year-to-date.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

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