Barkerville Gold Mines Reports Positive Results From Initial Test Mining of 80,000 Tonnes at Bonanza Ledge, Better Mine Grade...
11 Setembro 2018 - 8:00AM
Barkerville Gold Mines Ltd. (TSXV: BGM) (the
“
Company” or “
Barkerville”) is
pleased to announce positive results from its test mine at Bonanza
Ledge. Barkerville’s Bonanza Ledge mine has allowed the company to
assess mining methods, understand what ground conditions to expect
in different lithological units, train a local workforce, and
generate cash flow to offset some exploration expenditures.
All gathered data will add to the robustness of the company’s
feasibility study, which will be released in 2019.
Since the start of the Bonanza Ledge Project,
approximately 80,000t have been extracted using long hole mining
methods on two active levels. The mining blocks mined so far
yield better grade than expected with an average grade of 7.05 g/t
compared to the planned 6.5 g/t and dilution is on track with the
predicted 12%. Cemented rock fill has been used as
backfill. During development, conventional drill and blast
methods were used along with a road header (continuous
miner). The tested development methods will have a positive
economic impact for the larger project at Cow and Island Mountain;
major improvements on the performance and cost have been achieved
in the last 5 months of operation. Significant reductions in
operating cost has been made over the past few months, effectively
reducing the initial $300/tonne CAD operating cost to $190/tonne
CAD in the recent month.
Chris Lodder said, “We are very pleased with the progression of
the mine and mill and we continue to improve daily with our project
team in place. The Bonanza Ledge Mine is proving the
viability of our vision for the Cariboo project and the potential
of growth to becoming a significant gold producer in British
Columbia.”
Significant Impacts
- No lost time accidents have been recorded since the beginning
of the Bonanza Ledge Project.
- All Mining infrastructure (ventilation, pumping, electricity)
and development (over 1,000m) have been complete, and a local
mining team is in place.
- The average head grade of 7.05 g/t was higher than expected 6.5
g/t.
- Mine production was able to achieve up to 2000tpd, mill
production was up to 800tpd.
- Over 70,000t of ore have been milled project to date.
- Milled recovery is 91.6% compared to the expected 92%,
currently working toward further improvements including the
recommissioning of a gravity circuit.
- Over 12,200 ounces produced to date.
Qualified Persons
Mining activities at the Cariboo Gold Project
are administered on site by the Company’s Mine Manager, Paul Ratte.
Francois Vezina, ing, P.Eng, MBA, Chief Operating Officer, is the
engineer on record for the Company and has prepared, validated and
approved the technical and scientific content of this news release.
The Company strictly adheres to CIM Best Practices Guidelines in
conducting, documenting, and reporting its exploration activities
on the Cariboo Gold Project.
For further information on Barkerville Gold Mines Ltd. please
contact:
Chris LodderPresident & Chief Executive
Officer155 University Avenue, Suite 1440Toronto, Ontario,
Canadaclodder@barkervillegold.com
About Barkerville Gold Mines Ltd.
The Company is focused on developing its
extensive mineral rights package located in the historical Cariboo
Mining District of central British Columbia. Barkerville’s Cariboo
Gold Project mineral tenures cover 1,950 square kilometres; along a
strike length of 67 kilometres which includes several past
producing placer and hard rock mines, making it one of the most
well-endowed land packages in British Columbia. Since the
management change in mid-2015, the Company has unlocked the
fundamental structural controls of gold mineralization. The
Company’s Brownfield’s exploration team is focused on developing
and delineating a mineable resource within the 7 kilometers of
principle project area located near the town of Wells, British
Columbia. The Company’s Greenfield’s team is developing
quality exploration assets throughout the remaining land package
through systematic, scientific, exploration. The operation’s
team is focused on developing and mining the Bonanza Ledge and BC
Vein deposits on Barkerville Mountain. This operation allows
the company to generate near term cash flow, train a local work
force, keeps the present mining permit active, and de-risk’s the
project through staged production growth. Processing of
material from these deposits is processed at the QR mill. QR
is a fully owned, permitted mill and tailings facility, located
approximately 110 kilometres away from Wells, and can be accessed
by an all-season road.
Cautionary Statement on Forward -Looking
InformationNeither the TSX Venture Exchange (‘TSXV’) nor
its Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This news release contains
forward-looking information which is not comprised of historical
facts. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
statements regarding exploration results and exploration plans.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
capital and operating costs varying significantly from estimates,
the preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, uncertainties relating to
the availability and costs of financing needed in the future,
changes in equity markets, inflation, fluctuations in commodity
prices, delays in the development of projects and the other risks
involved in the mineral exploration and development industry, and
those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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