Agnico Eagle Provides a Progress Update on the Barsele Au-VMS Project, indicating expansion of the mineralized zone.

VANCOUVER, May 4, 2016 /CNW/ - Barsele Minerals Corp. – (TSX-V: BME) ("Barsele") is pleased to report to its shareholders recently-released operational progress on the current exploration program within the Barsele Au-VMS Project area in Västerbottens Län, northern Sweden (the "Barsele Project") contained in Agnico Eagle Mines Limited's – (TSX, NYSE: AEM) ("Agnico Eagle") press release announcing its first quarter 2016 results. The exploration program at the Barsele Project is being operated by joint venture partner Agnico Eagle. Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele.

In its press release, Agnico Eagle stated that the drilling results from the Barsele Project extended the known mineralization at depth and joined the Central Zone with the Skirasen Zone. The press release also suggested that the Barsele Project has the potential to become a Goldex type deposit, which is one of Agnico Eagle's existing gold mines. Equally noteworthy, is the illustration that accompanied the press release, which shows the potential growth of the known deposit to the south-east as a result of the latest drilling, and also that the deposit remains open in three directions.

Highlight intercepts from drill results to date and drill hole coordinates from this program are set out in the tables below and the drill hole pierce points are also shown on the Barsele Project composite longitudinal section below. All intercepts reported for the Barsele Project show capped grades over estimated true widths, based on a preliminary geological interpretation that is being updated as new information becomes available with further drilling.

Recent exploration drill results from the Barsele Project

Drill hole

Location

From
(metres)

To
(metres)

Depth of
midpoint
below
surface
(metres)

Estimated
true width
(metres)

Gold grade
(g/t)
(uncapped)

Gold
grade
(g/t)
(capped)*

CNT15-007

Central Zone

437.0

449.0

310

9.0

12.37

3.28

CNT15-009

Central Zone

106.0

168.0

90

46.5

1.12

1.12

and


383.0

432.0

300

36.8

1.15

1.15

CNT15-010

Central Zone

223.0

252.0

230

21.8

1.59

1.59

and


494.0

589.0

515

71.2

0.88

0.88

CNT15-013

Central Zone

473.5

492.0

370

13.9

3.00

3.00

and


519.2

526.0

400

5.1

5.02

5.02

CNT15-015

Central Zone

23.0

34.0

20

8.2

8.06

6.74

CNT15-016

Skiråsen Zone

270.0

277.0

215

5.2

5.06

5.06

and


339.0

451.0

310

84.0

2.07

2.01

CNT15-017

Central Zone

623.0

632.0

540

6.8

1.72

1.72

SKI15-001

Skiråsen Zone

323.0

384.0

260

45.8

1.94

1.61

and


405.0

434.0

310

21.8

1.42

1.42

SKI16-001

Skiråsen Zone

101.0

108.0

75

5.2

4.85

4.85

and


120.0

140.0

95

15.0

3.92

3.23

and


276.0

312.1

210

27.1

3.06

2.40

SKI16-005

Skiråsen Zone

193.0

213.0

170

15.0

1.19

1.19

and


399.0

504.0

370

78.8

1.25

1.25

and


593.0

609.0

485

12.0

1.86

1.86

*Holes at Barsele use a capping factor of 20 g/t gold.

 

Barsele Project exploration drill collar coordinates of selected holes


Drill collar coordinates*

Drill hole ID

UTM North

UTM East

Elevation
(metres above
sea level)

Azimuth

Dip
(degrees)

Length
(metres)

CNT15-007

7214686

618733

321

360

-53

725

CNT15-009

7214671

618829

317

360

-57

701

CNT15-010

7215040

618808

291

180

-70

655

CNT15-013

7214613

619033

306

333

-55

597

CNT15-015

7214601

619133

296

360

-52

523

CNT15-016

7214525

619127

302

360

-55

664

CNT15-017

7214895

618859

293

290

-60

902

SKI15-001

7214598

619125

296

040

-48

580

SKI16-001

7214515

619222

300

040

-50

557

SKI16-005

7214516

619221

300

360

-57

645

 

Recent drilling has connected the Central Zone with the Skiråsen Zone. The combined Central-Skiråsen Zone has a strike length of approximately 1,400 metres, and extends from surface to a depth of at least 540 metres and ranges in width from 10 to 150 metres. Mineralization remains open at depth and along strike.

Results include hole CNT15-016 that intersected the Skiråsen Zone with two intercepts: 5.06 g/t gold over 5.2 metres at 215 metres depth, and 2.01 g/t gold over 84.0 metres at 310 metres depth.  Almost 300 metres away at the southeast extent of the zone, hole SKI16-001 intersected the zone with three intercepts: 4.85 g/t gold over 5.2 metres at 75 metres depth, 3.23 g/t gold over 15.0 metres at 95 metres depth and 2.40 g/t gold over 27.1 metres at 210 metres depth. The deepest intercept to date in the Skiråsen Zone is hole SKI16-005 that intersected 1.86 g/t gold over 12.0 metres at 485 metres depth, as well as two shallower intercepts.

Recent drilling has extended the depth of the Central Zone to 540 metres. Highlights include hole CNT15-015 that intersected 6.74 g/t gold over 8.2 metres at 20 metres depth. Hole CN15-013 intersected 3.00 g/t gold over 13.9 metres at 370 metres depth and 5.02 g/t gold over 5.1 metres at 400 metres depth. Hole CN15-007 intersected 3.28 g/t gold over 9.0 metres at 310 metres depth.

In 2016, Agnico Eagle indicated that it plans to spend approximately US $4.9 million on exploration to further evaluate the mineral potential of the property. This includes 19,000 metres of diamond drilling, a recently completed Titan-24 induced polarization geophysical survey, till sampling and hyperspectral core scanning. A basic environmental assessment will be done, as well as ongoing community relations programs to engage the various stakeholders in the region. Drilling is expected to resume in early May after spring breakup.

Barsele's President, Gary Cope says, "I am very pleased to see the mineralized zone has expanded so significantly in this report, and that Agnico Eagle has planned expenditures which will in aggregate fulfill the full phase one commitment per the joint venture terms and in so doing will advance us to the second phase which ultimately leads to a preliminary resource estimate for the project."

Art Freeze, P.Geo. and Ben Whiting, P.Geo., are Qualified Persons as defined in NI 43-101 and take responsibility for the technical disclosure contained within this news release.

About the Barsele Gold Project

The Barsele Project is located on the western end of the Proterozoic "Skellefte Trend," a prolific volcanogenic massive sulphide deposits belt, where it intersects with the "Gold Line" in Northern Sweden. Both polymetallic deposits and intrusive hosted orogenic gold deposits are present in this region and on the property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden, and Storliden.

In September of 2015, mineral resource estimates by Barsele were released for the Barsele Project in four zones, the Central, Avan and Skiråsen Gold Zones and the Norra VMS Zone (Orex News Release dated 21 November 2012). The resource estimate for the Central-Avan-Skiråsen Zones states an Indicated Resource of 14.1 million tonnes grading 1.21 g/t gold for 547,000 contained ounces, plus an Inferred Resource of 20.2 million tonnes grading 0.97 g/t gold for 627,000 contained ounces. The polymetallic Norra Zone contains an Indicated Resource of 110,000 tonnes grading 3.13 g/t gold, 30.3 g/t silver, 0.53 % copper and 0.72 % zinc, plus an Inferred Resource of 310,000 tonnes grading 1.62 g/t gold, 12.7 g/t silver, 0.26 % copper and 0.42 % zinc. All zones were estimated at a gold cut-off grade of 0.6 g/t.

About Barsele Minerals Corp.

Barsele is a Canadian-based junior exploration company comprised of highly qualified mining professionals. Barsele's main property is the Barsele Gold Project in Västerbottens Län, Sweden, a joint venture with Agnico Eagle Mines Limited.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope
President

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Barsele undertakes no obligation to update such statements, except as required by law.

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.

SOURCE Barsele Minerals Corp.

Image with caption: "Barsele Project - Composite Longitudinal Section (CNW Group/Barsele Minerals Corp.)". Image available at: http://photos.newswire.ca/images/download/20160504_C3535_PHOTO_EN_682416.jpg

For further information: please contact Barsele Minerals Corp. at (604) 687-8566 x227, email info@barseleminerals.com or visit our website at www.barseleminerals.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890