VANCOUVER, Feb. 27, 2017 /CNW/ - Barsele Minerals Corp. – (TSX-V: BME) ("Barsele") reports that it has retained the services of Amec Foster Wheeler, to complete an Independent Review of the Barsele Mineral Resource Update, that was created by Agnico Eagle Mines Limited – (TSX, NYSE: AEM) ("Agnico Eagle"). The Barsele gold deposit occurs within the Barsele Au-VMS Project area in Västerbottens Län, northern Sweden (the "Barsele Project"). Exploration and mineral resource definition at the Barsele Project has recently been managed by joint venture partner Agnico Eagle. Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an additional 15% in the Barsele Project through the completion of a pre-feasibility study.
The Barsele property is known to contain intrusive hosted gold mineralization that appears to be similar to Agnico Eagle's Goldex deposit in Quebec. During 2016, a total of 85 diamond drill holes totaling 33,477 meters were drilled by Agnico Eagle. Drilling focused on verifying, defining and expanding the mineral resources within and along the Central, Avan and Skiråsen zones, that are now interpreted to be part of the same mineralized system that extends over 2.6 kilometers of strike length and to a depth of 600 meters and still open in all directions. These contiguous mineralized zones occur within a granodiorite host that ranges in width from 200 to 500 meters and is traceable over a strike length exceeding 8.0 kilometers. Gold is generally associated with arsenopyrite and low base metal content, but also occurs as native metal locally.
Barsele is having its qualified persons review the updated mineral resource estimate and will disclose the results on completion of the review. Qualified persons include: Greg Kulla, who will lead the evaluation process, Greg Gosson who will provide technical guidance on disclosure, and Peter Oshust who will provide a mineral resource review. An updated NI 43-101 Technical Report will be prepared if warranted.
The Company also announces that it has entered into a non-arm's length shared services agreement dated January 1, 2017 with Belcarra Group Management Ltd. ("Belcarra"), whereby Barsele has engaged Belcarra to provide management, administrative, office facilities and other related services including the provision of personnel as may be required by the Company from time to time (the "Shared Services"). The Shared Services are to be provided and the costs are to be allocated on a shared and proportional basis with certain other companies that have also engaged Belcarra to provide the Shared Services. Barsele notes that Belcarra is a non-arm's length party, as Belcarra is controlled by Gary Cope, the Company's President and CEO.
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.
Art Freeze, P.Geo. is the Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
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
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.
For further information: please contact Barsele Minerals Corp. at (604) 687-8566 x227, email [email protected] or visit our website at www.barseleminerals.com