Barker Minerals Invites Interested Parties for Consideration of Sale or Joint Venture on the Simlock Gold Project in Cariboo Mining District of B.C., and Issues Options
Prince George, British Columbia (FSCwire) - Barker Minerals Ltd. (“BML” on TSX/V) (“Barker” or the “Company”) reports that in follow up to its news release on May 2, 2017 regarding a new focus as a prospect generator/royalty company it is currently inviting interested parties to contact the Company regarding the consideration of a possible sale or joint venture on its 100% owned Simlock Gold project. The Simlock project has similar geological, geochemical and geophysical characteristics as to that of the Barkerville gold deposits to the north, and also shares a common boundary with Barkerville Gold Mines Ltd. (BGM-TSX-V).
The 2,069-hectare (5,113 acre) property is located 90 kms South/East from Williams Lake B.C. and is accessed by 90 km of paved highway to Likely, B.C. and a further 30 km by gravel roads to the property with electrical power to Keithly Creek 18 km to the West. The Simlock property can be drilled year-round if desired.
The Simlock property is on strike with the open ended 60 km long gold bearing “Cariboo Structural Break” announced by Barkerville Gold on October 4, 2016. http://www.barkervillegold.com/investors/news/barkerville-identifies-60-kilometre-long-gold-bearing-structural-break
This same trend has been identified and exists within the Simlock project over a 1.5 km distance and is open for expansion to the southeast, and for another kilometre to the west.
The project is also located on strike with Barker Minerals Ace Gold project to the south across the Cariboo River. The Ace project has been described by independent consultants and Government geologists as similar to that of the Barkerville gold camp to the north, the Pogo Gold deposit in Alaska as well as to that of the Yukon gold mining district which is recently seeing a revival of Major company interest.
Seeking Expressions of Interest
Interested parties seeking to learn more about the opportunity to get positioned in the Cariboo Gold District with the high potential Simlock gold project are invited to contact the Company directly. Barker will provide further information to those interested in evaluating the possibility and consideration of an outright sale, or a joint venture partnership.
Simlock Project Highlights
In 2003 D.F. Symonds wrote a NI 43-101 compliant report on the Simlock Creek Property (Symonds, 2003), where he wrote: [an] anomalous gold trend [on Simlock Creek] is about 1.5 kilometres in length and is open to the southeast. There is room to potentially increase the length of the trend up to an additional kilometre towards the western boundary of the Simlock Property. The anomalous gold trend is supported by the presence of gold, silver and lead mineralization in place at six locations along the trend.
Harvey Creek, on which Simlock Creek is a tributary, had rich gold placers which were worked between the 19th century and 1940. Heavy stream sediment sampling in 1986 determined Harvey and Simlock Creeks and several tributaries were highly anomalous in gold, with values ranging from 440 ppb to 8,000 ppb Au. Harvey Creek and its tributaries below the confluence with Simlock Creek were also highly anomalous in gold, with values ranging from 580 ppb to +10,000 ppb Au.
The above 1.5 km anomalous gold trend represents the distance between two gold-bearing outcrops, indicated on Figure No. 4 in his report. For the first outcrop Symonds (2003) states:
In 1998 a 4.1 metre wide silicified zone averaging 1.18 oz/ton gold, 1.67 oz/ton silver and 0.81% lead in phyllites was sampled as follows;
Sample # 98126: continuous 160 cm chip channel of quartz material. Au – 0.165 oz/ton, Ag – 1.8 ppm, Pb – 861 ppm
Sample # 98126B: continuous 160 cm chip channel of quartz material. Au – 2.286 oz/ton, Ag – 125.2 ppm, Pb – 7,335 ppm
Sample # 98126C: continuous 90 cm chip channel of quartz material. Au – 1.015 oz/ton, Ag – 65.9 ppm, Pb – 22,395 ppm
At the second outcrop, in 2003, a 50 cm chip sample from a sulphide zone at a ‘borrow pit’, had 8,757.9 ppb Au; it was later re-analyzed by assay as 10.06 g/t Au.
The geophysical trends and patterns identified in the Geological Survey of Canada’s (GSC) 100% funded airborne survey (Cariboo Lake EM and Magnetic Airborne Survey) over the Simlock project are similar to that reported by Barkerville Gold Mines on its mine trend near Barkerville, B.C. and along the recently confirmed gold bearing Cariboo Break structure.
The 100% funded Government airborne geophysical surveys have defined anomalous EM and magnetic (highs and lows) on NW-SE trends; which are co-incident with the above-mentioned 1.5 km anomalous gold trend.
Barkerville Gold Mines Ltd. reported on October 4, 2016, “The Cariboo Break is interpreted as a major deep-seated shear which appears to have focused gold mineralization along its length. The Cariboo Break is manifested as a well constrained magnetic depression coincident with the auriferous soil anomalies generated from the 2016 regional exploration program and also the mine trend on Island, Cow and Barkerville Mountains”.
Details of the various programs and results by Barkerville Gold Mines Ltd. are available in news releases on their website.
Resurgence of interest and activity in the Cariboo Mining District
In 2016 interest in Barker’s projects returned as preliminary discussions took place with parties who approached Barker, as well as with companies which Barker previously contacted. Barker is currently in preliminary discussions with interested parties and should any discussions proceed to a letter of intent stage this will be reported promptly.
After property assessments on Barker’s property package in 2016, Barkerville Gold Mines Ltd. expressed an interest in purchasing Barker Mineral’s Ace, Frank Creek, Kangaroo, Rollie and Simlock projects. After preliminary discussions and negotiations, a purchase price could not be agreed upon as a multiple property package deal. Among other aspects, the regional and local geology, geophysics, geochemistry, access and infrastructure, proximity to existing mines, historical information and the short to medium term gold market directions are the factors determining the approximate fair market value Barker’s projects. There are no current discussions underway between Barker Minerals Ltd. and Barkerville Gold Mines Ltd.
Another positive sign of a Cariboo resurgence is the activities reported by Barkerville Gold Mines Ltd. in staking, or acquiring, several mineral properties along the favorable trend in the district. Details of the mineral claim acquisitions and agreements with locations can be accessed through news releases posted on BGM’s website.
Signs of increased awareness in the district are also evidenced by new staking over the last four weeks in the Barkerville/Likely gold mining district.
Two new mineral claim blocks were staked by third parties near or adjacent to Barkerville Gold Mines Ltd. on the Cariboo Break Trend.
Approximately 2,932 hectares (7,245 acres) of new mineral tenure were also staked by third parties along the Cariboo Break extension south of Barker’s Simlock Gold project and adjacent to it’s Ace Gold project.
Recent third party staking has also occurred around Barker Minerals Tasse Diamond potential project totalling 1,374 hectares (3,395 acres). Additional third party staking of 3,106 hectares (7,675 acres) occurred near or adjacent to the Company’s Rollie VMS/Gold project, which is adjacent to, and on trend with, Barker’s Frank Creek VMS/Gold project to the south.
The Simlock property’s access and nearby infrastructure, geology, outcrop mineralization, heavy mineral sampling results and extensive gold in soil anomalies together with the GSC airborne results highlight the similarities to the Cariboo Break and Barkerville area gold deposits to the north. These similarities and the increasing interest in the Cariboo region make the Simlock Gold project a great exploration opportunity for interested parties with solid geological teams and companies with access to the capital to advance the project. It is also a strategic corporate opportunity to get shareholders positioned early in a high potential property before the anticipated investment community interest increases, once the awareness of the region’s economic potential is realized.
The Simlock project is at the exploration drill stage with no proven mineral resources. Any sale of mineral projects owned by Barker Minerals are for mineral rights only under the mineral tenure act’s terms and conditions in British Columbia.
The scientific and technical information contained in this news release was prepared under the supervision of Rein Turna, B.Sc., P.Geo. the Company's "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Option Grants Approved
Lapsed options of 11,485,000 have been re-granted to management executives as per existing compensation agreements. 9,135,000 lapsed options were also re-granted to directors and officers, consultants and 3,000,000 new options were granted to consultants, for a total of 23,620,000. All options granted and re-granted are for a term of 10 years and exercisable at $0.05 per share.
About Barker Minerals
Barker Minerals is advancing exploration on its mineral properties in the Cariboo Gold District, one of the most mineralized belts in British Columbia. The Company has more than 15 projects on its exploration properties, all of which are 100% owned by Barker Minerals.
Certain statements in this press release may be considered forward-looking information, including those relating to "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE www.barkerminerals.com OR
Louis E. Doyle Robert H. Kuhl
Tel: (250) 563-8752 Tel: (604) 321-0709
Neither the 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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Source: Barker Minerals Ltd. (TSX Venture:BML)
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