Agnico Eagle provides a fifth operational progress update on the Barsele Au-VMS Project
Tuesday, Sep 13, 2020
Barsele Minerals Corp. – (TSX-V: BME) (“Barsele”) is pleased to provide a fifth operational progress update for the current exploration program within the Barsele Au-VMS Project area in Västerbottens Län, northern Sweden. The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited (TSX, NYSE: AEM) (“Agnico Eagle”).  Ownership in the project is 55% Agnico Eagle and 45% Barsele.

Phase-2 drilling commenced with one drill on April 29th.  A second drill was placed in operation on June 7th, with a third drill commissioned on August 29th. Recently, drilling has been carried out on Titan geophysics targets adjacent to and northeast of the Avan Zone, and along the principal trend of gold mineralization within the Avan and Central zones. Drilling has also been carried out on the Kohobben VMS target, with results pending. As well, a BOT (base of till) drill was commissioned during the month of August, to test for gold mineralization indicators along a corridor adjacent to and southwest of the entire Skiråsen-Central-Avan mineralized corridor.

As of August 29th, diamond drilling in 2016 totals 13,522 metres. A cumulative total of 21,907 metres has been drilled since the beginning of the joint venture in October, 2015.

Drill hole AVA16-005 was drilled to test the down dip extension of the gold mineralized zone at Avan. Assay results have returned several mineralized intercepts. Highlight results include 6.00 metres core length (estimated 4.50 metres true thickness) grading 16.20 g/t gold uncut (7.28 g/t gold cut), plus 26.00 metres core length (estimated 19.50 metres true thickness) grading 2.22 g/t gold. These intercepts occur between 145 and 250 meters vertically below surface. Hole AVA16-006 cut 34.00 metres core length (estimated 25.5 metres true thickness) grading 0.87 g/t gold at roughly 150 metres below surface. Hole AVA16-007 cut 33.4 metres core length (estimated 25.10 metres true thickness) grading 1.68 g/t gold, plus 8.00 metres core length (estimated 6.0 metres true thickness) grading 3.23 g/t gold. These intercepts occur between 420 and 545 metres below surface.

Results from holes AVA16-005 and AVA16-007 are considered to be highly significant as they are suggestive of improving ground preparation, and alteration and mineralization at depth at Avan. Both intercepts are located roughly 1,250 metres to the northwest of the core of the Central Zone.

Drill holes AVA16-001, AVA16-002, AVA16-003 and AVA16-004 were drilled to test Titan geophysical anomalies, to the northeast of the Avan Zone. Hole AVA16-003, cut 2.40 meters core length (estimated 0.20 meters true thickness) grading 46.15 g/t gold uncut (11.87 g/t gold cut), at 365 meters below surface. More drill testing is required in this area.

Barsele’s President, Gary Cope comments, “Drilling at Avan has yielded two highly significant intervals of good grade rock in holes AVA16-005 and AVA16-007. We remain optimistic that Agnico Eagle will continue to define and extend the Avan Zone to the northwest and to depth as well as to the southeast toward the Central Zone.”

As project operator, Agnico Eagle is continuously involved with a community relations program to engage the various stakeholders in the project area to discuss project progress and future planning.

In 2016, Agnico Eagle plans to spend approximately $US 6.0 million on exploration to further evaluate the mineral potential on the property. This work will include expansion drilling, validation drilling, regional drilling, and Base of Till drilling, all of which is ongoing. In addition, environmental base line studies (water chemistry, biota in water, nature inventory) continue.

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 were released for the Barsele Project in four zones, the Central, Avan and Skiråsen Gold Zones and the Norra VMS Zone. 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.

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.

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