Barramundi Longline Drill Results
Find following initial results from Barramundi Gold Longline Drilling.
These results and ongoing surveys are confirmation of potential of Longline for major new gold discovery in the region, with current
Longline findings providing sound basis for cost recovering initial
trial mine.
see: barramundi.com for more information.
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Barramundi Announces High Grade Gold Intersections Pogo-Like Anomolies Next Phase Best Efforts Flow-Through Financing at 28 Cents
TORONTO--(BUSINESS WIRE)--June 25, 1999--Mr. Bob Burban reports that between May 22 and June 6, 1999 Barramundi Gold Ltd. (Alberta Stock Exchange:BAM. - news) completed the first phase of a detailed diamond drilling and surface trench sampling program. This program has been designed to define an indicated gold resource for a 20,000 tonne bulk sample planned for the summer of 2000 in the Swede's Pit (V2 vein system) area of Barramundi's Longline property. The Longline property is located in the Tintina gold belt in the western Yukon. The work carried out has been confined to an area measuring 240m x 80m. Trench and core samples were assayed by Northern Analytical Laboratories of Whitehorse YT, using a standard 150 mesh screen fire assay method with AAS finish.
Assay results have been received from 16 of the initial 22 shallow (less than 40m) PQ diamond drillholes which were drilled on 40m x 20m centres. The gold-bearing V2 vein system was intersected in 20 of the 22 holes, thereby confirming good continuity. The vein system remains open both along strike and depth. As expected, a strong nugget effect is evident in this drilling. Highlights of the assays include:
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Drillhole From Recorded True Width and Assays
SP99-01 20.42 m 0.12m at 32.51 g/t (0.948 oz/T) gold
SP99-02 21.60 m 0.23m at 30.01 g/t (0.875 oz/T) gold
SP99-05 24.40 m 0.29m at 47.50 g/t (1.385 oz/T) gold
SP99-08 25.60 m 0.59m at 62.56 g/t (1.825 oz/T) gold
SP99-012 18.02 m 0.14m at 19.72 g/t (0.575 oz/T) gold
SP99-013 27.77 m 0.05m at 35.84 g/t (1.045 oz/T) gold
SP99-015 18.75 m 0.61m at 29.12 g/t (0.849 oz/T) gold
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(x) Note: 1oz/T = 34.286 g/t
Results for the remaining 6 drillholes are pending. Trenches and surface exposures of V2 were initially mapped. Channel samples were then systematically collected to determine surface grade, while grab samples were collected to define where gold is concentrated. The trench samples display the same nugget effect as evident in the drilling, with best channel samples of the V2 vein being recorded in Trench 2 with 0.32m at 180.35 g/t gold (5.260 oz/T) and Trench 6 with 1.05m at 82.52 g/t Au (2.407 oz/T).
Strong gold mineralization was also recorded in some clay bands adjacent to the V2 vein, with Trench 1 recording 170.62 g/t gold (4.976 oz/T) from the hangingwall, and Trench 2 recording 150.72 g/t (4.396 oz/T) from the footwall. Additional results are pending for Trenches 6 - 9, inclusive, as well as the V1 and V3 vein systems.
Full trench and drill results, together with a map showing trench and drillhole locations, are available upon request.
Core recovery of vein material from the drilling was extremely variable (10 percent - 99 percent), as it was in the enveloping oxidized and altered granodiorite wallrocks (0 - 90 percent). Again, some very high gold values were recorded in wallrock clay adjacent to the quartz vein, e.g., drillhole SP99-05 returned 91.80 g/t (2.677 oz/T) gold over 0.14 m from the hangingwall zone. This type of material is extremely difficult to core and may have been lost in many drillholes to date.
Once the remaining results have been received, PQ core drilling will resume on the Swede's Pit area to infill the existing grid to a density of 20m x 20m. A 50 line km REAL Section IP survey is nearing completion over the 3000m x 1500m detailed grid centred on Swede's Pit. When this has been completed, a 3000m core drilling program will be undertaken to test the Pogo-like anomalies discovered last fall as well as the down-dip extensions of the V1 and V3 veins.
Results of the deeper drilling should be available for release in August, 1999.
Barramundi has entered into a best efforts agreement with Thomson Kernaghan and Company Limited of Toronto to place a Special Warrant Flow-Through financing of up to $700,000. The financing consists of a Special Warrant to be issued at 28 cents. Each Special Warrant will convert into one Flow-Through Common Share and one half Flow-Through Warrant exercisable at 30 cents expiring in June, 2001.
Additional drilling results and map is available by accessing Barramundi Internet Website at barramundi.com.
The Alberta Stock Exchange has neither approved or disapproved the contents of this release
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