Barramundi (BAM) exploration news and Longline mine annoucement.
Find following Barramundi Gold (BAM) exploration report, which
includes annoucment of plan to start test mine on the Longline
property.
Barramundi is moving from exploration to mining and have sucessfully
raised over $1M privately to support their efforts this year, which
is no small feat for a jnr in the current envionment.
I recently received their annual report which makes for very good
reading. This really is a jnr with great prospects.
for Info see: barramundi.com
<<<<< News >>>>>>
Barramundi Gold Ltd -
1998 exploration programs successfully completed
Barramundi Gold Ltd BAM
Tuesday Nov 17 1998
Mr. Bob Burban reports
The company has successfully completed its 1998 exploration programs carried out at its Longline project in west-central Yukon. The Longline project includes high-grade gold in horizontally oriented quartz veins hosted within intrusive rocks, and has a significant placer gold mining history.
Based on field programs (which began in early 1996) and recent geological interpretations, the 90 sq km property area comprises at least five primary targets. Each target has been identified by structural interpretation, anomalous geochemistry and/or geophysics (including a detailed aeromagnetic survey). Of the targets identified, only the upper Swamp Creek area has had any degree of systematic testing to date. Exploration work carried out in 1998 in the upper Swamp Creek area included the following:
1. A grid based soil/geochemical sampling program over a 3,000m by 1,500m area at a grid spacing of 100m by 50m. Infill geochemical soil sampling was carried out in areas of interest at a spacing of 50m by 25m. Preliminary interpretation of the data has identified both gold and arsenic geochemical anomalies over large portions of the grid area;
2. Trial induced polarization and electromagnetic traverses were successfully carried out over the known vein exposures to test their response. The trials also highlighted anomalous areas previously unknown;
3. Four diamond core holes were drilled (totalling approximately 210m) and successfully achieved their main purpose which was to intersect and thus confirm the down-dip continuity of vein V2, which is one of five also exposed at surface. The recovered core has been used for both metallurgical testing and waste characterization studies; and
4. Exposures were made on other known veins for mapping and to test continuity, and sampled for mineralogy, grade and metallurgical engineering studies.
To date, five vein systems have been discovered in the upper Swamp Creek area, including; V1, V2, V3, CR and SC-1. In excess of 1,000m of veins have been exposed, principally being V1, V2 and V3. Importantly, these veins have a common orientation (striking north and dipping at 25-30 degrees to the east) and as individual structures they exhibit extraordinary continuity. As previously reported in Barramundi's prospectus dated Sept. 10, 1996, a 2,500 tonne sample of V2 vein material was mined and processed by others, yielding a reported recovered grade of approximately 0.8 oz/t. This mini bulk sample was processed using simple gravity recovery methods at the site.
While the veins discovered and tested thus far represent important near-term production and cash-flow targets in themselves, they remain secondary targets to what management believes is the potential for large scale mineralization on the property. Larger deposits, similar in geological settings to those discovered at Pogo, Fort Knox and others in Alaska, remain the company's primary target type at the project.
Based on the results of the work to date, Barramundi plans to carry out the following work to advance the Longline project in 1999:
1. A bulk sampling/mining operation at vein V2 during the 1999 summer field season under the requirements of a Yukon class B water licence. An application is currently being prepared that would permit the mining and milling of up to 100 tonnes per day at the site. At that rate the operation may be capable of processing up to 20,000 tonnes during 1999. The bulk sampling program is designed to determine the recoverable gold grade in vein V2. The uneven gold grades that are believed to exist in the known veins means that extensive drilling would be required to gain any real confidence as to the average grade of gold in vein V2, and even such extensive drilling may be inconclusive. Based on preliminary metallurgical testing, it is believed that gold recovery from the bulk sample can be achieved through a conventional gravity circuit and recoveries greater than 90 per cent are possible. Further metallurgical testing is continuing. The company intends to use the services of contractors for both mining and milling of the bulk sample material;
2. Further IP and EM surveys over the existing upper Swamp Creek grid area, and other target areas will be used to focus on targets prior to drilling;
3. Additional grid based soil geochemical sampling on the other targets will also be carried out; and
4. Trenching and drill testing of the already identified areas of anomalous gold and arsenic mineralization.
Barramundi is encouraged with the results of its 1998 and previous field programs and believes that new interpretations of the geology forming the western Yukon/eastern Alaska, in the area of its Longline project, will continue to yield impressive gold discoveries.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
<<<< End >>>> |
