While the actual metal grades are obviously a target worth following, the alteration minerals observed in the drill core are just as valuable in helping the geologist model a potential deposit and plan future work.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 6, 2013) – Barisan Gold Corporation (TSX VENTURE:BG) is pleased to announce that drilling has resumed at its Upper Tengkereng prospect, located in the Province of Aceh, Indonesia. On September 5, 2013, hole UTD-003 was initiated under the supervision of PT. Indodrill Indonesia. UTD-003 is being planned with an azimuth of 329 degrees with an inclination of 75 degrees. A map of UTD-003 is available on Barisan Gold’s website at www.barisangold.com/barisanporphyry/uppertengkereng.
Hole UTD-003 is targeting the high grade zone intercepted at the bottom of hole UTD-002 (691 meters at 0.4 g/t gold + 0.3% copper) where an interval of 59 meters grading 1.21 g/t gold + 0.48% copper was intercepted at the end of the hole, including a higher grade interval of 28 meters grading 1.82 g/t gold + 0.55% copper (2.7 g/t gold equivalent or 1.7% copper equivalent at current market prices). Unfortunately UTD-002 was stopped due to drilling equipment failure at a depth of 697 meters while in that high grade zone. UTD-003 will attempt to test the width and depth of the high grade zone by targeting a steeper deeper hole than UTD-002. The current drill rig on site has the capacity to go as deep as 1,750 meters should the high grade zone continue at that depth.
Based on previous holes, we expect hole UTD-003, at a planned depth of 1,400 meters, to take 8-10 weeks to complete. Assaying should take a further 2-3 weeks to complete, after which results from the hole will be published. Barisan Gold will consider partial assaying depending on visual interpretation of the core.
For example: Barisan is saying that although a sample had 0.55% copper and 1.82 g/t gold, the value of the sample is the equivalent of 1.7% copper-only. They have also done an AuEq (Gold Equivalent calculation) and said that if all the copper value was gold it would be the equivalent of 2.7 g/t gold-only.
These calculations are an attempt to equalize the sample grade in order to possibly compare it with other deposits that might have copper-only, gold-only or other accessory metals such as silver. In some cases, companies will factor in estimated metal recovery into the calculation, but if they don’t mention it then one should assume that they are using 100% recovery. A little generous, but at this stage it’s not a huge deal.
As mentioned on the Barisan project page, copper porphyry deposits have a typical hydrothermal zoning pattern that geologists can use to help them track down high grade zones. This can be especially useful in early stage projects where there is not a lot of drill hole data. While the actual metal grades are obviously a target worth following, the alteration minerals observed in the drill core are just as valuable in helping the geologist model a potential deposit and plan future work.
A revamped investor presentation has been uploaded on the Company’s website.
Dibiansyah Hamid, MAIG, the designated QP within the meaning of NI 43-101, has reviewed and approved the content of this release.
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About Barisan Gold Corporation
Barisan Gold (TSX VENTURE:BG) is a Canadian-based minerals exploration company listed on the TSX Venture Exchange under the symbol “BG”. The Company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. Barisan Gold currently owns and operates two gold and gold-copper properties in Indonesia’s Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt and the Abong epithermal gold project. Barisan Gold currently has 40,706,186 shares outstanding.
We've skipped some of the boilerplate. You can read it in here.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements reflect management’s current assumptions and expectations regarding future work programs at the Company’s Upper Tengkereng Porphyry prospect, Abong Gold deposit, and the Company’s financial position following the sale of the Collins prospect, results of any work programs, the Company’s performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation, the Company may not be granted necessary permitting to continue drilling at its Abong gold deposit, the interpretation of drill results and the estimation of mineral resources and reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks. Forward looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.