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Barsele retains Amec Foster to review Barsele resource

Monday, February 27, 2017 14:46
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Canadian-based junior explorer Barsele Minerals Corp.’s (CVE:BME) said on Monday it has retained Amec Foster Wheeler to complete an independent review of the Barsele mineral resource update that was created by Agnico-Eagle Mines Ltd. (NYSE:AEM).

The Barsele gold deposit occurs within the Barsele gold-volcanogenic-massive-sulphide project area in Vasterbottens Lan, northern Sweden. Exploration and mineral resource definition at the Barsele project have recently been managed by joint venture partner Agnico-Eagle. Ownership in the Barsele project is 55 per cent Agnico-Eagle and 45 per cent Barsele. Agnico-Eagle can earn an additional 15% in the Barsele project through the completion of a prefeasibility study.

The Barsele property is known to contain intrusive-hosted gold mineralization that appears to be similar to Agnico-Eagle’s Goldex deposit in Quebec. During 2016, a total of 85 diamond drill holes totalling 33,477 metres were drilled by Agnico-Eagle. Drilling focused on verifying, defining and expanding the mineral resources within and along the Central, Avan and Skirasen zones that are now interpreted to be part of the same mineralized system that extends over 2.6 kilometres of strike length and to a depth of 600 metres, and still open in all directions. These contiguous mineralized zones occur within a granodiorite host that ranges in width from 200 metres to 500 metres and is traceable over a strike length exceeding eight kilometres. Gold is generally associated with arsenopyrite and low base metal content, but also occurs as native metal locally.

Barsele is having its qualified persons review the updated mineral resource estimate and will disclose the results on completion of the review. Qualified persons include: Greg Kulla, who will lead the evaluation process, Greg Gosson, who will provide technical guidance on disclosure, and Peter Oshust, who will provide a mineral resource review. An updated National Instrument 43-101 technical report will be prepared if warranted.

The company also announces that it has entered into a non-arm’s-length shared services agreement dated Jan. 1, 2017, with Belcarra Group Management Ltd., whereby Barsele has engaged Belcarra to provide management, administrative, office facilities and other related services, including the provision of staff as may be required by the company from time to time. The shared services are to be provided and the costs are to be allocated on a shared and proportional basis with certain other companies that have also engaged Belcarra to provide the shared services. Barsele notes that Belcarra is a non-arm’s-length party as Belcarra is controlled by Gary Cope, the company’s president and chief executive officer.

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