Canadian-based junior explorer Barsele Minerals Corp. (CVE:BME) provided a 10th operational progress update on Monday for the current exploration program within the Barsele gold/volcanogenic massive sulphide project area in Vasterbottens Lan in northern Sweden.
The exploration program is being operated by joint venture partner Agnico-Eagle Mines Limited – (TSX;AEM, NYSE:AEM). Ownership in the project is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an additional 15% in the Barsele Project through the completion of a pre-feasibility study.
During the month of January, three diamond drilling machines were focused within and along the trend of the Avan, Central and Skirasen zones, where validation, conversion and expansion drilling has taken place. Highlight validation hole AVA16024 yielded 14.0 meters core length (estimated 10.0 meters true thickness) grading 1.01 g/t gold at a depth of 20 meters below surface. In addition, conversion hole SKI16015 yielded 31.0 meters core length (estimated 16.5 meters true thickness) grading 2.29 g/t gold at a midpoint of 315 meters below surface and conversion hole CNT16032 cut 92.0 meters core length (estimated 62.0 meters true thickness) grading 1.63 g/t gold at a midpoint of 390 meters below surface.
Four holes were completed during the month of January of which one was validation, two were conversion and one was expansion. During the month, 1,466 meters was drilled and there were 1,768 samples sent for analysis, with 3,030 assay results received.
“We continue to receive positive results in validation, conversion and expansion drilling at Barsele. The 375-meter extension of the Avan Zone is a very positive indication for potential northwesterly growth of this large mineralized system,” said Barsele’s President, Gary Cope.
Barsele shares were 1.2% higher at C$0.87 on Monday.
Story by ProactiveInvestors