Prince George, British Columbia (FSCwire) - Barker Minerals Ltd. (“BML” on TSX/V) (“Barker” or the “Company”) reports that it has recently completed the sale of an acreage used as an exploration camp in Likely, B.C. for the amount of $165,000. The funds are to be used for repayment of debt, as well as to sustain exploration and corporate activities. The Likely camp was originally purchased in 1996 as a regional base camp. A number of Barker’s projects are now advanced to the exploration drill stage with recommended 43-101 budgets. When these programs are ultimately conducted they will require a permitted onsite camp facility in order to reduce travel time and expenses.

 

Barker has spent the last three years, during the sector downturn, completing geochemical work and regional evaluation programs on its entire property package in order to determine which areas may host the most favorable economic potential. Outer areas with less potential and access were let to lapse. The evaluation of the property package has been completed and Barker now has 8 non-contiguous claims comprised of 15 projects: 1) Simlock 2) Ace/Cariboo 3) Frank/Rollie/Kangaroo/SCR 4) Black Bear/BB East/Sellers/Tasse 5) Spanish Creek 6) Doreen 7) Mag and 8) QR. These 15 project areas within the 8 groups are comprised of a total of 51,905 hectares (128,260 acres) and all have excellent access and required infrastructure nearby.

 

2015 Exploration

Activity during 2015 included exploratory soil and rock sampling with XRF (X-ray fluorescence) hand held analysis in order to determine areas of interest where results demonstrate above normal levels of base metals and pathfinder minerals for gold and VMS deposits. Soil and rock collection programs were conducted on the Ace, Frank, Rollie, Mag, QR, Simlock, Doreen and BB East projects.

 

Ace Gold Project

Soil, stream sediment and rock collection programs were conducted on the Ace with recent logging activities opening up access to some of the most promising target areas identified in earlier programs.

 

In 2015, prospecting identified a number of new bedrock targets through the use of the handheld XRF. The results were successful in identifying elevated pathfinder minerals bismuth, arsenic and antimony as well as copper, lead and zinc. The XRF is not reliable for gold analyses and samples indicating elevated gold will need to be analyzed by an accredited lab to determine the gold levels accurately.

 

Simlock Gold Project

Soil and rock samples were collected along road sides in areas where previous work was not completed. The area sampled appeared to be in deep overburden on the Harvey’s Creek side of the valley and results were mostly of a background level with the odd exception of erratic anomalous individual samples.

 

Past programs on the Simlock project indicate a geological setting and geochemistry very similar to the Bonanza Ledge near Barkerville to the north.  Simlock is along strike with the Barkerville trend and significant follow up work is recommended.

 

Rollie Gold and VMS Project

During 2015 a major washout occurred in Two Mile Creek which is two miles west of the historic placer gold bearing Keithly Creek. This washout exposed bedrock intermittently over a 1.5 km distance from Two Mile Lake down to Cariboo Lake. This exposure created a rare opportunity to get a look at new bedrock over a good portion of the area washed out.

 

Pyrite, pyrrotite and chalcopyrite are the most common minerals visible in a variety of rock types which are similar to Frank Creek. Handheld XRF analysis identified elevated levels of VMS and gold pathfinder minerals which are similar to the Frank Creek project which is across Cariboo Lake and on strike.

 

As bedrock was being explored and sampled float massive sulphides were found in a cluster between the two sets of falls in the watercourse. Detailed prospecting was successful in tracing the massive sulphide boulder train to an area of rusty seepage coming from under an area exposed by the extensive washout. Further hand trenching and removal of the overburden exposed solid massive sulphide mineralization over a width of two metres and a length of ten metres. (now known as “The Hall Showing”) The composition is mostly of iron sulphides with elevated copper and VMS/gold pathfinder minerals bismuth, arsenic and antimony.

 

The mineralization is coincident with a GSC government airborne EM and magnetic anomaly.

 

Further work is required to assess the importance of this new discovery by determining the size and potential grades of mineralization through accredited lab analysis.

 

Mag Gold Project

Extensive soil surveys were undertaken on the Mag project which is covered by extensive overburden with very little outcrop available to sample. The results were sporadic as might be expected however there is indication of gold pathfinder mineralization property, especially near known magnetic highs. Any XRF samples which were indicative of gold will need confirmation from an accredited lab in order to determine the gold levels accurately.

 

QR/Slide Project

This project adjoins the QR mine property on its western boundary which is owned by Barkerville Gold. The project has a similar, but broader, airborne radiometric signature than the QR mine and is also host to a strong airborne magnetic anomaly similar to the QR deposit.

 

The roadside soils near the eastern portion of the project area were successful in identifying zones of interest for follow up. The areas of interest identified were in an area with little overburden indicating a possible nearby source of the soil anomaly.

 

Kangaroo Project

The Kangaroo project adjoins the eastern boundary of the QR Mine and has drill ready targets identified. As financing conditions improve the Kangaroo project is intended for aggressive drilling. No work was completed in 2015 but further rock sampling is planned for 2016 as well as drilling as financing can be arranged.

 

BB East Project

The BB East project was explored in 2015 through extensive soil and rock programs with new logging opening up the project area over a broad extent. The new logging activity has created access to an area of high potential which was otherwise very difficult to explore due to the dense brush and deep overburden. The logging activity exposures indicate less overburden than previously thought in both the Black Bear and Spanish Creek headwaters and that geochemical surveys should be successful in identifying any potential targets.

 

Exploration in 2015 on the BB East project was successful in identifying 6 new target areas with significant quartz veining. Initial XRF analysis of the vein sets indicate elevated values of lead, arsenic, antimony and bismuth which are associated with bedrock galena and gold in the nearby Black Bear project a few kilometres to the west. The new vein systems are located in separate locations on streams or creeks which make up the headwaters of Black Bear and Spanish Creeks both known for their historic and recent placer gold mining activities.

 

A previous large geochemical soil program was conducted by Placer Dome in the 1980’s that identified a number of gold in soil anomalies over a portion of the newly logged area, as well as near where the new quartz veins have been discovered. Past programs by Barker have also confirmed gold in the nearby stream sediments up to 550 ppb.

 

Doreen Gold Project

The Doreen project is south of Barker’s main project areas and is located near Horsefly Lake; there is excellent access. The Doreen project is a similar target to the QR Mine and Barker’s Kangaroo projects. Rock and soil sampling have identified areas of interest for follow up programs and also confirmed targets from historic programs. Follow up programs are recommended and intended as financing conditions improve and funding is arranged. 

 

Cariboo Future Outlook

Over the past year there are signs that the gold market is turning around with the gold price up around $60.00 per ounce. There is also a revival of interest in the Cariboo district with significant capital investment by the Sprott Group and Osisko Gold Royalty. Details of the various arrangements are available in news releases on Barkerville Gold’s website.

 

Large blocks of mineral claims adjoining Barker’s Mag and Doreen gold projects have recently been staked in the name of Barkerville Gold Mines. The recent staking around the Mag and Doreen projects together with Barker’s Simlock, Frank, Rollie, Kangaroo and QR projects, now creates seven project areas which share common mineral claim boundaries with Barkerville Gold Mines.

 

The improved price of precious metals, recent staking and significant capital investments in the Cariboo region validate the potential and bode well for the future of the Cariboo mining district as a whole. Barker intends on continuing with exploration programs as financing allows and is excited about recent improvements in the gold market itself as well as the confidence demonstrated by significant financiers in the district. It is anticipated that the Cariboo mining district may be on the cusp of a surge of exploration activity.

 

Barker is well positioned in the historic Cariboo gold fields and in 2016 as interest continues to build in the region the Company intends on being pro-active in re-opening lines of communication with companies and parties who previously expressed interest in possible partnerships before the downturn in the sector. New companies who may be looking to get positioned early in the next exploration bull market cycle in the Cariboo region will also be considered for partnerships.

 

The scientific and technical information contained in this news release was prepared under the supervision of Rein Turna, B.Sc., P.Geo. the Company's "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

 

About Barker Minerals

Barker Minerals is advancing exploration on its mineral properties in the Cariboo Gold District, one of the most mineralized belts in British Columbia. The Company has 15 projects on its exploration properties, all of which are 100% owned by Barker Minerals. Eight projects have drill-ready gold and/or precious metal bearing massive sulphide targets.

 

Certain statements in this press release may be considered forward-looking information, including those relating to "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE www.barkerminerals.com OR

 

CONTACT EITHER:

 

Louis E. Doyle                                                                                             Robert H. Kuhl

Tel: (250) 563-8752                                                                                     Tel: (604) 321-0709

Fax: (250) 563-8751                                                                                    Fax: (604) 321-0719

barker@telus.net                                                                                        bmls@shaw.ca

                      

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/BarkerPRApr12016.pdf

Source: Barker Minerals Ltd. (TSX Venture:BML) http://www.barkerminerals.com/s/Background.asp

 

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