Barsele Minerals Corp. – is pleased to provide an operational update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Västerbottens Län, northern Sweden (the “Barsele Project“). The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited – (TSX: AEM) (NYSE: AEM) (“Agnico Eagle“). Ownership in the Barsele 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. There is no cash outlay requirement by Barsele until a pre-feasibility study is completed.
On May 12, 2021, Barsele announced that it has executed a non-binding letter of intent with Agnico Eagle to acquire Agnico Eagle’s indirect 55% interest in the Barsele Project (the “Proposed Transaction“). The Company currently holds the remaining 45% in the Barsele Project and upon completion of the Proposed Transaction, would consolidate 100% control. The completion of the Proposed Transaction will be governed by the terms of a definitive agreement to be entered into between Barsele and Agnico Eagle. Please see the May 12- News Release for all of the details on the Proposed Transaction.
Between January 1 and May 31, 2021, Agnico Eagle personnel and certain contractors have continued with office-related and field-specific exploration activities at a number of exploration sites throughout the property. Work has included geophysical surveys, base of till sampling, plus a MEFFA (multi-element fine fraction analysis) surface till data interpretation, utilizing automated XRF scanning to define precious/base metal anomalous areas in preparation for this year’s diamond drill testing.
Site personnel have also been focused on the project database, with emphasis on a lithogeochemical and structural reinterpretation of all pre-2021 drill core, toward vectoring in on sectors of the Avan-Central-Skiråsen zones, exhibiting superior gold grades, as well as outlying VMS targets. New mineralized structural and stratigraphic trends are emerging for both deposit types. Work has also involved studies related to high-grade gold occurrences associated with certain elements, minerals and alteration phases.
Diamond drilling by Agnico Eagle since 2015, within the 34,533.32-hectare property totals 155,345 metres of overburden penetration and core collection from a total of 404 drill holes. MK Drilling of Finland has been retained to carry out the 2021 diamond drilling campaign.
Barsele’s President, Gary Cope states; “I am extremely pleased that diamond drilling has resumed at Barsele. I am confident that the Agnico Eagle technical team has outlined top quality targets for both “Orogenic Gold” and Volcanogenic Massive Sulphide “VMS” styles of mineralization, while we work to close the Proposed Transaction.”
The technical information in this news release was verified by way of a site visit in January of 2020 by the Qualified Person, wherein certain data and protocols were discussed with the site management and the technical staff and the database was reviewed and drill core and till sampling material and handling procedures were examined. Since the last visit, updates have been via detailed monthly reports and video conferencing between Barsele management and Agnico Eagle management. Agnico Eagle maintains comprehensive quality control/quality assurance protocols.
Sample results referred to in recent News Releases have been tested at independent MS Analytical Service, wherein core cutting, and sample preparation is carried out in Storuman, Sweden and the analyses of both Au and multi-element analysis is completed in Canada.
The assay method is SWED-Edh-6, which comprises: FAS-121, Au fire assay-AA on 50 gram-above 3 ppm Au fire assay-gravimetric; FAS-425, Au by fire assay and gravimetric finish 50-gram nominal sample weight; IMS-230, 48 elements four-acid digestion ICP-MS; ICF-6Xx, default over-limit methods for ICF-6Ag, ICF-6As, ICF-6Cu, ICF-6Pb, ICF-6Zn, SPM-210 (S); FAS-418, Ag by fire assay and gravimetric finish for Ag above 1,000 ppm. For semi-massive to massive sulphide rock, ICP-130 aqua regia is used for multi-element analysis, instead of the four-acid digestion.
As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the Barsele Project area. Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing.
