Bralorne Gold Mines: BK-3 Drift shows 68.7 g/t Gold for 160 Meters Strike Length
Bralorne Gold Mines Ltd. (the “Company”) is pleased to provide the following update of on-going activities at its Bralorne mine operation located near Gold Bridge, British Columbia.
Development of the BK-3 zone is continuing with excellent results. The first drift along the vein at the 3800 foot elevation has progressed a distance of 183 metres. Based on 67 sample traverses, the average grade of the main structure over a length of 160 metres is 68.7 grams gold per tonne (un-cut) over 0.8 metres true thickness. The average cut grade is 27.1 grams per tonne over 0.8 metres width with high assays reduced to 51.4 grams gold per tonne. Individual assays containing visible gold range up to 658.4 grams per tonne gold over a 0.4 meter true thickness.
On the 3700 foot elevation sublevel, a total of 118.9 metres of drifting was completed which has exposed two parallel veins and a number of splits. East of the cross-cut, the average grade of the main structure over a length of 64.0 metres were 16.9 grams gold per tonne (un-cut) over 0.6 metres true thickness. The average cut grade is 14.9 grams per tonne over 0.6 metres width with high assays reduced to 51.4 grams gold per tonne. West of the cross-cut, the average grade of the main structure over a length of 64.0 metres graded 22.2 grams gold per tonne (un-cut) over 0.7 metres true thickness. The average cut grade is 15.7 grams per tonne over 0.7 metres width with high assays reduced to 51.4 grams gold per tonne. A parallel vein to the south was also drifted on and over a length of 30.5 metres averaging a grade of 44.8 grams gold per tonne (un-cut) over 0.5 metres true thickness. The average cut grade is 26.4 grams per tonne over 0.5 metres width with high assays reduced to 51.4 grams gold per ton.
Overall, the company is very pleased with these results. The length of potentially economic material on each level is greater and the grades are higher than what was anticipated from the diamond drilling model, and there are multiple structures that can be mined potentially.
An internal ramp is now underway to intersect the vein at the 3900 elevation which is expected to be completed in 2 months. The three levels will then be connected by raises followed by stope development.
The above results are for gold analyses of mine samples that are routinely done at the on-site assay laboratory which is run by the Company. Gold concentration in quartz veins was determined by the metallics sieve fire assay procedure, while all other samples were analyzed by the standard fire assay method using a 1 assay ton sub-sample. Quality control for fire assays is monitored by inclusion of reference standards and blank samples at a frequency of 5% each. Check assays are done at a commercial laboratory routinely on selected samples.
Total gold production since start-up to the end of April, 2012, representing the first year of production, is estimated at 5,726 ounces. Gold in doré smelted from the gravity concentrate totaled 3,536 ounces and gold in flotation concentrate is estimated at 2,190 ounces, with the balance of ounces being in-circuit inventory. The doré represents 61% of the recovered gold. At April 30, 24,130 dry tons had been milled at an average feed grade of 9.12 grams per tonne gold and an average recovery of 90.2%. The Company also marketed 50.2 tonnes of flotation concentrate at an average grade of 131.7 grams gold per tonne, and discussions are being held with a number of parties for sale of additional concentrate.
Mill throughput improved this quarter, with a 29% increase in daily operating throughput over the last 3 months compared to the first 9 months. The Company is studying further ways to improve throughput and recovery, including evaluation of a Knelson concentrator to improve gravity gold recovery. An evaluation of requirements for substantially increasing mill throughput up to 250 tons per day is also part of the technical report currently underway by Beacon Hill Consultants (1988) Ltd.
As of April 30, 2012; an estimated 5,265 tonnes remains in the mill stockpile, and 4,969 tonnes remain in broken inventory inside the mine, the total of which is expected to be sufficient for three to four months of milling. The grade of this material is projected to be similar to that which has been processed so far. Mill feed is scheduled to continue from the new BK3 mine seamlessly afterwards.
Underground drilling resumed in 2012 targeting the BK-North vein, a parallel vein to the BK vein that is currently being developed. To date, 12 holes have been completed for a total of 251 meters. The results vary between high and low grade intercepts, but demonstrate a continuous gold bearing structure. Further evaluation by drifting is required to test the grade continuity. Significant assay results received to date are provided in the table below, including the last results from 2011.
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Cautionary Note: The company considers all intercepts assaying 0.1 oz/ton Au or greater as significant, but cautions that this intercept data is preliminary in nature and not conclusive evidence of the likelihood of the occurrence of an economic mineral deposit.
An expanded program of diamond drilling is planned for 2012, including 5,400 metres of surface drilling and 3,875 metres of underground exploration drilling. In addition, the Company has recently implemented underground definition drilling using a JKS Bazooka diamond drill.
Dr. Matt Ball, P.Geo., Chief Operating Officer for the Company, is the Qualified Person who prepared the exploration information contained in this news release. Mr. Jasman Yee, P.Eng., Metallurgist, is the Qualified Person responsible for the mill results reported.
The Bralorne mine is located 150 air miles from Vancouver, BC. The Company is re-developing the former and very successful Bralorne, Pioneer and King gold mines. From 1928 to 1971, these three operations produced 4.15 million ounces of gold from 7.9 million tons of material. Bralorne, Pioneer and King represent the largest historic gold producers in the Canadian Cordillera. The Company remains well funded with no long-term or short-term debt.
For more information, please visit our website at: www.bralorne.com
ON BEHALF OF THE BOARD
William Kocken, President & Chief Executive Officer
Neither 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
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