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Barsele Minerals pleased with progress at Swedish project as it unveils new resource estimate

Last updated: 09:01 26 Feb 2018 EST, First published: 04:01 26 Feb 2018 EST

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The Barsele project has moved on a step with a new resource estimate

Barsele Minerals Corp (CVE:BME) has moved its Barsele gold-VMS project in Sweden on a pace, with the announcement of a mineral resource estimate.

The mining firm has outlined a lower confidence inferred resource of 15.279mln tonnes at a grade of 2.91 g/t (grams per ton) gold, with 1.427mln ounces of contained gold, and a higher confidence indicated resource of 2.399mln tonnes at a grade of 2.50 g/t gold, with 193,000 ounces of contained gold.

READ: Barsele Minerals shares higher on more Swedish exploration findings

The study uses drilling results to date along the Avan-Central-Skirasen gold zones and a 1.75 g/t gold cut-off, the firm said.

The firm noted that these resources do not count as mineral reserves as they do not have demonstrated economic viability.

"We are extremely pleased with the progress to date at Barsele," Barsele president Gary Cope told investors.

"This gold deposit continues to evolve, supported by the new updated mineral resource estimate, that only focuses on the underground component of the Avan-Central-Skirasen zones.

"These results indicate a significant step forward for the project, given the higher grades and contained gold ounces.

READ: Barsele Minerals nudges higher in Toronto as Swedish exploration continues to cheer

"We continue to look forward to the advancement of the Barsele project, specifically the recent discovery at Risberget, located 3 kilometers from the ultimate drilling at Skirasen; where the positive results to date are not included in the resource.

"The 7km gold-bearing structural system remains open in all directions. Finally, we would like to thank our joint venture partner Agnico Eagle for their hard work and commitment."

Barsele is being explored by joint venture partner Agnico Eagle Mines (TSE:AEML, NYSE:AEM). The project is owned 55% by Agnico Eagle and 45% Barsele.

Agnico can earn a further 15% in the project through the completion of a pre-feasibility study. There is no cash outlay by Barsele until pre-feasibility is completed.

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