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Barsele Minerals JV drills up to 23m of 7.9 g/t of gold at Barsele

Last updated: 09:51 14 Dec 2016 EST, First published: 04:51 14 Dec 2016 EST

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More progress from Sweden but from Dec 21 a pause until New Year

Barsele Minerals Corp. (CVE:BME) said on Wednesday it has drilled up to 23 metres of 7.9 g/t of gold from its current exploration program within the Barsele Au-VMS (volcanogenic massive sulphide) project area in Vasterbottens Lan, northern Sweden.

During October, diamond drilling with four machines was focused within and along the trend between the Central and Avan zones, where both extension and validation drilling has taken place.

Highlight hole CNT16011 yielded 23.00 meters core length (estimated 11.50 meters true thickness) grading 7.90 g/t gold uncut (5.36 g/t gold cut) at a depth of 275 meters below surface.

In addition, expansion hole AVA16011 returned several gold bearing zones, with the best intercept being 18.00 meters core length (estimated 13.5 meters true thickness) grading 2.35 g/t gold. This intercept at 370 meters depth, is located 125 meters east of previously drilled AVA16005, which yielded 26.00 meters core length (estimated 19.50 meters true thickness) grading 2.22 g/t gold.

The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited. (TSE:AEM, NYSE:AEM). Ownership in the project is 55% Agnico Eagle and 45% Barsele.

Fourteen holes were completed during the month of October of which 6 were validation holes, 5 were expansion holes and 3 were continuity verification holes. Six thousand meters of core was produced during October, toward a cumulative 2016 total of 25,497 meters in 67 holes. During October there were 6,525 samples sent for analysis, with 2,452 results received.

Basal till drilling is completed for 2016. There were 135 holes totaling 1,366 meters drilled with 1,040 samples collected. From each hole, two samples representing till base and top of bedrock have been sent to the laboratory for analysis.

“We continue to observe positive progress as a result of the work by Agnico Eagle at Barsele. The 345-meter projected west-northwest extension of the Central Zone in Hole CNT16011 is highly significant result that is very positive for the future of the project,” said Barsele's President, Gary Cope.

Drilling will take place until December 21, at which time there will be a break until the New Year. For the remainder of 2016 it is planned that one machine will move from Avan and join the three machines deployed at Skirasen.

As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the project on a regular basis.

Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing. It is planned that Agnico Eagle will release a new resource estimate for Avan, Central, Skirasen, and Norra deposits around mid-February 2017.

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