FSC / Press Release
Barker Resumes Drilling on its Frank Creek VMS Discovery; Closes on Follow-on Private Placement Subscription and Grants Options
Prince George, British Columbia CANADA, November 17, 2009 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture), (the "Company") announces that drilling is underway on its 100% owned Frank Creek VMS project as follow-up to the broad VMS footwall mineralization discovery through previous trenching and drilling programs. The property is located in the Cariboo Mining District of British Columbia approximately 77 km northeast of Williams Lake and hosts excellent access and infrastructure. (Location Map: http://www.barkerminerals.com/i/nrpdf/property_map.pdf)
The drilling is part of an ongoing systematic and methodical program of testing targets identified on the "Titan Grid" through previously conducted trenching, drilling, geological, geophysical and geochemical programs over a small part of the Frank Creek VMS property. (Titan Grid & Airborne Compilation: http://www.barkerminerals.com/i/nrpdf/airborne_comp.pdf)
Titan Trend "C" Target
The planned 1500 metre program will test the Titan Trend "C" Conductor on line 57N 12+50W where previous drill hole FC08-26 was lost to poor ground conditions before reaching its target depth. The proposed 300 metre drill hole will test below the carbonaceous argillites where the Titan MT shows a strong, deep rooted vertical conductor. The anomaly alternatively has been interpreted to possibly represent a stronger deeper layer with increased conductivity which may represent a massive sulphide body underlying the argillite unit.
The Titan Trend C anomaly is a broad, strong highly conductive trend which terminates 400 metres to the north into the Frank Creek canyon just above where placer gold miners identified numerous massive sulphide boulders on bedrock. The anomaly runs to the south for 800 metres with a splay running towards the original F-1 Discovery area where polymetallic high grade massive sulphide mineralization has been identified in bedrock in previous programs. The target area is located up-ice from a large and strong, base and precious metal soil anomaly associated with pathfinder minerals related to VMS style mineralization. (Titan Geophysical Model: http://www.barkerminerals.com/i/nrpdf/titan_model.html)
This drill hole will also be evaluated for its gold potential as placer gold operations have occurred off and on since the early 1900's and as recently as a few years ago at the mouth of the Frank Creek canyon less than 600 metres down slope from the planned drill hole. Previous drill holes nearby also showed anomalous gold and the Enzyme Leach soil survey had the strongest gold anomaly located approximately 100 metres to the east near the end of line 57N.
Titan "Trend A" Target
This phase of drilling has two drill holes planned to begin the testing of the compelling Titan "Trend A" strong chargeability high footwall zone where it merges with a strong resistivity low anomaly which may represent massive sulphide mineralization. The surface expression of the geophysical anomaly is 400 metres in width on line 53N from 2200W - 2600W. The broad strong anomaly is deep rooted and increases in width and intensity at a 400 - 500 metre depth. The deep target will initially be tested by a 600 metre hole on line 53N at 26+50W, and a 700 metre hole on line 51N at 28+00W. Both holes will also both test chargeability and conductive anomalies closer to surface.
Further shallow drill holes will also be considered in this program, dependent on trenching success, in the line 53N target area.
The Titan "Trend A" anomaly on lines 51N, 53N and 55N geophysical sections demonstrate a geophysical signature similar to that of an inverted VMS deposit, which is chargeability highs overlying resistivity lows. (Lines 51N, 53N, 55N Geophysical Sections: http://www.barkerminerals.com/i/nrpdf/trend_a.html)
Base and precious metal mineralization in the Line 53 discovery area from previous trenching and drilling is associated with a rhyolite flow/dome complex and intermediate to felsic volcanic flows and tuffs. The presence of rhyolite and bi-modal volcanics, precious and base metals, zonation and grades of metals, alteration patterns and mineralogical associations are all indicative of important Kuroko style volcanogenic massive sulphide deposits.
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.
Private Placement Closing
The Company has closed on $44,000 follow-on subscription with respect of its previously announced over-subscribed $500,000 non-brokered private placement. Including the follow-on and over-subscriptions, a total of $617,500 was raised in the placement.
The Company issued 880,000 common share units (the "Units") at a price of $0.05 per Unit to follow-on investors. Each Unit consisted of one common share (a "Common Share") of the company and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to acquire one Common Share at a price of $0.10 per share in first year and $0.15 in the second year.
The proceeds received from the sale of the Units will be used for general working capital, repayment of accounts receivable and to fund work programs which includes drilling on its Frank Creek VMS project. No finders' fees or commissions were paid.
All of the securities issued as part of the financing are subject to regulatory hold periods that expire on March 13, 2010. Insiders of the company purchased a total of 400,000 Units, of the follow-on subscriptions.
Options Granted
The Company also announces the grant of 2,320,000 incentive stock options to consultants, employees, officers and directors of the Company of which 120,000 replace options that expired on August 6, 2009. The Options are exercisable at $0.10 per share for a period of ten years.
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 20 projects on its exploration properties, all of which are 100% owned by Barker Minerals. Eight projects have drill-ready gold and/or 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 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
www.barkerminerals.com
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.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
BM-09-150
Source: Barker Minerals Ltd. (BML - TSX-V)
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