Prince George, British Columbia CANADA, Feb 24, 2012 (Filing Services Canada via COMTEX) — Barker Minerals Ltd. (BML – TSX Venture), (the “Company”) is pleased to report the recently completed (BM-11-190: http://www.barkerminerals.com/s/NewsReleases.asp?ReportID=479851&_Type=Company-News&_Title=Barker-Reports-Drilling-Underway-on-its-Frank-Creek-VMS-Project%20 ) eight drill hole program on its 100% owned Frank Creek volcanogenic massive sulphide (VMS) project has resulted in the discovery of a new near surface high grade gold (Au) zone. A 2.6 metre zone in FC11-03, from 26.50 metres to 29.10 metres, had five narrow intercepts which returned values of .17 g/t Au; 2.36 g/t Au; 4.58 g/t Au; 8.88 g/t Au and 26.4 g/t Au. True width of the high grade zone is unknown at this time and is yet to be determined by follow up drilling. (see table of results below) The property is located in the Cariboo Mining District of British Columbia approximately 77 km northeast of Williams Lake B.C. and hosts excellent access and infrastructure. (Location Map: http://www.barkerminerals.com/i/nrpdf/property_map.pdf )
The high grade gold zone although heavily altered with increased quartz veining is visually low in sulphide content, resulting initially in only sporadic sampling of the more mineralized zones with the intent of conducting further detailed sampling should assays return important results. Further infill sampling has since been conducted on FC11-03 in order to get continuous assays over the entire 2.6 metres high grade zone, as well as the above and below extensions of the zone from 18.95 metres to 35.14 metres. Results of the infill assays will be reported once received from the lab.
The gold zone was also confirmed in FC11-05 which was collared six metres from FC11-03. FC11-05 intercepted 7.59 g/t gold over .70 from 29.9 metres to 30.6m and 2.57 g/t Au over .80 metres from 31.4 metres to 32.2 metres with minimal sporadic sampling conducted in and around this depth of the hole.
In gold rich VMS systems the higher grade gold is focused around the vent or feeder structures which are typically faults or structures that extend to depth. The new gold discovery at Frank Creek is indicative of close proximity to important vent or feeder structures which was also confirmed by the numerous zones of precious and base metal mineralization, together with associated pathfinder and alteration minerals, intercepted in both the eastern portions of grid lines 55N, 57N and the western portion of lines 51N, 53N. Mineralization in the VMS feeder zone consists of disseminations, stringer type semi-massive to massive sulphides.
FC11-03, FC11-04, FC11-05, FC11-06, FC11-07, and FC-08 intercepted highly anomalous broad zones of silver, copper, zinc and lead with narrow higher grade intercepts within the broader zones which is typical of VMS vent and feeder structures. Silver is enriched within both the gold and polymetallic mineralized sections, but is predominantly enriched in the VMS style mineralization adjacent to the higher grade gold zones. (Important intercepts and assay results can be viewed in the table below.)
The focus of the 2011 drilling was the testing of near surface targets identified from previous exploration programs which exposed a broad zone of VMS footwall alteration associated with base and precious metal mineralization in an overturned geological environment. The highest gold grades in the drill holes are zoned immediately next to the VMS feeder mineralization which is composed of base and precious metal mineralization similar to other gold rich VMS systems which is indicative of a late phase of gold enrichment, or more probably, a separate later remobilization or magmatic event through the same conduits.
Frank Creek is also similar to other VMS gold environments in that it is spatially located with historic placer gold operations. Due to the large VMS footwall target area identified as being a favourable environment for the discovery of gold, Barker has staked 1,037.62 ha of placer claims covering the recent drilling discoveries as well as the Wilby Creek drainage where a high level of gold >3 g/t was identified in historic heavy mineral concentrates in an area identified as highly prospective for VMS mineralization. (BML Placer Claims: http://www.barkerminerals.com/12_201/fc_placer_claim-25k_base.pdf )
2011 Frank Creek Drilling Results
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DDH From To Length Cu Zn Pb Ag Ag Au Au
metres metres metres % % % ppm g/t ppm g/t
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FC11-03 6.30 7.50 1.20 0.20 0.17 0.04 4.52 4.52 <0.01 <0.01
FC11-03 7.60 8.35 0.75 0.22 0.06 0.02 2.70 2.70 <0.01 <0.01
FC11-03 8.62 9.40 0.78 0.15 0.04 0.02 3.05 3.05 <0.01 <0.01
FC11-03 9.40 11.00 1.60 0.14 0.05 0.02 3.34 3.34 <0.01 <0.01
FC11-03 11.00 12.30 1.30 0.10 0.07 0.03 4.11 4.11 <0.01 <0.01
FC11-03 12.30 13.00 0.70 0.09 0.16 0.03 3.47 3.47 <0.01 <0.01
FC11-03 13.00 14.21 1.21 0.25 0.12 0.06 4.93 4.93 0.02 0.02
FC11-03 14.90 16.25 1.35 0.15 0.09 0.03 3.18 3.18 0.15 0.15
FC11-03 16.25 17.30 1.05 0.23 0.10 0.04 4.22 4.22 0.02 0.02
FC11-03 23.90 24.05 0.15 1.71 0.08 0.04 16.40 16.40 0.05 0.05
FC11-03 26.50 26.65 0.15 0.04 0.02 <.01 5.11 5.11 26.40 26.40
FC11-03 26.65 26.80 0.15 <.01 <.01 <.01 0.91 0.91 4.58 4.58
FC11-03 27.08 27.25 0.17 <.01 <.01 <.01 2.58 2.58 2.36 2.36
FC11-03 27.75 27.95 0.20 <.01 <.01 <.01 0.80 0.80 8.88 8.88
FC11-03 28.73 29.10 0.37 <.01 <.01 <.01 0.29 0.29 0.17 0.17
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FC11-04 8.90 10.00 1.10 0.35 0.10 0.04 4.50 4.50 0.02 0.02
FC11-04 10.10 12.00 1.90 0.22 0.04 0.02 2.62 2.62 <0.01 <0.01
FC11-04 12.68 14.50 1.82 0.38 0.11 0.03 6.14 6.14 <0.01 <0.01
FC11-04 15.85 17.41 1.56 0.46 0.21 0.09 9.53 9.53 0.06 0.06
FC11-04 17.41 18.50 1.09 1.10 0.31 0.27 18.70 18.70 0.06 0.06
FC11-04 22.50 23.39 0.89 0.14 0.03 0.03 3.56 3.56 0.02 0.02
FC11-04 27.30 27.60 0.30 0.10 0.21 0.03 2.14 2.14 0.03 0.03
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FC11-05 29.90 30.60 0.70 <.01 <.01 <.01 1.67 1.67 7.59 7.59
FC11-05 31.40 32.20 0.80 <.01 <.01 <.01 0.42 0.42 2.57 2.57
FC11-05 62.70 63.90 1.20 0.12 0.93 0.59 26.80 26.80 0.04 0.04
FC11-05 63.90 64.60 0.70 0.03 0.58 0.38 15.80 15.80 0.02 0.02
FC11-05 64.60 65.20 0.60 0.14 0.85 0.38 32.30 32.30 0.05 0.05
FC11-05 74.36 74.47 0.11 0.40 0.25 0.12 27.00 27.00 0.08 0.08
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FC11-06 1.70 3.20 1.50 0.04 0.14 0.01 2.08 2.08 0.61 0.61
FC11-06 3.65 5.00 1.35 0.15 0.73 0.08 4.42 4.42 0.04 0.04
FC11-06 7.30 9.15 1.85 0.04 0.25 0.14 1.77 1.77 <0.01 <0.01
FC11-06 9.15 9.54 0.39 0.06 0.16 0.07 1.62 1.62 <0.01 <0.01
FC11-06 9.54 9.90 0.36 0.08 2.94 2.26 19.2 19.2 0.02 0.02
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FC11-07 2.19 3.00 0.81 0.02 0.11 <.01 1.00 1.00 0.01 0.01
FC11-07 3.00 4.00 1.00 0.06 0.50 0.01 2.14 2.14 <0.01 <0.01
FC11-07 4.00 5.00 1.00 0.10 0.68 0.07 4.02 4.02 0.02 0.02
FC11-07 5.00 6.00 1.00 0.16 0.90 0.14 4.86 4.86 0.03 0.03
FC11-07 6.00 6.90 0.90 0.18 0.95 0.11 4.59 4.59 0.03 0.03
FC11-07 9.42 11.28 1.86 0.02 0.10 0.11 1.27 1.27 <0.01 <0.01
FC11-07 11.28 11.88 0.60 0.04 0.26 0.16 2.58 2.58 <0.01 <0.01
FC11-07 13.30 14.20 0.90 0.05 0.70 0.20 3.86 3.86 <0.01 <0.01
FC11-07 19.10 19.45 0.35 0.08 0.10 <.01 0.96 0.96 <0.01 <0.01
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FC11-08 6.80 8.20 1.40 0.13 1.60 0.04 4.58 4.58 0.03 0.03
FC11-08 8.20 9.70 1.50 0.14 0.74 0.05 4.41 4.41 0.04 0.04
FC11-08 13.62 13.80 0.18 0.02 1.90 0.15 3.83 3.83 <0.01 <0.01
FC11-08 24.40 25.20 0.80 0.01 0.11 0.02 0.82 0.82 <0.01 <0.01
FC11-08 25.50 26.05 0.55 0.03 0.14 0.04 1.77 1.77 <0.01 <0.01
FC11-08 27.00 28.04 1.04 0.06 0.34 0.04 1.84 1.84 <0.01 <0.01
FC11-08 28.04 29.75 1.71 0.02 0.12 0.03 0.51 0.51 <0.01 <0.01
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Historic Drilling Gold Results
Since most of the previous sampling of drill core at Frank Creek was based on a VMS model a review of the historic drill holes with similar alteration and mineralization will be undertaken in conjunction with XRF analysis in order to determine other possible important gold zones which may have been overlooked in previous sampling. (Historic Drill Holes: http://www.barkerminerals.com/12_201/fc_drill_holes-10k.pdf )
The location of previous drill holes and past gold results from company news releases and Government assessment reports shows a number of Barker’s historic drill holes reported important gold values in both the 2011 Line 57N discovery area and Line 53N target area approximately 800 metres to the west of the newly discovered gold zone. Like the 2011 drill holes the historic holes also intercepted narrow higher grades of gold within broader zones of highly anomalous to higher-grade values in gold, silver, copper, lead, and zinc. For example, FC08-31 carried 2.9 g/t gold over 2.03 metres from 26.33 metres to 28.36 metres and 1.62 g/t gold over 0.21 metres from 22.82 metres to 23.03 metres. The gold zones occurred in both holes within a highly anomalous halo of 0.14% zinc over 23.53 metres from 22.82 metres to 46.35 metres. FC08-36 carried 4.62 g/t gold over 0.34 metres from 79.27 metres to 79.61 metres within a zone of anomalous zinc that carried 0.10% zinc over 17.41 metres from 66.73 metres to 84.14 metres
Sparsely sampled drill holes FC02-05, FC02-06, and FC08-28 are located within 150 metres to the west from the FC11-03 discovery area with broad highly anomalous gold zones identified near surface. FC02-05 had 20 of 29 samples between 6.0 metres and 56 metres assaying between .02 g/t Au to .72 g/t Au. FC02-06 had 12 of 18 samples between 58.5 metres and 87.0 metres assaying between .02 g/t Au and .462 g/t Au. FC08-28 identified a slightly to highly anomalous 62 metre gold zone between 44 metres and 106 metres with 22 of 32 samples returning gold assays between .02 g/t Au and .594 g/t Au.
FC04-13 is located approximately 750 metres to the west of the FC11-03 discovery area on line 57N and 21W which was drilled to test an IP chargeability high/resistivity low. Most significantly, a wide interval of sericite alteration was intersected over 70 metres, from 222.2 to 291.5 metres; this unit is very similar in style to the alteration in the important gold zones in other drill holes. The altered zone contained disseminated and stringer sulphides throughout, reaching up to 10% in places, with narrow semi-massive/massive sulphide intervals. Pyrite and chalcopyrite were most common with lesser sphalerite and pyrrhotite. A 0.2 metre band of massive chalcopyrite-pyrite-sphalerite was intersected at 257.6 metres. The most significant continuous interval of mineralization occurred from 257.1 to 268.5 metre: 11.4 metre @ 0.8% Cu, <0.01% Pb, 0.10% Zn. Within, and after, this interval is a strongly anomalous gold zone from 257.10 metres to 277.70 metres with 19 of 28 individual samples returning gold assays between .10 g/t Au and 1.71 g/t Au.
Line 53N and Line 57N gold bearing target areas require much further drilling in order to determine the overall grade and size of the precious and base metal mineralization. The identification of high grade gold zones within the broad VMS footwall environment provides another effective tool to vector to the highly prospective vent or feeder zones, which in turn can be used to vector to the polymetallic VMS deposits themselves.
The discovery of significant values of gold and silver, associated with high levels of base metals, within a VMS feeder system can have positive implications when considering economic viability of any associated VMS deposits. The footwall stringer and feeder zones are sometimes mined with the massive sulphide deposits when rich enough and may lead to the deposit itself.
The Inverted VMS Model
The overturned nature of the rocks at Frank Creek is supported by drilling, outcrop mapping and observations and studies conducted by the B.C. Geological Survey, (Hoy/Ferri-1998) (Ferri-O’Brien 2002) and independent company consultants. On most of the Titan grid, the large near-surface chargeability anomalies overlie or flank similarly large, strong conductive zones which have a subsurface 3-D nature similar to that of massive sulphide bodies. (Titan Geophysical Model: http://www.barkerminerals.com/i/nrpdf/titan_model.html )
This geophysical spacial association is also indicative of an inverted stockwork stringer, or feeder zone, overlying a potentially large massive sulphide deposit. Inverted VMS Model: http://www.barkerminerals.com/i/nrpdf/inv_vms_model.pdf . It is these zones of high chargeability which could represent the location of discreet high grade gold and silver mineralization within the broader feeder or stringer mineralization zones.
Surface trenching and shallow exploration drilling has confirmed a broad zone of VMS style “footwall” mineralization (chargeability highs) and alteration which are co-incident with strong multi-element enzyme leach soil anomaly patterns indicative of close proximity to the VMS feeder zone, or vent. The soil patterns are similar to that intersected in the 2011 drilling. (Soils – Ag ( http://www.barkerminerals.com/12_201/soils_ag.pdf ), As ( http://www.barkerminerals.com/12_201/soils_as.pdf ), Au ( http://www.barkerminerals.com/12_201/soils_au.pdf ), Bi ( http://www.barkerminerals.com/12_201/soils_bi.pdf ), Cu ( http://www.barkerminerals.com/12_201/soils_cu.pdf ), Pb ( http://www.barkerminerals.com/12_201/soils_pb.pdf ), Zn ( http://www.barkerminerals.com/12_201/soils_zn.pdf ))
The chargeability highs directly overlie large strong compelling conductors (resistivity lows) which are indicative of massive sulphide mineralization or graphite. Line 53 Interpretation ( http://www.barkerminerals.com/nr155/l53_interp.pdf ). Lines 51N, 53N, 55N Geophysical Sections ( http://www.barkerminerals.com/i/nrpdf/trend_a.html ). The large Titan-24 geophysical targets are confirmed by detailed 100 metre spacing from 2008/2009 GSC magnetic and EM airborne surveys. (GSC Airborne: http://www.barkerminerals.com/12_201/gsc_airborne.pdf ))
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