Tom Obradovich has resigned as Chief Executive Officer as of the effective date but will continue to be an active member of the Board of Directors and will continue to provide technical services to the Company as a consultant on a number of strategic initiatives. Mr. Lodder has been a director of the Company since July 2015 and was appointed President in February 2016. In connection with his appointment, Mr. Lodder has been granted a further 600,000 stock options.
Greg Gibson, Co-Chairman commented, “The Board would like to thank Tom for his outstanding achievements as CEO of the Company. He has played a leading role in transitioning the Company through a difficult financial time at the end of 2014, raising critical finances, building a mutually beneficial relationship with the Lhtako First Nation, evolving the Company’s technology and assisting inconsolidating the Company’s increasing land package in the Cariboo Mining District. The Company today is well financed, has a strong management team and Board, and is well on its’ way to demonstrating the significant value and exploration potential for gold mining in the Cariboo Region. We are most grateful that Tom will remain on the Board of Directors and his continued guidance as a consultant will be extremely valuable to Barkerville Gold Mines. The Company’s focus, objectives and operational strategy will not change.
Company Business Objectives:
Barkerville reiterates the parallel business objectives laid out in the Company’s news release dated
21 April 2016:
Primary Objective: Discover and define a resource and reserve base in the Cariboo Gold Camp that justifies the development of a low impact, economic, near site mining and processing facility and continue to develop a robust pipeline of exploration targets in order to ensure a long life mining operation.
Secondary Objective: BGM is aiming to complete underground mining of the Bonanza Ledge deposit and nearby mineralization hosted in the BC Vein. Mineral processing will be conducted at BGM’s 100% owned 800 TPD QR mill facility located approximately 110 kilometers by road from the Bonanza Ledge site. It is estimated that there is sufficient gold mineralization within the present permit area and tailings capacity at QR to continue mining and processing activities for more than three years. The mining operation will assist in offsetting some of the costs related to the aforementioned objective and also provide the Company’s mining team valuable information with respect to mining conditions and operating parameters in the areas of principal exploration and mining.
“In spite of the abundance of historical mineral and placer gold occurrences outside of this known area, a larger systematic exploration program has never been undertaken…”
Exploration Update:
Throughout 2015 and 2016, the ongoing exploration program on Cow and Barkerville Mountains consisted of 71,000 meters of core drilling to date. This work is complemented with geologic modeling, historic data validation and re-logging of historical drill core. This exploration program will eventually result in a resource statement for Cow Mountain, BC Vein and potentially other targets, which would become publicly available Q1 2017.
The exploration program is also focusing on Island Mountain where mapping and sampling of accessible parts of historic underground workings are underway. This work will complement historic drill and mine data compilation and lead to an initial Phase I drill program. Drill permitting of Island Mountain is in progress and the Phase I program is estimated to begin in Q4 2016.
A large-scale regional exploration program was initiated in June 2016 to assess the greater potential of the largely unexplored 60 kilometer long Cariboo Gold Trend. From the time when the Cariboo Gold Project lands were consolidated to the present state by previous management, the overwhelming majority of exploration expenditures have been focused within the six kilometer corridor encompassing Island, Cow and Barkerville Mountains. In spite of the abundance of historical mineral and placer gold occurrences outside of this known area, a larger systematic exploration program has never been undertaken (refer to Figure 1 below). As such, a geologic mapping, rock and soil sampling program along these trends of known occurrences to the southeast and northwest of present drilling areas is being performed to generate new targets that will be ranked for a Phase I regional drilling program beginning Q4 2016. In parallel with the regional ground program, a 20,000 line kilometer airborne magnetic and electromagnetic VTEM survey is continuing with completion expected near the end of July 2016. This geophysical work will supplement the ongoing exploration activities by defining geophysical signatures for targeting additional mineralization.
Barkervill Gold – Cariboo Gold Project – Regional Exploration Potential
Read the press release here.