Bralorne Gold Mines Ltd. Update
29.06.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/28/13 -- Bralorne Gold Mines Ltd. (the "Company") (TSX VENTURE: BPM) (OTCQX: BPMSF) (FRANKFURT: GV7) is pleased to provide the following update on its Bralorne mine project located near Gold Bridge, British Columbia.Development of the BK-3 zone continues with positive results. Recent activity included raising between the sub-levels on the BK-3 zone and to explore the extent of mineralization on the "M" vein. Also, trial mining commenced in the BK 3700-6390 stope.
Based on 31 channel samples, the average grade of the "M" vein is 139.2 grams gold per tonne (4.06 ounce gold per ton) uncut or 58.5 grams gold per tonne (1.71 ounce gold per ton) with samples above 103 grams cut to 103 grams, over an average thickness of 0.3 metres (0.9 feet). Over a mining width of 1.2 meters (4 feet) the calculated grade is 13.2 grams gold per tonne (0.38 ounce per ton). To date, a total of 75 metres of raising has been completed in 4 raises on the M-Vein, extending approximately 30 metres along the vein above the 3930 sublevel. Assays from this development work are being done at SGS Minerals laboratory in Vancouver, BC, which is ISO certified, and quality control is being maintained by monitoring results for blanks or standards included with every 10th sample submitted.
Exploration Diamond Drilling
Since January of 2013, 3 cored holes were drilled for a total of 405 meters, and 2 short holes (18 metres) were cored with a smaller Bazooka drill to test for mineralization in parallel veins. All of the drilling was underground drilling aimed at extensions of the BK3 and BK North veins. Overall, the drilling showed positive results with intercepts on the BK vein indicating possible extensions to the mineralization previously defined on the BK vein. The Company suspended drilling operations in February as it works towards transitioning in to an in-house drilling program as opposed to using a third party to reduce overall drilling costs. Partial results for the drilling were announced in a news release dated March 19th. The complete listing of results is provided in the table below.
Holes drilled with NQ size were sampled by cutting the core through mineralized intervals in half with a diamond saw, and half core samples were sent for analysis. The Bazooka drill holes are AX size and the entire core was sampled through mineralized intervals. Analysis was performed at SGS Minerals laboratory in Vancouver, BC, which is ISO certified. Gold concentration in quartz veins was determined by the metallic fire assay method, and all other samples were analyzed by the fire assay method using a 1 assay ton sub-sample. Quality control for fire assays is monitored by inclusion of reference standards and blank samples at a frequency of 5% for each. Duplicate analyses will be performed on rejects of selected samples at a second commercial laboratory.
Table of significant drill Intercepts (April 30 2013)
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Core Core
Inter- True Inter- Au
From To val Width val Au (oz/
Hole Az. Inc. (m) (m) (m) (m) (ft) (g/T) ton) Gold Target
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UZ13-001 177 +6 13.8 14.1 0.3 0.3 1.1 3.60 0.105 BK
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UZ13-004 180 +5 24.5 25.0 0.5 0.5 1.4 8.70 0.254 BK ALT
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UB13-001 331 +38 72.0 73.2 1.2 0.8 3.9 4.59 0.134 BK-
split
ALT
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UB13-001 331 +38 109.8 112.3 2.5 1.8 8.2 3.81 0.111 BK
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UB13-002 56.2 +22 64.2 64.3 0.1 0.1 0.3 5.50 0.160 BK
split
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UB13-002 56.2 +22 132.5 132.7 0.2 0.2 0.7 12.40 0.362 BK
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UB13-004 23 +30 93.1 93.4 0.3 0.3 1.0 3.70 0.108 BK
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Abbreviations: VG = visible gold, QV=quartz vein, QSTZ=quartz veinlet zone,
ALT = altered zoneoz/ton= ounce per short ton, Au = gold, Az.=azimuth,
Inc.=inclination, ft=feet
Cautionary Note: The company considers all intercepts assaying 0.1 oz/ton Au
or greater as significant, but cautions that these intercept data are
preliminary in nature and not conclusive evidence of the likelihood of the
occurrence of an economic mineral deposit.
Milling
From the start of operations in April of 2011 to April of 2013, the Company produced an estimated 11,244 ounces of gold, of which 61% was recovered in gravity concentrate and 39% was produced in flotation concentrate. This was achieved from processing a total of 50,616 dry tonnes of material. A total of 8,110 dry tonnes were processed (110.0 tons per operating day) at an average feed grade of 4.6 grams gold per tonne (0.135 ounce per ton).
Production and incidental revenue from flotation concentrate
The Company has produced 950 tonnes of flotation concentrate containing an estimated 4,432 ounces of gold. 600 tonnes of this production were marketed in fiscal 2013 and 260 tonnes were marketed in the three months ended April 30, 2013. The incidental revenue from these sales is used to offset exploration and development costs. The remaining inventory of flotation concentrate at April 30, 2013 was approximately 90 tonnes containing an estimated 336 ounces of gold.
Production and incidental revenue from gold dore smelted from gravity concentrate
From the start of operations in April of 2011 to April of 2013, the Company has produced an estimated 6,811 ounces from gold dore smelted from the gravity concentrate. 3,502 ounces of this production were sold in fiscal 2013 and 756 ounces were sold in the three months ended April 30, 2013. The incidental revenue from dore sales is also used to offset exploration and development costs. At April 30, 2013, the Company had approximately 788 ounces in bullion remaining in inventory at an estimated value of $1.17 million.
In order to increase gravity gold recovery, the Company has purchased a Knelson concentrator to be added the mill circuit. A steel fabricator has been commissioned to supply the support frame for installing the Knelson concentrator to the circuit on site.
Mill Stockpile
Mill feed since January of 2013 was a combination of material from the BK800 stope, development material from the BK-3 and M zones, plus a small component from stope mining on the BK-3. Total material extracted from the mine in the quarter is estimated at 4,135 tonnes grading 4.8 grams per tonne gold. As of April 30, 2013, an estimated 2,750 tonnes remained in the mill stockpile and underground broken inventory at an estimated average grade of 3.4 grams gold per tonne. The grade of this material is low because it is composed mostly of development muck from the BK-3 zone. Stope mining grades are anticipated to be higher and are scheduled to come on stream in the next quarter.
Stockpile and development muck grades are estimated on the basis of samples taken as the material is extracted from the mine. For this period, these samples were analyzed at SGS laboratories in Vancouver, BC, which is an accredited commercial laboratory. The mine samples are analyzed by the fire assay method using a 1 assay ton subsample. Quality control is ensured by monitoring the results of standard and blank samples, which are inserted at a frequency of 5% each.
On February 23, 2013, an accident occurred involving a miner who fell down a raise when the ladder he was dismantling failed. The work area was suspended pending an investigation and development of new safe work procedures. As a result, the reduced run-of-mine feed for the mill has been filled from surface stockpiles. The Company expects work to resume in this area in the near future and is currently collaborating with the mines inspector to develop improved procedures for the design, installation and removal of ladders in raises, as well as a thorough fall protection program including training, new equipment and an inspection routine. This was a very unfortunate incident; the company is doing what it takes to prevent similar accidents in future.
Environment
A water treatment system was installed in May to treat excess mine drainage during the spring run-off. The excess of the mine drainage during freshet can be discharged if arsenic and pH conditions are met. Water treatment commenced in early May and field monitoring results show that arsenic concentration is being reduced as required.
The project is under the technical supervision of Dr. Matt Ball, P.Geo., President and Chief operating Officer of the company and qualified person ("QP") as defined by National Instrument 43-101, who has reviewed the technical content of this document.
For more information, please visit our website at:
ON BEHALF OF THE BOARD
William Kocken
Chief Executive Officer
Neither 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Contacts:
Bralorne Gold Mines Ltd.
William Kocken, Chief Executive Officer
604.682.3701
604.682.3600 (FAX)
ir@bralorne.com
www.bralorne.com