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Barkerville Gold Mines stock rises on new drill results

Cariboo Gold project. Image from Barkerville Gold Mines.

Barkerville Gold Mines (TSXV: BGM) released new drill results on Tuesday from the 2019 Island Mountain exploration program at the company’s flagship Cariboo project in the historical Cariboo Mining District of central British Columbia.

Shares of the Vancouver-based gold miner rose by nearly 10% at market open on the news.

Of the 24 holes recently completed on Island Mountain, one yielded 45.94 g/t Au over 5.2 meters including a sample of 399 g/t Au over 0.50 meter. Another hole returned 14.91 g/t Au over 4.40 meters including a sample of 55.90 g/t Au over 0.80 meter.

A total of 20,000 meters in 47 holes have been completed on Island Mountain so far this year.

Barkerville’s Cariboo project covers an area of approximately 1,950 square kilometres along a strike length of 67 kilometres which includes several past-producing placer and hard rock mines.

In May, the company updated the underground resources at Cariboo, which now contains 2.4 million ounces of gold in 13.2 million tonnes grading 5.60 g/t in the measured and indicated category — a 50% increase over the 2018 resource estimate.

The company has a C$230.6 million market capitalization.