Barsele Minerals Inc.
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Barsele Minerals Inc. Barsele Minerals Inc.
Barsele Property
PROJECT OVERVIEW

Our 45% owned Barsele Gold Project is located approx. 600 km due north of Stockholm & 40 km southeast of Storuman, a small town situated in Västerbottens Län, which is a regional district of Northern Sweden. Barsele believes there is excellent upside potential & inherent value at Barsele - the near-term objective is to discover & define a 2.0 to 2.5 million ounces gold deposit. There is also potential for polymetallic VMS deposits. Our total mineral claim holdings are 38,360 hectares.

Since late 2015, 220 diamond drill holes have been completed at Barsele by Agnico Eagle. Mining exploitation concessions, a step more advanced than exploration, have been in place since 2007, which will assist with the permitting process on the known mineral deposits area.

Several major gold deposits are situated nearby, including: Bjorkdal (Elgin Mining), Faboliden (Lappland Gold) and Svartliden (Dragon Mining). Major polymetallic VMS deposits are also nearby, including Kristineberg (Boliden Mining).


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WHY SWEDEN?
  • Sweden is one of Europe's leading producers of metals with a long & successful history of mining
    • 1992 - revised mining law abolished Statutory State holdings for mineral projects, which opened door to foreign investment in mining
    • Many local & international companies actively exploring and/or currently developing mines
  • Taxation incentives for project development from local & regional governments
    • 22% corporate tax rate and no mineral tax
    • low mineral license costs & good security of tenure
  • Well-developed access & infrastructure
    • power, rail, roads, telecommunications, water
    • skilled local labour market
  • Low political risk in Sweden
    • few impediments to exploration & development of a project
    • mature, well-defined environmental requirements & permitting process

OREX ACCOMPLISHMENTS and CURRENT AGNICO EAGLE WORK PLAN
  • Airborne geophysical survey by SkyTEM - completed - results outlined
  • Ground induced polarization & magnetic surveys - completed - new targets defined
  • Phase-I diamond drill program - completed - total 6,200 m and 16 drill holes (12 drill holes in Central Zone, 4 drill holes in Avan Zone)
  • Ongoing diamond drill program - planned by Agnico Eagle for 2018
  • Diamond drill testing of new anomalous areas - prospecting, mapping, sampling
  • Environmental studies & compliance - underway



GEOLOGY
Property Description and Location

The Barsele gold project (the "Project" or the "Property") is situated in Barsele, a small town of the Västerbotten Län (County) in northern Sweden. It is located approximatively 20 kilometres east-southeast from the town of Storuman. At the regional scale, Barsele lies 200 kilometres northwest of Umeå (population of 120 000), the administrative headquarters of the county, and approximatively 630 kilometres north of Stockholm. The geographic coordinates of the Project are latitude 65°02' north and longitude 17°30' east.

The Project currently consists of one block of 15 granted exploration permits staked by electronic map designation ("map-designated cells") and two exploitation concessions, for an aggregate area of 28519.78 hectares (285.20 km2).

The Barsele Project is located within Paleoproterozoic supracrustal and associated intrusive rocks of the Fennoscandian Shield. Bedrock in the district consists of volcanic and sedimentary rocks associated to the Svecofennian domain and intrusive rocks that were deformed and metamorphosed simultaneously during the Svecokarelian orogeny. The lowest stratigraphic unit in the district consists of metasedimentary and intercalated volcanic rocks of the Bothnian Supergroup, the inferred basement to the mainly felsic volcanic rocks of the Skellefte. The Skellefte Group is overlain in the Skellefte district, by a dominantly sedimentary unit called the Vargfors Group. Early orogenic rocks are suggested to be co-magmatic with the volcanic rocks of the Skellefte Group. Younger phases of intrusives are assigned to the Perthite-Monzonite suite and post-date the deposition of the volcanic rocks. In the south, west and in-between Skellefte and Stensele districts, the Skellefte, Vargfors and Bothnian Groups are all truncated by large intrusions late- to post-Svecokarelian GSDG-type (also referred to as Revsund-type) intrusive rocks of the Transscandinavian Igneous Belt (Kathol and Weihed, 2005).

The project area is located at the intersection of the Skellefte-belt and the Gold line metallogenic trend in Sweden, a northwest-southeast geochemical gold anomaly detected in a regional till survey, now with numerous known Au deposits and producing mines. The project area covers a sequence of metasedimentary and volcanic rocks of the Proterozoic Svecofennian system. The volcanics are more specifically referred to as the Härnö Formation. The metasedimentary rocks consist of metamorphosed greywackes and pelites and sporadic conglomerates. The volcanic rocks of the Härnö Formation consist of felsic, intermediate and mafic volcanics, including pillow lavas and pyroclastics, probably deposited in a back-arc setting.

There are three main phases of granitoid intrusions in the region which are referred to as early, middle and post with respect to the Svecofenian orogeny. The early orogenic granitoids are the most important from a mineralization perspective and comprise a calc-alkaline suite of predominantly tonalites with lesser volumes of granodiorite, which were emplaced prior to the main phases of Svecofennian metamorphism and deformation. An early orogenic granodiorite is the host rock of the Central Zone mineralization at Barsele. In detail, at least seven separate intrusive pulses have been identified at the Central and Avan zones including late and post-mineralization dykes. The granodiorite exhibits a well-developed S2 penetrative foliation which is cut by ductile shear zones, faults, fractures and dilational quartz and quartz-carbonate sulphide veining. The granodiorite is quartz-feldspar phyric and is composed of sericitized plagioclase, quartz, biotite and lesser K-feldspar. The highly fractured granodiorite ranges in width from 200 m to 500 m with a strike-extent in excess of 8 km. The intrusion bends from an east-west orientation in the east to a northwest trend in the west, where 3 major zones of Au mineralization have been identified: Central, Avan & Skiråsen Zones.

The gold-rich volcanic-hosted, semi-massive to massive sulphide style of mineralization at the Norra Zone is quite distinct from the mesothermal intrusive-hosted gold mineralization of the Central and Avan zones. The Norra Zone occurs within a lens of felsic metavolcanics and pelitic sediments of the Härnö Formation. The lithologies consist of a WNW-trending, steeply-dipping sequence of dacitic to rhyolitic flows, felsic volcaniclastics and fine-grained tuffs. The mineralized host-lithology appears to be a quartz-phyric volcaniclastic unit. Alteration is characterized by a network of veinlets and discontinuous patches of sulphides, chlorite and carbonate. The host rock is cut by felsic and mafic intrusions which are probably sills. It is likely that intrusions range in timing from pre- to syn to post sulphide mineralization (Keyser, 2004).


Mineralization varies among the zones on the Property. Two distinct mineralized areas have been explored on the Barsele concessions: CAS (the Central, Avan and Skiråsen zones) and Norra.

CAS Zones

Gold mineralization in the CAS is predominantly within the granodiorite (GD-II). The Central and Skiråsen zones have a combined strike length of 1.6 kilometres, consisting of 21 lodes (12 in Central and 9 in Skiråsen) and that can be followed to a depth of 700 metres with an average horizontal thickness of 20 m. The Avan Zone consist of 14 lodes over 800 metres along strike and 700 metres at depth with an average thickness average of 9.5 m (Agnico Eagle and Orex, 2017). There are two types of mineralization in the Central Zone:

1) Low to moderate-grade orogenic or mesothermal intrusive-hosted gold associated with networks of thin quartz-tourmaline and quartz-calcite-aresenopyrite veins.

2) High grade gold-silver-lead-zinc mineralization hostd by syntechtonic quartz-sulfide veins (grading up to 50 g/t gold or higher).

Gold occurs as native metal alloyed with silver and demonstrates a general association with arsenopyrite also occurring with pyrrhotite, calcite, chlorite and biotite. Base metal content of the deposit is typically low, although gold is seen to occur with sphalerite, galena, chalcopyrite and scheelite. Sulphide, carbonate and quartz-tourmaline veinlets are locally mineralized. The host-granodiorite contains probably less than 2% disseminated fine-grained sulphides occurring as arsenopyrite, pyrrhotite and pyrite (Barry et al., 2006).

Norra Zone

The Norra Zone is a volcanic-hosted massive sulfide (VMS) regionally referred to as Skellefte-style. The main mineralized body is approximately 300 metres along strike and 5 to 50 meters in width. Gold is associated with the basal semi-massive arsenopyrite, pyrrhotite, chalcopyrite, galena, and sphalerite mineralization within a sequence of sheared felsic volcanics, foliated pyritic shales and pelitic sediments. Gold is probably remobilized and likely enriched by a later overprinting epithermal phase of mineralization.


 
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