| | February 15, 2000
We are pleased to provide an update on Barker's recent activities and to welcome our new shareholders who have invested through our Offering Memorandum over the past year. Thank you for your confidence and belief in Barker Minerals and its future.
Roundup 2000
More than 2,000 prospectors, geologists and engineers attended the Cordilleran Roundup 2000, in order to exchange the data and information necessary to initiate the mineral exploration programs undertaken in the industry.
"This event has become the focal point for the mineral exploration community in British Columbia," said Dan Miller, premier and minister of energy and mines. "It helps maintain strong networks within the industry and allows us to share knowledge with our peers."
Ministry of Energy and Mines geologists presented fieldwork results during the conference. Current research, with emphasis on economic geology in the province, was reflected in oral and poster presentations. Barker Minerals was represented not only by our own display but also in part by several of the government's poster presentations with pictures, maps, and rock and drill samples being displayed from our property.
As a result of our display at the Roundup, important contacts were established and the company received wide attention within the mining and investment communities. Our focus this year was on the Frank Creek VMS discovery. We had a great deal of interest at our booth and were very pleased with the overall response received. The conference this year was more upbeat and positive than in the past few years as the resource sector appears it may be rebounding from twenty year lows.
Internet Interest
International interest has been shown in the activities of Barker Minerals Ltd. over the past several months. Since August 1998, the Barker website (www.barkerminerals.com) has averaged 400 users and 9,500 hits each month. More than 50 percent of these website visits have originated in the United States, but others have come from the United Kingdom, Australia, New Zealand, Japan, the United Arab Emirates, Russia and other nations. We are in the process of increasing the content of our website with additional photographs and geological information.
Major Discoveries Focus on the Future
This past exploration season has proven to be Barker's most successful ever, with two new important discoveries and the advancement of numerous other projects.
Exploration
Early grid work was completed on the Upper Grain, Black Bear, Sellers and Tasse Lake prospects, setting the groundwork for future follow-up geological mapping, soil sampling and geophysical surveys.
Discoveries
Prospecting during 1999 resulted in two important discoveries and outlined the potential for several more within the Barker claim group.
1. Sellers Creek - Polymetallic Sediment Hosted Discovery
This important discovery, made during the late field season, is initially being interpreted as a polymetallic sediment hosted deposit. Sediment hosted deposits are the world's second most important source of copper.
Deposits of this type in other parts of the world are generally low-grade (e.g., .5 to 2% Cu, 2 ounces per ton Ag, plus or minus Pb and Zn). The strike length of these types of deposits can extend tens of kilometres laterally and the thickness usually ranges from 1 to 5 metres. It is significant that the stratigraphy which host the Spar Lake, Montanore and Rock Creek deposits in Montana reaches northward into southern British Columbia.
Mineralization at Sellers Creek consists of disseminated chalcopyrite (Cu), sphalerite (Zn) and galena (Pb) within quartzite. Grab sample assays returned values of 1% Cu, 1.5% Pb, 1% Zn, 2 ounces per ton Ag and 450 ppb Au. To date this zone has been outlined over a strike length of 450 metres with a width of 1 - 3 metres.
2. Frank Creek - VMS Discovery
Prospecting in the Frank Creek area in June revealed a massive sulphide boulder zone. This was the first reported discovery of economic grade massive sulphide mineralization in the area of airborne geophysical and geochemical anomalies found in previous exploration programs. Massive sulphide boulders assayed up to 15 % Pb, 3.5 % Zn, 1.3% Cu, 20 ounces per ton Ag and .6 grams per ton Au.
Follow-up hand-trenching to a depth of two metres in the overburden uncovered an even higher concentration of massive sulphide boulders. Noting that the boulders were increasingly angular, large and fresh, we recognized that we were close to the source. Preliminary prospecting with a GSM-19 VLF-Magnetometer near the massive sulphide boulders indicated a nearby conductor. Once the orientation was determined, a trench across the zone was proposed.
The trench led to a very significant discovery which is the first volcanogenic massive sulphide discovery ever made in the Barkerville terrane. The dimensions of this massive sulphide zone are unknown at this time, however a minimum width of 1.4 metres is exposed at surface.
Another point of interest was that large fresh, angular blocks of massive sulphides were pulled from the trench's first six metres. As this area was below the water table, it was not known if bedrock was reached or not?
Metal values obtained on this target are outlined below.
Massive Sulphide and Cu-rich Stringer Metal Values
Massive Sulphide Float (Grab Samples):
Massive Sulphide Outcrop (Grab Samples):
Cu-Rich Stringer Float (Grab Samples):
Cu-Rich Stringer Outcrop (Grab Samples):
* Samples taken by major mining companies during property visits.
Frank Creek Discovery Outcrop (Click here to enlarge)
Prospecting also led to the discovery of a block of massive sulphides .3m x .5m, which was 50 metres west of a strong airborne target and 110 metres east of the massive sulphides exposed in the trench. This discovery, along with anomalous polymetallic soil and stream signatures in the Frank Creek area, lead us to believe that other airborne targets may also be caused by VMS mineralization.
A mini grid was completed over the Frank Creek discovery area in December to test soil geochemical and geophysical techniques for follow-up programs. The result was a confirmation of the VMS horizon through a VLF geophysical survey, the soil survey also outlined a strong anomaly of Cu, Pb, Zn & Ag that correlates well with the VLF anomalies.
This survey also outlined a much stronger parallel conductor 50 metres west of the exposed massive sulphides in the trench. This may represent another lens of massive sulphide mineralization. Results of this study confirm that soil geochem and VLF-EM/Maxmin surveys should be reliable tools in future programs to trace the VMS horizons.
In January, Dr. John Payne of Vancouver Petrographics conducted a petrographical study on a suite of VMS samples. Results of this study show characteristics that are similar and comparable with world-class VMS deposits from around the world. The sulphides are medium grained in size and should not pose future metallurgical problems.
Detailed ground geophysics, prospecting and geological mapping over all of the airborne conductors is planned for next season, to be followed by trench and drill programs.
Government takes notice
NATMAP
During the Roundup the Ministry's geological survey branch and the Geological Survey of Canada presented initial findings of the new multidisciplinary NATMAP project; a national mapping program, which covers southern B.C. to Alaska, showing some recently discovered ore bodies. The co-operative federal-provincial project is intended to increase the level of geoscience mapping in Canada.
The focus of the NATMAP study is to determine geological and tectonic settings, and to develop exploration models for volcanogenic massive sulphide deposits, sedimentary exhalative deposits and gold deposits. The rocks of economic interest being studied were formed around 350 million years ago and this Devonian-Mississippian Volcanogenic Massive Sulphide Belt is thought to exist in Continental proportions.
Age date studies on rocks within Barker's claims have determined that they are also around the 350 million-year range and correlate well with the Yukon Tanana terrane to the north and Kootney terrane to the south, both of which contain significant VMS deposits.
Property Visits
During the past season we hosted visits by several government geologists and scientists. During one of these visits the Ace project was chosen as the area for UVIC geology student Dan Tutt to complete his Bachelors Thesis. This study will entail petrographical and geochemical studies of outcrops, trenches and drill core from the Ace property. The results should be available to the Company in the early spring. The NATMAP Program, BC Geological Survey, Geological Survey of Canada and Barker Minerals provide sponsorship and support.
As a result of these visits and our new discoveries, Barker was invited to give a presentation on our properties to a group of approximately 75 research scientists and geologists in Victoria at one of the NATMAP workshops. Dr. John Payne and I traveled to Victoria to give a presentation and display rock samples on Barker's behalf. Consideration is being given to include a portion of our property as a further component in the NATMAP study as early as this season.
On several occasions during the past field season Bob Lane, Prince George Regional Government Geologist visited the property to document and sample previous and new discoveries made by Barker. Comments from subsequent reports state: "A recent significant VMS discovery by Barker Minerals has important regional implications, exploration for VMS deposits throughout the entire Barkerville terrane is warranted."
In the government publication recently released at the roundup, British Columbia Mineral Exploration Review 1999, Tom Schroeter Senior Regional Geologist, B.C. Geological Survey comments: "Evaluation of recently discovered volcanogenic massive sulphide prospects in the Cariboo, hosted by Slide Mountain and Barkerville terrane rocks, is expected to revive regional exploration in those belts."
We at Barker have strived to create awareness within the mining and geological communities regarding our discoveries and properties encompassing this previously unrecognized mineralized district. We have done this by sharing our progress, results, techniques and ideas with both provincial and federal government geological surveys and major mining companies with the intent of creating interest for possible participation, and to encourage other companies to also search for economic massive sulphide deposits within the Barkerville terrane and it's correlatives. Our persistence is paying off, as it is now very apparent that the potential of our properties is being recognized within the industry, and it is just a matter of time before the resource sector turns around and exploration interest is rekindled and intensifies in BC. Barker is well positioned in the belt (land position wise) if sudden staking interest were to occur.
Major Companies Show Interest
The Frank Creek discovery has created a high degree of interest, providing Barker with various options for advancing development. A number of mining companies, both majors and juniors, visited the discovery area in late fall and early winter. These companies are currently reviewing and evaluating the possibilities of a future working partnership with Barker, not only at Frank Creek, but on other key areas as well.
Comments from one Major Company (December 1999):
"High grade assays from the Frank Creek property visits and Barker Minerals' exploration results from the Ace and other prospects, underscore the significant untapped exploration potential of the Likely area. Furthermore, we are encouraged by the variety and widespread distribution of base and precious metal mineralization over the entire property package. It is clear from the existing data that multiple mineralizing episodes are present throughout the property and this too is encouraging."
Potential for Future Discoveries
The discovery of massive sulphides in the Frank Creek area and the Ace VMS occurrence to the northeast significantly increases the potential for discovery of other massive sulphide deposits not only on our claims, but also throughout the entire Barkerville terrane. Polymetallic signatures of these discoveries are similar to stream sediment anomalies in the Sellers, Black Bear, Grain creeks and Ace areas and point to the potential of finding economic VMS mineralization on these project areas. It is also a known fact that VMS deposits do occur in clusters.
One of the most rewarding features of our claims is that most mineralization found to date has been of a polymetallic nature. Polymetallic deposits are in strong demand within the mining industry and are actively being sought all around the world. Companies holding such deposits continue to thrive in both strong and weak economic climates.
Financing and Exploration Options
Barker Minerals management has been extremely proactive over the past several months, raising the awareness of the company within the mining and investment communities, while evaluating various options for future exploration and financing. As a result, Barker has developed a solid base within these key sectors and is well positioned to take advantage of the anticipated turnaround in the resource market.
Barker Minerals and the New Millennium
Barker Minerals looks forward with confidence to a rewarding year in 2000, and in the years to follow. Important 1999 discoveries; the potential for future discoveries; the continuing demand for polymetallic deposits; the interest of major mining companies; increased awareness within the mining industry and the investment community; the increasing number of visits made to the Company's website; and dedicated management are all strong and positive indications that the new millennium will bring continued success to Barker Minerals and its shareholders.
On behalf of Barker Minerals Ltd.
Louis Doyle
President/Chief Executive Officer
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