News

Central expansion hole CNT20006 intersects 6.0 metres grading 4.69 g/t gold

Avan expansion hole AVA20004 intersects 10.0 metres grading 2.43 g/t gold, including 3.0 metres grading 6.80 g/t gold

High-grade (Bonanza-style) expansion drilling successful in probing for mineralized Fracture sets outside the current Wireframe Model

• Diamond drilling continued into early November, testing both "Orogenic Gold" and Volcanogenic Massive Sulphide "VMS" targets.


• Extensive MEFFA surface till sampling combined with automated XRF scanning of 13,758 field samples yields numerous anomalous responses warranting follow-up.


• Cumulative Base of Till testing totals 156 holes for the 2020 work year.


• A total of 741 Gravity stations have had measurements collected in 2020.


• A total of 540 kilometres of Magnetic surveying completed during 2020 and ongoing.


• Shallow drill testing at a new target area named Bastuträsk yields gold values.


• Stringent COVID-19 protocols continue to be enforced, in order to keep the workers and the people living in the surrounding community safe.

Vancouver, BC, December 7, 2020 -- Barsele Minerals Corp. (TSXV: BME) ("Barsele") is pleased to provide an operational update regarding ongoing exploration activities within the Barsele Gold-VMS Project area in Västerbottens Län, Northern Sweden (the "Barsele Project"). The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited -- (TSX, NYSE: AEM) ("Agnico Eagle"). Ownership in the Barsele Project is 55% Agnico Eagle and 45% Barsele. Agnico Eagle can earn an additional 15% in the Barsele Project through the completion of a pre-feasibility study. There is no cash outlay requirement by Barsele until a pre-feasibility study is completed.

Between January 1st and November 30th, Agnico Eagle personnel and contractors have continued with office-related and field-specific exploration activities at a number of exploration sites throughout the property. Work has included diamond drilling, gravity and magnetic surveys, and base of till sampling, along with an extensive surface till sampling campaign utilizing multi-element fine fraction analysis.

Within the Avan and Central gold zones, new mineralized structural trends are emerging, and recent drilling has been encouraging. In addition, base of till drilling and sampling has defined a new area known as Bastuträsk, located 4.8 kilometres ENE of the Barsele gold deposit. Nine short drill holes have tested this area, which has both precious and base metal potential. Most drill results are pending.

Diamond drilling from July 14th into early November, within the 46,991-hectare property totals 7,893 metres in 37 completed core holes. Since late 2015, a total of 155,345 metres of overburden penetration and core collection has been tabulated from a total of 404 drill holes. Analytical results for eight drill holes from the 2020 drilling program are presented in this news release. The initial drilling focus has been along the NW extension of Avan-Central-Skiråsen (CAS) "Orogenic Gold" system, with infill and expansion drilling focused within and between the Central and Avan zones. Volcanogenic massive sulphide ("VMS") targets have also been tested, along with most recent testing at Bastuträsk, with results pending.

Following recent structural reinterpretations, drilling along the Avan Zone has presented the technical team with new insights regarding high-grade zones. Within a ~200 metre X ~200 metre X ~700 metre volume, there are new High-Grade (Bonanza-style) expansion drill intercepts adjacent to and beneath the existing Avan mineral resource area. Here, possibly north-south oriented cross structures carry high gold grades along a trend that currently is outside existing wireframes. Additionally, at the Avan Zone, Expansion drill hole AVA18004-extension cut a new deeper high-grade gold zone, yielding 11.6 metres core length (true thickness to be determined) grading 3.22 g/t gold, including 3.6 metres core length (true thickness to be determined) grading 5.99 g/t gold, or 6.6 metres core length (true thickness to be determined) grading 4.12 g/t gold, and including 0.6 metres core length (true thickness to be determined) grading 30.3 g/t gold, at a midpoint depth of 480 metres below surface. Further down hole an intercept yielded 3.0 metres core length (true thickness to be determined) grading 8.30 g/t gold at a midpoint depth of 520 metres below surface.

Expansion hole AVA20003 cut three gold zones, with 12.0 metres core length (estimated 5.4 metres true thickness) grading 1.10 g/t gold, at a midpoint depth of 40 metres below surface, plus 8.0 metres core length (estimated 4.9 metres true thickness) grading 1.82 g/t gold, at a midpoint depth of 115 metres below surface, plus 7.0 metres core length (estimated 4.2 metres true thickness) grading 2.29 g/t gold, at midpoint depth of 175 metres below surface.

Expansion hole AVA20004 intersected two gold zones with 10.0 metres core length (estimated 7.0 metres true thickness) grading 2.43 g/t gold, including 3.0 metres core length (estimated 2.1 metres true thickness) grading 6.80 g/t gold, at an estimated depth of 65 metres below surface, plus 4.0 metres core length (estimated 2.8 metres true thickness) grading 2.06 g/t gold at an estimated depth of 90 metres below surface.

Expansion hole AVA20005 intersected one gold zone with 5.0 metres core length (estimated 3.7 metres true thickness) grading 1.88 g/t gold, at an estimated depth of 100 metres below surface.

Expansion hole AVA20006 cut four gold zones, with 2.0 metres core length (true thickness to be determined) grading 4.45 g/t gold, at a midpoint depth of 145 metres below surface, plus 6.0 metres core length (true thickness to be determined) grading 1.72 g/t gold, at a midpoint depth of 210 metres below surface, plus 9.0 metres core length (true thickness to be determined) grading 1.36 g/t gold, at midpoint depth of 235 metres below surface, plus 9.3 metres core length (true thickness to be determined) grading 1.37 g/t gold, at a midpoint depth of 255 metres below surface.

Expansion hole CNT20006 cut one gold zone, with 6.0 metres core length (estimated 4.4 metres true thickness) grading 4.69 g/t gold, at a midpoint depth of 120 metres below surface.

At Bastuträsk, Regional hole BAS20001 cut one gold zone, with 6.0 metres core length (estimated 4.0 metres true thickness) grading 0.89 g/t gold, at a midpoint depth of 15 metres below surface.

Barsele's President, Gary Cope states; "We continue to be very pleased with the ongoing drill results from the recent structural reinterpretation within the Avan sector. We look forward to future drilling efforts testing this new structural concept. High-grade (Bonanza-style) results as in AVA18004-extension, are expected to enhance the overall grade of gold mineralization at Barsele. Hopefully structural studies at Central and Skiråsen will provide similar vectors warranting future drill testing. We also look forward to the remaining results from newly discovered Bastuträsk."

The technical information in this news release was verified by way of a site visit in January of 2020 by the Qualified Person, wherein certain data and protocols were discussed with the site management and the technical staff and the database was reviewed and drill core and till sampling material and handling procedures were examined. Since January, updates have been via detailed monthly reports and video conferencing between Barsele management and Agnico Eagle management. Agnico Eagle maintains comprehensive quality control/quality assurance protocols.

All samples referred to in this news release were tested at independent MS Analytical Service, wherein core cutting and sample preparation is carried out in Storuman, Sweden and the analyses of both Au and multi-element analysis is completed in Canada. The assay method is SWED-Edh-6, which comprises: FAS-121, Au fire assay-AA on 50 gram-above 3 ppm Au fire assay-gravimetric; FAS-425, Au by fire assay and gravimetric finish 50-gram nominal sample weight; IMS-230, 48 element four-acid digestion ICP-MS; ICF-6Xx, default over limit methods for ICF-6Ag, ICF-6As, ICF-6Cu, ICF-6Pb, ICF-6Zn, SPM-210 (S); FAS-418, Ag by fire assay and gravimetric finish for Ag above 1,000 ppm. For semi-massive to massive sulphide rock, ICP-130 aqua regia is used for multi element analysis, instead of the four-acid digestion.

As project operator, Agnico Eagle has developed a community relations program to engage the various stakeholders in the Barsele Project area. Basic environmental assessment and surface water characterization, species studies and hydrogeology studies are ongoing.

About the Barsele Gold Project

The Barsele Project is located on the western end of the Proterozoic "Skellefte Trend", a prolific volcanogenic massive sulphide deposits belt, that intersects with the "Gold Line" in Northern Sweden. Both polymetallic "VMS" deposits and intrusive hosted "Orogenic gold" deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

On February 21st, 2019, Barsele released an independently verified Mineral Resource Estimate that was completed by Quebec-based InnovExplo Inc., for the purposes of the Company. The study concluded that drilling to the end of 2018 along the Avan--Central--Skiråsen gold zones at a 0.50 g/t gold cut-off for a pit constrained extraction mining method, a 1.50 g/t gold cut-off for a bulk underground extraction mining method, a 1.80 g/t cut-off for a selective underground extraction mining method, has in combination, outlined an Inferred Resource of 25,495,000 tonnes grading 2.54 g/t gold (2,086,000 ounces of contained gold) and an Indicated Resource of 5,578,000 tonnes grading 1.81 g/t gold (324,000 ounces of contained gold).

The main gold-bearing system remains open in all directions. The structurally linked gold mineralized "lodes" occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiples of parallel to sub-parallel "lodes" that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan--Central--Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor does contain localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content and occurs often as native metal.

Since drilling commenced on July 14th, "Orogenic Gold" targets were initially prioritized, with "VMS" targets emphasized during the latter stages of the program.

Art Freeze, P.Geo. is the Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.

About Barsele Minerals Corp.

Barsele is a Canadian-based junior exploration company managed by the Belcarra Group, comprised of highly qualified mining professionals. Barsele's main property is the Barsele Gold Project in Västerbottens Län, Sweden, a joint venture with Agnico Eagle. An updated NI 43-101 Technical Report on the Barsele Project with an effective date of February 21st, 2019, was filed on SEDAR on April 2nd, 2019.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope

President

For further information, please contact Barsele Minerals Corp. at 604-687-8566 x228, info@barseleminerals.com or visit our website at www.barseleminerals.com.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Barsele undertakes no obligation to update such statements, except as required by law.

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.