A Belcarra Group Company Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects 0.70 metres grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper, and 0.05% cobalt Regional “Orogenic Gold” hole RIS20003 between Skiråsen and Risberget intersects 1.0 metre
A Belcarra Group Company
Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects
0.70 metres grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper,
and 0.05% cobalt
Regional “Orogenic Gold” hole RIS20003 between Skiråsen and Risberget intersects 1.0 metre
grading 4.10 g/t gold
Regional “VMS” hole SKL20001 intersects 0.50 metre grading 3.25% zinc, 0.15% lead and
10.96 g/t silver
Bastuträsk regional hole BAS20002 intersects 1.65 metres grading 5.80 g/t gold
Avan expansion hole AVA20008 intersects 1.0 metre grading 7.80 g/t gold
• Recent drilling at the Avan Zone has outlined some new potential lodes that lie parallel and sub -parallel to
the current resource.
• Base of till testing (156 holes) followed by extensive MEFFA surface till sampling (13,758 samples) combined
with automated XRF scanning has led to the outlining of geochemically anomalous areas at Bastuträsk and
Sundträsket.
• Scout drilling at Bastuträsk t o date has outlined a ~300 metre X ~300 metre area, roughly 4.8 kilometres
east-northeast from the Avan-Central-Skiråsen zones requiring follow up drill testing.
• Eighty-seven channel samples collected from the Central Zone trench, plus drill core from the Avan and
Skiråsen zones will be submitted for ongoing ore sorting studies.
• A total of 741 Gravity stations had measurements taken in 2020.
• A total of 765 kilometres of Magnetic surveying was completed during 2020 and additional surveying is
ongoing.
• Water sampling at 18 watercourses and three lakes, plus water flow measurements in 5 creeks is ongoing.
• Stringent COVID-19 protocols continue to be enforced, in order to keep the workers and the people living
in the surrounding community safe.
January 19, 2021 – Vancouver, BC: Barsele Minerals Corp. (TSX.V:BME) (the "Company" or "Barsele") is pleased to
provide an operational update regarding 2020 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 December 31st, 2020, Agnico Eagle personnel and contractors carried out office-related and
field-specific exploration activities at a number of exploration sites throughout the property. Work included diamond
drilling, gravity and magnetic surveys, base of till drilling, ore -sorting test sampling, and water sampling, along with
an extensive surface till sampling campaign (MEFFA), utilizing multi-element fine fraction analysis.
Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects 0.70 metres
grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper, and 0.05% cobalt
January 19, 2021
Page 2
Within the Avan and Central gold z ones, new mineralized structural trends have emerged, and recent drilling has
been encouraging. In addition, base of till drilling and MEFFA sampling outlined a new area known as Bastuträsk,
located 4.8 kilometres east -northeast of the Barsele gold deposit . Nine short drill holes have tested this area, with
positive gold results and encouraging base metal results.
Diamond drilling from July 14th into early November, within the 46,991-hectare property totaled 7,894 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 the final 21 drill holes from the 2020 drilling
program are presented in this news release. The 2020 drilling campaign has tested the northwest extension of the
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 al so been tested, along with the
most recent drill testing at newly discovered Bastuträsk.
Following recent structural reinterpretations, drilling along the Avan Zone has presented the technical team with
new insights regarding high-grade mineralized 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 to northwest-southeast oriented cross stru ctures carry high gold grades,
along a trend that lies outside 2019, NI 43-101 resource wireframes. Additionally, at the Avan Zone, expansion hole
AVA20008 cut three gold zones, including 16.0 metres core length (estimated 7.6 metres true thickness) gradin g
0.80 g/t gold, at a midpoint depth of 75 metres below surface, plus 5.0 metres core length (estimated 2.4 metres
true thickness) grading 1.36 g/t gold, at a midpoint depth of 235 metres below surface, plus 1.0 metre core length
(estimated 0.5 metre true thickness) grading 7.80 g/t gold, at midpoint depth of 270 metres below surface.
At Bastuträsk, Regional hole BAS20001 (previously released) cut one gold zone, with 6.0 metres core length
(estimated 4.5 metres true thickness) grading 0.89 g/t gold, includi ng 1.0 metre core length (estimated 0.75 metre
true thickness) grading 2.78 g/t Au (not previously disclosed) at a midpoint depth of 15.0 metres below surface.
Regional hole BAS20002 cut one gold zone, with 1.65 metres core length (true thickness to be det ermined) grading
5.80 g/t gold, at a midpoint depth of 25 metres below surface.
Regional hole BAS20003 cut two mineralized zones, including a gold zone with 1.00 metre core length (true thickness
to be determined) grading 1.43 g/t gold, at a midpoint depth of 10 metres below surface, plus a base metal zone of
12.0 metres core length (true thickness to be determined) grading 0.14% nickel, 0.11% copper, and 0.04% cobalt at
a midpoint depth of 60 metres below surface.
Regional hole BAS20006B cut one gold zone, with 2.30 metres core length (true thickness to be determined) grading
0.77 g/t gold, at a midpoint depth of 20 metres below surface.
Regional hole BAS20007B cut one gold -base metal zone, with 0.70 metre core length (true thickness to be
determined) grading 32.20 g/t gold, 0.12% nickel, 0.08% copper, and 0.05% cobalt at a midpoint depth of 85 metres
below surface.
Regional “VMS” hole NOR20004 intersected 3.00 metres core length (true thickness to be determined) grading
0.48% zinc at a midpoint depth of 230 metres below surface.
Regional “VMS” hole SKL20001 intersected 0.50 metre core length (true thickness to be determined) grading 3.25%
zinc, 0.15% lead and 10.96 g/t silver at a midpoint depth of 60 metres below surface.
Regional “Orogenic Gold” hole RIS20 003, located 1.6 kilometres southeast of the southeastern -most extension of
the Avan-Central-Skiråsen (CAS) “Orogenic Gold” system intersected 1.0 metre core length of granodiorite host rock
grading 4.10 g/t gold at a depth of 140 metres below surface. More sampling along 20 metres of this zone is planned.
This intercept may reflect continuity along the southeastward extension of the (CAS) mineralization.
Barsele’s President, Gary Cope states; “We continue to be very pleased with the ongoing drill results from the newly
discovered Bastuträsk area, which has drill demonstrated significant gold, as well as anomalous base metal
mineralization over a ~300 meter by ~300-meter area. The narrow good-grade gold intercept in hole RIS20003 offers
hope for continuity along the southeastern trend of the CAS system. Also encouraging is hole SKL20001, in relation
to the ongoing hunt for a new volcanogenic massive sulphide deposit.”
Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects 0.70 metres
grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper, and 0.05% cobalt
January 19, 2021
Page 3
July through November Drilling Summary 2020
Hole ID Easting Northing Az Dip DDH
Length
From (m) To
(m)
CL
(m)
TL
(m)
Au
(g/t)
Top
Cut
(g/t)
AVA20007 617753.81 7215836.74 221 -56 248.10
Regional no anomalous gold/base
metals
AVA20008 617638.71 7215675.83 239 -52 477.80 93.00 109.00 16.00 7.60 0.80
Expansion 317.00 322.00 5.00 2.40 1.36
367.00 368.00 1.00 0.50 7.80
BAS20002 623234.85 7216436.72 272 -50 71.20 32.35 34.00 1.65 N/A 5.80
Regional
BAS20003 623176.87 7216637.82 131 -47 125.00 15.00 16.00 1.00 N/A 1.43
Regional 78.00 90.00 12.00 N/A
0.14%Ni 0.11%Cu 0.04%Co
BAS20004 623212.17 7216685.70 125 -47 70.50
Regional no anomalous gold/base
metals
BAS20005 623295.19 7216641.01 125 -47 72.90
Regional no anomalous gold/base
metals
BAS20006A 623335.61 7216601.07 79 -47 20.10
Regional no anomalous gold/base
metals
BAS20006B 623335.61 7216601.07 79 -47 99.80 24.40 26.70 2.30 N/A 0.77
Regional
BAS20007A 623423.63 7216691.77 270 -50 14.00
Regional no anomalous gold/base
metals
BAS20007B 623423.63 7216691.77 270 -50 116.30 109.00 109.70 0.70 N/A 32.20
Regional 0.12%Ni 0.08%Cu 0.05%Co
NOR20001 619183.45 7218479.87 49 -45 119.00
Regional no anomalous gold/base
metals
NOR20002 619234.29 7218306.85 191 -45 157.30
Regional no anomalous gold/base
metals
NOR20003 619600.35 7217793.38 50 -45 212.50
Regional no anomalous gold/base
metals
NOR20004 617611.79 7218046.05 60 -45 399.90 349.00 352.00 3.00 N/A
Regional 0.48%Zn
Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects 0.70 metres
grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper, and 0.05% cobalt
January 19, 2021
Page 4
July through November Drilling Summary 2020
Hole ID Easting Northing Az Dip DDH
Length
From (m) To
(m)
CL
(m)
TL
(m)
Au
(g/t)
Top
Cut
(g/t)
NOR20005 618581.00 7219491.38 209 -45 139.70
Regional no anomalous gold/base
metals
NOR20006 617244.67 7216798.03 40 -50 100.10
Regional no anomalous gold/base
metals
NOR19004-
ext
616430.64 7218361.47 305 -60 506.30
Regional no anomalous gold/base
metals
SKL20001 620860.33 7216354.91 135 -52 104.40 79.60 80.10 0.50 N/A
Regional 10.96g/t Ag 0.15%Pb 3.25%Zn
RIS20001 621465.73 7214433.59 128 -45 100.20
Regional no anomalous gold/base
metals
RIS20002 622010.37 7214436.66 164 -45 101.10
Regional no anomalous gold/base
metals
RIS20003 620656.13 7213584.78 86 -45 250.70 205.00 206.00 1.00 N/A 4.10
Regional assays
pending
Az = Compass Bearing Dip = Degrees Inclined CL = Core Length TL = Est. True Length Top Cut varies 40-18 g/t Au (A-C-S)
The technical information in this news release was verified by way of the last 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 2020, 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 sawing
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 gravim etric 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.
Barsele regional hole BAS20007B at newly discovered Bastuträsk intersects 0.70 metres
grading 32.20 g/t gold, including 0.12% nickel, 0.08% copper, and 0.05% cobalt
January 19, 2021
Page 5
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 21, 2019 (the effective date), Barsele released an independently verified Mineral Resource Estimate
that was completed b y Quebec-based InnovExplo Inc., for the purposes of the Company. This NI 43 -101 Technical
Report and Mineral Resource Estimate (Amended) for the Barsele Property was modified and resubmitted effective
December 16 th, 2020. The Amended Technical Report conta ins no material differences to the original technical
report filed on April 2, 2019.
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 ounce s 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 metr es. 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 14, 2020, “Orogenic Gold” targets were initially pri oritized, 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 21, 2019, was filed on SEDAR on April 2, 2019.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
For further information, please contact Barsele Minerals Corp. at (604) 687-8566 x228, email [email protected] 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 process es,
etc. Forward -looking statements address future ev ents 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.