Gunsynd to start summer field programme at Barb project

(Sharecast News) - Gunsynd said on Wednesday that it expected to start its summer field programme at the Barb gold project in Manitoba by mid-June, subject to final snow melt.

The AIM-traded company said Critical Discoveries, which is implementing the programme on its behalf, was preparing to mobilise as soon as ground conditions allowed.

Initial work would include rock chip sampling across the newly acquired Lotus 1 and 2, Denver and Brook claims.

Gunsynd also planned to carry out an induced polarisation geophysical survey across priority areas covering the Lotus and Denver claims, as well as selected targets on the existing Barb project.

The survey was intended to identify chargeability and resistivity anomalies associated with sulphide-bearing structures in quartz-carbonate vein systems within the Rice Lake greenstone belt, and to refine diamond drill targets ahead of any future drilling.

The Lotus deposit became part of the enlarged Barb project through the acquisition announced on 5 February.

Gunsynd said the deposit had been subject to intermittent exploration and small-scale mining between 1924 and 1982.

Historical grades recorded in Manitoba Mineral Inventory File 375 include a 1930 bulk shipment of 249 kilograms of ore from the Lotus claim to federal Mines Branch laboratories in Ottawa, which returned an average of 22.49 grams per tonne of gold across two cut samples.

A 1935 channel sample at the No. 1 shaft on the adjoining Ling claim returned 34.29 grams per tonne of gold across 1.5 metres at a depth of 10.7 metres.

The company said those historical figures predated NI 43-101 and JORC reporting standards, had not been verified by a qualified or competent person, and should not be relied on as a current estimate of mineralisation.

It added that it was not aware of any NI 43-101 or JORC-compliant mineral resource estimate for the Lotus claim block.

Gunsynd said discussions were continuing with the local First Nations community regarding planned exploration activities, including drilling.

Executive chairman Hamish Harris said it had been "a longer-than-usual winter" in that part of Manitoba, but the company was now close to restarting work at Barb.

"It is pleasing to finally be in a position to start work again at Barb, following up last year's successful field campaign which returned multiple rock chip samples grading above one gram of gold per tonne, including sample TB-TM-007 at 13.12 g/t Au," he said.

"Set alongside historical grades at the adjoining Lotus deposit of up to 34.29 g/t Au across 1.5 m on file with the Manitoba Mines Branch, the board maintains a high level of confidence in the enlarged project."

At 1139 BST, shares in Gunsynd were down 2.86% at 0.09p.

Reporting by Josh White for Sharecast.com.

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