Barkerville Gold Mines reporting high grade gold strike at Cariboo Project

The Cariboo Gold Project. — Photo courtesy Barkerville Gold/BC Northern Mining

Barkerville Gold Mines Ltd is pleased to announce a new discovery from the ongoing 130,000 metre Phase II Island Mountain and Valley Zone exploration drilling program at the Company’s flagship Cariboo Gold Project. Detailed drilling results, a drill hole location plan map, vertical section and longitudinal section are presented at the end of this release.

New High Grade Stockworks Intersected at Shaft Zone

The Company is very pleased to announce that Island Mountain Shaft Zone drillhole IM-17-072 has discovered a formerly unidentified wide network of high tenor veining grading 19.20 g/t Au over 54.40 metres including 32.06 g/t Au over 30.70 metres. This new intersection consists of several higher-grade intervals including 272.00 g/t Au over 0.50 metres, 760.00 g/t Au over 0.85 metres, 64.20 g/t Au over 0.50 metres, 42.80 g/t Au over 0.50 metres, 65.40 g/t Au over 1.50 metres and 15.80 g/t Au over 1.15 metres. An intensely silica altered and pyritized sandstone package hosts this dense network of mineralized veining. Located 250 metres vertically below surface in the Shaft Zone, this auriferous occurrence is untested by drilling above and below the intersection and is open for expansion. In addition to the aforementioned intersection, IM-17-072 also established auriferous veining grading 25.00 g/t Au over 2.85 metres located 25 metres below surface, 16.55 g/t Au over 5.45 metres
100 metres vertically below surface, followed by 9.41 g/t Au over 3.30 metres 110 metres below surface

Additional High Grade Stockworks Intersected at Shaft Zone

Situated 180 metres vertically below drillhole IM-17-072 which intersected 19.20 g/t Au over 54.40 metres including 32.06 g/t Au over 30.70 metres, drillhole IM-17-078 has discovered another broad occurrence of sandstone hosted stockwork veining averaging 11.42 g/t Au over 28.55 metres including two subintervals of 30.76 g/t Au over 6.60 and 12.10 g/t Au over 8.15 metres. These new intersections occur at vertical depth of 420 metres below surface, and are open for expansion in all directions due to the extremely limited drilling at this depth.

Because these standalone drillholes constitute two widely separated intercepts that cannot be confidently corroborated by additional drillhole pierce points, the geometry and hence true width of the potential mineralized zone cannot be assuredly concluded at this time.

Chris Lodder, President and CEO of Barkerville Gold Mines, comments, “These intersections are some of the best to date on Island Mountain that continues to produce new zones of higher grade, wide zones of gold mineralization. We will be following up with both wide spaced step out and closer infill drilling in this area to better determine dimensions of this potentially strongly mineralized vein corridor”.

About the Phase II Program

The 130,000 metre 2017 Phase II exploratory and delineation drill program on Island Mountain is intended to determine the extent of the vein systems that were historically never explored, and is aimed at discovering new vein systems and sulphide replacement bodies that will ultimately inform a maiden resource at Island Mountain. Seven drill rigs are currently operating on Island Mountain, with an eighth rig testing for additional mineralization below the former Aurum and Cariboo Gold Quartz Mines which have never been explored since mining operations ceased circa 1960.

Qualified Persons

Exploration activities at the Cariboo Gold Project are administered on site by the Company’s Exploration Manager, Maggie Layman, P.Geo. As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on the Cariboo Gold Project.

Quality Assurance – Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently stored on site at the Company’s secure facility in Wells, BC. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by
the Company’s Qualified Person, Paul Geddes, P.Geo, Vice President Exploration.

Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 250 grams is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 1,000g screen metallic fire assay. A selected number of samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

For further information on Barkerville Gold Mines Ltd. please contact:

Chris Lodder

President & Chief Executive Officer

Suite 400-365 Bay Street
Toronto, Ontario, Canada
[email protected]

About Barkerville Gold Mines Ltd.

The Company is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. Barkerville’s mineral tenures cover 1,164 square kilometres along a strike length of 60 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia. The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by Barkerville in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of 2015 with 91,489 tonnes of ore milled producing 25,464 ounces of gold. The Company has completed a number of drilling and exploration programs over the past 20 years and is currently compiling this data with all historical information in order develop geologic models which will assist new management and provide the framework to continue to explore the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization.

Forward looking statements apply.