VANCOUVER, Sept. 10, 2019 /CNW/ - Barrian Mining Corp.
("Barrian" or the "Company") (TSX-V: BARI, OTCQB:
BARRF, FSE: BM5) is pleased to announce that it has entered into a
letter of intent to acquire the Troy Canyon gold silver project
located in Nye County, Nevada from
Brocade Metals Corp. ("Brocade"), a private company. The
Project has returned historical underground stope rock grab samples
assaying 576 g/t gold and greater than 100 g/t
silver*. The Troy Project is located just 70 km east of
Barrian's flagship 'Bolo Project' near Tonopah, Nevada.
Maximilian Sali, CEO and Founder
comments "The acquisition of the early-stage Troy Canyon Project
will provide synergies with our nearby, flagship Bolo Project.
Historical sampling at Troy has returned some very high-grade gold
and silver values. The main occurrence remains open on-strike over
300 meters and remains open at depth to over 180 meters. The
Project will be the subject of new exploration methods to expand
existing and discover new zones of mineralization. We are very
excited with the progress being made at Bolo, drilling continues
and we anticipate favourable results that will prove-up our
flagship asset. Barrian's primary focus remains on the Bolo
project."
Troy Canyon Summary
The Troy
Canyon silver gold project is located in the Grant Range
of eastern Nye County, Nevada,
approximately 230 km north of Las
Vegas. The project consists of 19 contiguous mineral claims
that cover 158.86 hectares of land centered approximately on the
historical Locke gold mine. High-grade gold mineralization occurs
within massive quartz veins, vein breccias and narrower sheeted
vein and stockwork zones. The quartz system is exposed for 300
meters along the sheared, northerly trending contact between
hangingwall recrystallized limestone of Cambrian age and footwall
quartz monzonite of the Tertiary (23 Ma)
Troy pluton.
The Troy Gold-Silver Project has seen limited modern exploration
effort, and was a former small producer. Gold mineralization was
first identified at the project in 1867 and small-scale mining
commenced in 1869. The most recent mining took place from 1948 to
1950 where 643 ounces of gold and 660 ounces of silver were
reportedly produced from 1,859 tons of mineralized rock, at an
average grade of 11.83 g/t gold (0.345 oz/t Au) and 12 g/t silver
(0.355 oz/t Ag).
The area of the old Locke Mine in Troy Canyon hosts mesothermal
gold and silver mineralization with potential for economically
significant concentrations. Mesothermal systems typically are
persistent to great depths. To date the system seen on the Troy
Property has only been investigated over a vertical extent of
approximately 180 metres, with the bulk of the work having been
concentrated on the hanging wall of the quartz host.
Recent assessments (late 1980s to early 2000s) of the project by
multiple companies include sampling of surface and underground
quartz exposures, mine dumps, mineral processing facilities, and
tailings piles. In 2004, Miranda Gold Corp determined that stopes
were developed on multiple 'stacked' north-trending, moderately
east-dipping veins. Three of 13 underground stope rock grab samples
collected by Miranda reportedly returned 47.8 g/t gold, 48.4 g/t
gold, and a high of 576 g/t gold* (16.8 oz/ton Au). The
remaining 10 rock samples collected from underground stope and adit
wall outcrops returned values ranging from <1 g/t gold to 8.8
g/t gold, and from 0 g/t silver to 27 g/t silver.
In 2007, Portage Minerals Inc. completed a multi-parameter
exploration program on the project that included a property-wide
soil geochemical survey, focused IP/Resistivity and CSAMT surveys,
and rock chip sampling and surveying of the main Locke mine
underground workings. The soil geochemical program identified
several zones of anomalous gold outbound of the mine and a strong
northwest trending IP anomaly in the southeast part of the survey
area.
Gold mineralization is associated with grey, late-stage vuggy,
sugary limonitic quartz and minor sphalerite, galena and
arsenopyrite, and a strong gold-bismuth correlation suggests that
mineralization is part of an intrusive-related mesothermal gold
vein system. Compiled data for the Troy project reference only one
exploration drill-hole which apparently was terminated in
mineralized limestone before reaching the vein.
The Company's qualified person has not verified the exploration
data disclosed in this news release, including geophysical,
sampling, and assay information, and these data may not be accurate
or complete. These data were previously disclosed within
historical reports relating to the Troy Canyon Project.
* NI 43-101 Technical Report on the Troy Canyon
Project, Portage Minerals Inc., effective date February 5,
2007.
|
Terms of the Proposed Transaction
Under the terms of the letter of intent, Barrian may acquire a
100% interest in the Troy Project by making certain staged cash
payments and share payments of common shares in the capital of
Barrian to Brocade and the completion certain expenditures.
a.
|
Cash
payable:
|
|
i.
|
USD$25,000 upon
signing Option Agreement; and
|
|
ii.
|
USD$25,000 on
1st Anniversary of Option Agreement
|
b.
|
Barrian Common
Shares:
|
|
i.
|
625,000 upon signing
of Option Agreement; and
|
|
ii.
|
625,000 on
1st Anniversary
|
c.
|
NSR:
|
|
i.
|
1% Underlying NSR
with option for Barrian to repurchase entire 1% NSR for
USD$1.0 million; and
|
|
ii.
|
0.5% NSR to Brocade
on same format and terms as Underlying NSR with Barrian
option to repurchase entire 0.5% NSR for USD$0.5 million
|
d.
|
Work
Expenditure:
|
|
i.
|
Minimum of USD$30,000
prior to 1st Anniversary including additional land
staking
|
Further details regarding the proposed transaction with Brocade
will be provided in a comprehensive news release if, and when, the
parties enter into a definitive agreement.
About Barrian Mining Corp.
Barrian Mining Corp. is a
new gold exploration company focused on acquiring and advancing
precious metal projects in the United
States. Barrian's flagship Bolo Project, located 90km
northeast of Tonopah Nevada, hosts
Carlin type gold mineralization
and is fully funded and permitted. In addition, Barrian has an
earn-in option to acquire 100% of the "Sleeper Project" which is
located in the historic Mogollon
epithermal silver-gold mining district of New Mexico. Barrian is run by a strong
management and technical team consisting of capital market and
mining professionals with the goal of maximizing value for
shareholders through new mineral discoveries, committed long-term
partnerships, and the advancement of exploration projects in
geopolitically favourable jurisdictions. Barrian trades on the TSXV
under the ticker symbol "BARI", on the OTC markets under the symbol
"BARRF" and on the German (Frankfurt) exchanges using the ticker symbol
"BM5".
Qualified Person
The scientific and technical
information contained in this news release as it relates to the
Bolo and Troy Canyon Projects has been reviewed and approved by
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX
Geoscience Ltd. of Edmonton, AB, a
Director of Barrian and a "Qualified Person" as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects. Mineralization hosted on nearby properties is
not necessarily indicative of mineralization that may be hosted on
Barrian's current properties.
On behalf of the Board of Directors,
/s/ "Max Sali"
Max
Sali, Chief Executive Officer
Neither the 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 news release.
Forward Looking Information
This news release includes certain statements that constitute
"forward-looking information" within the meaning of applicable
securities law, including without limitation, the ongoing and
future drill programs at Bolo, drill results, completing a
transaction with Brocade, other statements relating to the
technical, financial and business prospects of the Company, and
other matters.
Forward-looking statements address future events and conditions
and are necessarily based upon a number of estimates and
assumptions. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved), and variations of such words, and
similar expressions are not statements of historical fact and may
be forward-looking statements. Forward-looking statement are
necessarily based upon a number of factors that, if untrue, could
cause the actual results, performances or achievements of the
Company to be materially different from future results,
performances or achievements express or implied by such statements.
Such statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of metals, anticipated costs and the ability to
achieve goals, that general business and economic conditions will
not change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms, and that
third party contractors, equipment and supplies and governmental
and other approvals required to conduct the Company's planned
exploration activities will be available on reasonable terms and in
a timely manner. While such estimates and assumptions are
considered reasonable by the management of the Company, they are
inherently subject to significant business, economic, competitive
and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events, level of activity,
performance or results to differ materially from those reflected in
the forward-looking statements, including, without limitation: (i)
risks related to gold and other commodity price fluctuations; (ii)
risks and uncertainties relating to the interpretation of
exploration results; (iii) risks related to the inherent
uncertainty of exploration and cost estimates and the potential for
unexpected costs and expenses; (iv) that resource exploration and
development is a speculative business; (v) that the Company may
lose or abandon its property interests or may fail to receive
necessary licences and permits; (vi) that environmental laws
and regulations may become more onerous; (vii) that the
Company may not be able to raise additional funds when necessary;
(viii) the possibility that future exploration, development or
mining results will not be consistent with the Company's
expectations; (ix) exploration and development risks, including
risks related to accidents, equipment breakdowns, labour disputes
or other unanticipated difficulties with or interruptions in
exploration and development; * competition; (xi) the potential for
delays in exploration or development activities or the completion
of geologic reports or studies; (xii) the uncertainty of
profitability based upon the Company's history of losses; (xiii)
risks related to environmental regulation and liability; (xiv)
risks associated with failure to maintain community acceptance,
agreements and permissions (generally referred to as "social
licence"); (xv) risks relating to obtaining and maintaining all
necessary government permits, approvals and authorizations relating
to the continued exploration and development of the Company's
projects; (xvi) risks related to the outcome of legal actions;
(xvii) political and regulatory risks associated with mining and
exploration; (xix) risks related to current global financial
conditions; and (xx) other risks and uncertainties related to the
Company's prospects, properties and business strategy. These risks,
as well as others, could cause actual results and events to vary
significantly.
Factors that could cause actual results to differ materially
from those in forward looking statements include, but are not
limited to, continued availability of capital and financing and
general economic, market or business conditions, the loss of key
directors, employees, advisors or consultants, adverse weather
conditions, increase in costs, equipment failures, litigation,
exchange rate fluctuations, failure of counterparties to perform
their contractual obligations and fees charged by service
providers. Investors are cautioned that forward-looking statements
are not guarantees of future performance or events and, accordingly
are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty of such statements. The
forward-looking statements included in this news release are made
as of the date hereof and the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities
legislation.
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SOURCE Barrian Mining Corp.