VANCOUVER, Oct. 11, 2019 /CNW/ - Barrian Mining Corp.
("Barrian" or the "Company") (TSX-V: BARI, OTCQB:
BARRF, FSE: BM5) is pleased to announce that it has staked an
additional 40 contiguous mineral claims at its early stage Troy
Canyon gold and silver project (the "Troy Canyon Project")
located in Nye County, Nevada
approximately 230 km north of Las
Vegas.
Pursuant to the option agreement with Brocade Metals Corp., the
new staking completed by Barrian brings the size of the Troy Canyon
Project to 59 contiguous mineral claims totaling 493.30 hectares.
The new staking was designed to cover recently identified gold in
soil geochemical anomalies completed by a previous operator, which
were never publicly released.
The historical soil geochemical survey covering the Troy Canyon
Project and newly staked claims were completed during 2007. In
total, 791 soil samples were collected along 120 metre (m) spaced
north-south oriented gridlines at 60
m intervals (Figure 1). Of the 791 soils, a total of 41
samples returned greater than 20 parts-per-billion gold (ppb Au),
greater than the 95th percentile, and up to 2.02
grams-per-tonne (g/t) Au in soil; in addition to greater than
0.25 g/t silver (Ag) and up to 36.6 g/t Ag in soil.
The results define a prominent greater than 50 ppb Au in soil
anomaly extending a distance of 650 m
southwest from the historical Locke Gold Mine portal. A 1.2 km
north-south trending greater than 10 ppb Au in soil anomaly occurs
that is coincident with the location of numerous historical adits
and exploration pits. The gold and silver geochemical anomalies in
the vicinity of the Locke Gold Mine and within the western Troy
Canyon Project claims occurs within the same geologic environment
along the contact between Cambrian limestone and shale rocks and
Tertiary (23 Ma) Troy pluton. The
claims effectively adds 2.4 km of additional strike length, up from
1.7 km, for a total of 4.2 km of gold prospective Cambrian
limestone–Troy pluton contact strike length within the current Troy
Canyon Project claims.
Maximilian Sali, CEO and Founder
comments "Despite the early stage nature of the Troy Canyon gold
silver Project, Barrian's initial data compilation and review
efforts have successfully highlighted the potential of the Troy
asset and significance of the Troy pluton contact zone in
localizing gold and silver mineralization. Encouraged by these
results we immediately took steps to secure additional claims."
Troy Canyon Summary
The early-stage 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
Canyon Project 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. A 2004 geologic interpretation by Miranda Gold Corp
indicated that stopes were developed on multiple 'stacked'
north-trending, moderately east-dipping veins. Three of 13
underground stope rock grab samples reported by Miranda 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 0.017 g/t gold to 8.8 g/t gold, and from
<0.2 g/t silver to 27 g/t silver.
In 2007, Portage Minerals Inc. completed exploration that
included a property-wide soil geochemical survey, focused Induced
Polarization (IP)/Resistivity and CSAMT (Controlled Source
Audio-Magnetotelluric) geophysical 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 northeast 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 Canyon Project reference
only one exploration drill-hole which apparently was terminated in
mineralized limestone before reaching the vein.
*
|
NI 43-101 Technical
Report on the Troy Canyon Project, Portage Minerals Inc., effective
date February 5, 2007.
|
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 has the option to acquire
100% of the Troy Canyon Project. 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
Troy Canyon Project 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. Mr. Raffle has verified the data disclosed which
includes a review of the analytical and test data underlying the
information and opinions contained herein.
Historical soil geochemical samples were submitted to ALS Global
("ALS") laboratories, Reno,
Nevada for 30 gram gold fire-assay and ICP-MS multi-element
geochemical analysis. Quality assurance / quality control (QA/QC)
measures included collection of 5% field duplicate samples, in
conjunction with the internal QA/QC program of ALS, which includes
routine duplicate, blank, and certified reference standard analysis
throughout the sample preparation and analysis. Barrian detected no
significant QA/QC issues during its review of the data. ALS is an
International Standard (ISO/IEC) 17025:2005 and ISO 9001:2015
certified analytical testing laboratory. ALS is independent of
Barrian and the Qualified Person.
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, 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.