Vancouver, British Columbia – September 24, 2019: Barrian Mining Corp. (“Barrian” or the “Company”) (TSX-V: BARI, OTCQB: BARRF, FSE: BM5) is pleased to announce that it has signed an option agreement to acquire 100% of the Troy Canyon gold silver project (the “Troy Canyon Project”) located in Nye County, Nevada from Brocade Metals Corp. (“Brocade”), a private company. The Troy Canyon Project has returned historical underground stope rock grab samples assaying 576 g/t gold and 229 g/t silver*. The Troy Canyon Project is located just 70 km east of Barrian’s flagship ‘Bolo Project’.
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 AudioMagnetotelluric) 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 Suite 605 – 815 Hornby Street Vancouver, BC, V6Z 2E6, Canada Tel.: +1 604 620 8406 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.
Future Plans
The Project has potential to host economic gold and silver mineralization. The Phase I program at Troy Canyon will comprise exploration data verification compilation and review, in addition to a property visit by Barrian’s Qualified Person. Subject to the data verification it is anticipated that future work at Troy Canyon may include soil and rock geochemical sampling, geologic mapping, and contingent on the results of surface work diamond drill of priority targets.
Terms of the Option Agreement
Under the terms of the option agreement, Barrian may acquire a 100% interest in the Troy Canyon 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 on the project.
a. Cash payable:
i. USD$25,000 upon TSX Venture Exchange (“TSXV”) approval of the Option Agreement; and
ii. USD$25,000 on or before the 1st Anniversary of the Option Agreement.
b. Barrian Common Shares:
i. 625,000 upon TSXV approval of the Option Agreement; and
ii. 625,000 on or before the 1st Anniversary of the Option Agreement.
c. NSR:
i. Existing 1% underlying net smelter returns royalty (“NSR”) with option for Barrian to repurchase entire 1% NSR for USD$1.0 million; and
ii. 0.5% NSR granted to Brocade on same terms as the 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 on or before the 1st Anniversary including additional land staking.
The option agreement is subject to the approval of the TSX Venture Exchange.
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”. Suite 605 – 815 Hornby Street Vancouver, BC, V6Z 2E6, Canada Tel.: +1 604 620 8406 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. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on Barrian’s current properties.
Historical geochemical samples collected by the previous operator Miranda were submitted to ALS Global (“ALS”) laboratories, Reno, Nevada for 30 gram gold fire-assay and Inductively Coupled Atomic Emission Spectroscopy (ICP-AES) multi-element geochemical analysis. Miranda relied on the internal quality assurance / quality control (QA/QC) program of ALS, which includes routine duplicate, blank, and certified reference standard analysis throughout the sample preparation and analysis. Defense Metals 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
Contact Information
Karl Mansour, Paradox IR Tel: (514) 341-0408 Email: [email protected]
Max Sali, Chief Executive Officer & Director Tel: (604) 620-8406 Email: [email protected]
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. |