VANCOUVER, Sept. 4, 2019 /CNW/ - Barrian Mining Corp. ("Barrian" or the "Company") (TSX-V: BARI/ OTCQB: BARRF/ FSE: BM5) is pleased to announce that it has commenced a summer drilling program at its Bolo Gold Project, located in Nye County, Nevada.
The program will comprise approximately 6,000 feet (~1,800 metres) of reverse circulation (RC) drilling primarily targeting additional mineralization at the South Mine Fault Zone (SMFZ). Drill holes are also planned for Uncle Sam and for untested geophysical anomalies between the SMFZ and Northern Extension Zone (Figure 1).
The recently completed Induced Polarization (IP) and Resistivity geophysical survey at Bolo defined a significant linear conductivity high anomaly coincident with the Mine Fault Trend and with known Carlin-type gold (+ silver) mineralization at the SMFZ. The geophysical inversions indicate good vertical continuity of conductive anomalies ranging between 250 and 400 metres depth, below the limit of previous drilling. The planned drill holes at the SMFZ primarily target the down-dip extension of previously defined mineralization, coincident with the conductive anomaly (Figure 2). Step-down drill holes are planned to increase the vertical extent of drilling at the SMFZ by up to 100 metres down-dip.
Additional drill holes are planned along strike between the SMFZ and Northern Extension Zone, where limited historical drilling often failed to adequately test the newly defined Mine Fault conductive anomaly. At Uncle Sam, the drill plan is designed to extend the footprint of gold and silver mineralization north along strike and down-dip of historical high-grade surface channel samples.
Bradley Telfer, Director and Co-Founder comments, "The start of our first drill program at Bolo marks a significant achievement for our new company and our ability to progress at a rapid pace with drilling underway in less than four months from listing. This program aims to create value through the drill bit by demonstrating the considerable potential for identifying additional gold and silver mineralization both within the known zones and by testing new targets."
The drill samples will be sent to ALS Global labs in Reno, Nevada, roughly 4 hours away from our site for analysis. Results will be released in due course as they become available.
The Company also announces that it has granted a total of 1,298,750 stock options to its directors, officers, consultants and advisors. The stock options have a five-year term and are exercisable at $0.20 per share and vest immediately. The Company has granted these options at the price of its initial public offering which represents a 67% premium to Friday's (August 30, 2019) market close.
Maximilian Sali, CEO and Co-Founder comments "We feel that granting these options at our initial public offering price aligns management and directors with those who participated in our recent IPO. We believe that recent seed round share releases are the main cause of the stock selling below the IPO price. I personally have purchased over 500k shares in the market and other directors and insiders have also bought additional shares in the market since the IPO. We believe these assets will prove to be a success for all shareholders and Barrian's team is committed to creating significant shareholder value over a longer-term time horizon."
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".
The scientific and technical information contained in this news release as it relates to the Bolo Property 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 Disclosurefor Mineral Projects.
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, 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.
SOURCE Barrian Mining Corp.
For further information: Max Sali, Chief Executive Officer & Director, Tel: (604) 620-8406, Email: [email protected]