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.
Please click link to see photos of our drill program:
https://barrianmining.com/bolo/photos/
Stock Options
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".
Qualified Person
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 Disclosure for 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/barrian-mining-corp-announces-drilling-underway-at-bolo-with-two-priority-1-holes-complete-300910465.html
SOURCE Barrian Mining Corp.