Barrian Mining Makes New Gold Discovery and Intersects 122 Metres of 1.2 g/t Gold Oxide with the Hole Ending in Mineralization
VANCOUVER, Oct. 23, 2019 - Barrian Mining Corp. ("Barrian" or the "Company") (TSX-V: BARI,OTCQB: BARRF, FSE: BM5) is pleased to report hole BL19-04 intersected two high-grade gold zones: an upper zone of 2.10 grams-per-tonne (g/t) gold over 36.6 metres starting at 80.8 metres down hole including 3.25 g/t gold over 15.2 metres starting at 96.0 metres down hole; and a lower zone of 3.32 g/t gold over 12.2 metres starting at 79 metres down hole. The upper and lower zones occur within a broader envelope of mineralization averaging 1.19 g/t gold over 122 metres starting at 79 metres down hole BL-19-04. The results extend mineralization from surface down to a 200 metre vertical distance that remains open at depth. The new results are from the recently completed 1,838 metre reverse circulation (RC) drilling program at its flagship Bolo Gold-Silver Project, located in Nye County, Nevada, USA. The Company has received full gold fire and multi-element analytical results from ALS Global for hole BL19-04, which was drilled to a total depth of 201 metres.
The upper zone extends the footprint of gold mineralization between 25 and 40 metres vertically below the previous drilling on section (Figure 1). At 200 metres below surface, the lower zone represents the deepest gold intercept in current or historic drilling and is among the highest-grade gold intercepts reported to date at Bolo. The lower zone is considered to be a new discovery, and of high priority for follow up drilling. Both zones remain open at depth and the lower zone is open along strike.
Maximilian Sali, CEO and Co-Founder comments, "We are very excited about the discovery of a new gold zone in hole BL19-04, the deepest high-grade gold intercept to date at Bolo. We believe this intercept shows the potential for the discovery of additional new zones of gold mineralization at depth and throughout the Bolo Property. Something to note is this is only the second batch of results back with eight more holes pending"
Hole BL19-04 (-55/270 azimuth) was drilled in the South Mine Fault Zone approximately 60 metres south of hole BL19-02 (see Barrian's news release dated October 21, 2019) targeting the down-dip extension of previous intercepts drilled by Allegiant Gold which was a spin out from Columbus Gold from hole BL-29, comprising 0.65 g/t Au over 62.5 m, including 1.55 g/t Au over 6.1 m and 1.80 g/t Au over 7.6 m. BL19-04 intersected Carlin-style oxide gold mineralization in an upper mineralized zone between 25 and 40 metres vertically below BL-29, in visibly altered (silicified and oxidized) siltstones and cherty limestones within hanging wall Cambrian Windfall Formation and footwall Silurian Roberts Mountain Formation dolomite. The zone is associated with highly anomalous pathfinder element (arsenic and antimony) concentrations from the on-site x-ray fluorescence (XRF) analysis and laboratory multi-element analysis. The upper zone corresponds with the down-dip projection of the BL-29 intercept, with a significant improvement in gold grade and continuity.
A second, lower mineralized zone was intersected at depth approximately 200 m below surface, representing the deepest high-grade gold zone intercepted in current or historic drilling at Bolo to date. The lower zone occurs towards the end of hole BL19-04, and was not expected based on previous drilling; however, the zone corresponds well with a conductive anomaly identified by the 2019 IP/Res survey. The zone is hosted within Silurian Roberts Mountain Formation dolomite, and is associated with localized alteration (silicification and oxidation) and muted pathfinder element (arsenic and antimony) concentrations from XRF analysis and laboratory multi-element analysis. The lower zone is considered to be a new discovery, and high-priority for follow up drilling.
Barrian anticipates additional drill results over the coming weeks. The remaining unreported drill holes intersected significant mineralized intersections that will provide potential to expand the South Mine Fault Zone and Uncle Sam Zone. The drilled areas form part of a greater mineralized trend that extends for over 1.2 kilometres along strike. The 2019 Induced Polarization (IP) ground geophysical program generated targets that correspond well with new results. The IP anomalies indicate mineralized areas may extend to depth and along strike, providing additional growth potential across the Bolo Project area.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Global (ALS), Elko (sample preparation), Reno (gold fire assay) Nevada, and Vancouver (multi-element geochemistry) Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Barrian and the QP. RC drill samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250 gram split to 85% passing 75 microns. Gold determination was via standard atomic absorption (AA) finish 30 gram fire-assay (FA) analysis, in addition to 48 element ICP-MS geochemistry. Barrian follows industry standard procedures for the work carried out on the Bolo Gold-Silver Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Barrian detected no significant QA/QC issues during review of the data. Barrian is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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 90 km northeast of Tonopah Nevada, hosts Carlin type gold mineralization and is fully funded and permitted for its current drill program. 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 also has the option to acquire 100% of the Troy Canyon Project located in Nevada. 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 Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB and a Director of Barrian, and Christopher Livingstone, P.Geo. (BC) Project Geologist of APEX Geoscience Ltd. of Edmonton, AB, both "Qualified Persons" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
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 or statements" within the meaning of applicable securities law, including without limitation, receipt of additional drill results, expectations of the 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.