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Barksdale Resources Corp. (TSXV: BRO) (OTCQB: BRKCF) ("Barksdale" or the "Company") announces that it has now made its fifth and final payment due under the option agreement with MinQuest, Ltd. and Allegiant Gold (U.S.) Ltd., a wholly-owned subsidiary of Allegiant Gold Ltd. (together "Allegiant") originally announced April 19, 2018 (the "Option Agreement"). The final payment was made on a 5050 basis and consisted of US$100,000 cash and the issuance of a total of 261,813 common shares, at a deemed price of C$0.64 per share. This payment completes Barksdale's commitment under the Option Agreement for the acquisition a 100% undivided interest in the 760-acre Four Metals project, located in Santa Cruz County, strategically located approximately 3km south of the Company's flagship Sunnyside project and 2km west of the 100% owned San Antonio project within the Patagonia Mountains of Arizona. The shares issued are subject to a four month hold period expiring August 25, 2023.
The payments made under the Option Agreement occurred over a five year period as follows:
| Date | Cash | Value of Shares Payable | Number of Shares | Deemed Price (CAD $) | Hold Period Expiry |
| Upon execution | US$25,000 | N/A | 0 | N/A | N/A |
| First anniversary | US$25,000 | US$25,000 | 66,032 | $0.5051 | Aug 19, 2019 |
| Second anniversary | US$25,000 | US$25,000 | 136,986 | $0.2577 | Aug 22, 2020 |
| Third anniversary | US$25,000 | US$25,000 | 61,888 | $0.504 | Aug 28, 2021 |
| Fourth anniversary | US$25,000 | US$25,000 | 67,736 | $0.465 | Aug 20, 2022 |
| Fifth anniversary | US$100,000 | US$125,000 | 261,813 | $0.64 | Aug 25, 2023 |
| TOTAL | US$225,000 | US$225,000 | 594,455 |
Previous underground and surface exploration drilling on the 4 Metals Project outlined a copper-molybdenum deposit, hosted within a mineralized breccia pipe, which has been tested from surface to approximately 180 meters depth and remains open in multiple directions.
Lewis Teal, Barksdale's project manager and a "qualified person" as defined by NI 43-101, Standards of Disclosure for Mineral Projects is responsible for approving the scientific and technical information regarding Four Metals contained in this news release.
Barksdale Resources Corp., a member of the 2023 OTCQX Best 50, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources Corp
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's plans for Four Metals. In addition, the proximity of the Company's properties (Four Metals, Sunnyside and San Antonio) to South32's Taylor-Hermosa deposit is not necessarily indicative of the mineralization within the Company's properties. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. In addition, the regional proximity and similarity of the Cosmos drill target to certain large porphyry copper deposits in the Patagonia mountain range is not necessarily indicative of the mineralization on the San Antonio property. There are currently no NI 43-101 resources or reserves on the San Antonio property. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163608
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