Base Metals

Barksdale Resources Corp. ("Barksdale" or the "Company") (TSXV:BRO) (OTCQX:BRKCF) is pleased to provide details of its planned 2021 technical program at the San Javier copper-gold project in Sonora, Mexico

Highlights:

  • An initial program of 5,000 meters of drilling is planned to begin in July, pending receipt of various approvals.
  • Drill testing will begin at the Cerro Verde zone, where previous work has outlined significant near surface oxide copper and gold mineralization up to 200 meters.
  • Barksdale's goal is to confirm historic work and test structures believed to control higher grade mineralization.
  • Metallurgical test program to better understand the potential processing routes for both copper and gold mineralization.

Rick Trotman, President and CEO of Barksdale stated: "We are very excited to begin testing our initial targets identified by our recent relogging program, which we believe could add significantly to the project in terms of understanding the controls to mineralization and should allow us to update historic resource estimates later this year. With the first holes expected to commence within the next six to eight weeks, this comprehensive program and the results that follow will certainly be an exciting time for Barksdale and its shareholders."

Historic Work at San Javier

The San Javier project hosts multiple zones of copper-gold mineralization interpreted to be associated with an iron oxide-copper-gold (IOCG) style system, hosted within Laramide-age intermediate-to-felsic volcanic rocks. Historic drilling has intersected up to 200-meter-thick intervals of copper mineralization hosted primarily within hydrothermal-tectonic breccias and associated stockworks. Historic drilling demonstrates that the original sulfides, primarily chalcopyrite, have been oxidized to various depths, including up to 200 meters along structures.

Of the three identified zones of mineralization, Cerro Verde is the most advanced exploration stage target at San Javier, with drilling campaigns last active during the 2005 to 2008 timeframe. The last company to actively explore and drill at the project was Constellation Copper Corp. ("Constellation") and its most recent project report was a Preliminary Economic Assessment prepared by International Mining Consultants, Inc. titled "Technical Report on the San Javier Copper Project, Sonora, Mexico" and effective December 20, 2007 ("IMC Report"). The table and data below are taken from the IMC Report, which is available for review under Constellation's profile on SEDAR. Please refer to the IMC Report for further details and all assumptions and qualifications used.

San Javier Historic Resource Estimate above a 0.05% recoverable copper cut-off based on a $2.50 per pound copper price.

Barksdale is not treating these historical estimates at San Javier as current mineral resources as a qualified person on behalf of Barksdale has not done sufficient work to classify such estimates are current mineral resources. Accordingly, such estimates should not be relied upon. However, Barksdale's technical team is currently completing the work necessary to verify or replace the historic estimates at San Javier and believes that such estimates can be used as a guide in determining future exploration drilling. In this regard, the Company is currently undertaking a comprehensive review of available data in order to build an updated geologic model that incorporates key geologic and structural data that appear to control the focus of mineralization at Cerro Verde.

2021 Technical Program

Barksdale has developed an initial 5,000-meter drill program at San Javier, the goal of which is to both increase the geologic confidence and to confirm structural and lithologic mineralization controls, including controls to mineralization at the Cerro Verde zone, which will in-turn guide further drilling. Drill targets for the upcoming program are being generated from our current relogging activities, which are aiding the construction of an updated three-dimensional geologic model.

The Phase I drilling program at Cerro Verde will begin with a single diamond drill rig, utilizing oriented core, focused on i) confirming zones of historically drilled mineralization, ii) determining the orientation of certain structures that appear to be focusing the higher-grade copper and gold mineralization, iii) infilling existing zones of mineralization where drilling data is widely spaced, and iv) refining our understanding of controls and dimensions to mineralization. Results from the Phase I program will then support Barksdale's longer-term plan to generate and drill test targets at other areas within the San Javier concessions. Additionally, multiple large diameter core holes will be drilled to collect material to initiate metallurgical column leach test work.

Recent surface mapping and core re-logging activities have identified an important role for low-angle, west-dipping faults that are interpreted to have formed major conduits for mineralizing fluids. The interpreted intersections of low-angle faults with higher-angle east-dipping faults are a primary target for the initial drilling program. These interpreted intersections have produced some of the higher-grade intersections in historic drilling but have not been adequately tested to show continuity or scale. Additional targets include covered zones where mineralization is believed to have been offset by post-mineral faulting, which remain untested by previous drilling.

Drill Approvals

To initiate the Phase 1 drilling program at Cerro Verde, Barksdale will need to have completed the federal permitting process and receive approval from the local community which controls the surface rights at the San Javier project.

Barksdale's local subsidiary, Estrella del Cobre S.A. de C.V., has applied to Mexico's environmental authority ("SEMARNAT"), requesting approval to complete surface drilling at San Javier. Based on preliminary estimates, the permitting process should conclude in the coming weeks. The Company is in the process of selecting a drilling contractor so that drilling can be initiated once the environmental approvals are in place. Barksdale is also finalizing a long-term impact benefits agreement with the community of San Javier, which controls the surface rights over the Company's key exploration concessions. This agreement establishes a long-term framework that covers exploration and exploitation.

Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.

Barksdale Resources Corp. 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

CONTACT:

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 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable securities legislation including, but not limited to, the ability of Barksdale to verify or replace historic estimates at San Javier as current resources, the proposed technical and drill program at San Javier and the timing thereof, the prospective deposits, targets and mineralization at San Javier and the anticipated receipt and timing of necessary governmental or third party approvals and permits. Such forward-looking information reflects management's current beliefs and is 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 is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. 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.

SOURCE: Barksdale Resources Corp.



View source version on accesswire.com:
https://www.accesswire.com/649962/Barksdale-Outlines-Drill-Program-at-Advanced-Stage-Copper-Project-in-Mexico

News Provided by ACCESSWIRE via QuoteMedia

Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.

HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Northern Dynasty Reports Annual General Meeting Results

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE MKT:NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2022 Annual General Meeting held on June 23, 2022 in Vancouver, British Columbia (the "Meeting

At the Meeting, a total of 215,554,654 common shares were voted, representing 40.69% of the votes attached to all outstanding common shares as of the record date. All nine nominees were elected to the Company's Board of Directors (the "Board"). The voting results were as follows:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Ivanhoe Mines to Release Quarterly Production Results and Operations Update on July 5

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) stated today that it is unaware of any company-specific reason that might be contributing to the recent decline in the company's share price other than general market volatility.

On July 5, 2022, Ivanhoe will issue a second quarter production update on the Kamoa-Kakula Mining Complex, as well as a general operations update. In May, Kamoa Copper achieved record monthly copper production of 29,800 tonnes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lion Copper and Gold

Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") announces that it has entered into a debt settlement agreement (the "Agreement") with a creditor dated June 22, 2022 whereby the Company has agreed to issue shares to settle debt in the amount of $100,000 owed to the creditor. The debt was incurred pursuant to an option Agreement between the Company and the creditor dated January 26, 2022. Pursuant to the Agreement the Company will issue 1,212,121 common shares of the Company at a deemed price of $0.0825 per share to the creditor.

The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

Keep reading...Show less
Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce the engagement of Apex Geoscience Ltd. ("Apex") of Edmonton, AB, to conduct a resource estimation ("2022 Resource Estimate") for the Fondaway Canyon gold project in Nevada.

Key Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Hudbay Announces Completion of Mining Activities at 777 after 18 years of Steady Production

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that mining activities at the company's 777 mine in Flin Flon, Manitoba, have concluded after the reserves were depleted following 18 years of steady production. Closure activities at the 777 mine have commenced and employees and equipment are transitioning to the company's operations in Snow Lake, Manitoba.

"777 was a state-of-the-art mine that represented the pinnacle of a century of shared success for Hudbay and Flin Flon," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "Though the closure of 777 marks the end of a mining era in Flin Flon, we will continue with exploration activities in the region. We care deeply about the community and creating a bright future for mining in northern Manitoba. Hudbay's transition to Snow Lake will help deliver that future and demonstrate our commitment to being a valued member of our communities."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×