Barksdale Completes Acquisition of a 100% Interest in Four Metals Project, Arizona
Barksdale Completes Acquisition of a 100%
Interest in Four Metals Project, Arizona
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2023) - 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 50/50 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
Terri Anne Welyki
Vice President of Communications
778-238-2333
For more information please phone 778-558-7145, email
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