VANCOUVER, B.C. / ACCESSWIRE / April 22, 2019 / Barksdale Capital Corp. ("Barksdale" or the "Company") (TSXV: BRO) (OTCQB: BRKCF) is pleased to announce that it has made a US$25,000 cash payment and issued 66,032 common shares to Minquest Ltd and Allegiant Gold Corp (collectively the "Project Vendors") at a deemed price of C$0.5051 per share. This payment confirms Barksdale's intention to continue with the existing option agreement on the 760-acre Four Metals project, located 3km south of the Company's flagship Sunnyside project and approximately 6km south of South32's Taylor-Hermosa zinc-lead-silver development project. All the issued shares are subject to a 4 month hold period expiring August 19, 2019. Details of the option are outlined below.
The Four Metals property hosts an outcropping copper-molybdenum-silver-gold deposit that has seen multiple exploration campaigns dating back to the early 1900's. Historic drilling has outlined breccia-hosted mineralization from surface to approximately 180 meters depth. Significant drill intercepts from historic drilling campaigns have included 91.74 meters grading 1.12% copper, 0.061% molybdenum and 3.63 g/t silver in drill hole UG-4 (0.00 to 91.74 meters depth) as well as 64.01 meters grading 1.33% copper, 0.073% molybdenum and 4.37 g/t silver in UG-7 (from 0.00 to 64.01 meters depth). These drill holes were completed prior to the implementation of NI 43-101 and have not been verified by a "qualified person" and therefore should not be relied upon.
Option Terms
To exercise the Option and acquire 100% ownership of Four Metals, Barksdale must make option payments totaling US$450,000 to the Project Vendors. This includes both cash and common shares of Barksdale, based on the market price of the Company's shares at the time of issue, over a five-year period as follows:
Date | Total Option Payment Due | Portion of Option Payment Payable in Cash | Portion of Option Payment Payable in Shares |
Upon execution (COMPLETE) | US$25,000 | US$25,000 | N/A |
First anniversary (COMPLETE) | US$50,000 | US$25,000 | US$25,000 |
Second anniversary | US$50,000 | US$25,000 | US$25,000 |
Third anniversary | US$50,000 | US$25,000 | US$25,000 |
Fourth anniversary | US$50,000 | US$25,000 | US$25,000 |
Fifth anniversary | US$225,000 | US$100,000 | US$125,000 |
TOTAL | US$450,000 | US$225,000 | US$225,000 |
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.
About Barksdale Capital Corp
Barksdale Capital is focused on the acquisition and exploration of highly prospective base metal projects in the United States. Barksdale's portfolio of assets is located within a world-class base metal district in southern Arizona and are surrounded by some of the world's largest mining companies.
ON BEHALF OF BARKSDALE CAPITAL CORP
Rick Trotman
President and Chief Executive Officer
778-588-7145
Rick@barksdalecapital.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdalecapital.com
For more information please phone 778-558-7145, email info@barksdalecapital.com or visit www.BarksdaleCapital.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 certain "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the expected closing date for the Option and the Company's initial plans for Four Metals. In addition, the proximity of Four Metals and the Company's Sunnyside property to South32's Taylor-Hermosa deposit is not necessarily indicative of the mineralization within Four Metals or Sunnyside. Forward-looking information is necessarily based upon a number of estimates and assumptions 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. 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 Capital Corp.
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https://www.accesswire.com/542559/Barksdale-Completes-First-Option-Payment-On-Four-Metals
