Barksdale Provides Corporate Update
- Transitioning to a new drilling partner for the Sunnyside project to enhance drilling program effectiveness.
- Exploring alternative drilling groups after challenges in SUN-03 wedging attempts.
- Awaiting additional assays from SUN-03 for release to the market.
- Second tranche of LIFE Financing will not be completed, and the offering document has expired.
- Company focuses on base metal exploration projects in North America, including Sunnyside and San Antonio in Arizona, and San Javier in Mexico.
- Rick Trotman, President and CEO, emphasizes the importance of finding the right partner for cost-effectiveness and timeliness.
- Excitement towards executing the program following success in SUN-03 and South32's investment in neighboring Taylor deposit.
- Barksdale Resources Corp. is included in the 2023 OTCQX BEST 50 Companies list.
- Cautionary statement regarding forward-looking information highlights risks and uncertainties in the mining industry.
- Second tranche of LIFE Financing not completed, impacting potential financing for the company.
- Challenges faced during wedging attempts in SUN-03 may indicate operational difficulties.
- Uncertainty regarding the discovery of commercial quantities of ore in the proposed drilling program at Sunnyside.
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2024) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") announces that it is transitioning away from the current drilling contractor at the Sunnyside project and that the Company has initiated a search for a new drilling partner with the expertise necessary to effectively carry out the envisioned wedging/directional drilling program.
Rick Trotman, President and CEO states, "After much consideration, the decision was made to suspend the current drilling program at Sunnyside. Following the recent challenges that were encountered during multiple wedging attempts in SUN-03, we have begun the process of exploring alternative drilling groups to ensure that our envisioned wedging/directional drilling program can be executed moving forward. In order to maintain cost-effectiveness and timeliness, given the depth to the CRD targets, it is critically important that we find the right group to partner with at Sunnyside. Following the initial success of SUN-03, where we encountered multiple zones of CRD style mineralization, we believe that we have the appropriate vectors to drill some exceptional targets. Combined with the recently announced decision by South32 to invest over US
Additional assays from SUN-03 remain outstanding and will be released to the market promptly once received by the Company. Further to the Company's News Release of January 9, 2024, announcing the Company had closed a a first tranche of its private placement pursuant to a Listed Issuer Financing Exemption ("LIFE Financing") originally announced December 20, 2023, the Company advises that a second and final tranche of the Life Financing will not be completed and the LIFE Offering Document has now expired.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, 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 goals for 2024; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. 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. Historic drill results from the Sunnyside property are historic in nature and pre-date NI 43-101 standards. They are for informational purposes only and should not be relied on. 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. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. The geological similarity and close proximity of South 32's Hermosa project (Taylor, Clark and Peake deposits) to Sunnyside is not necessary indicative of the mineralization at Sunnyside. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, 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.sedarplus.ca. 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/198975
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