Nevada-focused gold-explorer, Barrian Mining (TSX-V:BARI, OTC:BARFF), recently released assays for its maiden drill program at its flagship Bolo Project in the Tonopah Mining District of Nevada. The results were impressive and included intersections of 29 meters grading 3.34 grams/tonne gold and 122 meters grading 1.2 grams/tonne gold. Most importantly, Barrian is intersecting broad widths of near surface oxide gold. This is the type of mineralization that has made Nevada one of the most prolific and profitable gold mining jurisdictions in the world.
The fact that the mineralization is near surface (less than 100 meters below surface) makes it easier and less costly to mine, and oxide gold is easier to process and convert to a doré gold bar. Several of Barrian’s intersections (BL 19-01, BL19-02, and BL 19-04) are exceptional and rank in the top 2% of all drill results reported worldwide on a gram-meters basis.
The combined 2019 and historical RC drilling at Bolo defines a 1.2 kilometer, north-south trending, corridor of gold-silver mineralization, which contains the South Mine Fault Zone, Uncle Sam and Northeast Extension zones. Gold mineralization at Bolo exhibits characteristics of classic Carlin-type mineralization. The relatively untested, 500 meter strike length, South Mine Fault-Uncle Sam segment is particularly prospective. It is also expected to be the main focus of Barrian’s 2020 exploration in an effort to prove-out emerging structural and stratigraphic gold targets within the zone:
Barrian CEO Max Sali offered the following summary of the company’s maiden drill program at Bolo:
“We are delighted with the outcome of our first drilling campaign at Bolo. Mineralization was encountered in each hole, including multiple intercepts producing exceptional gold grade and width for a Carlin-type mineralization in Nevada. The results from the 2019 program demonstrate the tremendous potential for new discoveries at Bolo, both at depth in the known zones and along strike.”
In order to determine if the oxide gold zones extend down-dip, in 2020, Barrian plans to drill the known zones to twice the depth they have been drilled historically. Barrian is also committed to connecting the South Mine Fault Zone with the Uncle Sam Zone.
Barrian is off to a strong start at Bolo, however, the company will need to raise money soon in order to prepare for, and conduct, a phase two drilling program at Bolo in Q1 2020. I view Barrian shares as an attractive buying opportunity into any financing/tax-loss selling related weakness. Barrian CEO, Max Sali, seems to agree, as he continues to build an already large position in Barrian shares with recent open market purchases and option exercises taking his shareholdings up to 3,138,250 shares:
Disclosure: Author owns BARI.V shares and may choose to buy or sell at any time without notice.
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