Barrian Mining signs LoI to buy Troy Canyon project in US

11 September 2019 (Last Updated September 11th, 2019 11:41)

Barrian Mining has signed a letter of intent (LoI) to acquire the Troy Canyon gold silver project located in Nye County, Nevada, US, from Brocade Metals.

Barrian Mining signs LoI to buy Troy Canyon project in US
Barrian Mining agrees to acquire Troy Canyon Project in Nevada. Credit: Mariusz Prusaczyk from Pixabay.

Barrian Mining has signed a letter of intent (LoI) to acquire the Troy Canyon gold silver project located in Nye County, Nevada, US, from Brocade Metals.

The project is located approximately 70km east of Barrian’s flagship Bolo Project near Tonopah, in Nevada. It has returned underground stope rock grab samples grading 576g/t gold and greater than 100g/t silver.

Barrian will acquire 100% interest in the Troy project. It will pay $25,000 and 625,000 common shares upon signing of the option agreement, and $25,000 and 625,000 common shares on first anniversary of option agreement.

Barrian Mining CEO and founder Maximilian Sali said: “The acquisition of the early-stage Troy Canyon project will provide synergies with our nearby, flagship Bolo Project.

“Historical sampling at Troy has returned some very high-grade gold and silver values. The main occurrence remains open on-strike over 300m and remains open at depth to over 180m.

“The project will be the subject of new exploration methods to expand existing and discover new zones of mineralisation.”

The Troy Canyon silver-gold project is located in the Grant Range of eastern Nye County and is around 230km north of Las Vegas. It comprises 19 contiguous mineral claims, covering 158.86ha of land cantered on the Locke gold mine.

The area of the historical Locke Mine in Troy Canyon is known to host mesothermal gold and silver mineralisation with economically significant mineral concentrations.

In June, Barrian Mining secured a drill rig and contract with Harris Exploration Drilling for its reverse circulation (RC) drilling programme at the Bolo Gold project, which is located 90km northeast of Tonopah.