Canada-based exploration company Barrian Mining has announced that it has signed an option agreement to acquire the Troy Canyon gold silver project from Brocade Metals in Nevada.
Under the terms of the option agreement, Barrian may acquire the Troy Canyon Project by making certain staged cash payments and share payments of common shares in the capital of Barrian to Brocade and the completion certain expenditures on the project.
The agreement is subject to the approval of the TSX Venture Exchange.
Located just 70km east of Barrian’s flagship Bolo Project, the Troy Canyon Project has returned historical underground stope rock grab samples assaying 576 g/t gold and 229 g/t silver.
The early-stage silver gold project consists of 19 contiguous mineral claims that cover 158.86ha of land centered on the historical Locke gold mine.
Barrian Mining stated: “High-grade gold mineralization occurs within massive quartz veins, vein breccias and narrower sheeted vein and stockwork zones.
“The quartz system is exposed for 300 meters along the sheared, northerly trending contact between hangingwall recrystallized limestone of Cambrian age and footwall quartz monzonite of the Tertiary (23 Ma) Troy pluton.”
Troy Canyon gold silver project has seen limited modern exploration effort
According to the company, the project has seen limited modern exploration effort, and was a former small producer. Recently, mining took place from 1948 to 1950 where 643oz of gold and 660oz of silver were reportedly produced from 1 859 tonnes of mineralised rock.
The Troy Canyon gold silver project is said to have the potential to host economic gold and silver mineralisation.
The phase I programme of the project will comprise exploration data verification compilation and review. Subject to the data verification, the future work at Troy Canyon may consist of soil and rock geochemical sampling, geologic mapping, and contingent on the results of surface work diamond drill of priority targets.
