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Barrian Mining Corp.
Summary
| Project: | Bolo | |
|---|---|---|
| Deposit: | Bolo | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 11/7/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-11-2018: Barrian Mining Corp. announces a Supporting Acquisition report for its Bolo deposit at the Bolo project. Summary of Bolo in support of acquisition. Nancy J. Wolverson, Consulting Geologist, has prepared this Technical Report on the Bolo Propert | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Nancy J. Wolverson (Independent) | |
| ABSTRACT: | Nancy J. Wolverson, Consulting Geologist, has prepared this Technical Report on the Bolo Property (“Bolo”), Nye County, Nevada at the request of Barrian Mining Corp. (“Barrian”), a British Columbia corporation. Barrian executed a Property Option Agreement (the “Option Agreement”) on June 27, 2018 with Allegiant Gold Ltd., Allegiant Gold Holding Ltd. and Allegiant Gold (U.S.) Ltd. (“Allegiant USA”, formerly, Columbus Gold (U.S.) Corporation (“Columbus Gold”)) (Allegiant Gold Ltd., Allegiant Gold Holding Ltd. and Allegiant USA, collectively, “Allegiant”) to acquire a 50.01% interest in the Bolo Property. The purpose of this report is to provide a technical summary of Bolo to Barrian, to be used in a prospectus and for Barrian’s listing on the TSX Venture Exchange. The Bolo Property has potential to host a Carlin-style gold deposit and further work is recommended. At the request of Barrian, this technical report has been prepared on the Bolo Property, Nye County, Nevada. The purpose of this report is to provide Barrian and its investors with an independent opinion on the technical aspects and forthcoming exploration program at Bolo. This report conforms to the standards specified in National Instrument 43- 101 (NI 43-101) and Form 43-101F1 (Standards of Disclosure for Mineral Properties). The author completed a technical report on Bolo in 2013 (Wolverson, 2013) for Columbus Gold, and for Allegiant Gold Ltd. in 2017 (Wolverson, 2017), and Barrian requested this new report to update the project status and in connection with the Option Agreement and its proposed initial public offering. This report includes the information from the 2013 and 2017 reports, plus updates to land status, legal and drilling analytical results. Bolo consists of 187 unpatented lode mining claims and 1 patented lode mining claim, held in the name of Allegiant USA. The property is approximately 1349 hectares (3335 acres). Pursuant to the Option Agreement described in Section 4.2.1 of this report, Barrian has the right to earn a 50.01% interest in Bolo. To earn 50.01% in Bolo, Barrian must 1) maintain the property in good standing, 2) incur specific amounts in expenditures in each calendar year between 2019 and 2022, 3) make annual payments to Allegiant upon the date on which Barrian receives approval to file a final prospectus in respect of its initial public offering (“Final Prospectus Approval Date”) and for three years thereafter and 4) pay the Cordex Royalty (as defined herein). Upon execution of the option, Barrian may earn an additional 24.99% in Bolo by making additional expenditures within 2 years. If these additional expenditures are not met, they must relinquish 0.02% and form a joint venture with Allegiant. There is an Area of Interest within 5 kilometers of the outermost boundary of the property as of the data of execution of the Agreement. | |
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