Barksdale reported on July 30, 2026 that all remaining payments to Tusk Exploration Ltd. to acquire 100% ownership of the San Javier Project in Sonora, Mexico, are complete. The Company has made the final installment payment of C$227,500, issued 4,550,000 Barksdale shares, and consolidated all remaining concessions from the 2020 transaction.
Beyond the Headline
Barksdale reported on July 30, 2026 that all remaining payments to Tusk Exploration Ltd. to acquire 100% ownership of the San Javier Project in Sonora, Mexico, are complete. The Company has made the final installment payment of C$227,500, issued 4,550,000 Barksdale shares, and consolidated all remaining concessions from the 2020 transaction.
Further noting the lack of gold content in the final PEA economics nor final resource estimation, Barksdale identified five holes drilled in 2007 proximal to the 2021 gold bearing holes SJ21-04 and SJ21-05 (Figure 2). Geologists collected 178 samples from historical preserved “reject” samples for gold analysis.
Results show multiple gold intercepts in four of the five 2007 holes sampled (Table 2). Assay results include shallow, near surface mineralization, including 6m of 0.345 g/t Au and 18m of 0.504 g/t Au and deeper high-grade mineralization including 9m of 3.464 g/t Au, results consistent with the 2021 intercepts (Figure 2). Leapfrog resource modelling software approximates a 28% increase in volume compared to the 2021 modeled results (Figure 2). Deposit average grades have not been estimated at this time.
The Company has engaged Mr. Antonio Loschiavo, P. Eng., President of AKF Mining Services, to review these recent results and determine the impact a gold resource could have on the current, copper-only San Javier Project resource base and overall economics of the deposit. The Company expects to complete an update to the copper and gold mineral resource inventory using current commodity price points and production costs. This evaluation may lead to an update to the PEA or possibly point to a Pre-Feasibility Study evaluation.
Comments
It is remarkable that gold was not considered in the original resource estimate and PEA. It is very possible that gold content may be more valuable than the actual copper content. For example, at conservative prices of US$4.50/lb Cu and US$3,300/oz Au, a 0.2 g/t Au grade would be equivalent to a Cu grade of 0.21% CuEq, which would double the value of the resource assuming reasonable recoveries, so this work is very significant.
Key metrics to watch for are an updated mineral resource including gold and metallurgical recovery of gold. Once done, it should be relatively straightforward to update the PEA.
Figure 1
Source: Barksdale Resources
Table 1. Gold intercepts from the 2021 and 2026 re-sampling program of 2007 drill campaigns (Barksdale press release July 30, 2026).
Figure 2
Source: Barksdale Resources
A-A’ cross section showing 2021 drill intercepts in a white background and newly received 2007 intercepts in a red background (Barksdale press release July 30, 2026).
