Initial Resource Estimate For San Javier Copper-Gold Project

VANCOUVER - Barksdale Resources Corp. reported on initial resource estimate at Cerro Verde as part of the San Javier copper-gold project, located within two hours of Hermosillo in the state of Sonora, Mexico. The resource is pit-constrained and uses a base case of US$4.00/lb copper and various cut-off grades according to metallurgical characteristics of the mineralization. The estimate was prepared by Independent Mining Consultants, of Tucson, Arizona (IMC) based on historic drilling at Cerro Verde between 2006 to 2021 - effective October 2022.

Approximately 419 million pounds of contained copper within measured and indicated categories, strategically located near existing infrastructure in the mining-friendly state of Sonora. Nearly 93% of resources are in higher confidence measured and indicated categories with an additional 31 million pounds of contained copper within inferred resources. Resource is open in most directions and does not include other prospects where historic drilling has confirmed the presence of additional copper mineralization. Very low waste to mineralized material ratio of 0.25 with excellent leaching characteristics, including low acid consumption and high recoveries, will be the foundation to a preliminary economic assessment. The San Javier project is in an active mining district with gold and metallurgical coal mines with great access, infrastructure, and availability of skilled workers.

"The initial resource for Cerro Verde has greatly advanced the San Javier project and will form the foundation for an upcoming preliminary economic assessment," states Rick Trotman, President and CEO. "Given the very limited amount of waste rock and the low acid consumption rates on the oxide material, we are very encouraged that Cerro Verde could be a quality low-cost development project in the very near future that has considerable resource upside. Our next steps will be to complete an economic study that envisions an open pit, solvent-extraction electro-winning operation producing copper cathodes on site."

Tom Simpson, SVP of Exploration, said, "The new resource calculation not only shows a significant copper resource but also increases our confidence in the continuity and the potential for expansion of the San Javier mineralization. I am confident that future drilling will continue to add resources at Cerro Verde and the other district targets such as Mesa Grande and La Trinidad. In the last month our team has secured drilling permits to that would allow the company to test all the known target areas on the property."