Mr. William Wulftange reports

BARKSDALE RESOURCES REPORTS 9 METRES 3.464 G/T AU IN SJ07-64 AND 12 METRES OF 1.084 G/T AU FROM RESAMPLING PROGRAM, COMPLETES PAYMENTS TO TUSK TO OWN 100 per cent OF SAN JAVIER PROJECT

All remaining payments to Tusk Exploration Ltd. to acquire 100-per-cent ownership of the San Javier project in Sonora, Mexico, are complete. Barksdale Resources Corp. has made the final instalment payment of $227,500, issued 4.55 million Barksdale shares and consolidated all remaining concessions from the 2020 transaction.

The San Javier project hosts an IOCG (iron-oxide-copper-gold) type deposit located 140 kilometres east of Hermosillo and adjacent to Federal Highway 16. Following the 2021 diamond core drill program, the company engaged Tetra Tech Canada Inc. to complete a preliminary economic assessment (PEA) level resource estimation, which was issued in January, 2024. The study reported total measured and indicated mineral resource of 419.2 million pounds of copper with 289.4 million pounds of copper recoverable using heap leach technology (Table 2). The study acknowledged that gold mineralization was present but did not estimate a resource for gold.

2026 gold resource project

Barksdale management and geologists recognized that the 2024 PEA resource estimation noted the presence of gold values in the 2021 and historical drill assay results, yet gold content was not part of the final PEA economics nor final resource estimation. To update and estimate the overall gold content at San Javier, the company identified five holes drilled in 2007 proximal to the 2021 gold-bearing holes SJ21-04 and SJ21-05. Geologists collected 178 samples from historical preserved "reject" samples for gold analysis. They added proper deposit type standards to the samples and submitted the batch to ALS Chemex for analysis.

Results show multiple gold intercepts in four of the five 2007 holes sampled (Table 1). Assay results include shallow, near-surface mineralization, including six metres of 0.345 gram per tonne Au and 18 metres of 0.504 g/t Au and deeper high-grade mineralization including nine metres of 3.464 g/t Au, results consistent with the 2021 intercepts. Leapfrog resource modelling software approximates a 28-per-cent increase in volume compared with the 2021 modelled results. Deposit average grades have not been estimated at this time.

The company has engaged Antonio Loschiavo, PEng, 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 prefeasibility study evaluation.

Quality assurance/quality control

All drill core rejects were delivered to ALS Global preparation facilities in Hermosillo, Sonora. Samples were passed through a riffle splitter to obtain a 250-gram split (SPL-21), with the material obtained milled to a pulp with 85 per cent passing 75 micrometres. The pulps were sent to ALS Global facilities, an accredited (ISO 9001) laboratory in Vancouver, B.C., to be tested for its gold content by fire assay 30 g aliquot with atomic absorption finish (Au-AA23). Control samples including certified reference and blank samples were systematically inserted into the sample sequence and analyzed as part of the company's quality assurance/quality control protocol.

Au-AA23 process: A prepared sample (30 g or 50 g) is fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents as required, inquarted with six milligrams of gold-free silver and then cupelled to yield a precious metal dore bead. Dilute nitric acid is added to the dore bead to remove Ag, then hydrochloric acid is utilized to decompose the Au, with each step including heating via microwave oven. The digested solution is cooled, diluted to a final volume of four millilitres with demineralized water, and analyzed by atomic absorption spectroscopy against matrix-matched standards. Scientific and technical information in this news release has been reviewed and approved by Jorge Cirett, a senior consultant to the company and a qualified person as defined under Canadian National Instrument 43-101.

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