I recently spoke with Maximilian Sali, who along with Brad Telfer founded Barrian Mining Corp. Interesting to note is that Max comes from a long lineage of successful investors, his father was a founder and a director of Qtrade Securities, a large Canadian discount brokerage that had a major stake purchased by Desjardins and his uncle was a top producing broker in Vancouver who ran Dundee Securities until his retirement.
Brad Telfer is the son of Ian Telfer, former CEO and currently Chairman of the Board of Goldcorp Inc., and one of the most prominent names in mining over the past three decades.
In 2015, Ian was inducted into the Canadian Mining Hall of Fame and now Brad has taken a lead position in the industry. Generally, the apple doesn’t fall far from the tree.
I will note that I’m not readily impressed by “names” because in its essence that’s all it is. It is more the character and integrity that is paramount.
This is the first time I had an opportunity to work with Maximilian Sali and during time, will gauge his effectiveness of leading this company. Where the ‘names’ may come in is in opening doors or making doors available to open. I am a huge baseball fan. The Toronto Blue Jays have three young prospects with famous last names. The fathers of the prospects were past stars in baseball. The three prospects know what it is like to be around baseball and what it takes to be successful. This is a distinct advantage. The same grand slam advantages lie with both Maximilian Sali and Brad Telfer. And the mentorship is also priceless.
In my opinion, what they are doing is strategic. I am always interested in hearing about new companies. They are ramping up at an impressive speed with what seems to be a well-planned out operations and promotional strategy. The overall vision that Max shared with me had me keyed up. I found myself wanting to hear more.
In actual operations, Barrian is aggressively expanding their territories. In June 2018, Barrian entered into an agreement with Allegiant Gold Ltd., a subsidiary of Columbus Gold Corp. to acquire up to a 50.01% undivided interest in the Carlin type Bolo asset 90km northeast of Tonopah, Nevada with the possibility to earn into 75%.
This is an exciting move for a number of reasons. Nevada has long been known as the leading state in the US for gold production. From 1965 to 2016, gold production in the state totaled almost 200M ounces.[1] (Suzanne Featherston 2018). If Nevada were a country, it would likely be fourth in the world for gold production behind China, Australia and Russia.
In addition, the Bolo site is located near Kinross’ Round Mountain mine which to date has yielded over 10M ounces of gold. Not a bad neighborhood to be in, keeping in mind that mining districts like real estate are about location, location, location.
The results from the limited drilling in the Bolo area have shown excellent exploration targets. There are two north-south trending parallel faults. The Mine Fault has been traced for 2,750m with outcrop sampling values up to 8.6 g/t gold and the East Fault has been mapped for 2,200m with values up to 4.7g/t gold. Surface sampling has defined widespread gold mineralization, associated with jasperoids and iron-stained structures. Thinking of Barrian’s potential 75% stake, these results definitely made me sit up and take notice.
I also really like that the Bolo project has easy accessibility to highways and amenities, a real bonus when you have to transport multi-ton equipment.
Max made it clear that Barrian is fully committed to chartering this territory and based on already proven results feels that the project has all the factors to potentially be very profitable.
Think of it as an explorer setting out to discover new lands, not quite knowing what he would find, but knowing he may find something and having the guts to go out and look for it. Ultimately, he possibly lands upon something bigger than what he expected. With time, these lands may become super-nations and his name is forever linked with great discoveries. In Barrian’s case, I personally am looking forward to what these discoveries may yield. Time will tell.
A second site of Barrian’s operations, the Sleeper Asset, is in New Mexico, another state with a rich gold mining history that still has plenty to discover.
The site has a major silver-gold bearing vein which means that not all eggs are in one metal basket and I do like that thought.
Just to throw some numbers out there, in 2010 drilling outlined 845,000 tons (767,000 tonnes) averaging 9.35 opt (320 g/t) silver and 0.15 opt (5.1 g/t) gold. I also appreciate that this site contains dozens of mineralized and potentially mineralized veins that have yet to be tested. It always peaks my interest when I see a company in front of diverse possibilities.
Last but certainly not least on my list of checkmarks is that Max understands the importance of marketing. He gets that you have to get it out there.
Put it this way, if you write a book, what do you think would happen if your marketing plan consists of just telling a few friends about it and hope that it catches on. If your answer is probably nothing, no matter how good the book is, you are in all likelihood correct. A lot of good companies don’t get the exposure they need to bring their offerings to the public eye because by not seeing the importance of publicity, they simply fail to get on the marketing wagon. They may prefer instead to rely on a form of passive marketing to work miracles (like telling Uncle Ed and expecting that if he spreads the word at family dinners, the customers will come flocking to your door in droves). It doesn’t take a fortune teller to figure out how well that would likely work.
To optimize publicity, Barrian has hit the ground running by hiring Peak Investor Marketing, a company with proven results to oversee their promotional campaigns. I had a conversation with Rita Bennett, VP of Marketing who outlined a marketing plan that left me initially confident that Barrian was well on the road to becoming a name on the lips of savvy investors.
Note that about 22 million shares issued at five cents may be sold sometime into the market. From what I understand, there is an escrow period to these ‘cheap shares’. The company also recently did a financing at $.20 with no warrant. I expect there to be more dilution or some type of financing/loan to earn 50.01% for Bolo. The commitments for Barrian to earn into Bolo looks like this: In 2019, $500k in exploration and $250k shares. In 2020, $750k in exploration and $250k shares. In 2021 $1.25 million in exploration and $250k shares and in 2022 $1.5 million in exploration and $250k in shares. All this money spent on exploration could continue to produce promising drill results.
In conclusion, with a strong and impressive management and geological team, interesting prospective projects, financing in place and an aggressive marketing plan, Barrian is one company that I think could prove popular with investors.
I am looking forward to hopefully traveling to their Nevada site to see for myself the outstanding quality of production as I have done with other projects in other parts of the world.
The stock should be trading sometime in mid-late April under the expected ticker symbol BARI on the TSX:V.
In my PDAC 2019 presentation, I spoke about how I think we may be headed for a period of economic downturn in 2020/2021 and how in these times gold tends to shine as an investment of choice. From what I have seen of Barrian, apart from their obvious strengths, they are a company with a timing that will be able to take advantage of this period solidifying themselves as a junior gold company of notable worth.
Barrian Mining is an advertiser and as always, do you own due diligence.
Happy Investing!
Dr. Kal Kotecha
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