VANCOUVER, BC / ACCESSWIRE / February 19, 2020 / Bitterroot Resources Ltd.'s (TSXV:BTT) ("Bitterroot") Michigan subsidiary has entered into an option/joint venture agreement whereby Below Exploration, Inc., ("Below") a private Michigan corporation, can earn a 49% joint venture interest in Bitterroot's 100%-leased LM nickel-copper-platinum-palladium property in Baraga County, Michigan. Below is required to fund US$285,000 of exploration expenditures prior to the first anniversary of the agreement to earn a 49% joint venture interest. Bitterroot will be the project operator, regardless of its ownership level, and retains a right of first refusal over Below's property interest. Following vesting of its 49% interest, Below will have a 90-day option to convert its interest in the project into Bitterroot shares. The value of the project will be determined at that time by an independent Qualified Person acceptable to both parties. If it were to occur, the conversion into Bitterroot shares will be subject to the approval of the TSX Venture Exchange and is subject to applicable securities laws. If Below does not exercise the share conversion option, the joint venture will continue.
The LM nickel-copper-PGM property comprises 100%-leased, privately-owned mineral rights located approximately 25 km west of Lundin Mining's Eagle Mine, in a similar geologic setting. In 1995, following the discovery of nickel-copper mineralized boulders in a nearby gravel pit, Kennecott Exploration Company drilled one shallow angle hole on the LM target. This hole intersected 190 metres of an olivine gabbro intrusion which is prospective at depth for conduit-hosted, high-grade magmatic nickel-copper-PGM deposits similar to the Eagle and Eagle East deposits. The 1995 Kennecott angle hole tested the Eagle-sized LM intrusion to a depth of only 170 metres below surface. In the mid 2000's, several years after Kennecott had released the LM Property, drilling nearby intersected nickel-copper mineralization in similar, but much smaller, mafic intrusions at approximately 500-600 metres below surface. Bitterroot and Below plan to drill-test the LM intrusion at similar depths. Bore hole EM techniques may also be used to guide subsequent drilling.
A ground magnetic survey completed in January 2020 has confirmed the position of the ~200-metre-diameter, pipe-shaped LM intrusion. Bitterroot and Below plan to complete two 650-metre sub-vertical core holes to test the intrusion for nickel-copper-platinum-palladium mineralization near the unconformity between Paleoproterozoic Baraga group sediments and older Archean gneiss. A map showing the LM property's ground magnetic response and a simplified cross section showing the drill target are posted on Bitterroot's website www.bitterrootresources.com.
Jeffrey Rowe, P.Geo is the Qualified Person responsible for the technical content of this disclosure.
ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:
Michael S. Carr
Director
Contact information:
Telephone 604 922 1351
Email [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS:Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Forward-looking statements in this press release include but are not limited to the final approval of the TSX Venture Exchange and the Company's planned use of the proceeds of the Private Placements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not receive final regulatory acceptance to the Private Placements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws. For such forward-looking statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
SOURCE: Bitterroot Resources Ltd.
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https://www.accesswire.com/576925/Bitterroot-Resources-Option-Agreement-on-the-LM-Nickel-Copper-PGM-Propery
