News
Bitterroot Resources Consolidates Ni-Cu-PGM Land Holdings in Michigan
September 15, 2014
Bitterroot Resources Ltd. (BTT, TSX-V) and Prime Meridian Resources Corp.'s (PMR, TSX-V), Michigan subsidiaries have entered into an agreement whereby Bitterroot will purchase Prime Meridian's entire interest in a 40-acre minerals lease in Baraga County, Michigan.
The road-accessible "Loosemore" property is located in the Baraga Basin, some 25 km west of, and in a similar geological setting, as Lundin Mining's high-grade Eagle nickel-copper mine, which currently hosts NI 43-101-compliant Proven and Probable Mineral Reserves of 5.1 Mt @ 3.1% Ni and 2.6% Cu (source: www.lundinmining.com ). The highly prospective Baraga Basin hosts several other nickel and copper sulphide-bearing ultramafic intrusions, including Lundin Mining's Eagle East and Rio Tinto's Bovine Igneous Complex. Ni-Cu-PGM-mineralized boulders have been discovered in gravel pits less than 2 km east and south of the Loosemore property.
One drill hole was completed on the Loosemore property by previous lessor Kennecott Exploration Company, a subsidiary of Rio Tinto, in the late 1990's. The drill hole intersected disseminated chalcopyrite mineralization in olivine gabbro and associated mafic/ultramafic intrusive rocks. This encouraging drill hole has not been followed up with additional drilling or geophysics. Bitterroot's management believes that the Loosemore property has potential to host the feeder zone of a multi-phased mafic intrusive system, as suggested by core sample analyses and the presence of magnetic and gravity highs centred on the Loosemore property. Bitterroot is planning to conduct detailed ground magnetic and gravity surveys on the property in late 2014, prior to drilling in early 2015, subject to financing.
Bitterroot will issue 500,000 units to Prime Meridian, with each unit consisting of one Bitterroot common share and one common share purchase warrant, exercisable for two years at C$0.10, plus make a one-time C$7,500 cash payment to Prime Meridian.. The Companies expect to complete the transaction within 15 days of receipt of acceptance by the TSX Venture Exchange.
Additional information on Bitterroot Resources Ltd.'s nickel/copper/PGM targets in Michigan is available at www.bitterrootresources.com. Mr. Glenn Scott, P.Geo is the Qualified Person responsible for the technical content of this disclosure.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
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: 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. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
The road-accessible "Loosemore" property is located in the Baraga Basin, some 25 km west of, and in a similar geological setting, as Lundin Mining's high-grade Eagle nickel-copper mine, which currently hosts NI 43-101-compliant Proven and Probable Mineral Reserves of 5.1 Mt @ 3.1% Ni and 2.6% Cu (source: www.lundinmining.com ). The highly prospective Baraga Basin hosts several other nickel and copper sulphide-bearing ultramafic intrusions, including Lundin Mining's Eagle East and Rio Tinto's Bovine Igneous Complex. Ni-Cu-PGM-mineralized boulders have been discovered in gravel pits less than 2 km east and south of the Loosemore property.
One drill hole was completed on the Loosemore property by previous lessor Kennecott Exploration Company, a subsidiary of Rio Tinto, in the late 1990's. The drill hole intersected disseminated chalcopyrite mineralization in olivine gabbro and associated mafic/ultramafic intrusive rocks. This encouraging drill hole has not been followed up with additional drilling or geophysics. Bitterroot's management believes that the Loosemore property has potential to host the feeder zone of a multi-phased mafic intrusive system, as suggested by core sample analyses and the presence of magnetic and gravity highs centred on the Loosemore property. Bitterroot is planning to conduct detailed ground magnetic and gravity surveys on the property in late 2014, prior to drilling in early 2015, subject to financing.
Bitterroot will issue 500,000 units to Prime Meridian, with each unit consisting of one Bitterroot common share and one common share purchase warrant, exercisable for two years at C$0.10, plus make a one-time C$7,500 cash payment to Prime Meridian.. The Companies expect to complete the transaction within 15 days of receipt of acceptance by the TSX Venture Exchange.
Additional information on Bitterroot Resources Ltd.'s nickel/copper/PGM targets in Michigan is available at www.bitterrootresources.com. Mr. Glenn Scott, P.Geo is the Qualified Person responsible for the technical content of this disclosure.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
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: 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. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.