Bitterroot Resources Options Additional 80 Acres At The LM Nickel-Copper-PGM Project In Michigan
February 23, 2021
Bitterroot Resources Ltd.’s (symbol BTT, TSX-V) Michigan subsidiary (“Bitterroot”) has entered into a minerals lease and purchase option with a privately-held corporation (“MPC”) covering 80 acres of mineral rights at the LM Project in the Upper Peninsula of Michigan. The MPC mineral rights host magnetic targets adjacent to the area of the LM Project currently being drilled for magmatic nickel-copper sulphides.
Following receipt of acceptance by the TSX Venture Exchange, Bitterroot will pay US$15,000 and issue 100,000 common shares to MPC. On the first anniversary, Bitterroot will pay US$15,000 and issue an additional 100,000 shares. On the second anniversary, Bitterroot will issue a final tranche of 100,000 shares and pay US$16,000. Subsequent rental payments will escalate by US$20/acre/year. Bitterroot will also retain the exclusive right and option to purchase the mineral rights for US$1,000/acre for the first five years of the agreement, US$2,500/acre in years 6 through 10, then escalating US$2,500/acre for each subsequent five years for the first 20 years, and remaining unchanged at US$10,000/acre thereafter. MPC will also retain a 2% NSR royalty on underground mining and a 3% NSR on open pit mining. Bitterroot can reduce both royalties to 1% NSRs through payment of US$1,000,000 per 1%.
Exploration of the LM Project is being funded by Bitterroot Resources Ltd. (51%) and privately-owned joint venture partner Below Exploration Inc. (49%). Bitterroot and Below plan to drill-test the MPC lands in mid-2021, following completion of surface use agreements and spring breakup.
Bitterroot and Below are currently drilling the fourth hole of the 2021 winter drill program at the LM Property, which is planned to comprise up to 2,400 meters of core drilling in 6 to 8 holes, before March 15, 2021.
Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
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.
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