Hackberry Project Update - PCM Claim Group Optioned and Hughes Claims Released
June 7, 2018
Bitterroot Resources Ltd.'s (BTT, TSX-V) subsidiary, Trans Superior Resources, Inc. (Trans Superior) has entered into an option agreement to acquire 21 unpatented mining claims in Mohave County, AZ, known as the PCM claims. The PCM claims host ten (10) historic shafts and shallow underground workings on at least four narrow (0.3-0.6 metres wide) gold/silver mineralized sub-vertical quartz-carbonate veins occurring within a 300 metre--wide zone along approximately three (3) kilometres of strike length, on the road-accessible northern extension of the Hackberry mineralized trend. Bedrock grab and channel samples indicate significant gold and silver content in epithermal veins. Recent surface channel sample assay results are shown in the table below.
Bitterroot Resources Ltd.'s management intends to focus on exploring the PCM claims, adjoining leased lands and Trans Superior's 80 wholly-owned unpatented claims located on the central and northern parts of the Hackberry mineralized trend. This area has emerged as a priority due to the presence of significant gold/silver mineralization, as compared to the south end of the Hackberry trend, which hosts erratically-distributed silver mineralization without significant gold.
Bitterroot's exploration will initially focus on areas where the mineralized veins intersect crossing structures and will investigate the deeper potential of these veins and areas where they may intersect a projected low-angle detachment fault at depth. Initial exploration activities will consist of low-cost geological and structural mapping plus rock and soil sampling, with the goal of generating drill targets which can be tested shortly thereafter. Permitting of drilling activities will commence immediately.
|Site||Sample Length (metres)||Sample Type||Au (g/tonne)*||Ag (g/tonne)*|
A map showing the location of the samples is available on the Company's website, www.bitterrootresources.com
Trans Superior has the option to purchase the PCM claims for US$175,000 payable in stages, as follows:
- US $50,000 on the Closing Date (paid);
- US $50,000 on or before the first anniversary of the Closing Date; and
- US $75,000 on or before the second anniversary of the Closing Date.
Trans Superior may prepay all or any portion of the Purchase Price at any time without bonus or penalty. Trans Superior has the option to terminate this Agreement at any time by providing notice. There are no other payments or underlying royalties owing to the vendor.
Hackberry Project - Phase 2 Drilling Results
Drill hole SK-18-01 tested down-dip of the Silver King mine workings and intersected an unexpected 1.07 metre-wide void starting at a depth of 111.40 metres. The void is likely to be in the mined-out mineralized zone, based on the presence of 3.80 metres of moderate clay alteration and mineralized veinlets in the immediate hanging wall of the void. Budget limitations precluded re-testing this zone with a deeper drill hole.
Drill hole SK-18-02 tested the north end of the Silver King mineralized area and intersected 23.21 metres of intensely oxidized, altered and sheared rock in the target zone, which also included 2.68 metres of silicified breccia at the base of the zone. This pattern of alteration and basal silicification is typical of the Hackberry mineralized system. No significant precious metals mineralization was intersected.
Drill hole CMH-18-01 tested the CMH target 400 metres northwest of the Main Hackberry mine. This hole intersected 2.77 metres of intensely oxidized, altered and sheared rock in the target zone, which also included 5.89 metres of silicified breccia immediately below the target zone. No significant precious metals mineralization was intersected.
Drill hole HB-18-09 tested Main Hackberry mineralized zone approximately 90 metres down-dip of the mineralized intercept in drill hole HB-17-06, which intersected 1.65 metres grading 667 grams Ag/tonne (estimated true thickness 1.21 metres). Hole HB-18-09 intersected 17.37 metres of intensely oxidized, altered and sheared rock in the target zone, which also included 5.32 metres of silicified breccia below the target zone. No significant precious metals mineralization was intersected.
Option Agreement with Hughes Family Trust Terminated
Trans Superior has notified the Hughes Family Trust that it will be terminating the option agreement covering 12 patented claims and 17 unpatented claims which cover the Main Hackberry mine area at the south end of the Hackberry mineralized trend.
Option Agreement with Ely Gold Royalties Inc.
Trans Superior and Ely Gold Royalties Inc. are currently in discussions to amend the terms of their agreement covering three (3) unpatented claims on the North Hackberry (Silver King) mines and surrounding area of interest.
The Qualified Person, as defined in NI 43-101, responsible for the sampling program and technical content of this news release is consulting geologist Glen W. Adams, PG, M.Sc.
*Assays were done by ALS Minerals laboratories in Tucson, AZ (sample prep), Reno, NV (methods Au-AA23 and Au-GRA21) and North Vancouver, BC (ME-GRA22 and ME-ICP41)
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.
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.