Voyageur Lands/Altius Joint Venture
In addition to the LM Property joint venture, Bitterroot Resources Ltd. holds a 49.9% interest in the Voyageur Lands nickel/copper exploration joint venture with Altius Minerals Corporation (50.1%), covering more than 360 square miles in the Upper Peninsula of Michigan. This land is also prospective for conduit-hosted Ni/Cu/PGM-bearing sulphide deposits similar to Lundin Mining Corporation's Eagle and Eagle East mines.
On August 2, 2023, Bitterroot and Altius announced they had entered into an option agreement with Perseverance Metals Inc. The Option Agreement gives Perseverance the exclusive option until December 31, 2025 to earn a 100% interest in the Voyageur Lands from Altius Resources Michigan Inc, a wholly owned subsidiary of Altius Minerals Corp., and from Trans Superior Resources Inc. and Voyageur Lands Corp, each a wholly owned subsidiary of Bitterroot Resources Ltd. by:
• Initial Equity: Issuing to Bitterroot and Altius a total of 20% ownership in the equity of Perseverance, to be distributed based on their pro-rata ownership of the Voyageur Lands,
• Exploration Commitment: Incurring C$2,000,000 in exploration expenditures on the Voyageur Project before December 31, 2025, including C$250,000 within the first 12 months of the Option,
• Financing Commitment: Raising aggregate gross proceeds of C$5,000,000 within 18 months (the “Equity Financings”), with Bitterroot and Altius retaining a combined 20% free-carry interest on any common shares issued pursuant to the Equity Financings,
• Go-Public Commitment: Perseverance becoming a reporting issuer in Canada within 18 months, subject to a conditional 6-month extension.
Analysis of the VTEM Plus data and subsequent Maxwell modelling generated nine (9) high-priority magnetic + VTEM targets plus many secondary targets for follow-up. Prospecting around several VTEM Plus targets identified a previously undocumented outcropping ultramafic olivene pyroxenite sill or flow, which is a favourable host for conduit-hosted nickel-copper-PGM deposits. Bitterroot's geophysical contractor recently completed two large-loop Time Domain Electromagnetic (TDEM) surveys which have confirmed the location of several of these VTEM targets. Perseverance Metals Inc. will further refine the VTEM Plus targets withh the goal of drill-testing them in 2024.
Dr. Jules J. Lajoie is the Qualified Person responsible for the technical content of this page.