(TheNewswire)
Vancouver, B.C. - TheNewswire - October 25, 2023 – Bathurst Metals Corp. ( TSXV:BMV ) ( OTC:BMVVF ) (“Bathurst” orthe “Company”) is pleased to announce it has entered into anAssignment and Assumption Agreement dated August 23, 2023 with arm’slength vendors (the “Vendors”) to acquire an undivided 100% interest in five (5) mineralclaims known as the “Kannika Property”. The Vendors hold anoption to acquire the claims pursuant to a mineral option agreement(the “Option Agreement”) dated October 11, 2023. Asconsideration for the assignment of the Option Agreement to theCompany, the Company will issue 1,500,000 common shares to theVendors, subject to TSX Venture Exchange (“TSXV”) approval. All common shares issued will be subject to afour (4) month hold period.
Under the terms of the Option Agreement, the Companywill reimburse the Vendors the sum of $1;500paid pursuant to theOption Agreement upon receipt of TSXV approval. The Company mustincur not less than $50,000 of expenditures on the claims within 18months of the date of the Option Agreement and pay the sum of USD$250,000 to exercise the option. The claims willbe subject to a net smelter royalty in favor of the underlyingoptionor equal to 2.0% (the " Royalty ") . The Company shall have theright to purchase one-half (1/2) the NSR, being a one percent (1.0%)NSR back from the underlying optionor upon payment of the sum of US$1,000,000 to the underlying optionor at any time after Commencementof Commercial Production.
The Kannika Gold Project consists of five (5) mineralclaims covering 1,887.04 Ha, located approximately 60 kilometressouth-east of Vernon, British Columbia with access to the project viapaved and gravel roads.
Historically, the project has seen some activity whenbetween 1899 and 1927, four (4) shallow shafts and several surfacecuts were opened on the property to take advantage of severalhigh-grade gold showings. The miners followed veins up to 1.8 meterswide and had assays up to 52.8g/t gold and 274 g/t silver with totalproduction for this period being approximately 99 tonnes of ore asreported by the minister of mines. Production between 1935 and 1938totaled 99 tonnes yielding 2,022 grams of gold and10,295 grams ofsilver.
Mineralization is considered to be a mesothermal typedeposit, hosted in four parallel quartz veins, that can be traced inthe host granitic rocks for over 3.2 kilometers. The veins average 90centimeters in width with local swells up to 180 centimeters wide andcarry pyrite, small amounts of native gold, galena, andsphalerite.
Recent, systematic exploration has not been undertakenon the property. Soil and rock geochemical, geophysical surveys anddetailed geological mapping will be undertaken by the Company over theentire project area.
Bathurst CEO HardyForzley said: “The Kannika Property provides an opportunity for theCompany to add a very exciting prospect to our property portfolio. Itis located in one of the most prospective areas for goldmineralization in British Columbia and with easy access we will beable to work year round to advance its development”.
This transaction is subject to approval of the TSXVenture Exchange.
Engagement ofinvestor relations consultant and grant of stock options.
Bathurst Metals Corp. Inc. also announced that it hasengaged Paradox Public Relations Inc. ("Paradox") to provideinvestor relations services to Bathurst Metals Corp. with theobjective of increasing visibility in the financial community andidentifying potential investors through the use of their contacts andproprietary database.
Paradox is a Montreal-based investor relationsconsultancy firm that has been in business for over 20 years.Paradox's extensive experience is expected to provide a full-service,results-driven approach to Bathurst Metals Corp.’s investorrelations program. Under the terms of Paradox's engagement, BathurstMetals Corp. will pay Paradox a monthly service fee of CDN $10,000and issue 250,000 stock options with an exercise price of $0.10 fora period of 3 years that will vest quarterly in equal tranches over aperiod of 12 months
Paradox's engagement will be for a 12 month term,subject to termination by either party with 30 days written notice. The agreement with Paradox, as well as the grant of the Options, issubject to the acceptance of the TSX Venture Exchange
Qualified Person
Greg Bronson, P Geo, is a qualified person as definedby National Instrument 43-101 and has reviewed
and approved the scientific and technical disclosure inthis news release. Mr. Warner is not independent of theCompany.
ON BEHALF OF THE BOARD OFDIRECTORS
Bathurst Metals Corp.
For more information contact Harold Forzley
604-783-4273
Neither TSX Venture Exchange nor itsregulation services provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward Looking Statements
Certain of the statements made and informationcontained herein may contain forward- looking information within themeaning of applicable Canadian securities laws. Forward-lookinginformation includes, but is not limited to, information concerningthe Company's intentions with respect to the development of itsmineral properties. Forward-looking information is based on the views,opinions, intentions and estimates of management at the date theinformation is made, and is based on a number of assumptions andsubject to a variety of risks and uncertainties and other factors thatcould cause actual events or results to differ materially from thoseanticipated or projected in the forward-looking information (includingthe actions of other parties who have agreed to do certain things andthe approval of certain regulatory bodies). Many of these assumptionsare based on factors and events that are not within the control of theCompany and there is no assurance they will prove to be correct. Therecan be no assurance that forward-looking information will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such information. The Company undertakes noobligation to update forward-looking information if circumstances ormanagement's estimates or opinions should change except as required byapplicable securities laws, or to comment on analyses, expectations orstatements made by third parties in respect of the Company, itsfinancial or operating results or its securities. The reader iscautioned not to place undue reliance on forward-lookinginformation.
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