(TheNewswire)
Vancouver, B.C. February 2, 2023 – Bathurst Metals Corp. (“Bathurst” or the“Company”) ( TSXV:BMV ) ( OTC:BMVVD ) is pleased toannounce it has entered into a definitive Option Agreement witharm’s length vendor BCT Holdings Corp .(“BCT”) to acquire an undivided 100%interest in 12 mineral claims known as the “Peerless Property”. The Company previously entered into a letter of intent with BCT, theterms of which were announced on November 17, 2022.
The Peerless Property, covering approximately 5,500hectares, is located in the Bridge River Mining Camp of BritishColumbia.
Under the terms of theOption Agreement, the Company will pay BCT an aggregate of$500,000.00 over four (4) years and issue a total of 7,500,000 commonshares to BCT over a period of three and one-half (3.5) years asconsideration for the claims. The Company also issued 500,000 commonshares to an arm’s length finder in connection with the transaction. All common shares issued will be subject to a four (4) month holdperiod.
The Company has alsocommitted to incur not less than $2,700,000 in explorationexpenditures on the Peerless Property over a four (4) yearperiod.
The Peerless Project is located in the Gold BridgeMining Camp with similar geological and structural settings to theBralorne-Pioneer Mines that produced over 4 million ounces of gold andis immediately north of Endurance Gold’s, Reliance GoldProject.
Historically, the Peerless Property contains three (3)known areas of base and precious metal mineralization known as theAlpha, Beta and Peerless, with the Peerless containing undergroundworkings.
Drill testing on the Beta Zone in November 1987 byManhattan Minerals produced grades of 1.70 oz/ton gold and 5.86 oz/ton silver in Hole 87-8 from 65-70 feet. As well, as 1.13 oz/ton gold and 0.36 oz/tonsilver in hole 87-9, in drill lengths from170-175 feet. Per BC Assessment report file #17062
No additional drill testing of this zone has beenundertaken since 1987.
Recent exploration programs discovered a multi-element,including gold in soil anomaly over 3,000 and up to 500 metres widethat remains open in both directions that incorporate all three (3)known zones.
Higher grade gold/silver + base metal mineralizationappears to be situated along a structurally controlled,metasediment-volcanoclastic/ ultramafic contact.
The Company plans to continue to define the extent ofthe anomalous gold + base metal in soil anomalies with the intentionof working with the First Nations and government authorities to obtainpermits to begin drill testing the Beta Zone later this year.
Bathurst CEO HardyForzley said: “The Peerless Property provides an exceptionalopportunity for the Company. It is located in one of the mostprospective areas for gold mineralization in British Columbia and witheasy access we will be able to work year round to advance itsdevelopment”.
The TSX Venture Exchange accepted thetransaction.
Qualified Person
Lorne Warner, 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
info@bathurstmetalscorp.com
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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