(TheNewswire)
Vancouver, B.C. -- TheNewswire -- January 31, 2024 – Bathurst Metals Corp. (“Bathurst” or the “Company”) (TSXV:BMV) (OTC:BMVVF) ispleased to announce it has been granted afive-year drill permit for the company’s Peerless Property insouthwest British Columbia.
The company will launch its first drill project on thePeerless Property in early February 2024, targeting goldmineralization in the Beta Zone. Three (3) drill holes are planned for600m. The Beta Zone is an area of historical exploration thatdiscovered a blind zone of high-grade gold mineralization in 1987. The1987 drill program intercepted several gold occurrences with the bestresults of 1.02 oz/tonne over 15 ft, including 1.87 oz/tonne over 5ft. No other test drilling has occurred since 1987, and themineralization encountered remains open along strike and atdepth.
Based on historical data, the geological setting of theBeta Zone consists of mafic volcanics, volcaniclastics, and ultramaficintrusive rocks. The majority of the ultramafics show listwanitealteration. The term listwanite describes a mineralogical assemblageresulting from the carbonatization of serpentinized ultramafic rocksand represents a distinctive alteration suite commonly associated withquartz-carbonate lode gold deposits in BC and around the world.
The mineralization in the Beta Zone appears to beconcentrated along a northeast-trending, moderately northwest dippingthrust fault that is crosscut by a brittle-ductile east-west trending50m wide structural panel dipping steeply to the south. Listwanitelode gold deposits typically exploit zones of structural weaknessalong faults.
Observed mineralization consists of pyrite,arsenopyrite, galena, sphalerite and chalcopyrite. Higher gold andsilver concentrations have a strong positive correlation witharsenopyrite, which is mainly hosted in quartz-carbonate veins andmicro veins.
Financing
The Company also announces anon-brokered private placement financing of upto 4,000,000 units (the “Units”) of securities at a price of $0.08per Unit for aggregate gross proceeds of up to $320,000. Each Unitwill be comprised of one common share and one non-transferable sharepurchase warrant, with each warrant entitling the holder to purchaseone additional common share at a price of $0.15 per Warrant Share fora period of one (1) year.
The net proceeds of the Offering will be used asworking capital, including agent’s commissions and administrativeexpenses.
The shares are subject to the approval of the TSXVenture Exchange. All Shares issued will be subject to a four-monthand one-day hold period, which will expire on the date that is fourmonths and one day from the date of issue.
The Company completed the secondtranche of its previously announced private placement of flow-throughunits. The Company issued 800,000 flow-through units at a price of $0.10 per FT unit for gross proceeds of$80,000. Each FT Unit consists of one (1) common share and one-half(1/2) of one common share purchase warrant, with each whole sharepurchase warrant entitling the holder, on exercise, to purchase anadditional common share of the Company at a price of $0.20 per sharefor a period of one year from closing. The securities are subject toa four-month hold period.
Incentive Stock Options
The Company has also granted atotal of 450,000 incentive stock options to consultants andcontractors. The options are for a ten-year termat an exercise price of $0.10 per option share .
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Onbehalf of the Board of Directors
Bathurst Metals Corp.
For more information, contact Harold Forzley, ChiefExecutive Officer
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.
About Bathurst Metals Corp.
Bathurst MetalsCorp. is anexploration-stage company engaged in the acquisition, exploration, anddevelopment of mineral properties in Nunavut and British Columbia,Canada. The Company holds a 100% interest in the Turner Lake, TED, McGregorLake, Speers Lake, Gela Lake and McAvoy Lake Projects in Nunavut andthe Peerless Property, a gold /silver prospect in the historicBralorne Camp in British Columbia.
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