(TheNewswire)
Vancouver, British Columbia – TheNewswire - (March 28, 2023) – Bathurst Metal Corp.(TSXV: BMV ) , ( OTC:BMVVF)(“ Bathurst ” or the “ Company ”) Vancouver, British Columbia – Bathurst Metals Corp. todayannounced it has entered into an Option Agreement with anarm’s-length purchaser SPC Nickel Corp. (“ SPC ”) granting anoption to SPC to acquire a 100% undivided interest in the Company’sMcGregor Lake and Speers Lake mineral properties (collectively the " Property ") located in the Nunavut,Canada.
Terms of the Option Agreement provide for the paymentby SPC of an aggregate of $1,350,000 over three years, including afirm commitment of $300,000 upon signing the Option Agreement. SPCwill also issue to the Company an aggregate of 7,500,000 common sharesof SPC over three years, including a firm commitment of 2,500,000common shares issued upon signing the Option Agreement. SPC will havethe option to accelerate all or any cash and/or share payments to theCompany as well as the option to pay cash in lieu of shares. TheCompany will retain a one (1.0%) percent net smelter return royalty oncommercial production from the Property should SPC complete all of therequired cash and share issuances under the Option Agreement.Additionally, SPC may purchase one-half of one percent (0.5%) at anytime before commencement of commercial production for$5,000,000.
The Option Agreement is subject to regulatory approvaland all terms are subject to and in accordance with the rules andregulations of the TSX Venture Exchange.
Lorne Warner (P. Geo), President of Bathurstcommented “The optioning of our McGregor Lake Project furtherconfirms our belief in the Muskox Intrusion’s potential to hostworld class size Copper-Nickel-Cobalt- Palladium-Platinum-Golddeposits. Bathurst will continue to maintains a 100% interest in ouradjoining claims (“Platinum Reef “) of similar size (10,433 ha) tothe north that contain the same geological setting and potential. TheClaims also host an upper layer of Palladium/ Platinum/Chromitite inan ultramafic layer. The Reef is exposed at surface withhistorical rock sampling indicating significantly higher Pd/Ptconcentrations (up to 6.23 grams/tonne Pd/Pt) near structureshosting younger ultramafic dykes.”
Harold Forzley CEO of the Company states “Thistransaction will give the company funding without incurring dilutionof shareholder value. We will now focus on developing our high-gradegold deposits at Turner Lake in Nunavut as well as the PeerlessProperty in British Columbia. We have our drill permit for Turner Lakeand are currently setting up logistics for a productive field season. The Peerless Property which is located less than20 kilometres from the historic Bralorne /Pioneer Gold Mines hostshistoric drill intercepts of 1.02 ounces/tonne gold and 3.82ounces/tonne silver over a 3.47-metre core length. We have been working with firstNations and plan to drill test the Peerless later thisyear .”
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, McGregor Lake, Speers Lake,Gela Lake and McAvoy Lake Projects. The company has recently optionedthe Peerless Property a gold /silver prospect in the historic BralorneCamp in British Columbia.
About SPC Nickel Corp.
SPC Nickel Corp. is a Canadian public corporationfocused on exploring for Ni-Cu-PGMs within the world class SudburyMining Camp. SPC Nickel is currently exploring its key 100% ownedexploration project Lockerby East located in the heart of the historicSudbury Mining Camp that includes the Graham West Resource and theCrean Hill 3 property under option from Vale. Inaddition, the company has acquired over 45,000 hectares in the highlyprospective Muskox Intrusion located in Nunavut .
Grant of Options
The Company has also granted atotal of 1,000,000 incentive stock options to officers, directors andconsultants. The options are for a ten-year termat an exercise price of $0.16 per option share.
ON BEHALF OF THE BOARD OFDIRECTORS
Bathurst Metals Corp.
For more information contact Harold Forzley,President
info@bathurstmetals.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 thedevelopment of its mineral properties. Forward-looking information isbased on the views, opinions, intentions and estimates of managementat the date the information is made, and is based on a number ofassumptions and subject to a variety of risks and uncertainties andother factors that could cause actual events or results to differmaterially from those anticipated or projected in the forward-lookinginformation (including the actions of other parties who have agreed todo certain things and the approval of certain regulatory bodies). Manyof these assumptions are based on factors and events that are notwithin the control of the Company and there is no assurance they willprove to be correct. There can be no assurance that forward-lookinginformation will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchinformation. The Company undertakes no obligation to updateforward-looking information if circumstances or management's estimatesor opinions should change except as required by applicable securitieslaws, or to comment on analyses, expectations or statements made bythird parties in respect of the Company, its financial or operatingresults or its securities. The reader is cautioned not to place unduereliance on forward-looking information.
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