C$1,000,000 NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, BC / ACCESSWIRE / April 27, 2021 / Bitterroot Resources Ltd. (TSXV:BTT) has received assays for the third mineralized drill hole (LM 21-10) of the 2021 winter drilling program at the LM nickel-copper-PGM project in the Upper Peninsula of Michigan. Hole LM 21-10 intersected an estimated true thickness of 2.3 metres of disseminated and blebby sulphide mineralization, grading 0.93% nickel and 0.77% copper. A basal 0.18-metre-thick interval of semi-massive sulphides at the lower contact of the intrusion grades 2.74% nickel and 0.43 % copper, once again confirming the high metal tenor of the sulphides. The mineralization occurs mainly as chalcopyrite, pentlandite and pyrrhotite blebs and clasts. Assays of the mineralized intervals are provided in the table below. A 3-dimensional model of the drill holes, photos of the mineralized core samples and an updated slide presentation are posted on www.bitterrootresources.com.
LM 21-10
|
Est. True Thickness (m) |
Rock Type |
Ni (%) |
Cu (%) |
Au + PGM (ppm) |
|
2.12 |
Upper Disseminated Mineralization |
0.78 |
0.80 |
0.40 |
|
0.18 |
Semi-Massive Sulphide |
2.74 |
0.43 |
0.37 |
|
2.30 |
TOTAL TRUE THICKNESS (est.) |
0.93 |
0.77 |
0.39 |
|
From (m) |
To (m) |
Core Interval (m) |
Rock Type |
Ni (%) |
Cu (%) |
Au + PGM (ppm) |
|
260.50 |
262.75 |
2.25 |
Upper Disseminated Mineralization |
0.78 |
0.80 |
0.40 |
|
262.75 |
262.94 |
0.19 |
Semi-Massive Sulphide |
2.74 |
0.43 |
0.37 |
Hole LM 21-10 intersected the sulphide-bearing mineralized interval some 50 metres east of the mineralization intersected in LM 20-01 and 70 metres northeast of the mineralization intersected hole LM 21-07. All three mineralized intervals occur at approximately the same elevation, where the keel of the conduit appears to be sub-horizontal.
The final hole of the winter drilling program was hole LM 21-11, which exited the intrusion approximately 15 metres above the elevation of the mineralized keel. Hole LM 21-09 was re-entered but crews were not able to advance the hole due to faulting.
Drilling is expected to resume in late May, to test for extensions of the highest-grade mineralization intersected so far in hole LM 21-07.
Exploration and land acquisition of the LM Project is being funded by Bitterroot Resources Ltd. (51%) and privately-owned joint venture partner Below Exploration Inc. (49%).
PRIVATE PLACEMENT
Bitterroot Resources Ltd.'s management will conduct a non-brokered private placement and issue up to 10,000,000 units priced at C$0.10, consisting of one common share and one half of a common share purchase warrant exercisable at C$0.20 for two years. The proceeds will be used for drilling at the LM Property, exploration on the Company's gold projects in Nevada and for general working capital.
This news release does not constitute an offer or solicitation to sell any of these securities in the United States. The securities will not be registered under the United States Securities Act of 1933, as amended ("the US Securities Act"), or under any State securities laws. The securities may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S Securities Act and applicable State securities laws, or unless an exemption from such registration is available.
Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of this release. Mr. Nickolas Dudek, P.Geo, of C.J. Greig & Associates Ltd. is the Qualified Person responsible for the 3-dimensional modelling of the drill hole data.
Quality Assurance/Quality Control
Bitterroot Resources Ltd. used ALS Canada Ltd. ("ALS") for geochemical analyses and assaying. ALS is a global leader in analytical services. The samples were analyzed at ALS's secure, ISO 17025-certified laboratory in North Vancouver, BC, Canada, by 33-element four acid leach and Fire Assay, both with ICP-AES finish.
Analytical quality assurance and quality control (QA/QC) confirming the accuracy of the 23 analyses were performed by ALS using one standard sample and two blanks.
Core samples were transferred on a daily basis from the drill site to Bitterroot's secure core storage and logging facility. After leaving the drill site, core samples were in the custody of Bitterroot's personnel or in secure storage. The two (2)-inch (5 cm)-diameter NQ-sized drill core was cut with a rock saw. Half of the core was shipped to ALS for sample preparation and analysis and half retained. The samples were tagged, bagged and boxed by Bitterroot personnel and shipped via courier to ALS in North Vancouver, B.C.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws. For such forward-looking statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
Contact Information:
Suite 206-B, 1571 Bellevue Avenue,
West Vancouver, BC, V7V 1A6
Tel: (604) 922-1351
www.bitterrootresources.com
SOURCE: Bitterroot Resources Ltd.