VANCOUVER, BC / ACCESSWIRE / April 1, 2019 / Following a review of Bitterroot Resources Ltd.'s (BTT, TSX-V) large database of geochemical, geophysical and geological data from the 100%-owned North Brenda claims in southern British Columbia, management has identified several areas with potential to host Zinc-Silver-bearing Carbonate Replacement Deposits (CRD) in Nicola Group limestones and calcareous argillites. The Brenda Mo-Cu mine is located only 3 km SE of the strongest soil geochemical anomaly, known as the Summit Zone. The Summit Zone is a zinc, arsenic, molybdenum and silver-in-soil geochemical anomaly covering a 1.2 km x 0.5 km area which is underlain by thin glacial till and folded Nicola Group sediments which are cut by granitic intrusions. The project area hosts many logging roads and cut blocks and is crossed by a major powerline and Highway 97C. Following consultation with the Westbank First Nation and BC MEMPR permit amendments, geophysical surveys (AMT) and drilling of the Summit Zone and surrounding targets is planned in the summer of 2019. Additional information on the Summit Zone CRD targets can be found in the slide presentation posted on the Company's website, www.bitterrootresources.com.
FINANCING TERMS ANNOUNCED
In advance of the drilling program, Bitterroot Resources Ltd.'s management plans to complete a non-brokered private placement consisting of 6,500,000 units priced at $0.055 per unit, consisting of one common share and one half of a common share purchase warrant exercisable at $0.11 for 2 years, for gross proceeds of approximately $357,500. Proceeds will be used for working capital and a planned precious metals property acquisition in Nevada.
Concurrent with the unit financing, the Company's management also plans to complete a non-brokered private placement of 3,500,000 “BC Super-Flow Through” shares priced at $0.08, for gross proceeds of $280,000. Proceeds will be used mainly for drilling and geophysical surveys on the Summit Zone and associated targets.
The Qualified Person, as defined in NI 43-101, responsible for the technical content of this news release is Jeffrey D. Rowe, P.Geo.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
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: 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 results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
SOURCE: Bitterroot Resources Ltd.