VANCOUVER, BC / ACCESSWIRE / February 19, 2020 / Bitterroot Resources Ltd.'s (TSXV:BTT) ("Bitterroot") Michigan subsidiary has entered into an option/joint venture agreement whereby Below Exploration, Inc., ("Below") a private Michigan corporation, can earn a 49% joint venture interest in Bitterroot's 100%-leased LM nickel-copper-platinum-palladium property in Baraga County, Michigan. Below is required to fund US$285,000 of exploration expenditures prior to the first anniversary of the agreement to earn a 49% joint venture interest. Bitterroot will be the project operator, regardless of its ownership level, and retains a right of first refusal over Below's property interest. Following vesting of its 49% interest, Below will have a 90-day option to convert its interest in the project into Bitterroot shares. The value of the project will be determined at that time by an independent Qualified Person acceptable to both parties. If it were to occur, the conversion into Bitterroot shares will be subject to the approval of the TSX Venture Exchange and is subject to applicable securities laws. If Below does not exercise the share conversion option, the joint venture will continue.
The LM nickel-copper-PGM property comprises 100%-leased, privately-owned mineral rights located approximately 25 km west of Lundin Mining's Eagle Mine, in a similar geologic setting. In 1995, following the discovery of nickel-copper mineralized boulders in a nearby gravel pit, Kennecott Exploration Company drilled one shallow angle hole on the LM target. This hole intersected 190 metres of an olivine gabbro intrusion which is prospective at depth for conduit-hosted, high-grade magmatic nickel-copper-PGM deposits similar to the Eagle and Eagle East deposits. The 1995 Kennecott angle hole tested the Eagle-sized LM intrusion to a depth of only 170 metres below surface. In the mid 2000's, several years after Kennecott had released the LM Property, drilling nearby intersected nickel-copper mineralization in similar, but much smaller, mafic intrusions at approximately 500-600 metres below surface. Bitterroot and Below plan to drill-test the LM intrusion at similar depths. Bore hole EM techniques may also be used to guide subsequent drilling.
A ground magnetic survey completed in January 2020 has confirmed the position of the ~200-metre-diameter, pipe-shaped LM intrusion. Bitterroot and Below plan to complete two 650-metre sub-vertical core holes to test the intrusion for nickel-copper-platinum-palladium mineralization near the unconformity between Paleoproterozoic Baraga group sediments and older Archean gneiss. A map showing the LM property's ground magnetic response and a simplified cross section showing the drill target are posted on Bitterroot's website www.bitterrootresources.com.
Jeffrey Rowe, P.Geo is the Qualified Person responsible for the technical content of this disclosure.
ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:
Michael S. Carr
Telephone 604 922 1351
Email [email protected]
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SOURCE: Bitterroot Resources Ltd.