(via TheNewswire)
About the
Located less than 20 kilometres from the historic Bralorne/Pioneer and
King Gold Mines
Project’s known gold/silver and base metal mineralization is similar to these mines in that the mesothermal, orogenic quartz-carbonate, structurally controlled veins are in close proximity to an ultramafic intrusive/ volcaniclastic-sedimentary contact.
Property contains three known showings, Alpha, Beta and Peerless with limited historical, systematic surface and underground exploration starting in the 1930’s. The property lies at low altitude and has year-round road access
Historic drilling intercepted mineralization at the
Alpha Zone such as: Hole 87-8, starting at 19.8 metres of1.02 oz/tonne gold and 3.82 oz/tonne silver over a 3.47 metres core length. Zone remains open along strike and to depth.
Recent exploration work has defined an east-northeast trending, in soil multi-element (gold/silver/arsenic/ antimony/lead/zinc/bismuth/copper) anomaly over 2,500 x 750 metres and remains open in all directions.
Terms of the Acquisition
The terms of the LOI provide for payment of
a)Cash Payments :
Subject to TSXV approval, BMV will make the following cash option payments as follows:
Date | Amount | Cumulative |
Three (03) months after Definitive Agreement Date* | ||
06 months after Definitive Agreement Date | ||
12 months after Definitive Agreement Date | ||
18 months after Definitive Agreement Date | ||
24 months after Definitive Agreement Date | ||
30 months after Definitive Agreement Date | ||
36 months after Definitive Agreement Date | ||
42 months after Definitive Agreement Date | ||
48 months after Definitive Agreement Date | ||
Total |
b)Share Issuances :
Subject to TSXV approval, BMV will issue the following common shares of BMV as follows:
The shares issued will be subject to a four month hold period.
Date | Number | Cumulative |
Seven (7) days after Definitive Agreement Date* | 500,000 | 500,000 |
06 months after Definitive Agreement Date | 500,000 | 1,000,000 |
12 months after Definitive Agreement Date | 500,000 | 1,500,000 |
18 months after Definitive Agreement Date | 500,000 | 2,000,000 |
30 months after Definitive Agreement Date | 2,000,000 | 4,000,000 |
42 months after Definitive Agreement Date | 3,500,000 | 7,500.000 |
Total |
c)Exploration Expenditures(defined below)
Subject to TSXV approval, Bathurst will incur the following exploration expenditures on or in connection with the Peerless Property within:
Date | Amount | Cumulative |
Twelve (12) months after Definitive Agreement Date* | $ 200,000 | |
24 months after Definitive Agreement Date | $ 700,000 | |
36 months after Definitive Agreement Date | ||
18 months after Definitive Agreement Date | ||
Total |
* ”Definitive Agreement Date” shall mean thedateupon which Bathurst and the Vendor enter into, execute and deliver a definitive Mineral Option Agreement on substantially the terms of this LOI, in a format commonly utilized for mineral option agreements of this nature in the mineral exploration industry.
d) NSR Royalty
Upon commencement of commercial production, Bathurst shall pay to the Vendor a royalty in an amount equal to a 2.5% of net smelter returns, subject to buy-back by Bathurst of 1.0% for
Qualified Person
and approved the scientific and technical disclosure in this news release. Mr. Warner is not independent of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Harold Forzley”
CEO
For more information contact
info@bathurstmetalscorp.com
Neither
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
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Copyright (c) 2022 TheNewswire - All rights reserved., source