VANCOUVER, BC / ACCESSWIRE / February 23, 2021 / Bitterroot Resources Ltd.'s (TSXV:BTT)(OTC PINK:BITTF) Michigan subsidiary ("Bitterroot") has entered into a minerals lease and purchase option with a privately-held corporation ("MPC") covering 80 acres of mineral rights at the LM Project in the Upper Peninsula of Michigan. The MPC mineral rights host magnetic targets adjacent to the area of the LM Project currently being drilled for magmatic nickel-copper sulphides.
Following receipt of acceptance by the TSX Venture Exchange, Bitterroot will pay US$15,000 and issue 100,000 common shares to MPC. On the first anniversary, Bitterroot will pay US$15,000 and issue an additional 100,000 shares. On the second anniversary, Bitterroot will issue a final tranche of 100,000 shares and pay US$16,000. Subsequent rental payments will escalate by US$20/acre/year. Bitterroot will also retain the exclusive right and option to purchase the mineral rights for US$1,000/acre for the first five years of the agreement, US$2,500/acre in years 6 through 10, then escalating US$2,500/acre for each subsequent five years for the first 20 years, and remaining unchanged at US$10,000/acre thereafter. MPC will also retain a 2% NSR royalty on underground mining and a 3% NSR on open pit mining. Bitterroot can reduce both royalties to 1% NSRs through payment of US$1,000,000 per 1%.
Exploration of the LM Project is being funded by Bitterroot Resources Ltd. (51%) and privately-owned joint venture partner Below Exploration Inc. (49%). Bitterroot and Below plan to drill-test the MPC lands in mid-2021, following completion of surface use agreements and spring breakup.
Bitterroot and Below are currently drilling the fourth hole of the 2021 winter drill program at the LM Property, which is planned to comprise up to 2,400 meters of core drilling in 6 to 8 holes, before March 15, 2021.
Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Suite 206-B, 1571 Bellevue Avenue,
West Vancouver, BC, V7V 1A6
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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.
SOURCE: Bitterroot Resources Ltd.
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