Acquisition of McGregor Lake Palladium, Platinum, Gold property in Western Nunavut
Vancouver, November 12, 2020 - Bathurst Metal Corp. (TSXV:BMV.H) ("Bathurst" or the "Company") is pleased to announce the acquisition of the McGregor Lake Project by the physical staking of 11 mineral claims covering 13,125 Ha. The company's 100% owned property is approximately 100 km south of Kugluktuk in Nunavut. Company President and CEO, Harold Forzley states "This is a significant addition to our land holdings in Western Nunavut. We look forward to expanding upon the historical surface and diamond drill samples" McGregor Lake Pt/Cu/Ni/Pd/Au Project - Nunavut
The company has acquired a100% interest by staking 11 mineral claims covering approximately 13,125 Ha covering the southern exposure of the Proterozoic, Layered Muskox Ultramafic Intrusive (LMUI) in western Nunavut.
The LMUI outcrops over 80 kilometres along strike and could be one of the largest layered, ultramafic complexes in the world based on regional airborne surveys. The region has received only sporadic, systematic exploration since its first discovery and exploration by Inco in the late 1950's. Additional systematic exploration was not conducted again until the 1980's and in 1999 to 2007. Several geochemical, geophysical, geological mapping and limited diamond drilling has been undertaken on the property. These studies have been able to define at least two sulphide pulses associated with the emplacement of the LMUI. These pulses both contain high nickel and copper concentrations with associated precious metals.
Listed below are some of the more significant historical precious metal assay results from rock sampling to date.
Historical Surface Chip Sampling
McGregor Lake Area
-------------------------------- |Pd |Pt |Au |Length| |------------------------------| |g/tonne|g/tonne|g/tonne|Metres| |------------------------------| |126.59 |11.52 |5.60 |0.76 | |------------------------------| |28.30 |3.11 |1.24 |0.21 | |------------------------------| |74.96 |4.04 |4.35 |0.55 | |------------------------------| |16.80 |1.84 |0.62 |0.66 | |------------------------------| |90.82 |6.84 |5.60 |0.21 | |------------------------------| |134.99 |9.02 |5.91 |0.37 | --------------------------------
The Pyrrhotite Lake Area is approximately 5 kilometres south of the McGregor Lake Showings also along the eastern contact of the LMUI with the Archean Age Metasediments. Surface sampling was again able to return high precious metal values. Base metal values as shown in drill hole 87-P5 table also show high copper and nickel concentrations; however from the assay results the relationship between high grade precious and base metals suggests the possibility of mineralization having been remobilized.
Pyrrhotite Lake Area
-------------------------------- |Pd |Pt |Au |Length| |------------------------------| |g/tonne|g/tonne|g/tonne|Metres| |------------------------------| |253.15 |23.33 |18.97 |Grab | --------------------------------
Historical Diamond Drilling
Pyrrhotite Lake Area
Diamond Drill Hole 87-P5 Assay Results
----------------------------------------------------------------- |FROM |TO |THICKNESS|Pt |Pd |Au |Cu |Ni | |---------------------------------------------------------------| |(m) |(m) |(m) |(g/tonne)|(g/tonne)|(g/tonne)|(%) |(%) | |---------------------------------------------------------------| |99.67 |101.17|1.5 |0.13 |1.98 |0.14 |1.52|0.65| |---------------------------------------------------------------| |102.98|105.12|2.14 |1.34 |9.43 |0.52 |3.72|0.93| |---------------------------------------------------------------| |105.12|106.83|1.71 |2.23 |16.04 |0.89 |22.9|8.15| |---------------------------------------------------------------| |106.83|108.46|1.63 |1.13 |8.19 |0.48 |6.63|5.88| -----------------------------------------------------------------
*Thickness is core length, true width is unknown.
Figure 1 - All Projects 100% owned by Bathurst Metals Corp.
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Pyrrhotite Lake Area
Figure #2 Claim Location Map with selected historic surface rock sample and diamond drill core results. (All width estimates are sample length, true widths are unknown.)
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Qualified Person
Lorne Warner, P.Geo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
On behalf of the Board of Directors
"Harold Forzley"
President / CEO
For more information contact Harold Forzley, President
info@bathurstmetals.com
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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