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Bitterroot Resources Identifies Summit Zone Carbonate Replacement (CRD) Targets
VANCOUVER, BC / ACCESSWIRE / April 1, 2019 / Following a review of Bitterroot Resources Ltd....
About this update from Bitterroot Resources Ltd.
[{"type":"text","content":"Bitterroot Resources Identifies Summit Zone Carbonate Replacement (CRD) TargetsVANCOUVER, 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 ANNOUNCEDIn 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 DIRECTORSMichael S. CarrDirectorNeither TSX Venture Exchange nor its Regulation Services Provider (as th...