Bathurst Metals Identifies New Electromagnetic, Geophysical Trends at the Peerless Gold Project, Bralone Mining Camp Area, B.C and Announce New Financing.
(TheNewswire)
Vancouver, B.C. May29, 2024 – TheNewswire – Bathurst MetalsCorp. (“Bathurst” or the “Company”) is pleased to announcecoincident electromagnetically defined structures with multi-element +gold in soil anomalies. A total of five defined structural trends, alleast-west in orientation were identified. Several of the trends occuralong structural contacts between listwanite-altered ultramaficsthrust into volcanoclastic and sedimentary country rocks, as shown inFigure # 3. Thrust bound untramafics with cross-cutting structures areessential features in gold deposition within the Goldbridge MiningCamp and are proven to occur in several areas on the PeerlessProperty. Bathurst will be doubling the currently permitted diamonddrilling area to cover these new targets.
KEY POINTS – Peerless Gold-SilverProject
Similar lithological and structural setting to theBralorne Mining Camp.
Anomalous soil geochemistry close to listwanite-alteredultramafics.
Higher and more extensive gold in soil values coincideswith brittle-ductile structures crosscutting earlier, low-angle,brittle thrust faults.
Significant gold mineralization occurs withinultramafics, away from a crosscutting thrust fault. Ultramafics aretypically a poor host for gold deposits; however, the companyencountered potential economic gold grades in February 2024 fromdiamond drill hole PR24-004, which returned 6.3 grams/tonne of goldover 5.1 metres.
Most importantly, the geophysicalsurvey has located up to 5 additional east-west trending structurescoincident with strong multi-element including gold in soilgeochemistry (Figure #3)
Bathurst has applied to expand the existing drillingpermit to cover these newly defined areas for drill testing.
Lorne Warner P.Geo, President of Bathurst Metals Corp.,states, “Theelectromagnetic geophysical survey identified several east-westtrending structural features. In the Goldbridge Camp, these structuresare important to the deposition of precious metals. The company is nowfinalizing drilling plans and will submit another drill permit tocover prospective areas directly adjacent to the current drill permitarea.”
Location
The Peerless Property is in the historic Bralorne-GoldBridge Mining Camp area in southwest British Columbia (Figure # 1). Ithas excellent all-season access to its center. Access can be had byfollowing Highway 40 east from the hamlet of Gold Bridge 10.5 km tothe Tyaughton Lake turn-off and following the Tyaughton Lake accessroad within 200m of the Peerless showings at the center of theproperty.
Figure #1- Regional Location Map
As indicated in Figure # 2, the Peerless Claims arenear known mining occurrences and recent discoveries in the samelithological and structural geological settings. As shown in Figure #2, anomalous gold in soil geochemistry infers a northeast-trendingrelationship with the thrusts in the ultramafics.
Figure # 2 – Goldbridge Area Compilation Map
Figure # 3 – Map with Electromagnetic AnomaliesTrending East-West with Similar orientation to the Peerless-Beta-Alpha Zone structure.
Financing
The Company alsoannounces a non-brokered private placement financing of up to6,666,667 units (the “Units”) of securities for $0.075 per Unitfor aggregate gross proceeds of up to $500,000. Each Unit will becomprised of one common share and one non-transferable share purchasewarrant, with each warrant entitling the holder to purchase oneadditional common share at $0.15 per Warrant Share for a period of twoyears. The net proceeds of the Offering will be used to payoutstanding debt and for working capital. Finders’ fees may bepayable on a portion of the offering.
The Offering is subjectto the approval of the TSX Venture Exchange. All Shares issued willbe subject to a four-month and one-day hold period, which will expireon the date that is four months and one day from the date ofissue.
Qualified Person
Mr. Lorne Warner, P.Geo., is a "QualifiedPerson" as defined by National Instrument 43-101 and has approvedthe scientific and technical information included in this news releasefor dissemination.
Onbehalf of the Board of Directors
Bathurst Metals Corp.
For more information contact Harold Forzley, ChiefExecutive Officer
604-783-4273
Neither TSX Venture Exchange nor itsregulation services provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
About Bathurst Metals Corp.
Bathurst MetalsCorp. is anexploration-stage company engaged in the acquisition, exploration, anddevelopment of mineral properties in Nunavut and British Columbia,Canada. The Company holds a 100% interest in the Turner Lake, TED, McGregorLake, Speers Lake, Gela Lake and McAvoy Lake Projects in Nunavut andthe Peerless Property a gold /silver prospect in the historic BralorneCamp in British Columbia.
Copyright (c) 2025 TheNewswire - All rights reserved.
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