Kostolanys Erbe
RohstoffExperte
Ort:
Im schönsten Bundesland zwischen Nord- und Ostsee.
Beiträge:
11.152
Trades:
4
Bitterroot acquires Hackberry option, appoints director
2017-01-18 14:18 ET - News Release
Mr. Michael Carr reports
BITTERROOT RESOURCES ACQUIRES OPTION ON FORMER HIGH-GRADE SILVER PRODUCER, SILVER MINING EXECUTIVE JOHN WRIGHT JOINS BOARD OF DIRECTORS
Bitterroot Resources Ltd.'s board of directors has approved a strategy of adopting a precious metals focus for future exploration and development activities. Initially, these efforts will be concentrated on the Hackberry property, a former high-grade silver producer in Mohave county, Arizona. Bitterroot, through its U.S. subsidiary, Trans Superior Resources Inc., has acquired an option from the Hughes Family Trust to purchase a 100-per-cent interest in 12 patented lode mining claims comprising the core of the Hackberry property.
The Hackberry patented claims cover 97 hectares (240 acres), hosting the past-producing Old Hackberry (Sunshine) and South Hackberry high-grade silver mines. The total Hackberry project area currently under Bitterroot's control is approximately 526 hectares (1,300 acres), including the unpatented lode claims discussed below. Historical documents available at the Arizona Geological Survey's (AZGS) digital archive state that 278 samples of ore analyzed from the Hackberry mine in 1919 contained an average of 32 ounces per ton silver (1,097 grams per tonne Ag) (Weed, in 1922 mines handbook). Additional historical data from the AZGS digital archive files state that, between the 200 level and 600 level of the Old Hackberry mine, the average grade was approximately 25 ounces per ton silver (857 grams per tonne Ag), 0.1 ounce per ton gold (3.4 grams per tonne Au) and 8 per per cent lead. AZGS files also stated that, on the 750 level of the mine, the mined mineralized material was 22 feet (6.7 metres) wide, of which three feet (0.91 metre) contained 100 ounces per ton silver (3,428 grams per tonne Ag), with the adjacent 19 feet (5.8 metres) containing 25 ounces per ton silver (857 grams per tonne Ag) (Johns, 1918).
Note: The foregoing sampled grades from prior production from the Hackberry property were not prepared by or on behalf of the company, are historical in nature, and have not been verified by a qualified person, as defined in National Instrument 43-101. The foregoing samples are unlikely to be representative of overall grades of mineralized material at the Hackberry property. The company does not treat these production sample results as current mineral resources or reserves, and, due to the historical nature of the records, the company is unable to conduct sufficient verification of the samples to determine their reliability.
In order to provide preliminary confirmation of the historic assay data, rock and dump samples were taken during Bitterroot's initial inspection of the Hackberry property. A high-grade dump sample (HBY-001 below) taken from the dump of the main Old Hackberry decline shaft returned 41.7 ounces per ton silver (1,430 grams per tonne Ag) and 0.08 ounce per ton gold (2.7 grams per tonne Au), 13 per cent lead and 12 per cent zinc. Two additional surface grab samples (HBN-001 and HBN-006 below) taken along strike, approximately 1.4 kilometres and 1.9 kilometres northwest of the Old Hackberry mine, contained 40.3 ounces per ton silver (1,380 grams per tonne Ag) and 33.8 ounces per ton silver (1,160 grams per tonne Ag), respectively. While these selected grab samples are not representative of the mineralization hosted on the property and are limited in number, the company believes that they enhance the reliability of the historical production records of the Hackberry mine.
Sample No. Ag (ppm) Au (ppm) Cu (ppm) Pb (%/ppm) Zn (%/ppm) Sample description
HBY-001 1,430 2.78 1,060 0.13% 0.123% High-grade grab, Old Hackberry mine decline dump
HBN-001 1,380 0.24 1,390 0.0195% 0.0248% 30-centimetre chip across quartz vein
HBN-006 1,160 0.21 148 5,970 ppm 1,940 ppm High-grade grab on prospect dump
These samples were collected by Glen Adams, a qualified person as defined by NI 43-101, while visiting the Hackberry property on Sept. 8 and Sept. 9, 2016. The samples remained in Mr. Adams's possession until they were shipped by commercial carrier to ALS Geochemistry in Tucson, Ariz. The samples were prepared for analyses by ALS in Tucson. The analytical procedures (ME-GRA21 and ME-ICP41) were performed by ALS Canada Ltd. in North Vancouver, B.C., Canada, an ISO/IEC 17025-accredited laboratory.
The Hackberry silver deposits are hosted in epithermal veins of probable mid-Tertiary age that range in thickness from one foot to 22 feet (0.3 metre to 6.7 metres). The underground workings comprising the Old Hackberry and South Hackberry mines extend along approximately 750 feet (230 metres) of strike and 950 feet (290 metres) of downdip depth. Mine plans show the lowest level of the historic workings is less than 660 feet (200 metres) vertically below the surface outcrop of the mineralization. Mining activities are believed to have ceased in 1920 or 1921. Apart from several documented property reviews by interested parties, there has been no systematic exploration undertaken on the property since the early 1920s.
Bitterroot's management believes the Hackberry property has good potential to host additional high-grade silver mineralization along an almost four-kilometre prospective strike length which hosts variably mineralized veins and alteration zones. Obvious exploration targets exist along strike or downdip from previously mined areas, in blind hangingwall or footwall veins, and in areas proximal to the old workings which are covered by recent alluvial deposits. Bitterroot has staked an additional 50 contiguous unpatented lode claims around the Hackberry patented claims and additional lands are in the process of being acquired.
In order to define drill targets for testing later in the year, Bitterroot's first phase of exploration on the patented claims is expected to include detailed geological mapping, structural analysis, rock, soil and silt sampling, and geophysical surveys. Permitting in advance of similar work on the unpatented claims will begin immediately.
Option agreement
Under the terms of the option, and immediately following receipt of TSX Venture Exchange acceptance of the option, Bitterroot will initially pay $50,000 (U.S.) and issue 1.5 million common shares to Hughes. On or before each of the next four anniversary dates of exchange acceptance, Bitterroot will pay Hughes $62,500 (U.S.) and issue Hughes 1.25 million shares, for total consideration of $300,000 (U.S.) and 6.5 million Bitterroot shares to exercise the option and acquire a 100-per-cent interest in the patented claims. Hughes will also retain a 3-per-cent net smelter return (NSR) royalty on the patented claims and 13 of Bitterroot's unpatented claims. Following exercise of the option, Bitterroot can buy half (1.5 per cent) of the NSR royalty for $1.5-million (U.S.). Upon commencement of commercial production, Hughes will also receive minimum advance royalty payments of $940,000 (U.S.) per year for five years.
The option agreement remains subject to the acceptance of the TSX Venture Exchange.
John H. Wright appointed to the board of directors
Mr. Wright has been appointed as a director of the company. Mr. Wright was a founder, director, and former president and chief operating officer of Pan American Silver Corp. He is a director of Silvercrest Metals Inc., and has previously been a director of Lumina Copper Corp., Northern Peru Copper Corp., Regalito Copper Corp. and Capstone Mining Corp. The first 10 years of Mr. Wright's career were spent with Teck Corp. and Cominco Ltd., where he worked at the Trail smelter operations, and later participated in the management of feasibility studies, marketing and mine construction at the Afton, Highmont, Bullmoose and David Bell mines. Mr. Wright is a metallurgical engineer and an honours graduate of Queens University in Ontario.
Michael Carr, president and chief executive officer of Bitterroot, stated: "John brings a wealth of technical and corporate expertise from a 40-year career, with emphasis on underground mine construction and operations in Mexico and South America. His experience managing technical, corporate and market matters will enhance our ability to effectively explore and advance Bitterroot's projects."
The company has granted to Mr. Wright incentive stock options to purchase of 200,000 common shares of the company at an exercise price of 10 cents per share for a five-year term expiring on Jan. 16, 2022. A consultant to the company has also been granted 70,000 options on the same terms.
Mr. Adams, PG (Wisconsin), a consultant to the company, is the qualified person responsible for the technical content of this news release. Mr Adams has prepared, supervised and approved the scientific and technical disclosure in this news release.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBTT-2437427&symbol=BTT®ion=C
2017-01-18 14:18 ET - News Release
Mr. Michael Carr reports
BITTERROOT RESOURCES ACQUIRES OPTION ON FORMER HIGH-GRADE SILVER PRODUCER, SILVER MINING EXECUTIVE JOHN WRIGHT JOINS BOARD OF DIRECTORS
Bitterroot Resources Ltd.'s board of directors has approved a strategy of adopting a precious metals focus for future exploration and development activities. Initially, these efforts will be concentrated on the Hackberry property, a former high-grade silver producer in Mohave county, Arizona. Bitterroot, through its U.S. subsidiary, Trans Superior Resources Inc., has acquired an option from the Hughes Family Trust to purchase a 100-per-cent interest in 12 patented lode mining claims comprising the core of the Hackberry property.
The Hackberry patented claims cover 97 hectares (240 acres), hosting the past-producing Old Hackberry (Sunshine) and South Hackberry high-grade silver mines. The total Hackberry project area currently under Bitterroot's control is approximately 526 hectares (1,300 acres), including the unpatented lode claims discussed below. Historical documents available at the Arizona Geological Survey's (AZGS) digital archive state that 278 samples of ore analyzed from the Hackberry mine in 1919 contained an average of 32 ounces per ton silver (1,097 grams per tonne Ag) (Weed, in 1922 mines handbook). Additional historical data from the AZGS digital archive files state that, between the 200 level and 600 level of the Old Hackberry mine, the average grade was approximately 25 ounces per ton silver (857 grams per tonne Ag), 0.1 ounce per ton gold (3.4 grams per tonne Au) and 8 per per cent lead. AZGS files also stated that, on the 750 level of the mine, the mined mineralized material was 22 feet (6.7 metres) wide, of which three feet (0.91 metre) contained 100 ounces per ton silver (3,428 grams per tonne Ag), with the adjacent 19 feet (5.8 metres) containing 25 ounces per ton silver (857 grams per tonne Ag) (Johns, 1918).
Note: The foregoing sampled grades from prior production from the Hackberry property were not prepared by or on behalf of the company, are historical in nature, and have not been verified by a qualified person, as defined in National Instrument 43-101. The foregoing samples are unlikely to be representative of overall grades of mineralized material at the Hackberry property. The company does not treat these production sample results as current mineral resources or reserves, and, due to the historical nature of the records, the company is unable to conduct sufficient verification of the samples to determine their reliability.
In order to provide preliminary confirmation of the historic assay data, rock and dump samples were taken during Bitterroot's initial inspection of the Hackberry property. A high-grade dump sample (HBY-001 below) taken from the dump of the main Old Hackberry decline shaft returned 41.7 ounces per ton silver (1,430 grams per tonne Ag) and 0.08 ounce per ton gold (2.7 grams per tonne Au), 13 per cent lead and 12 per cent zinc. Two additional surface grab samples (HBN-001 and HBN-006 below) taken along strike, approximately 1.4 kilometres and 1.9 kilometres northwest of the Old Hackberry mine, contained 40.3 ounces per ton silver (1,380 grams per tonne Ag) and 33.8 ounces per ton silver (1,160 grams per tonne Ag), respectively. While these selected grab samples are not representative of the mineralization hosted on the property and are limited in number, the company believes that they enhance the reliability of the historical production records of the Hackberry mine.
Sample No. Ag (ppm) Au (ppm) Cu (ppm) Pb (%/ppm) Zn (%/ppm) Sample description
HBY-001 1,430 2.78 1,060 0.13% 0.123% High-grade grab, Old Hackberry mine decline dump
HBN-001 1,380 0.24 1,390 0.0195% 0.0248% 30-centimetre chip across quartz vein
HBN-006 1,160 0.21 148 5,970 ppm 1,940 ppm High-grade grab on prospect dump
These samples were collected by Glen Adams, a qualified person as defined by NI 43-101, while visiting the Hackberry property on Sept. 8 and Sept. 9, 2016. The samples remained in Mr. Adams's possession until they were shipped by commercial carrier to ALS Geochemistry in Tucson, Ariz. The samples were prepared for analyses by ALS in Tucson. The analytical procedures (ME-GRA21 and ME-ICP41) were performed by ALS Canada Ltd. in North Vancouver, B.C., Canada, an ISO/IEC 17025-accredited laboratory.
The Hackberry silver deposits are hosted in epithermal veins of probable mid-Tertiary age that range in thickness from one foot to 22 feet (0.3 metre to 6.7 metres). The underground workings comprising the Old Hackberry and South Hackberry mines extend along approximately 750 feet (230 metres) of strike and 950 feet (290 metres) of downdip depth. Mine plans show the lowest level of the historic workings is less than 660 feet (200 metres) vertically below the surface outcrop of the mineralization. Mining activities are believed to have ceased in 1920 or 1921. Apart from several documented property reviews by interested parties, there has been no systematic exploration undertaken on the property since the early 1920s.
Bitterroot's management believes the Hackberry property has good potential to host additional high-grade silver mineralization along an almost four-kilometre prospective strike length which hosts variably mineralized veins and alteration zones. Obvious exploration targets exist along strike or downdip from previously mined areas, in blind hangingwall or footwall veins, and in areas proximal to the old workings which are covered by recent alluvial deposits. Bitterroot has staked an additional 50 contiguous unpatented lode claims around the Hackberry patented claims and additional lands are in the process of being acquired.
In order to define drill targets for testing later in the year, Bitterroot's first phase of exploration on the patented claims is expected to include detailed geological mapping, structural analysis, rock, soil and silt sampling, and geophysical surveys. Permitting in advance of similar work on the unpatented claims will begin immediately.
Option agreement
Under the terms of the option, and immediately following receipt of TSX Venture Exchange acceptance of the option, Bitterroot will initially pay $50,000 (U.S.) and issue 1.5 million common shares to Hughes. On or before each of the next four anniversary dates of exchange acceptance, Bitterroot will pay Hughes $62,500 (U.S.) and issue Hughes 1.25 million shares, for total consideration of $300,000 (U.S.) and 6.5 million Bitterroot shares to exercise the option and acquire a 100-per-cent interest in the patented claims. Hughes will also retain a 3-per-cent net smelter return (NSR) royalty on the patented claims and 13 of Bitterroot's unpatented claims. Following exercise of the option, Bitterroot can buy half (1.5 per cent) of the NSR royalty for $1.5-million (U.S.). Upon commencement of commercial production, Hughes will also receive minimum advance royalty payments of $940,000 (U.S.) per year for five years.
The option agreement remains subject to the acceptance of the TSX Venture Exchange.
John H. Wright appointed to the board of directors
Mr. Wright has been appointed as a director of the company. Mr. Wright was a founder, director, and former president and chief operating officer of Pan American Silver Corp. He is a director of Silvercrest Metals Inc., and has previously been a director of Lumina Copper Corp., Northern Peru Copper Corp., Regalito Copper Corp. and Capstone Mining Corp. The first 10 years of Mr. Wright's career were spent with Teck Corp. and Cominco Ltd., where he worked at the Trail smelter operations, and later participated in the management of feasibility studies, marketing and mine construction at the Afton, Highmont, Bullmoose and David Bell mines. Mr. Wright is a metallurgical engineer and an honours graduate of Queens University in Ontario.
Michael Carr, president and chief executive officer of Bitterroot, stated: "John brings a wealth of technical and corporate expertise from a 40-year career, with emphasis on underground mine construction and operations in Mexico and South America. His experience managing technical, corporate and market matters will enhance our ability to effectively explore and advance Bitterroot's projects."
The company has granted to Mr. Wright incentive stock options to purchase of 200,000 common shares of the company at an exercise price of 10 cents per share for a five-year term expiring on Jan. 16, 2022. A consultant to the company has also been granted 70,000 options on the same terms.
Mr. Adams, PG (Wisconsin), a consultant to the company, is the qualified person responsible for the technical content of this news release. Mr Adams has prepared, supervised and approved the scientific and technical disclosure in this news release.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBTT-2437427&symbol=BTT®ion=C
:shock: 
Guten Morgen! 
