Green Bridge Metals Corporation Options World Class Copper-Nickel Exploration portfolio in Duluth Complex Minnesota
Suite 800, 1199 West Hastings Street
Vancouver, British Columbia, V6E 3T5
www.greenbridgemetals.com
NEWS RELEASE
Green Bridge Metals Corporation Options World Class Copper-Nickel
Exploration portfolio in Duluth Complex Minnesota
Vancouver, Canada – February 6, 2024 – Green Bridge Metals Corporation ( CNSX: GRBM) ("Green
Bridge" or the "Company ") is pleased to announ ce that it has entered a letter of intent (the “LOI”) with
Encampment Minerals Inc., dated February 5, 2024 whereby the Company has an option to earn a n 80%
interest in the 8,460-hectare (84.6 square kilometre (km)) South Contact Zone Project, targeting copper
(Cu), nickel (Ni)-platinum group element (PGE) mineralization. The project area is located approximately
65 km north of the city of Duluth, Minnesota (Figure 1).
The South Contact Zone (SCZ) project is located along the southern basal contact of the Duluth Complex
(Complex) which hosts several world-class Cu-Ni deposits. The SCZ is located immediately south of the
Mesabi Range iron ore district. It is estimated that the northwestern margin of the Complex contains 4.4
billion tons of sulfide mineralization grading 0.66% Cu and 0.20% Ni 1. The Complex is part of the
Midcontinent Rift System, a region characterized by mafic and ultramafic hosted Cu -Ni-PGE
mineralization, including multi- million-ton deposits such as Eagle (4.1 million tonnes @ 2.9% Cu, 3.6%
Ni)2, Tamarack (8.5 million tonnes @ 0.9% Cu, 1.7% Ni3, and Mesaba (2.2 billion tonnes 0.4% Cu, 0.1% Ni,
0.5 ppm PGE) 4 (Figure 1). In addition, the SCZ is a prime locality for Oxide Ultramafic Intrusions (OUI)
which host high-grade iron (Fe) -titanium (Ti) - vanadium (V) deposits that commonly contain significant
disseminated Cu-Ni sulfide mineralization (Figure 2) and are associated high grade Cu-Ni targets. Green
Bridge is optioning the project from Encampment Minerals Inc., (EMI) a privately owned U.S. corporation.
SCZ Project Highlights:
• Located in the Duluth Complex, host to world class copper – nickel deposits.
• Four separate projects with known copper-nickel and/or titanium-vanadium-copper mineralization
• Historical drilling and geophysical surveys provide clear drill ready targets across the
underexplored portfolio.
• Plans to initiate drill program within first year of the agreement.
A Message from David Suda, CEO of Green Bridge Metals
“Green Bridge is focused on creating shareholder value by bringing forward exploration and development
opportunities to supply critical and strategic minerals to the rapidly growing green economies and power
grids of North America and the world beyond. We are pleased to have secured a rare portfolio of assets
with clear mineralization in an underexplored world class region within the Duluth Complex of Minnesota.
We plan to advance these underexplored properties by leveraging historical exploration data by drilling in
the coming 12 months. We would like to thank EMI for the opportunity to advance upon the fine work they
have completed to date.”
The SCZ project is comprised of multiple properties; Siphon -Wyman, Skibo, Titac, Boulder Creek, and
Boulder Lake North, all with previously identified Cu-Ni-PGE, or Ti-V mineralized bodies through historical
drilling (Figure 3). Most properties in the SCZ are early stage and have had limited historical exploration,
however, EMI completed a VTEM (Versatile Time Domain Electromagnetic) airborne geophysical survey
from which numerous undrilled conductors have been interpreted across several of the properties. In
addition to recent VTEM, historical airborne electromagnetic and magnetic surveys (AEM) provide
detailed geophysical data across the whole region. These geophysical surveys provide useful targeting
data for exploration by the Company. Several properties, including the highly prospective Skibo area, are
drill-ready with the Company expected to begin drilling within the first year of the agreement.
The SCZ project is host to multiple styles of mineralization:
• Disseminated Cu-Ni sulfide mineralization at the Siphon-Wyman property is similar to that at the
Maturi and Mesaba deposits.
• High-grade magmatic Cu -Ni mineralization at Skibo is generally similar to mineralization at the
Tamarack deposit.
• Ti-V-Cu mineralization associated with oxidized ultramafic intrusions (OUI) at the Titac area with
a NI 43-101 inferred resource of 45.1 million tonnes at 15% TiO25.
Within the SCZ project area are a number of untested OUIs. Previous exploration suggests a spatial
and genetic relationship between OUI and magmatic massive Cu -Ni-PGE mineralization. With a mix
of mineralization styles spanning multiple properties, the SCZ holds significant potential for mineral
resources deemed as critical by the U.S. Department of the Interior in 2022. Importantly, the SCZ
project is located to the south and outside of the Boundary Waters Wilderness area and watershed
and no access or permitting issues of consequence have been experienced to date.
Siphon-Wyman (Disseminated Cu-Ni) Target:
This property spans approximately 1,360 hectares with historical drilling identifying disseminated Cu -Ni
mineralization at Wyman Creek (Wyman Creek resource) and structurally controlled massive sulfide
mineralization within the associated Siphon Fault Zone (Figure 4, Table 1). The property lies along the
basal contact of the Partridge River Intrusion. A number of untested high -priority geophysical
electromagnetic conductors have been detected within the fault zone and Wyman Creek resource area
Table 1. Historic significant intercepts drilled by EMI and previous operators from the Siphon -Wyman property6
Hole ID Length (m) Cu % Ni %
Wyman Upper Zone
26145 32.9 0.37 0.18
7.6 0.34 0.13
26132 27.4 0.56 0.18
13.7 0.51 0.16
26126 13.1 0.35 0.15
26153 13.1 1.39 0.13
Lower Zone
26136 94.5 0.37 0.12
26144 40.2 0.37 0.17
26132 8.8 0.37 0.12
26126 29.0 0.42 0.16
Skibo Property (Massive and Disseminated Cu-Ni):
Skibo comprises 3,108 hectares and is characterized by a magnetic anomaly striking over 3.5 km north
to south along with multiple, untested, geophysical electromagnetic conductors within the property
associated with OUIs and providing drill- ready targets (Figure 5). Skibo OUIs are host to significant
disseminated Cu-Ni mineralization that has not been assayed systematically for either Ti or V (Figure 6).
Two important footwall high Cu-Ni-PGE grade massive sulfide vein stockwork zones have been identified
that are related to the OUIs. These zones are considered high-priority targets. Massive sulfide veins in the
northern stockwork zone (DDH- SK09-2) is shown in Figure 7. Table 2 below provides a summary of the
historical intercepts.
Table 2. Historic significant intercepts drilled by EMI and previous operators from the Skibo property 7.
Hole ID Interval
(m) Cu% Ni% Co% PGE
(ppm)
11547 86.5 0.32 0.27
SK09-2 101 0.31 0.18
3.7 2.96 0.81 1.19
0.4 9.85 0.36 3.93
0.6 6.91 2.38 1.24
SK15-1 2.3 6.38 1.55 4.31
SK09-3 2.3 1.87 0.75 0.15 0.31
0.4 1.4 0.67 0.13 0.3
0.3 1.41 0.78 0.15 0.33
0.2 1.26 1.29 0.12 0.41
0.2 1.19 1.1 0.12 0.39
0.3 1.01 1.21 0.09 0.59
0.1 1.19 1.72 0.14 0.58
SK19-1 34.3 0.14 0.05 0.01 0.09
2.3 2.06 1.06 0.13 0.45
SK19-2 33.2 0.22 0.11 0.02 0.12
0.4 1.39 0.88 0.1 0.35
0.1 0.79 1.01 0.09 0.3
Titac- Boulder- Boulder North Properties (TiO2 - V2O5, Disseminated Cu-Ni):
Several properties lie along the southern portion of the SCZ project: Titac, Boulder, and Boulder North
(Figure 8) comprising approximately 3,992 hectares. Titac has the most advanced exploration with a NI
43-101, inferred resource of 45.1 million tonnes a veraging 15% TiO 25. This resource correlates directly
with a discrete magnetic anomaly and has excellent potential to grow to the north where there is a second
similar magnetic anomaly with historical drilling demonstrating Ti- V mineralization (Figure 8). A similar
magnetic anomaly is present to the southeast of Titac that has not yet been drilled. In addition, the TiO 2
mineralization at Titac contains significant disseminated Cu mineralization with the historical drill results
assaying for copper presented below in Table 3. Importantly, there are three prominent electromagnetic
conductors that are considered highly prospective for high-grade Cu-Ni mineralization that have not been
drill tested.
The Boulder/Boulder North properties have limited drill testing but contain numerous magnetic anomalies
and conductors that are proposed for drilling (Figure 9). Importantly, the Boulder properties have both Ti-
V and Cu -Ni exploration potential based on limited historical drilling and geophysics. This area is
considered highly prospective and will be the focus of an updated VTEM survey by the Company as
historical airborne surveys are from the 1960’s.
Table 3. Historic significant drill intercepts from the Boulder and Titac properties. Note that in some cases,
elements of interest were not analyzed (Boulder drill results from EMI Internal Report, 2017, Titac results from
Cardero Ni 43-101)8.
HOLE ID Interval
(m) Cu % Ni % TiO2 % V2O5 %
Boulder
IV-1 57.0 0.22 0.3 23.2 0.42
36.6 0.19 low 26.8 0.52
IV-6 15.8 0.28 0.06 16.1 0.19
IV-8 32.2 0.25 0.03 21.8 0.27
18.3 0.24 low 25.8 0.3
Titac
TTC-14 571.5 0.19 14.3 0.075
including 145.1 0.4 14.9 0.073
TTC-15 199.3 0.21 10.2 0.048
TTC-19 461.9 0.37 20.6 *N/A
TTC-29 247.2 0.15 17.5 *N/A
*N/A indicates "Not Analyzed"
The above mineralization estimates are not current and should be considered “historical estimates” under
National Instrument 43 -101 –Standards of Disclosure for Mineral Projects (“NI 43 -101”). A Qualified
Person has not done sufficient work to classify th e historical estimate as a current mineral resource or
reserve, and the Company is not treating these historical estimates as current mineral resources or
reserves. The Company would need to conduct an exploration program (including drilling) in order to verify
these historical estimates as current in accordance with NI 43 -101. There can be no certainty, following
further evaluation and/or exploration work, that these historical estimates can be upgraded or verified as
mineral resources or mineral reserves in accordance with NI 43 -101. As such, these historical estimates
should not be relied upon.
Option Terms:
Encampment Minerals, Inc. (EMI) will grant the Company a sole and exclusive option to acquire up to an
80% interest in the SCZ Properties as follows:
a. 60% Interest Earn in. Green Bridge shall become vested with a 60% interest in the SCZ Properties
(the “60% Earn In”) by funding Expenditures on the SCZ Properties totaling $12,650,000 over a
maximum 4 year period commencing from the Closing Date. These expenditures can be
accelerated at the Company’s election such that the 60% earn-in can be gained prior to the four
year period.
Due Date Work Expenditures (US$)
Within 12 months $1,275,000
Within 24 months $2,900,000
Within 36 months $6,150,000
Within 48 months $12,650,000
b. 80% Interest Earn In. After completing the 60% earn-in Green Bridge will have a period of 60 days
provide notice of intent to earn in to 80%. Green Bridge shall then have a period of 2 years from
the date of the 60% Earn In to increase its interest in the SCZ Properties to 80% by:
(i) Funding an additional $10,000,000 of Expenditures on the SCZ Properties; and
(ii) Completing a NI 43-101 compliant resource estimate on the SCZ Properties; and
(iii) Making a cash payment of $4,000,000 to EMI.
Joint Venture Formation:
Upon completion of the 80% earn-in a Joint Venture between Green Bridge Metals and EMI a straight-line
dilution formula will apply whereby the deemed contributed initial expenditures at the date of the 80%
earn-in of $22,650,000 by Green Bridge Metals and $8,000,000 by EMI.
Dilution Cap and Buyout Right:
EMI’s interest in the SCZ Properties may not be diluted to less than 8% interest in the SCZ Properties (the
“EMI Dilution Cap”). In the event that EMI’s interest in the SCZ Properties reaches 8% interest, Green Bridge
shall have the right, at its sole discretion, at any time, to purchase the remainder of EMI’s interest in the
SCZ Properties (the “Carried Interest Buyout Right”) at a purchase price equal to 8% of the undiscounted
net present value of the SCZ Properties (the “NPV”). Calculation of the NPV shall be carried out by a third-
party independent appraiser selected by both Green Bridge and EMI, acting reasonably, and the costs of
such NPV determination shall be borne by Green Bridge and EMI equally. The purchase price may be made
in 50% cash and 50% cash and/or shares at Greenbridge’s election.
Figure 1. Regional location map showing geology (MGS State Map Series S-21 2011), infrastructure and analogous Cu-Ni-PGE
(+/- TiO2-V2O5) deposits. The Titac area includes the Titac North and South prospects as well as the Boulder East prospect, and
the Boulder area includes the Boulder North prospect.
Figure 2. Schematic exploration model for a mineralized composite oxide ultramafic intrusion (modified from Barnes et al.,
2015). This general model can be applied to further exploration of OUI’s in the Skibo, Titac and Boulder properties.
Figure 3. Detailed geologic map of South Contact Zone (SCZ) properties along with polygons representing known styles of
mineralization at each locality. Many known TiO2 occurrences coincide with disseminated Cu-Ni sulfide mineralization.