Bathurst Metals Announces Peerless Claims Option
February 2, 2023 PRESS RELEASE TSX-V: BMV OTC: BMVVD
BATHURST METALS ANNOUNCES PEERLESS CLAIMS OPTION
Vancouver, B.C. February 2, 2023 – Bathurst Metals Corp. (“Bathurst” or the “Company”) is pleased to
announce it has entered into a definitive Option Agreement with arm’s length vendor BCT Holdings Corp.
(“BCT”) to acquire an undivided 100% interest in 12 mineral claims known as the “Peerless Property”.
The Company previously entered into a letter of intent with BCT, the terms of which were announced on
November 17, 2022.
The Peerless Property, covering approximately 5,500 hectares, is located in the Bridge River Mining
Camp of British Columbia.
Under the terms of the Option Agreement, the Company will pay BCT an aggregate of $500,000.00 over
four (4) years and issue a total of 7,500,000 common shares to BCT over a period of three and one-half
(3.5) years as consideration for the claims. The Company also issued 500,000 common shares to an
arm’s length finder in connection with the transaction. All common shares issued will be subject to a four
(4) month hold period.
The Company has also committed to incur not less than $2,700,000 in exploration expenditures on the
Peerless Property over a four (4) year period.
The Peerless Project is located in the Gold Bridge Mining Camp with similar geological and structural
settings to the Bralorne-Pioneer Mines that produced over 4 million ounces of gold and is immediately
north of Endurance Gold’s, Reliance Gold Project.
Historically, the Peerless Property contains three (3) known areas of base and precious metal
mineralization known as the Alpha, Beta and Peerless, with the Peerless containing underground
workings.
Drill testing on the Beta Zone in November 1987 by Manhattan Minerals produced grades of 1.70
oz/ton gold and 5.86 oz/ton silver in Hole 87-8 from 65-70 feet. As well, as 1.13 oz/ton gold and
0.36 oz/ton silver in hole 87-9, in drill lengths from 170-175 feet. Per BC Assessment report file
#17062
No additional drill testing of this zone has been undertaken since 1987.
Recent exploration programs discovered a multi-element, including gold in soil anomaly over 3,000 and
up to 500 metres wide that remains open in both directions that incorporate all three (3) known zones.
Higher grade gold/silver + base metal mineralization appears to be situated along a structurally
controlled, metasediment-volcanoclastic/ ultramafic contact.
The Company plans to continue to define the extent of the anomalous gold + base metal in soil
anomalies with the intention of working with the First Nations and government authorities to obtain
permits to begin drill testing the Beta Zone later this year.
Bathurst CEO Hardy Forzley said: “The Peerless Property provides an exceptional opportunity for the
Company. It is located in one of the most prospective areas for gold mineralization in British Columbia
and with easy access we will be able to work year round to advance its development”.
The TSX Venture Exchange accepted the transaction.
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. Mr. Warner is not independent
of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Harold Forzley”
CEO
Bathurst Metals Corp.
For more information contact Harold Forzley
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.
.