Bathurst Metals Corp. Options McGregor Lake and Speers Lake Properties and Grants Incentive Share Options
March 28 2023 PRESS RELEASE TSX-V: BMV
OTC: BMVVF
Bathurst Metals Corp. Options McGregor Lake and Speers Lake Properties and
Grants Incentive Share Options
Vancouver, British Columbia (March 28, 2023) – Bathurst Metal Corp. (TSXV: BMV, OTC:
BMVVF) (“Bathurst” or the “ Company”) Vancouver, British Columbia – Bathurst Metals Corp.
today announced it has entered into an Option Agreement with an arm’s-length purchaser SPC
Nickel Corp. (“ SPC”) granting an option to SPC to acquire a 100% undivided interest in the
Company’s McGregor Lake and Speers Lake mineral properties (collectively the " Property")
located in the Nunavut, Canada.
Terms of the Option Agreement provide for the payment by SPC of an aggregate of $1,350,000
over three years, including a firm commitment of $300,000 upon signing the Option
Agreement. SPC will also issue to the Company an aggregate of 7,500,000 common shares of
SPC over three years, including a firm commitment of 2,500,000 common shares issued upon
signing the Option Agreement. SPC will have the option to accelerate all or any cash and/or
share payments to the Company as well as the option to pay cash in lieu of shares. The
Company will retain a one (1.0%) percent net smelter return royalty on commercial production
from the Property should SPC complete all of the required cash and share issuances under the
Option Agreement. Additionally, SPC may purchase one-half of one percent (0.5%) at any time
before commencement of commercial production for $5,000,000.
The Option Agreement is subject to regulatory approval and all terms are subject to and in
accordance with the rules and regulations of the TSX Venture Exchange.
Lorne Warner (P. Geo), President of Bathurst commented “The optioning of our McGregor Lake
Project further confirms our belief in the Muskox Intrusion’s potential to host world class size
Copper-Nickel-Cobalt- Palladium-Platinum-Gold deposits. Bathurst will continue to maintains a
100% interest in our adjoining claims (“Platinum Reef “) of similar size (10,433 ha) to the north
that contain the same geological setting and potential. The Claims also host an upper layer
of Palladium/ Platinum/Chromitite in an ultramafic layer. The Reef is exposed at surface with
historical rock sampling indicating significantly higher Pd/Pt concentrations (up to 6.23
grams/tonne Pd/Pt) near structures hosting younger ultramafic dykes.”
Harold Forzley CEO of the Company states “This transaction will give the company funding
without incurring dilution of shareholder value. We will now focus on developing our high-
grade gold deposits at Turner Lake in Nunavut as well as the Peerless Property in British
Columbia. We have our drill permit for Turner Lake and are currently setting up logistics for a
productive field season. The Peerless Property which is located less than 20 kilometres from the
historic Bralorne /Pioneer Gold Mines hosts historic drill intercepts of 1.02 ounces/tonne gold
and 3.82 ounces/tonne silver over a 3.47-metre core length. We have been working with first
Nations and plan to drill test the Peerless later this year.”
About Bathurst Metals Corp.
Bathurst Metals Corp. is an exploration-stage company engaged in the acquisition, exploration,
and development of mineral properties in Nunavut and British Columbia, Canada. The Company
holds a 100% interest in the Turner Lake, TED, McGregor Lake, Speers Lake, Gela Lake and
McAvoy Lake Projects. The company has recently optioned the Peerless Property a gold /silver
prospect in the historic Bralorne Camp in British Columbia.
About SPC Nickel Corp.
SPC Nickel Corp. is a Canadian public corporation focused on exploring for Ni-Cu-PGMs within
the world class Sudbury Mining Camp. SPC Nickel is currently exploring its key 100% owned
exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp that
includes the Graham West Resource and the Crean Hill 3 property under option from Vale. In
addition, the company has acquired over 45,000 hectares in the highly prospective Muskox
Intrusion located in Nunavut.
Grant of Options
The Company has also granted a total of 1,000,000 incentive stock options to officers, directors
and consultants. The options are for a ten-year term at an exercise price of $0.16 per option
share.
ON BEHALF OF THE BOARD OF DIRECTORS
“Harold Forzley”
CEO
Bathurst Metals Corp.
For more information contact Harold Forzley, President
BATHURST METALS CORP.
665 DOUGALL ROAD, GIBSONS, BC, V0N 1V8
WWW.BATHURSTMETALS.COM
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.