Bathurst Metals Corp Preparing to Explore their Platinum-Palladium - Chromite Targets on the Muskox Reef Project in Nunavut.
April 13, 2023 PRESS RELEASE TSX-V: BMV/OTC: BMVVF
Bathurst Metals Corp Preparing to Explore their Platinum-Palladium -
Chromite Targets on the Muskox Reef Project in Nunavut.
Vancouver, British Columbia (April 13, 2023) – Bathurst Metal Corp. ( BMV) (“Bathurst” or
the “Company”) is pleased to provide the following update on its 100 % owned Muskox PGE
(Platinum Group Elements)-Chromite Reef claim (the “Muskox Reef Project”). BMV has an
exploration agreement, C062-21-001, with Nunavut Tunnigavik Incorporated to conduct mineral
exploration on Inuit owned lands announced October 06, 2022. Company geologists are now
preparing to commence field work on the 10,433 hectare Muskox Reef Project which lies north
of the McGregor/Speers Lake claims and 80 kilometers (“km”) south of the village of Kugluktuk.
The Muskox Reef Project is similar to other large layered Ultramafic intrusions that contain PGE
mining camps: the Bushveld Complex in South Africa, the Stillwater Complex in the U.S.A., the
Great Dyke in Zimbabwe, and the Noril’sk/Talnakh Complex in Russia. Historical results from
the Muskox Reef Project indicate the "upper reef" layers of the intrusion host anomalous PGE
concentrations.
The Muskox Layered Ultramafic Intrusion fills a large, rifted graben that opened north to south.
The graben was filled by cyclic intrusions of magma from deep within the earth's crust. Ultramafic
rocks predominate the lower sequences of this layered intrusion. The deep-set ultramafics are
overlain by mafic cumulates towards the top of the intrusion. Multiple layers contain interstitial to
net-textured sulfides, and layers near the top of the intrusion are chromite enriched and bear a
striking similarity to the platinum-bearing Merensky Reef and the Bushveld Complex. The
Muskox Reef Project contains the complete layered sequence section found on the Speers Lake
and McGregor Lake Projects and additionally contains the "upper reefs" known to host Chromite
and PGE.
The Muskox Reef Project was discovered by INCO in 1955. There have been a number of
exploration programs throughout the years with the most recent in 2018 by MIE Metals. Historical
assays from the surface exposure of the Muskox Reef have returned very encouraging
combined Pd+Pt results up to 6.2 g/t with additional notable assays of 5.3 g/t, 5.0 g/t, 3.8 g/t, 3.5
g/t, 2.4 g/t over a widely spaced area exceeding 1 km in length.
In areas where hot diabase dykes have cut through the reef, remobilization of PGEs adjacent to
the dykes appears to have increased the potential for economic accumulation. The cross-cutting
diabase dykes are easily identified on historical geophysical data held by the Company. In
addition, historical geophysical data also shows the downdip extension of the Muskox Reef and
reveals PGE-sulfide targets at depth.
The Company’s geological team will investigate the potential for PGE remobilization and
enrichment on the reef by geological mapping and sampling the outcropping exposure of the
PGE-Chromite reef. Mapping and sampling work will focus on areas adjacent to cross-cutting
diabase dykes where PGE enrichment is most likely.
Lorne Warner, P.Geo., President, stated, "Bathurst Metals Corp is delighted to begin fieldwork
on the Muskox Reef Project. The Muskox Reef contains multiple historic occurrences of near-
surface PGE mineralization along an extensive >10km surface trend, making this a very exciting
property with good blue-sky potential for further significant discoveries. This project is located in
one of the World's top mining jurisdictions, the targets are shallow depth, the geology is highly
prospective, and there is strong PGE metals market demand which means there is the potential
to fast-track exploration and development activity."
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.
On behalf of the Board of Directors
“Harold Forzley”
CEO
Bathurst Metals Corp.
For more information contact Harold Forzley, CEO
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,
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looking information.