Bathurst Minerals Announces High Grade Gold Assay Results from Summer Sampling Program on the TED Gold Showing Turner Lake Project Area, Nunavut.
November 23, 2021 PRESS RELEASE TSX-V: BMV
Bathurst Minerals Announces High Grade Gold Assay Results from Summer
Sampling Program on the TED Gold Showing Turner Lake Project Area, Nunavut.
Vancouver, British Columbia (November 23, 2021) – Bathurst Metal Corp. (TSXV: BMV)
(“Bathurst” or the “Company”) is pleased to announce assay results from 18 rock, grab samples
collected from an Archean Age, Iron Formation from the TED Gold Zone of the Turner Lake
Project, Nunavut, Canada, Figure # 1.
The TED Showing geological mapping and sampling program this summer confirmed historic
sampling results and observations this summer of visible gold present within an Archean Age Iron
Formation. Six of the eighteen samples assayed returned values greater than 20 g/tonne gold. A
final assay result is still pending on sample number D365404 which contained an over limit assay
value of greater than 100 g/tonne gold. The area hosting these higher grade gold values has not
been drill tested. All gold and silver assay results are listed in Table # 1. The TED Geochemistry
Map, Figure 2 outlines the sample locations and gold assay results. Anomalous arsenic and
bismuth concentrations occur with the high grade gold mineralization.
Table # 1
UTM UTM Sample Type of Gold Silver
East North Number Sample g/tonne g/tonne
583270 7447789 D365401 grab 23.7 2.91
583272 7447793 D365402 grab 64.5 11.50
583263 7447781 D365403 grab 22.8 3.78
583270 7447787 D365404 grab >100 20.8
583263 7447782 D365405 grab 13.75 2.22
583246 7447781 D365406 grab 22.8 10.05
583247 7447776 D365407 grab 34.3 5.14
583152 7447745 D365408 grab 0.75 0.25
583141 7447735 D365409 grab 0.42 0.18
583351 7447710 D365410 grab 0.05 0.10
583200 7447773 D365411 float grab 22.1 4.25
583190 7447775 D365412 float grab 7.62 4.16
583207 7447516 D365413 grab 0.11 0.21
582607 7446844 D365414 grab 0.02 0.26
582627 7446902 D365415 grab 3.25 1.67
582627 7446902 D365416 grab 3.51 2.49
582627 7446902 D365417 grab 1.54 0.77
582496 7446810 D365418 grab 0.02 0.05
Figure # 1
Figure # 2
Harold Forzley, Chief Executive Officer and Director of Bathurst Metals commented “This
summer’s work, although difficult to undertake due to stringent Covid-19 measures was highly
successful in defining another, high grade gold zone so close to our drill ready, flag ship Turner
Lake Main Zone. Company geologists are currently outlining plans for drill testing these zones next
summer”. Bathurst Metals has a strong 34,690 Ha portfolio of 100% owned properties in Nunavut
employing experienced geotechnical staff familiar with Northwestern Nunavut.”
Turner Lake Property
The Turner Lake Project area covers 7,071.97 Ha which also contains the Main and East Gold
Zones and the Nickel Knob, massive sulphide mineral deposits. The gold zones are hosted along
a classic Archean Age, Iron/Magnesium Tholeiitic contact with gold mineralization occurring mainly
within a crackle fractured greywacke. Visible gold is common. Discovered in the 1960’s the Main
Gold Zone has only had 22 diamond drill holes test across the contact from Chevron Minerals in
1986-1989 and Northrock Resources Inc. in 2008/2009. Historical diamond drilling results include
from Chevron Minerals:
28.00 g/tonne Au /4.75 metres
12.86 g/tonne Au/ 8.87 metres
15.20 g/tonne Au/4.00 metres
10.00 g/tonne Au /4.00 metres
Northrock Resources diamond drilling results included:
13.20 g/tonne Au/13.00 metres
22.54 g/tonne Au/12.00 metres
16.20 g/tonne Au /8.50 metres
* All lengths presented are core lengths.
The East Gold Zone is approximately 2 kilometres east of the Main Gold Zone along the same
strike. Grab rock samples have returned up to 31.0 grams/tonne gold and the zone has not
been drill tested.
The Nickel Knob Massive Sulphide Deposit is approximately 1.9 kilometres south of the Main Gold
Zone and has had only limited drill testing consisting of five diamond drill holes. All holes
encountered massive sulphides with the best intercept recorded being 1.81% copper, 1.64%
Nickel over 14.0 metre core length.
Quality Assurance/Quality Control – rock samples
All rock samples were collected by professional geoscientists. Samples were placed in plastic
sample bags with samples tags placed in each bag before being sealed. Samples were
transported to the field camp site and later to the ALS sample preparation facility in Yellowknife
under the supervision of a professional geoscientist. The Yellowknife sample preparation
laboratory crushed, and pulverized samples then used a riffle splitter to obtain up to 85 percent of
a 250 gram sample passing through 75um screen. The pulverized samples were then securely
transported to their laboratory in Vancouver and analyzed using procedure ME MS41(ultra trace
Aqua Regia ICP-MS) followed by an Au-OG44, ore grade gold 50gram sample analysis.
Company Proceeding With Second Tranche
Further, the Company is pleased to announce it proceeding with the closing of the second tranche
of its previously announced private placement. The Company will issue 1,500,000 Units at a price
of $0.10 per Unit for gross proceeds of $150,000.
Each unit consists of one (1) common share and one (1) common share purchase warrant of the
Company. Each whole share purchase warrant entitles the holder, on exercise, to purchase an
additional common share of the Company at a price of $0.15 per share for a period of one year
from closing. Finders’ fees of 7% cash were paid on this tranche. The securities issued are subject
to a four-month hold period.
Proceeds of the private placement will be used for working capital.
Lorne Warner, P.Geo, President of the company is a qualified person as defined by National
Instrument 43-101 and has reviewed and approved the scientific and technical content of 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, 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.
BATHURST METALS CORP.
665 DOUGALL ROAD, GIBSONS BC
WWW.BATHURSTMETALS.COM