BITTERROOT RESOURCES OPTIONS ADDITIONAL 80 ACRES AT THE LM NICKEL-COPPER-PGM PROJECT IN MICHIGAN Bitterroot Resources Ltd.’s (symbol BTT, TSX-V) Michigan subsidiary (“Bitterroot”) has entered into a minerals lease and purchase option with a privately-held corporation
BITTERROOT RESOURCES LTD.
Suite 206-B, 1571 Bellevue Avenue,
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tel 604 922 1351
www.bitterrootresources.com
NEWS RELEASE
February 23, 2021
BITTERROOT RESOURCES OPTIONS ADDITIONAL 80 ACRES
AT THE LM NICKEL-COPPER-PGM PROJECT IN MICHIGAN
Bitterroot Resources Ltd.’s (symbol BTT, TSX-V) Michigan subsidiary (“Bitterroot”) has
entered into a minerals lease and purchase option with a privately-held corporation
(“MPC”) covering 80 acres of mineral rights at the LM Project in the Upper Peninsula of
Michigan. The MPC mineral rights host magnetic targets adjacent to the area of the LM
Project currently being drilled for magmatic nickel-copper sulphides.
Following receipt of acceptance by the TSX Venture Exchange, Bitterroot will pay
US$15,000 and issue 100,000 common shares to MPC. On the first anniversary, Bitterroot
will pay US$15,000 and issue an additional 100,000 shares. On the second anniversary,
Bitterroot will issue a fina l tranche of 100,000 shares and pay US$16,000. Subsequent
rental payments will escalate by US$20/acre/year. Bitterroot will also retain the exclusive
right and option to purchase the mineral rights for US$1,000/acre for the first five years of
the agreement, US$2,500/acre in years 6 through 10, then escalating US$2,500/acre for
each subsequent five years for the first 20 years, and remaining unchanged at
US$10,000/acre thereafter. MPC will also retain a 2% NSR royalty on underground mining
and a 3% NSR on open pit mining. Bitterroot can reduce both royalties to 1% NSRs through
payment of US$1,000,000 per 1%.
Exploration of the LM Pro ject is being funded by Bitterroot Resources Ltd. (51%) and
privately-owned joint venture partner Below Exploration Inc. (49%). Bitterroot and Below
plan to drill -test the MPC lands in mid-2021, following completion of surface use
agreements and spring breakup.
Bitterroot and Below are currently drilling the fourth hole of the 2021 winter drill program
at the LM Property, which is planned to comprise up to 2,400 meters of core drilling in 6
to 8 holes, before March 15, 2021.
Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of
this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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forward-looking statements under Canadian securities legislation. Generally, forward -looking information
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economic, market and business conditions, regulatory processes and actions, technical issues, new
legislation, competitive conditions, the uncertainties resulting from po tential delays or changes in plans, the
occurrence of unexpected events and the company’s ability to execute and implement its future plans. Actual
events may differ materially from those projected in t he forward -looking statements. When relying on
forward-looking statements to make decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and should not place undue reliance on such forward-looking statements. The
Company does not undertake to update any forward -looking statements, except as may be required by
applicable securities laws. For such forward -looking statements, we claim the safe harbour for forward -
looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.