Bowmore Signs Letter of Intent to Acquire Moose Brook Property IN New Brunswick, Canada
BOWMORE SIGNS LETTER OF INTENT TO ACQUIRE MOOSE
BROOK PROPERTY IN NEW BRUNSWICK, CANADA
(Montréal, Québec – April 12, 2017) Bowmore Exploration Ltd. (the “Company” or
“Bowmore”) (BOW: TSX-V) (FRANKFURT: OB5) is pleased to announce that it has signed a
Letter Of Intent (the “LOI”) to acquire , from two private owner s (The “Vendor s”), 100%
undivided interest in the Moose Brook Project (The “Project”), a zinc project located within
the Tobique Chaleur area of New Brunswick, Canada .
The Project is comp osed of a total of 46 claim Units covering approximately 1,005 hectares
and is located in Northumberland County, roughly 80 km west of City of Bathurst , accessible
from Highway 180 and then approximately 16 kilometers on secondary logging roads.
THE TRANSACTION
Pursuant to the Letter of Intent between the private Vendors and Bowmore Exploration Ltd.,
the Company may acquire 100% interest in the Project and will have the exclusive rights to
explore and develop the Project over the next four (4) years in consideration of:
(i) Total cash payments of $50,000 to the Vendors as follow:
a. $5,000 payable upon the signature of the Letter of Intent ;
b. $5,000 payable upon the signature of the formal Option Agreement (The
“Agreement”);
c. $10,000 payable on the First anniversary date of the Agreement ;
d. $10,000 payable on the Second anniversary date of the Agreement ;
e. $10,000 payable on the Third anniversary date of the Agreement and;
f. $10,000 payable on the Fourth anniversary date of the Agreement.
(ii) Total issuance of 500,000 co mmon shares of the Company on or before the following
dates:
a. 100,000 common shares upon signature of formal Option agreement;
b. 50,000 common shares on the First anniversary date of the Agreement;
c. 50,000 common shares on the Second anniversary date of the A greement;
d. 100,000 common shares on the Third anniversary date of the Agreement,
and:
e. 200,000 common shares on the Fourth anniversary date of the Agreement
At the end of this period, Bowmore will have acquired 100% interest in the P roperty. The
vendors wi ll retain a 1% Net Smelter Royalty (NSR) from the proceeds of any commercial
production. Bowmore will have the right to purchase up to 1/2 % of the remaining NSR for
the sum of $ 500,000 at any time by providing the Vendors written notice to that effect. The
Vendors will have no area of interest. The Transaction is subject to the TSX Venture
exchange approval.
PROJECT HIGHLIGHTS
The Moose Brook project area is located west of the Bathurst Mining Camp and it is hosted
within the Tobique Zone of the Matapedia Cover Sequence. The project has had
geochemical, geological, and geophysical fieldwork including an Induced Polarization survey
performed to follow up on dozens of large boulders found over a strike length of 1600m that
are anomalous in up to 4.2% zinc, 0.69% lead, and 0.83% copper. These are the highest
values per commodity that were derived from fourteen individual boulders . This project
deserves further follow up work to explain their source.
The Moose Brook Project geological setting is similar to the Sewell B rook zinc, lead, copper
deposit ( NB Mineral Occurrence File URN 986) located 55 km to the southwest . Sewell
Brook has two noteworthy intersections . Drill hole 90-08-10 contained 29.02 % zinc, 11.95%
lead and 0.5% copper over a core length of 5.7 m etres and a second intersection of 17.44%
Cu over a 1.5 metre drill core length. It is also noteworthy to mention the presence of Barite .
Sewell Brook is interpreted to be an Early Devonian sub -seafloor replacement type
volcanogenic massive sulphide depos it that has many characteristics typical of Kuroko- type
deposits.
Mr. Paul Dumas, President of Bowmore, stated “We are pleased with the acquisition of the
Moose Brook Project. We continue our efforts in acquiring additional ground in New
Brunswick, which is one of Canada’s best mining jurisdictions . This acquisition allow s us to
continue to diversify our portfolio by giving Bowmore exposure to base metal market s and
keeping a focus on zinc .“
Jeff Hussey P. Geo., is the Qualified Person who has reviewed this news release and is
responsible for the technical information reported herein.
About BOWMORE
BOWMORE is a Canadian exploration mining company focused on precious and base metal
exploration within Canada. The Company trades on the TSX Venture Exchange under the symbol
“BOW”.
For further information on BOWMORE, visit www.bowmorexploration.com or contact:
Paul Dumas
President & CEO
BOWMORE Exploration Ltd.
(514) 861 -4441
Email [email protected]
www.bowmorexploration.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: Except for statements of historical facts, all statements in this news release
regarding, without limitation, new project acquisitions, future plans and objectives are forward- looking
statements which involve risks and uncertainties. There can be no assurance that such statements will prove to
be accurate; Actual results and future events could differ materially from those anticipated in such statements.