Bowmore Signs Option Agreement to Acquire Gilmour, Louvicourt, Fab and Flat Landing Brook Properties IN New Brunswick, Canada
BOWMORE SIGNS OPTION AGREEMENT TO ACQUIRE GILMOUR,
LOUVICOURT, FAB AND FLAT LANDING BROOK PROPERTIES IN
NEW BRUNSWICK, CANADA
(Montréal, Québec – April 20, 2017) Bowmore Exploration Ltd. (the “Company” or
“Bowmore”) (BOW: TSX -V) (FRANKFURT: OB5) is pleased to announce that it has signed
an Option Agreement (the “ Agreement ”) to acquire , from three private owner s (The
“Vendors”), 100% undivided interest in the Gilmour South, Louvico urt, Fab, and Flat Landing
Brook properties (The “Projects”). The se four Volcanogenic Massive Sulphide (“VMS”) zinc-
lead projects are located within the Bathurst Mining Camp in New Brunswick, Canada (See
acquisition map ).
The Projects are composed of a total of 55 claim units covering approximately 1,200
hectares and are located in Northumberland County, roughly 20 km south west of the City of
Bathurst, accessible from Highway 430. The Projects are located within and /or contiguous to
our recently acquired Brunswick Belt Project (see news release dated March 7, 2017) .
THE TRANSACTION
Pursuant to the Option Agreement between the private Vendors and Bowmore Exploration
Ltd., the Company may acquire 100% interest in the Projects and will have the exclusive
rights to explore and develop the Projects over the next five (5) years in consideration of:
(i) Total cash payments of $ 216,000 to the Vendors as follow s:
a. $21,000 payable upon receiving the TSX Venture Exchange approval ;
b. $30,000 payable on the first anniversary date of the Agreement;
c. $30,000 payable on the Second anniversary date of the Agreement ;
d. $45,000 payable on the Third anniversary date of the Agreement ;
e. $45,000 payable on the Fourth anniversary date of the Agreement and;
f. $45,000 payable on the Fifth anniversary date of the Agreement.
(ii) Total issuance of 500,000 common shares of the Company on or before the
following dates:
a. 75,000 common shares upon receiving the TSX Venture Exchange approval
of the Agreement;
b. 75,000 common shares on the First anniversary date of the Agreement;
c. 105,000 common shares on the Second anniversary date of the Agreement;
d. 105,000 common shares on the Third anniversary date of the Agreement ;
e. 105,000 common shares on the Fourth anniver sary date of the Agreement ,
and:
f. 105,000 common shares on the Fifth anniversary date of the Agreement.
(iii) Issue up to an additional 450,000 common shares of the company if the following
event occur s: 150,000 common shares within 5 days of the date on which th e
Company receives a positive preliminary economic assessment (The “PEA”) in
respect to these Projects, and 300,000 common shares within 5 days of the date
on which the Company receives a positive feasibility study in respect to the
properties.
(iv) Incur expenditures in the aggregate amount of at least $ 500,000 on or before the
following dates:
a. $50,000 o f exploration work within the first anniversary date of the
Agreement;
b. $100,000 of exploration work on or before the second anniversary date of the
Agreement;
c. $100,000 of exploration work on or before the third anniversary date of the
Agreement;
d. $100,000 of exploration work on or before the fourth anniversary date of the
Agreement; and
e. $150,000 of exploration work on or before the fifth anniversary date of t he
Agreement.
At the end of this period, Bowmore will have acquired 100% interest in the Projects. The
vendors will no Net Smelter Royalty (NSR) from the proceeds of any commercial production
and the Vendors will have no area of interest. The Transaction is subject to the TSX Venture
exchange approval.
PROJECT HIGHLIGHTS
The Projects host known mineral occurrences and are described below:
The Gilmour South VMS deposit, located to the south of the historical Brunswick No.6 Mine,
is hosted within what is known as the “Brunswick Horizon”. Bowmore previously acquired
the Brunswick Belt that hosts the favorable Brunswick Horizon along strike. Massive to
semi-massive mineralization occurs near the top of the Nepisiguit Falls Formation of felsic
volcanic rocks as at the former Brunswick No. 12 and No. 6 mines. These two mines
produced nearly 150 million tonnes grading 12% combined zinc and lead (Zn% + Pb%)
over a fifty year period, with Brunswick No. 12 closing in 2013 .
The best intersection in the Gilmour South deposit was in drill hole GS -99-22 that returned
7.98 metres of 9.61% zinc, 1.02% lead, 0.2% copper and 32 g/t silver. Historical d rilling was
performed on approximately 200 m centers.
The Flat Landing Brook VMS deposit is also hosted in th e Nepisiguit Falls Formation, but is
located to the west of the former Brunswick No. 6 mine and is interpreted to be a “Thrust
Fault Repetition” of the Brunswick Horizon. Historical resources are estimated to be 1.27
million tonnes of 5.62% zinc, 1.29% lea d, and 23 g/t silver.
The Louvicourt deposit , also known as the Nine Mile Brook deposit , contains two
conformable massive sulfide lenses associated with a barite-rich iron formation. Historical
resources are estimated to be 136,000 tonnes grading 90.86 g/t Ag, 0.96 g/t Au, 1.23% Pb,
1% Zn and 0.42% Cu.
The Fab Main deposit is located between the former Brunswick No. 12 and No. 6 mines and
consists of disseminated to massi ve sulfides in quartz stringers. It is interpreted to be “VMS
feeder zone ” type mineralization . The Fab Main deposit comprises historical unclassified
resources (non NI43 -101 compliant) that are estimated to be 16.3 million tonnes grading
0.3% Cu, 0.6% Zn and 10.29 g/t Ag .
Mr. Paul Dumas, President of Bowmore, stated “We are pl eased with the acquisition of these
new properties as they are a strategic compliment to the previously announced “Brunswick
Belt” acquisition . All four of the Projects contain known zinc-lead-copper VMS occurrences
that are part of the historical Bathurst Mining Camp . We continue our efforts in acquiring
additional ground in New Brunswick, which is one of Canada’s best mining jurisdictions. This
acquisition continue s to diversify our portfolio by giving Bowmore significant exposure to
base metal markets with 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.
Cautionary Notes Concerning Historical Mineral Resources
This news release uses the t erms historical resources . Readers are cautioned that the
Company has not completed the work required to independently analyze and verify the
results of previous operators nor has a qualified person completed sufficient work to classify
the estimates as NI43-101 compliant mineral resource s. The Company believes these
historical results provide an indication of the potential of the property and are reported
because they are deemed relevant to the description of the properties. Any resource is not
an economic mineral reserve and that the economic viability of resources that are not
mineral res erves has not been demonstrated . Readers are cautioned not to assume that
further work on the stated resources will lead to mineral reserves that can be mined
economicall y.
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.