Bitterroot Resources Intersects Magmatic Nickel-Copper-PGM Mineralization in Michigan's Upper Peninsula

Rhea-AI Summary

Bitterroot Resources Ltd. (TSXV:BTT) has completed 1,411 meters of drilling across four core holes at its LM Property in Michigan, targeting conduit-hosted nickel-copper-PGM mineralization. Significant findings include a 5.3-meter mineralized interval with notable nickel/copper/PGM content. The exploration aims to assess the potential for massive mineralization, as historical successes in similar regions suggest. Following data analysis, further drilling is planned post-Fall hunting season, with Below Exploration funding $285,000 towards the project.

Positive

• 1,411 meters drilled, indicating substantial exploration activity.
• Discovery of a 5.3-meter mineralized interval, showcasing promising mineralization.
• Potential for increased mineralization thickness at depth, suggesting future value.

Negative

• No immediate financial metrics provided to indicate current or future profitability.

WEST VANCOUVER, BC / ACCESSWIRE / August 24, 2020 / Bitterroot Resources Ltd.'s (TSXV:BTT) Michigan subsidiary ("Bitterroot") and its joint venture partner Below Exploration, Inc., ("Below"), have completed 1,411 metres of drilling in four (4) core holes on the LM Property in Baraga County, Michigan. The LM Property is being explored for conduit-hosted nickel-copper-platinum-palladium mineralization similar to Lundin Mining Corporation's Eagle and Eagle East orebodies, which are located 30 kilometers to the east.

Bitterroot's drilling at the LM Property has intersected a magma conduit which hosts an upper olivine gabbro unit and a basal, copper/nickel/PGM-mineralized mafic/ultramafic unit. The deepest mineralized interval intersected to date is a 5.3-metre-long (approximately 4.8 metres true thickness) interval with disseminated blebs of chalcopyrite, pentlandite and pyrrhotite, between 253.8 - 259.1 metres down-hole in LM 20-01. Details of the assay results are included in the table below. Photographs of the disseminated magmatic mineralization are available at www.bitterrootresources.com. Management is encouraged by the relatively high nickel/copper/PGM content of this disseminated mineralization.

LM-20-01
From (m)	To (m)	Interval (m)	Logged Rock Type	Cu (%)	Ni (%)	S (%)	Au (ppm)	Pt (ppm)	Pd (ppm)
253.8	254.7	0.9	Melatroctolite	0.32	0.28	1.30	0.026	0.079	0.058
254.7	255.4	0.8	Melatroctolite	0.50	0.53	2.04	0.048	0.156	0.112
255.4	255.9	0.5	Feldspathic peridotite	0.76	0.73	3.40	0.088	0.253	0.164
255.9	256.9	1.0	Melatroctolite	0.82	0.74	3.77	0.045	0.156	0.116
256.9	258.0	1.1	Melatroctolite	0.95	0.73	4.36	0.061	0.135	0.085
258.0	258.5	0.5	Olivine gabbro	0.24	0.28	2.24	0.028	0.070	0.051
258.5	259.1	0.6	Olivine gabbro	0.54	0.63	4.47	0.097	0.324	0.265
253.8	259.1	5.3	Weighted Average	0.62	0.58	3.13	0.054	0.159	0.114
		4.8	Estimated true thickness

Based on the drilling completed to date, the mineralized mafic/ultramafic unit appears to be thickening at depth. Additional drilling is required to confirm the dip of the mineralized unit and test the potential for the LM Property to host massive or semi-massive mineralization.

The Mid-Continent Rift region hosts several conduit-style orebodies and high-grade resources. These discoveries all started with intersections of disseminated magmatic mineralization in the early drill programs. At Eagle and Eagle East, zones of disseminated chalcopyrite, pentlandite and pyrrhotite form a halo around semi-massive and massive sulphide orebodies. Other relevant examples of conduit-style magmatic nickel/copper/PGM deposits are Talon Metals'/Rio Tinto's Tamarack deposits in Minnesota, Vale's Voisey's Bay deposits in Newfoundland and Labrador and the giant deposits of the Noril'sk region in Siberia.

Drilling is expected to resume following compilation and analysis of the current drill data, and after the Fall hunting season. Below is funding US$285,000 of exploration expenditures prior to the first anniversary of the agreement to earn a 49% joint venture interest. Bitterroot is the project operator.

Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of this release.

Quality assurance/quality control

Bitterroot Resources Ltd. used ALS Canada Ltd. ("ALS") for geochemical analyses and assaying. ALS is a global leader in analytical services. The samples were analyzed at ALS's secure, ISO 17025-certified laboratory in North Vancouver, BC, Canada, by 33-element four acid leach and Fire Assay, both with ICP-AES finish.

Analytical quality assurance and quality control (QA/QC) confirming the accuracy of the analyses were performed by ALS using seven (7) standard samples and two (2) blanks.

Core samples were transferred on a daily basis from the drill site to Bitterroot's secure core storage and logging facility. After leaving the drill site, core samples were in the custody of Bitterroot's personnel or in secure storage. The two (2)-inch (5 cm)-diameter NQ-sized drill core was cut with a rock saw. Half of the core was shipped to ALS for sample preparation and analysis and half retained. The samples were tagged, bagged and boxed by Bitterroot personnel and shipped via Fedex to ALS in North Vancouver, B.C.

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.

FORWARD LOOKING STATEMENTS: Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential 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 the 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.

SOURCE: Bitterroot Resources Ltd.

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https://www.accesswire.com/602996/Bitterroot-Resources-Intersects-Magmatic-Nickel-Copper-PGM-Mineralization-in-Michigans-Upper-Peninsula

FAQ

What are the significant findings from Bitterroot Resources' recent drilling at the LM Property?

Bitterroot's drilling revealed a 5.3-meter mineralized interval with high nickel/copper/PGM content, indicating potential for further mineralization.

How much drilling was completed at the LM Property?

A total of 1,411 meters of drilling was completed in four core holes.

What is the funding amount for the LM Property exploration?

Below Exploration is funding $285,000 for exploration expenditures at the LM Property.

When is further drilling expected to resume at the LM Property?

Further drilling is expected to resume after the analysis of current drill data and post-Fall hunting season.

What is the target mineralization type at the LM Property?

The target is conduit-hosted nickel-copper-platinum-palladium mineralization.