 Investor Info
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 |   Mon Jul 9, 2001
Exploration Agreement Signed With Kennecott Exploration Company
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| | Bitterroot Resources Ltd. has entered into an option/joint venture agreement with Kennecott Exploration Company covering nickel/copper/platinum/palladium targets in the Upper Peninsula of Michigan. The area of interest covers approximately 32 square miles (82 square km) underlain by Lower Proterozoic sediments and Middle Proterozoic (Keweenawan) intrusions, lava flows and sediments. The primary exploration target within the area of interest is a linear magnetic high with a strike length of approximately eight miles (13 km). The magnetic high is interpreted to be a Keweenawan-aged dyke which was a conduit or feeder zone for magmas which formed extensive mafic lava flows and layered intrusions within the Mid-Continent Rift system. The target area has potential to host large, high-grade Ni/Cu/PGE deposits.
Subject to CDNX approval and receipt by Bitterroot of an initial payment of US$20,000, Kennecott will have six months to complete technical, legal and environmental due diligence on the project. Kennecott has indicated that it intends to conduct diamond drilling during this period to gather geological and geochemical data. Kennecott may acquire a 65% interest in the project by incurring minimum qualifying expenditures of US$4,640,000 and making cash payments totaling US$360,000 over 5.5 years.
Bitterroot Resources Ltd. is a Vancouver-based mineral exploration company which, through its wholly-owned Michigan subsidiary, Trans Superior Resources, Inc. owns mineral rights covering approximately 460 square miles (1180 sq. km) and holds mineral leases covering approximately 5,000 acres (20 sq. km) in the Upper Peninsula of Michigan. Bitterroot also owns 278 mining claims located south of Lake Nipigon in the Thunder Bay district of Ontario. Bitterroot's exploration and land acquisition efforts during the past six years have focused on road-accessible Proterozoic-aged targets which are prospective for Noril'sk-type Ni/Cu/Pt/Pd, Reef-type Pt/Pd, Redbed Cu, Sedex Zn and Gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
Director
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
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| You can view the Next News Releases item: Wed Oct 10, 2001, Kennecott Withdraws From Option
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