In the Upper Peninsula of Michigan, Bitterroot's wholly-owned subsidiary Trans Superior Resources, Inc. ("Trans Superior") owns a 49.9% interest in mineral titles covering approximately 360 square miles. In September 2015, the Company and its wholly-owned subsidiaries entered into an agreement with Altius Minerals Corporation (ALS, TSX) and its subsidiaries ("Altius") whereby the parties closed a strategic transaction (the "Transaction") under which Altius has the option to finance future mineral exploration on the Company's Voyageur Lands and Copper Range Lands in the Upper Peninsula of Michigan (the "Properties"). Altius also subscribed, on a private placement basis, for 4,051,514 post-consolidation common shares of the Company, priced at $0.0987 per share for gross proceeds of $400,000. Altius acquired its initial 50.1% interest in the Properties by funding $600,000 of exploration expenditures. Altius has the right to acquire an additional 19.9% of the Properties by completing $2.5 million in exploration spending by September 29, 2021, plus the right to acquire an additional 10% of the Properties by completing exploration spending of a further $5 million, or completing an NI 43-101 compliant pre-feasibility study on a mineral resource on the Properties, both before September 29, 2025. As of November 1, 2016, Altius is the Operator of the exploration programs. The Company also granted to Altius a 2% net smelter returns (NSR) royalty on the Voyageur Lands (covering approximately 250 square miles of mineral rights) and assigned to Altius its right to repurchase a 1% NSR held by a third party on the Copper Range Lands. Bitterroot and and Altius have also jointly acquired State of Michigan metallic minerals leases covering an additional 3,050 contiguous acres.
Bitterroot also leases a 100%-interest the 40 acre, privately-owned LM property in the Upper Peninsula. The LM Property hosts an untested gabbroic intrusion in the Roland Lake area of the Baraga Basin.
The primary exploration targets being pursued on Bitterroot/Altius' Voyageur Lands and Bitterroot's LM Property are conduit-hosted, high-grade magmatic nickel-copper-PGM deposits similar to Lundin Mining's Eagle and Eagle East deposits, which are located 65 km NE of the Voyageur Lands. The Eagle and Eagle East deposits are part of a type of deposits which also includes the much larger Voisey's Bay deposits in Labrador. Mafic intrusions associated with the earliest magmatism in the 1.1 billion year-old Mid-Continent Rift in the Upper Peninsula of Michigan have good potential for the discovery of additional deposits of this type.