|February 11, 2013|
Update - Michigan Geophysical Surveys Defining Drill Targets
|Bitterroot Resources Ltd. (BTT, TSX-V) is advancing the geophysical surveys necessary to define drill targets on its nickel/copper/PGM exploration program in the Upper Peninsula of Michigan.|
The Company's geophysical contractors have been conducting ground-based Time Domain electromagnetic surveys (TDEM) and gravity surveys on targets in Michigan since October 2012. To date, the crews have surveyed over 85 line-kilometres with TDEM and collected over 1,300 gravity measurements on seven separate targets. These targets were selected following evaluation of Bitterroot's detailed airborne magnetic surveys in geologically favourable areas. The TDEM and gravity surveys are being used to delineate and rank magmatic nickel-copper-PGM drill targets on Bitterroot's 100 percent-owned mineral rights in the Upper Peninsula of Michigan. This work is expected to continue until late March 2013.
The main target deposit-type is high-grade, conduit-hosted nickel/copper/PGM mineralization which typically exhibits a geophysical signature consisting of coincident magnetic and conductive (TDEM) responses, with a high-density (gravity) profile. Over half of Bitterroot's 360 square miles of wholly-owned mineral rights in Michigan are mapped as variably sulphide-bearing Lower Proterozoic (1,850 Ma) metasediments which have been intruded by Keweenawan-aged (1,110 Ma) layered mafic intrusions, dykes, sills and stocks. These intrusions were conduits for tens of thousands of cubic kilometres of magma erupted in the Mid-Continent Rift flood basalt province. The region has important geological similarities to those which host the giant Noril'sk Ni/Cu/PGM deposits in Russia and the Voisey's Bay Ni/Cu/Co deposit in Labrador. These similarities are evident at Rio Tinto's Eagle Mine (3.2 million tonnes @ 3.89% Ni and 3.04% Cu), located 60 km northeast of Bitterroot's Michigan land holdings. The Eagle Mine is currently under development and is expected to achieve commercial production in 2014, producing approximately 300 million pounds of nickel, 250 million pounds of copper and byproduct PGMs over its productive life.
High-value targets like Eagle can have a relatively small footprint and therefore detailed geophysical surveys are required to define more precise drill targets.
Bitterroot management's primary objective is the advancement of the Company's Michigan Ni/Cu/PGM targets. Management is currently assessing various corporate options, with the goal of financing a significant drilling program in Michigan in 2013.
Mr. Charles Greig P.Geo is the Qualified Person responsible for the content of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
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: 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 results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
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