|March 14, 2016|
Michigan Exploration Update
|Bitterroot Resources Ltd.'s management is pleased to provide an update on its mineral exploration activities in the Upper Peninsula of Michigan. |
In September 2015 Bitterroot Resources Ltd. ("Bitterroot") entered into an exploration agreement with Altius Minerals Corporation ("Altius"). Altius has the option to earn up to an 80% interest in Bitterroot's approximately 950 km2 of 100%-owned mineral rights in Michigan by incurring exploration expenditures of C$8.1 million over 10 years. In order to earn an initial 50.1% interest, Altius must spend C$600,000 on mineral exploration in the area of interest, prior to September 29, 2016. To date, Altius has spent approximately 85% of its C$600,000-Year 1 funding obligation and is well on its way to completing the earn-in of a 50.1% interest.
The primary exploration targets being pursued on Bitterroot's Voyageur Lands 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 1.1 billion year-old Mid-Continent Rift in the Upper Peninsula of Michigan have been widely recognized as having good potential for the discovery of additional deposits of this type.
In October 2015, Bitterroot and Altius retained Geotech Ltd. to complete a 4,560 line-kilometre VTEM Plus airborne magnetic and electromagnetic survey. In early 2016, analysis of the VTEM Plus data and subsequent Maxwell modelling has resulted in the selection of nine high-priority targets and six secondary targets for follow-up. Prospecting around the VTEM Plus targets has resulted in the discovery of a previously unmapped ultramafic intrusion, which enhances the exploration potential of several adjacent, high-priority VTEM Plus targets.
Bitterroot and Altius are currently seeking sources of funding for follow-up ground geophysics (Time Domain EM) and drilling to test the targets.
Dr. Jules Lajoie, P.Eng, is the Qualified Person responsible for the technical content of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
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