Bathurst amends option terms for Nunavut properties

Executive Summary

• Bathurst Metals Corp. amended its option agreement to acquire 100 % of the Gladstone Gold and Northern Gold properties for $8,000 cash plus issuance of 4 M common shares and 4 M share purchase warrants (each warrant exercisable at $0.08 for three years).
• The vendors will retain a 2.0 % net smelter return royalty on any minerals produced from the acquired properties.
• The two properties together cover ~2,583 ha and host multiple historic gold showings with grades ranging up to 143.76 g/t Au (Gladstone) and 6.58 g/t Au (Northern).

Key Details

• Consideration: $8,000 cash; issuance of 4,000,000 common shares and 4,000,000 transferable share purchase warrants.
• Warrant Terms: Each warrant allows the holder to purchase one additional common share at $0.08 per share for a period of three years from TSX Venture Exchange acceptance of the transaction.
• Royalty: Vendors retain a 2.0 % net smelter return royalty on any minerals extracted from the Gladstone and Northern properties.
• Gladstone Gold Property:
• Area: 1,197.371 ha.
• Historic gold assays: 2.12 – 143.76 g/t Au.
• Associated arsenic: 0.64 % – 2.20 %; lead up to 1.04 %; zinc up to 0.31 %.
• West Gold Claim (recently staked adjacent to Gladstone):
• Two historic gold showings up to 5.0 g/t Au.
• Arsenic up to 2.68 %; zinc up to 0.31 %.
• Northern Gold Property:
• Area: 1,386.079 ha (south of Gladstone).
• Historic gold assay: up to 6.58 g/t Au.
• Arsenic up to 0.62 %; lead up to 1.0 %.
• Qualified Person: Lorne Warner, P.Geo., President & Director of Bathurst Metals, reviewed and approved the technical information per NI 43‑101.
• Assay Disclaimer: Historical assay results are from prior operators; Bathurst Metals has not independently verified them and will need verification through future exploration.

Notable Quotes

(No direct quotes were provided in the release.)