Bathurst Metals to acquire Iron Gold, North Core claims

Executive Summary

• Bathurst Metals Corp. has entered into an agreement to acquire a 100% interest in the Iron Gold and North Core properties, located south of its Turner Lake/TED gold project in Nunavut, Canada.
• The acquisition consolidates Bathurst's district-scale land footprint in the Turner Lake belt, targeting Archean Age iron formations known to host gold deposits similar to the nearby Pistol Lake deposit and historic Lupin mine.
• The transaction consideration includes a nominal cash payment, the issuance of 4 million common shares, 4 million transferable warrants, and a 2% Net Smelter Return (NSR) royalty.

Key Details

• Transaction Structure: Acquisition of 100% interest in Iron Gold and North Core properties.
• Consideration:
  • Cash payment of $4,590.00.
  • Issuance of 4,000,000 common shares.
  • Issuance of 4,000,000 transferable share purchase warrants.
  • Grant of a 2% Net Smelter Return (NSR) to vendors.
• Warrant Terms: Each warrant entitles the holder to acquire one additional common share for $0.08 for a period of three years from TSX Venture Exchange acceptance.
• Property Details:
  • North Core Property (Claim No. 105426): Covers 729.721 hectares. Contains a known gold showing with reported values ranging from 4.6 g/t Au. Mineralization is indicated in iron formations geologically similar to the TED project, Pistol Lake, and the Lupin mine.
  • Iron Gold Property (Claim No. 105425): Covers 886.822 hectares, located approx. 2 km north of North Core. Contains four known gold occurrences within Archean Age iron formations. Reported gold values range from 1.07 to 13.44 g/t Au.
  • New Stake (Claim No. 105427/FEAU01): Bathurst staked an additional 808.31-hectare claim with a common boundary to both Iron Gold and North Core, covering an area of known gold mineralization associated with iron formations.
• Strategic Rationale: The acquisition limits future land competition, ensures control over potential mineralization, and leverages existing geological knowledge and logistical planning from the TED and Turner Lake projects.
• Geological Context: The area is considered strategic due to its similarity to TED's iron formation style mineralization, the presence of numerous known gold occurrences with limited systematic exploration, and the stability of the Nunavut jurisdiction.
• Qualified Person: Lorne M. Warner, PGeo, President and Director of Bathurst Metals, has reviewed and approved the scientific and technical information. Historical assay results are from prior operators and have not been independently verified by Bathurst.

Notable Quotes

• "These claims cover Archean Age, iron formations known to host gold deposits such as the historic Lupin mine and the nearby Pistol Lake deposit. The fact that there is known gold mineralization and yet no systematic exploration or drill testing makes this area an excellent addition to Bathurst's strategy of controlling land holdings in this area." — Lorne M. Warner, PGeo, President and Director