Bathurst options Gladstone, Northern from vendors

Executive Summary

• Bathurst Metals Corp. has entered into an option agreement to acquire a 100% interest in the Gladstone Gold and Northern Gold properties, located adjacent to its existing Turner Lake/Ted Gold Project in Nunavut.
• The transaction requires an initial cash payment of $8,000, $150,000 in exploration expenditures within 24 months, and the issuance of 4 million common shares and 4 million transferable share purchase warrants.
• The acquisition consolidates Bathurst's district-scale footprint in the Bathurst Inlet area, covering known gold showings and strategic ground to limit future land competition.

Key Details

• Transaction Structure: Option agreement to acquire 100% interest in Gladstone Gold and Northern Gold properties.
• Consideration & Earn-in Requirements:
  • Initial cash payment: $8,000.
  • Exploration expenditure: Not less than $150,000 within 24 months.
  • Equity issuance: Aggregate of 4 million common shares and 4 million transferable share purchase warrants.
• Share Issuance Schedule:
  • 1 million common shares and 1 million warrants issued upon TSX Venture Exchange (TSX-V) acceptance.
  • Additional 1 million common shares and 1 million warrants issued six months after TSX-V acceptance.
  • Final 1 million common shares and 1 million warrants issued twelve months after TSX-V acceptance.
• Warrant Terms:
  • Each warrant entitles the holder to acquire one additional common share.
  • Exercise price: $0.08 per share.
  • Duration: Three years from the date of TSX-V acceptance.
• Gladstone Gold Property Details:
  • Size: 1,197.371 hectares.
  • Known occurrences: Three gold showings.
  • Historical assay values: Gold ranging from 2.12 to 143.76 g/t Au.
  • Associated geochemistry: Arsenic (0.64% to 2.2%), Lead (up to 1.04%), Zinc (up to 0.31%).
• West Gold Claim (Recently Staked):
  • Location: Immediately west of the Gladstone Gold property.
  • Known occurrences: Two gold showings.
  • Historical assay values: Up to 5.0 g/t Au.
  • Associated geochemistry: Arsenic up to 2.68%, Zinc up to 0.31%.
• Northern Gold Property Details:
  • Size: 1,386.079 hectares.
  • Location: Immediately south of the Gladstone Gold property.
  • Known occurrences: One gold showing.
  • Historical assay values: Up to 6.58 g/t Au.
  • Associated geochemistry: Arsenic up to 0.62%, Lead up to 1.0%.
• Strategic Context:
  • Properties are adjacent to Bathurst's 100%-owned Turner Lake/Ted Gold Project.
  • Acquisition consolidates land position, limits competition, and leverages existing geological knowledge and logistical planning.
  • Area is described as underexplored with Archean greenstone belt, intrusives, and large regional structures.

Notable Quotes

• "Long before I began working for Bathurst Metals, I had been studying the entire area for its metal potential. Consequently, I was able to have Bathurst first acquire the Turner Lake property, later the Ted, Gela Lake and McAvoy Lake properties, and more recently the West gold property. The area is underexplored with all the major ingredients required for hosting gold deposits. These include an Archean greenstone belt, intrusives and large regional structures. Bathurst's strength is in knowing the belt's potential, focusing on controlling what is considered strategic to the company." — Lorne M. Warner, PGeo, President and Director