Bathurst Metals Corp. (TSXV: BMV) announced high grade gold assay results from its summer sampling program on the TED gold showing at its Turner Lake project area in Nunavut, Canada.
The company's 100% owned, 2,644 hectare TED Project acquired by staking in February, is adjacent to the company's 100% owned Turner Lake Project, located approximately 60 kilometers north-northwest of the community of Bathurst Inlet. Bathurst also owns 100% of the nearby McAvoy and Gela properties and the wholly owned McGregor Lake and Speers Lake projects a little over 500 kilometers to the east.
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The company announced assay results from 18 rock, grab samples collected from an Archean Age, Iron Formation from the TED Gold Zone. Six of the 18 samples assayed returned values greater than 20 grams per tonne gold, with a final assay result still pending on sample D365404 which contained an over limit assay value of greater than 100 grams per tonne. Anomalous arsenic and bismuth concentrations occur with the high-grade gold mineralization.
This summer's geological mapping and sampling program confirmed historic sampling results, with observations of visible gold. The area hosting these higher grade gold values has not been drill tested.
The 7,072-hectare Turner Lake Project also contains the Main and East Gold Zones and the Nickel Knob, massive sulphide mineral deposits.
The gold zones are hosted along a classic Archean Age, Iron/Magnesium Tholeiitic contact with gold mineralization, with visible gold often common, occurring mainly within a crackle fractured greywacke.
Discovered in the 1960's the Main Gold Zone has only had 22 diamond drill holes test across the contact from Chevron Minerals in 1986-1989 and Northrock Resources Inc. in 2008/2009.
The East Gold Zone, approximately 2 kilometers east of the Main Gold Zone, along the same strike, has returned grab rock samples up to 31.0 grams/tonne gold, but has not yet been drill tested. The Nickel Knob Massive Sulphide Deposit, approximately 1.9 kilometers south of the Main Gold Zone, has had only limited drill testing consisting of five diamond drill holes. All holes encountered massive sulphides with the best intercept recorded being 1.81% copper, 1.64% Nickel over a 14.0 meter core length.
Harold Forzley, CEO, stated: "This summer's work, although difficult to undertake due to stringent Covid-19 measures was highly successful in defining another, high grade gold zone so close to our drill ready, flag ship Turner Lake Main Zone. Company geologists are currently outlining plans for drill testing these zones next summer. Bathurst Metals has a strong 34,690 Ha portfolio of 100% owned properties in Nunavut employing experienced geotechnical staff familiar with Northwestern Nunavut."
The company recently closed the first tranche of its previously announced private placement, issuing 2.5 million units at $0.10 per unit for gross proceeds of $250,000, and expects to close the second tranche for an additional 1.5 million units shortly. The units consisted of 1 share and 1 warrant, exercisable at $0.15 for 12 months. The shares are trading at $0.13.
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