The Gela Lake Project, which covers 3,116 hectares and overlies known copper, cobalt and gold mineralization, north of the company’s flagship Turner Lake gold exploration project.
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I’m Katriina Cotten for Investmentpitch Media
Bathurst Metals Corp. announces assay results from its Gela Lake Project, one of the company's five 100% owned properties in Nunavut, northern Canada.
The Gela Lake Project, which covers 3,116 hectares and overlies known copper, cobalt and gold mineralization, north of the company’s flagship Turner Lake gold exploration project.
Turner Lake is the company’s primary project for this coming year’s proposed work program to enhance historic diamond drilling and surface results.
Fieldwork during August 2021 focused on only the south-central portion of the project area along both the eastern and western flanks of the monzogabbro intrusive in contact with Archean Metasediments and Volcanics.
The 10 rock, grab samples were collected where a Monzogabbro, Proterozoic Age, body intruded the regional Bathurst Fault.
Of most interest is the consistent higher grade copper, bismuth and molybdenum values along the western contact of the intrusive where the Bathurst Fault is projected to occur.
Samples from this area returned copper as high as 4.47%, 5.96% and 6.51%, with bismuth as high as 1,720 parts per million and moly as high as 489 parts per million.
Mineralization observed consists mainly of structural controlled chalcopyrite within quartz and quartz-carbonate veins hosted within sheared monzodiorite and or Archean metavolcanics/sediments.
This table provides the samples locations and brief comments on the geology and mineralization.
Greg Bronson, VP Exploration and director, stated: “Our time on the Gela property was limited however we did collect samples that returned significant results from our inaugural site visit. Sampling work focused on the southern portion of the contact between the Bathurst fault and a monzogabbro intrusion. Along with some high copper values we are seeing high bismuth values that suggest the presence a very strong hydrothermal system, likely related to the regional scale Bathurst fault that dissects the property. Additionally, we are seeing elevated molybdenum assays that likely indicate the presence of local heat engine associated with the monzogabbro intrusion sitting directly adjacent to the Bathurst fault. This package of structures presents a very prospective exploration target that has not yet seen modern systematic exploration nor has ever been drill tested. More work needs to be done on the Gela property to further understand the environment of mineralization and to further explore known showings of Copper and Cobalt on the northern portion of the property. Bathurst Metals has a very strong portfolio of 100% owned properties in Nunavut with experienced staff familiar with working in these areas.”
The company recently closed the second and final tranche of its previously announced private placement, raising total gross proceeds of $500,000 from the issuance of 5 million units at $0.10 per unit.
The units consisted of 1 share and 1 warrant, exercisable at $0.15 for 12 months.
The shares are trading at $0.105.
For more information, please visit the company’s website, www.BathurstMetals.com, contact Harold Forzley, CEO, at info@BathurstMetals.com.
I’m Katriina Cotten for Investmentpitch Media
