Bitterroot Resources Ltd. - Nighthawk Gold/Silver Project - Drill Permit Issued

Rhea-AI Summary

Bitterroot Resources has received approval from the US Bureau of Land Management for its Notice of Operations at the Nighthawk Gold/Silver Project in Nevada's Walker Lane gold district. The permit allows construction of up to 15 drill sites on their 240-claim property. The company plans to conduct 3,000-4,000 metres of reverse circulation drilling across 15-20 angled holes, targeting near-surface epithermal oxide gold/silver deposits. The project area, located 30 miles west of Tonopah, features seven miles of linear magnetic lows with mineralized float and is accessible year-round. The claims are 100%-owned by the company with no underlying royalties.

Positive

• Received BLM drilling permit for Nighthawk Gold/Silver Project
• 100% ownership of claims with no underlying royalties
• Year-round accessibility via paved highway
• Strategic location near existing Boss Mine and Castle/Berg oxide gold deposits

Negative

• Greenfields exploration project with no proven resources
• Requires significant capital expenditure for drilling program

News Market Reaction

-18.29%

1 alert

-18.29% News Effect

On the day this news was published, BITTF declined 18.29%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / October 31, 2024 / Bitterroot Resources Ltd.'s (TSXV:BOTT) subsidiary Trans Superior Resources, Inc. ("the Company") reports that the US Department of the Interior's Bureau of Land Management, Tonopah Field Office (BLM) has determined that the Company's Nighthawk Gold Project Notice of Operations (Notice) is complete. The BLM-approved Notice allows the construction of up to 15 drill sites and associated overland travel on the 240-claim Nighthawk Gold/Silver Project, located in the Walker Lane gold district, 30 miles west of Tonopah, NV.

The Company's management is planning 3,000-4,000 metres of reverse circulation drilling in 15-20 angled holes testing geophysical (drone magnetics) and geological targets prospective for near-surface epithermal oxide gold/silver deposits. These greenfields targets occur along seven miles of prominent linear magnetic lows with gold/silver mineralized float seen downslope on the gently sloping pediment surface. The Boss Mine and Castle/Berg oxide gold deposits are located on third party claims immediately east of and contiguous with Nighthawk. Overburden depths are expected to range from 0-30 metres. The project area is at low elevation and accessible year-round by a paved highway and existing gravel roads.

These unpatented claims are 100%-owned by the Company and are not subject to underlying vendor agreements or royalties. Management believes the project provides shareholders with cost-effective exposure to exploration for precious metals in the Walker Lane, an established Nevada gold mining district. More details on the Nighthawk Gold/Silver Project can be found on the Company's website, www.bitterrootresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael S. Carr

Director

Mr. Rick Streiff, CPG, is the Qualified Person responsible for the technical content of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS:Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws. For such forward-looking statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

Contact:

Name: Michael Carr
Phone Number: 604 922 1351
Email Address: infoman@bitterrootresources.com

SOURCE: Bitterroot Resources Ltd.

View the original press release on accesswire.com

FAQ

What is the scope of Bitterroot Resources' (BITTF) drilling permit at Nighthawk?

The BLM permit allows construction of up to 15 drill sites and associated overland travel on their 240-claim Nighthawk Gold/Silver Project.

How much drilling is planned at Bitterroot's (BITTF) Nighthawk project?

The company plans to conduct 3,000-4,000 metres of reverse circulation drilling across 15-20 angled holes.

Where is Bitterroot Resources' (BITTF) Nighthawk Gold/Silver Project located?

The project is located in the Walker Lane gold district, 30 miles west of Tonopah, Nevada.

Does Bitterroot Resources (BITTF) own 100% of the Nighthawk project?

Yes, the unpatented claims are 100%-owned by the company with no underlying vendor agreements or royalties.