Posted in | Copper | Zinc | Mining Business

Bowmore Inks LOI to Acquire 100% Undivided Interest in Moose Brook Project

Bowmore Exploration Ltd. (the "Company" or "Bowmore") is pleased to announce that it has signed a Letter Of Intent (the "LOI") to acquire, from two private owners (The "Vendors"), 100% undivided interest in the Moose Brook Project (The "Project"), a zinc project located within the Tobique Chaleur area of New Brunswick, Canada.

The Project is composed of a total of 46 claim Units covering approximately 1,005 hectares and is located in Northumberland County, roughly 80 km west of City of Bathurst, accessible from Highway 180 and then approximately 16 kilometers on secondary logging roads.

THE TRANSACTION

Pursuant to the Letter of Intent between the private Vendors and Bowmore Exploration Ltd., the Company may acquire 100% interest in the Project and will have the exclusive rights to explore and develop the Project over the next four (4) years in consideration of:

i. Total cash payments of $50,000 to the Vendors as follow:
a. $5,000 payable upon the signature of the Letter of Intent;
b. $5,000 payable upon the signature of the formal Option Agreement (The "Agreement");
c. $10,000 payable on the First anniversary date of the Agreement;
d. $10,000 payable on the Second anniversary date of the Agreement;
e. $10,000 payable on the Third anniversary date of the Agreement and;
f. $10,000 payable on the Fourth anniversary date of the Agreement.
ii. Total issuance of 500,000 common shares of the Company on or before the following dates:
a. 100,000 common shares upon signature of formal Option agreement;
b. 50,000 common shares on the First anniversary date of the Agreement;
c. 50,000 common shares on the Second anniversary date of the Agreement;
d. 100,000 common shares on the Third anniversary date of the Agreement, and:
e. 200,000 common shares on the Fourth anniversary date of the Agreement

At the end of this period, Bowmore will have acquired 100% interest in the Property. The vendors will retain a 1% Net Smelter Royalty (NSR) from the proceeds of any commercial production. Bowmore will have the right to purchase up to 1/2% of the remaining NSR for the sum of $500,000 at any time by providing the Vendors written notice to that effect. The Vendors will have no area of interest. The Transaction is subject to the TSX Venture exchange approval.

PROJECT HIGHLIGHTS

The Moose Brook project area is located west of the Bathurst Mining Camp and it is hosted within the Tobique Zone of the Matapedia Cover Sequence. The project has had geochemical, geological, and geophysical fieldwork including an Induced Polarization survey performed to follow up on dozens of large boulders found over a strike length of 1600m that are anomalous in up to 4.2% zinc, 0.69% lead, and 0.83% copper. These are the highest values per commodity that were derived from fourteen individual boulders. This project deserves further follow up work to explain their source.

The Moose Brook Project geological setting is similar to the Sewell Brook zinc, lead, copper deposit (NB Mineral Occurrence File URN 986) located 55 km to the southwest. Sewell Brook has two noteworthy intersections. Drill hole 90-08-10 contained 29.02 % zinc, 11.95% lead and 0.5% copper over a core length of 5.7 metres and a second intersection of 17.44% Cu over a 1.5 metre drill core length. It is also noteworthy to mention the presence of Barite.

Sewell Brook is interpreted to be an Early Devonian sub-seafloor replacement type volcanogenic massive sulphide deposit that has many characteristics typical of Kuroko-type deposits.

Mr. Paul Dumas, President of Bowmore, stated "We are pleased with the acquisition of the Moose Brook Project. We continue our efforts in acquiring additional ground in New Brunswick, which is one of Canada's best mining jurisdictions. This acquisition allows us to continue to diversify our portfolio by giving Bowmore exposure to base metal markets and keeping a focus on zinc."

Jeff Hussey P. Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein.

Source: http://bowmorexploration.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit