Bitter Creek Property - A Strategic Addition To Scottie Resources’ 100% Owned And Contiguous Ruby Silver And Black Hills Properties. Non-Brokered Private Placement
TSX VENTURE: SCOT
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to provide the following update on its recently acquired Bitter Creek property (see news release dated March 6, 2019). The Bitter Creek property strategically complements the Company’s 100% owned Ruby Silver and Black Hills properties, which also host polymetallic mineralization.
Bitter Creek Property Highlights:
- Contains approximately 30 historic mineral showings/prospects
- Two historic small past producers (one on claim boundary)
- Property boundaries come within 2 km of the town of Stewart, BC
- Covers 4,832 hectares
All described showings are categorized as polymetallic veins with Ag-Pb-Zn+/-Au mineralization. Past production totalled 65 tons - Black Hills (53 tons) and Mobile (12 tons), with respective average grades of 1.17 - 2.7 g/t Gold; 5,658 – 8,247 g/t Silver; 16.1 - 8.0 % Lead; 2.92 - 9.6 % Zinc; 0.41% - 0.3 % Copper.
Scottie’s VP Exploration, Dr. Thomas Mumford commented: “The sheer number of similar style showings present on the Bitter Creek claims encourage us to the potential of the mineralizing event. By filling in a number of key claims and connecting the Black Hills and Ruby Silver properties, the Bitter Creek land package allows us to assess the pervasive mineralization in the area at a much larger scale. This could help us to model, target, and test the potential of a larger feeder system.”
Work during the 2019 field season will involve following up on the mineralization style and structural controls on the various showings and past producers, with the aim of evaluating mineral deposit models that could correlate the mineralization between the three contiguous properties. Additionally, there has been significant glacial retreat on the property in recent years, and there will be a strong focus on assessing the newly exposed rocks.
The Bitter Creek property is subject to a 2.5% net smelter return, (“NSR”) of which the Company can purchase up to 60% for $1,500,000.
Scottie Resources is announcing its intention to complete an equity financing by way of a non-brokered private placement of up to C$1.0M at a price of C$0.23 per share, for a total of up to 4.35M shares. All of the securities issued in connection with this private placement are subject to resale restrictions which expire four months and one day from closing.
Proceeds of the private placement will be used for general working capital purposes and the exploration of properties in the Golden Triangle region of British Columbia, Canada.
Thomas Mumford, Ph.D., P.Geo and VP Exploration of Scottie, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high grade, past-producing Scottie Gold Mine property and has the option to purchase a 100% interest in the Bow property which is contiguous with the Scottie Gold Mine property. Scottie owns 100% interests in the Ruby Silver and Black Hills properties and has the option to purchase a 100% interest in the Bitter Creek property which joins the Ruby Silver property with the Black Hills property.
All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.
Further information on Scottie can be found on the Company’s website at scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President & CEO at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.