October 12, 2018 BCM Resources Acquires New Drilling Permit for Thompson Knolls Porphyry Copper Exploration Project in West-Central Utah and Closes Option Agreement with Inland Explorations Ltd.
Vancouver, BC, October 12, 2018 - BCM Resources Corporation (TSX-V: B), the "Company" is pleased to announce that BCM's partner Inland Explorations Ltd. ("Inland") has received a new permit from the United States Department of Interior- Bureau of Land Management and the State of Utah Trust Lands Administration authorizing the drilling of an additional 3 holes on the Thompson Knolls ("TK") project in Millard County, Utah, 210 Km southwest of the Bingham Canyon porphyry copper-molybdenum-gold mine of Rio Tinto. This gives Inland the right to complete a total of 5 drill-holes in the core of the Porphyry target area at TK. One hole, TK18-1, has been partially completed to date, which was terminated early, in copper-silver mineralized quartz monzonite porphyry ("QMP"), due to problems drilling through a post-mineral fault zone.
Drill-hole TK18-1 intersected a porphyry copper mineralized body of QMP with locally strong quartz-sericite alteration and locally abundant pyrite and lesser oxide copper mineralization. This is suggestive of a "phyllic shell" lying peripheral to- or above the mineralized core zone of a porphyry copper system ("PCS"). The 3 new permitted drill-holes target the interpreted core of the PCS, south and southwest of hole TK18-1, at 500 m spacing from hole TK18-1. These holes should test the interpreted PCS, and will be drilled to sufficient depths, using reverse-circulation pre-collar holes, followed up by HQ core at depth in each hole.
Subsequent to permitting of the 3 new holes, additional field work by the Company led to the discovery of float of altered limerocks to the north of the permitted holes, and another piece of float rock of brown, limonitic, jasperoidally altered limestone was found even further to the north on the TK property. These rocks often are associated with Carlin-style gold occurrences, such as at the Kings Canyon gold deposit, located 7 km northeast of hole TK18-1 and the SE Target at TK, located 2.8 km southeast of TK18-1.
The new Northern Target area alteration could be possibly related to alteration by a second plutonic igneous system north of the PCS being tested. Inclusions of earlier granitic and lamprophyre intrusive rocks were found in the QMP in TK18-1. The overall target area for porphyry-related mineralization at TK is now more than 5 Km in length.
Option Agreement Closes
The Company has closed the previously announced option agreement with Inland Explorations Ltd., for an option to acquire up to 60% interest in Inland's drill-ready Thompson Knolls Property ("TK Property") located in central Utah's Great Basin, one of the premier metallogenic provinces in the world. See the Company's News Release dated March 8, 2018. The TK Property is located in Millard County, Utah and consists of 125 federal unpatented mineral claims and two State Section Leases, comprising 3,465 acres (1,402 ha).
Under the terms of the agreement, BCM has the option to earn a 51% interest within 4 years by incurring total property expenditures of C$3.5 million, issuing to Inland a total of 2.6 million shares in the Company, and making total cash payments of C$250,000, as well as posting any required exploration bonds and paying all annual property and permit related expenses. Fifty thousand dollars (C$50,000) and 450,000 shares was due on Closing with the balance of property expenditures, cash and share payments staged over a four-year period. In accordance with these terms BCM has issued the shares and cash consideration effective Sept. 28, 2018.
Upon BCM earning a 51% interest, the Company shall have the option to increase its interest in the TK Property by an additional 9% to 60% by spending an additional $5M on the TK Property and delivering a pre-feasibility level study on the property with 2 years. As announced March 8, 2018 the transaction has received approval by the TSX Venture Exchange. For further information see BCM's news releases dated July 27, 2015, September 2, 2015, February 9, 2016 and April 24, 2017.
The Company's Vice President, Exploration, Mr. Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes of National Instrument 43-101, has verified and approved the technical information contained in this news release.
About BCM Resources Corporation BCM Resources Corporation is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing prospective Copper, Gold, and Molybdenum exploration projects in British Columbia and Utah. BCM Resources is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.bcmresources.com or contact us by e-mail at .
On Behalf of the Board of Directors:
President and Chief Executive Officer
Caution Concerning Forward-Looking Statements
This news release and related texts and images on BCM Resource Corporation's website contain certain "forward-looking statements" including, but not limited to, statements relating to interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward-looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company's projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in these work programs.
Forward-looking statements contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. BCM Resources Corporation undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors, should change.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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