FOR IMMEDIATE RELEASE
September 2, 2015, Vancouver, BC - BCM Resources Corporation (TSX-V: B), the "Company" Is pleased to announce that it has finalized terms of an Agreement with Inland Explorations Ltd., a private BC company ("Inland"), 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. The TK property comprises 2948.6 acres located in Juab County, Utah and consists of 100 federal unpatented mineral claims and two State Section Leases, plus pending claims comprising an additional 495 acres.
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$10 million, issuing to Inland a total of 6.5 million shares in the Company, and making total cash payments of C$375,000, as well as posting any required exploration bonds and paying all annual property and permit related expenses. Fifty thousand dollars (C$50,000) and one (1) million shares shall be due on Closing with the balance of property expenditures, cash and share payments staged over a four year period.
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.
Thompson Knolls Cu-Au Property
The Thompson Knolls project is an advanced stage, exploration opportunity for discovery of a potentially open-pitable, large-scale, high-grade gold and copper mine. Thompson Knolls is located in unpopulated desert, in mining friendly Millard County, Utah. The geology and the geochemistry of the Thompson Knolls target area suggest that a large Bingham Canyon Mine-style, porphyry copper-gold target system could be present on the property. Substantial exploration geology, geophysics, and drilling already has been conducted on the Thompson Knolls property, which is 100% controlled by Inland Explorations Ltd.
Several potential drill sites already have been approved by the Utah Division of Oil Gas and Mining, and the BLM, and drill permits will be granted, pending the posting of reclamation bond. These sites are easily accessible by existing roads and trails. An ample source of drilling water also is present on the property. The Thompson Knolls project offers excellent potential to yield a world-class, high grade new open pit gold-copper mine.
Two principal large-scale mine exploration targets worthy of further advanced exploration have been identified on the Thompson Knolls property, either of which could hold a large mineable ore system:
1) The 2.7 by 3.3 kilometre "Main Porphyry" copper-gold-base metals target is located in the north central part of the property, which is covered by a thin layer of blow sand and possible lake beds. Ground magnetics are interpreted to indicate a large intrusive body with geophysically resistive and conductive areas in parts of the inferred large porphyry body. The geochemistry of nearby mineralized outcrops is very similar to that found at the giant Bingham Canyon, Utah copper-gold-molybdenum porphyry system, owned by Rio Tinto. No drillholes have tested this very prospective target area, but drill-plans have already been approved for the drilling of test holes, subject to posting a reclamation bond with the State of Utah.
2) The significant "Discovery Knoll" gold-silver-copper target already has been identified through historic test drilling conducted in the 1990s. Good grade gold and copper mineralization was found at shallow depths starting at 76 metres below the ground surface in several of these drillholes, suggesting that a granitic "porphyry" intrusive system may have been responsible for this mineralization. One very high-grade gold intercept was drilled that assayed 9.15 metres @ 8.01 g/t gold (0.234 oz/ton Au) and included a 3.05 metre interval that assayed 21.06 g/t gold (0.615 oz/ton Au) starting at a shallow depth of 82 metres. This intercept could be high-grade, sediment-hosted, gold mineralization superimposed on top of earlier-pulse intrusive related copper mineralization, or it could be intrusive-related. The above assay results are from historic drilling and are presented for information only. These results cannot be relied upon as they have not been confirmed by a Qualified Person.
The proposed Option Agreement is non arm's length and is subject to receipt of all requisite regulatory and other approvals, including the approval of the TSX Venture Exchange.
The Company also announces a Non-Brokered private placement financing for proceeds of up to C$250,000 by issuance of up to 5 million common shares priced at $0.05 per common share.
Proceeds will be used for general working capital purposes.
The private placement is subject to regulatory approval and all common shares issued will be subject to a four-month hold period from the date of issuance.
The company's consulting geologist, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release, and evaluated the interpretations 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 info@bcmresources.com.
ON BEHALF OF THE BCM BOARD OF DIRECTORS
Dale McClanaghan
President and CEO
For further Information Contact:
Investor Relations
1 604 646-0144 Ext 223
info@bcmresources.com
www.bcmresources.com
Caution Concerning Forward-Looking Statements
This news release and related texts and images on BCM Resource Corporation's and Inland Explorations Ltd.'s websites 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.
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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.