BCM Resources Closes Financing
Proceeds to Drill Greenfield Porphyry Cu-Au-Mo Discovery at Thompson Knolls Project in Utah, USA
VANCOUVER, BC / ACCESSWIRE / April 1, 2021 / BCM Resources Corporation (TSXV:B), announces closing a Non-Brokered private placement financing for proceeds of C$715,000 through the issuance of 13,000,000 units (“Units”) priced at C$0.055 per Unit.
Crescat Capital LLC and affiliates participated in the financing and have acquired a 9.9% stake of the issued and outstanding shares of BCM. The Company has granted Crescat right of first refusal to participate to the same extent in subsequent financings. Crescat is a Colorado based minerals-investment firm advised by its technical consultant Dr. Quintin Hennigh (PhD Geology).
“The Great Basin is host to a number of very large porphyry deposits including Bingham Canyon, Phoenix, Robinson and Yerrington,” commented Quinton Hennigh, advisor to Crescat Capital. “BCM presented us with compelling geological, geochemical and geophysical evidence that a large porphyry target is present at Thompson Knolls. The target is effectively blind, buried beneath a broad expanse of shallow pediment, yet BCM’s hole TK18-1, drilled in 2018, encountered strongly elevated Cu and Mo in stockwork mineralized quartz monzonite porphyry, a remarkable geologic success. We at Crescat love “swing for the fence” type exploration, and this is a great example, and we eagerly await resumption of drilling at this exciting project.“
Funds will be used for a Diamond Drill program at the Thompson Knolls (TK) Porphyry Cu-Au-Mo system discovery and G&A. BCM has the right to earn a 60% interest in the Thompson Knolls Porphyry Cu-Au-Mo system discovery.
TK is located in west-central Utah, USA. TK is a greenfield discovery of a blind Porphyry Cu-Au-Mo system. TK is situated 210 Km southwest of the Bingham Canyon porphyry copper-gold-molybdenum mine of Rio Tinto. One core hole, TK18-1, has been drilled to date at TK to a depth of 340.8 m. It intersected the top of a body of porphyry copper mineralization in quartz monzonite porphyry (QMP). The drillhole was stopped due to drilling problems, however, drilling encountered notable copper mineralization and an increase in quartz veinlet density down the hole. The QMP shows locally strong feeder quartz-sulfide veinlets and potassic- and later quartz-sericite alteration, with local pyrite and oxidized chalcopyrite copper mineralization. The base of the zone of oxidation was not reached, leaving open the possibility that supergene-enriched blanket copper mineralization could be present at depth. The QMP intruded a pre-mineral body of quartz latite porphyry; suggestive of the top of a typical porphyry copper-gold system.
BCM has received permits from the State of Utah and the U.S. Bureau of Land Management for the drilling of 5 exploration holes to test its Porphyry copper-gold system.
Further details on the Financing are as follows. As noted above proceeds totalled $715,000 with a total placement of 13,000,000 units, each unit comprised of one common share of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company at a price of C$0.10 for two years from the date of issue. All the securities issuable are be subject to a four-month hold period to July 29, 2021. Final approval is being processed by the TSX Venture Exchange.
About BCM Resources Corporation
BCM Resources Corporation is a diversified Canadian mineral exploration company now focused on completing Phase 1 discovery drilling of the Thompson Knolls property, its key asset. BCM also controls prospective Copper, Gold, and Molybdenum exploration projects in British Columbia. 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 BCM RESOURCES CORP.
“Dale McClanaghan“
Dale McClanaghan
President and Chief Executive Officer
For further information please contact: Scott Steeds 1 (604) 355-6659 or info@bcmresources.com
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, and; the possibility of cost overruns or unanticipated expenses in these exploration programs.
SOURCE: BCM Resources Corporation
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