UPDATE: Bitterroot Identifies New Targets in Michigan; Shares Jump 67% Higher at Midday, Most Active on TSXV
Bitterrot Resources (BTT.V) is up 67% at midday, to a new yr high of 7.5 cents.
The company announced this morning that following recent drilling and land acquisition activities by Rio Tinto on parcels adjoining Bitterroot Resources Ltd's mineral rights in Michigan, a Bitterroot-commissioned aeromagnetic survey has been completed. Analysis of data from the aeromagnetic survey has identified a number of new targets located on Bitterroot's 100%-owned mineral rights. Several of Rio Tinto's drill collars are located within 180 metres of Bitterroot's mineral rights.
The new targets have potential to host conduit dyke systems which are favourable for the accumulation of high-value Ni/Cu/PGM-bearing sulphides similar to Rio Tinto's high-grade Eagle deposit (3.2 million tonnes @ 3.89% Ni and 3.04% Cu). The Eagle deposit is located in a similar geological setting, approximately 75 km northeast of the area covered by Bitterroot's aeromagnetic survey. The Eagle mine is under construction and is expected to be in full production in 2014.
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