American Battery Metals Corp. Signs LOI for Elk Gold Project

SEATTLE (Scrap Monster):  American Battery Metals Corp. announced that it has entered into a non-binding letter of intent (LOI) with Bayshore Minerals, Inc, which owns the Elk gold project located in the south-central region of the province of British Columbia. Accordingly, American Battery Metals will issue nearly 27 million shares in exchange for all of the issued and outstanding shares of Bayshore. The transaction is expected to complete during first quarter this year.

The Elk Gold Mine Project is located in south-central British Columbia, approximately 45 km southeast of Merritt and 59 km west of Kelowna. The property is within the Similkameen Mining Division, Siwash Lake Area. As per estimates the project comprises 442,600 ounces of gold in the measured and indicated categories as well as 88,000 ounces of gold in the inferred category.

ALSO READ: Resolute Mining in Talks to Sell Ravenswood Gold Mine

Currently, the project has a ‘small mines’ permit under the care and maintenance provision and an effluent discharge permit. In addition, it has a bonding in place for an exploration permit.

In a media release, Jeremy Poirier, president and CEO, American Battery Metals noted that it sees potential for near-term production from the high-grade gold deposit.