VANCOUVER, BC — September 28, 2020 — Bam Bam Resources Corp. (CSE: BBR / OTC: NPEZF / FSE: 4NPB) (“Bam Bam” or the “Company”) is pleased to provide a company update on developments within the Company and a recap on its flagship Majuba Hill Nevada Property (the “Property”), a copper, silver, gold porphyry project located in Pershing County, Nevada.
David Greenway, President and CEO, states: “Since I joined Bam Bam, considerable energy by the Board has gone into adding a prospective new project to the Company with a focus on some of the world’s most mining friendly jurisdictions. We are now focused on exploration in the Western United States, especially Nevada. I would like to commend Buster Hunsaker for his tireless vision on bringing the flagship Majuba Hill Property towards a world-class deposit.”
Majuba Hill Nevada Property Geological Programs
Bam Bam undertook several geological exploration programs this year along with reassessment of historic drilling and exploration.
In April, the Company announced that, after reassessment of historic drilling and exploration, the geological team at Majuba Hill are pleased to report that they have outlined three gold zones associated with the Majuba Hill copper (gold) porphyry project in Pershing County, Nevada. The ongoing, historical data review highlighted significant gold values associated with the copper in historic drill holes, surface rock chips, and soil sampling. This data suggests that Majuba Hill is best classified as a copper-gold porphyry.
The Company then begun mobilizing for the 2020 Phase 1 drilling program at its flagship Majuba Hill Property and Harris Exploration Drilling & Associates Inc. of Fallon, NV, mobilized a track mounted Core Rig to the project site. The two initial drill holes are targeting the high-grade copper zones containing significant gold and silver that were identified from the historic drilling. With COVID-19, Bam Bam field personnel and contractors used operational health and safety protocols consistent with ensuring the health and safety of its people, the local community, and the State of Nevada.
In May, the Company announced it completed the first core hole for the 2020 Phase 1 drilling program. The hole was designed to expand the copper, gold, and silver mineralization identified in the historic drill data. The hole was halted after intersecting historic workings. Hole MHB-1 is a vertical core hole drilled to 311.5 feet (94.9 M).
Later that month the Company announced it has completed the second core hole, MHB-02, of the 2020 Phase 1 drilling program. The hole was designed to expand the copper, gold, and silver mineralization identified in the historic drill data. Hole MHB-02 was drilled at a -45° inclination on an 045 azimuth to 474.5 feet.
In July, the Company announced that core hole MHB-1 at the Majuba Hill Nevada flagship property has returned significant copper and silver values.
Results from core hole MHB-1 indicate the zone does continue. Using a length weighted average, the significant interval is:
• 74 feet from 210 to 284 feet @ 0.35% Cu and 10.2 ppm Ag including 5 feet from 242 to 247 feet @ 1.26% Cu and 17.4 ppm Ag and 2 feet from 257 to 259 feet @ 4.22% Cu and 103 ppm Ag.
Results from core hole MHB-2 returned significant copper and silver values.
Starting from the surface MHB-2 intersected an outstanding interval of copper and silver. Using a length weighted average, MHB-2 returned extraordinary results:
- 146 feet from 0 to 146 feet @ 1.41% Cu and 97.6 ppm Ag including 28 feet from 12 to 40 feet @ 0.74% Cu and 120.8 ppm Ag and 43 feet from 91 to 134 feet @ 4.0% Cu and 204.4 ppm Ag
The interval is the drill length, true width of mineralization is not yet known. It is comprised of 34 samples with 33 of the 34 samples greater than 0.05% copper.
The copper equivalent (“CuEq”) value for the drill interval with MHB-2 is:
- 146 feet from 0 to 146 feet @ 2.38% CuEq
Copper CuEq% was calculated by converting length weighted silver values to copper using USD$17/ounce silver and USD$2.50/lb. copper.
The hole also had 10 feet of good gold values with:
- 10 feet from 122 to 132 feet @ 1.283 ppm Au including 3.5 feet from 127 to 130.5 feet @ 2.33 ppm Au
Majuba Extension Target Zone and New Road
In July, the Company discovered additional copper oxide while building an access road and drill sites at its flagship Majuba Hill Nevada Property.
The new road in the Majuba Extension Target Zone opened three new extensive copper oxide zones around two historic prospect pits. The new access road crossed below a small, historic prospect pit and its exposed copper oxide showings that were previously unknown, including malachite and chalcocite. Eighteen outcrop chip-channel samples were collected from five new exposures.
In August, The Company completed 3,000 feet (914m) in four vertical holes on the Majuba Extension Zone. Copper oxides were observed in MHB-5 between 750 and 810 feet. These holes will drill test the Majuba Extension Ridge.
Three core holes are planned at Majuba Extension Target Zone for the Phase 2 drilling. The plan is to drill 4,500 feet (1,371 m) in the sulfide target zone below the oxide mineralization. The holes will step out from sulfide copper mineralization intersected in MMX-24, test the high chargeability IP zone that is coincident with the high-grade copper in historic drill holes, and test the zone beneath the historic underground mine workings.
The Company recently announced the addition of Yari Nieken and Joel Warawa who have both joined the Board of Directors. Mr. Warawa has over twenty years of experience in public and private businesses as a financial and marketing consultant including business development, negotiations, mergers, and acquisitions, and increasing brand awareness in a broad spectrum of markets including commodities, automotive dealerships, and the mining sector. Mr. Warawa has an extensive network of contacts within the financial community including brokers, fund managers, industry analysts and clients that will assist him in raising capital for any future financings.
Mr. Nieken has an extensive range of public company and capital market experience. As a founder of Foremost Capital Inc., an exempt market dealer, he continues to provide in depth consulting for numerous publicly listed issuers in the health care, mineral extraction, technology, and wellness industry. Throughout the years, he has served on the boards and as an officer of several public and private issuers. His involvement in those companies has led to the numerous financings that raised substantial capital in his career. He was formerly an investment adviser at Union Securities Corp., where he gained a variety of knowledge in the public market. Mr. Nieken holds a Master of Business Administration (MBA) from the Sydney Graduate School of Management and a Bachelor of Arts from the University of British Columbia.
The Company successfully completed several financings in 2020. In February, the Company closed an oversubscribed non-brokered private placement financing for total gross proceeds of $1,403,700.
The Company has just successfully closed an oversubscribed non-brokered private placement financing for total gross proceeds of $1,975,000, 9,875,000 units at a price of $0.20 cents per unit. Each unit consists of one common share of the Company and one transferrable share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $0.25 for a period of 36 months from the closing date, subject to accelerated expiry.
Mackay School of Earth Sciences and Engineering
In May, the Company announced that it had been chosen as one of three new theses to be prepared under supervision at the University of Nevada’s (“UNR”) Ralph J. Roberts Center for Research in Economic Geology (“CREG”).
The CREG program is a center of study and learning that is leading to a greater understanding of the geology, geochemistry, geophysics, genesis and exploration of mineral deposits, especially Nevada’s famous Carlin-type gold deposits, which make the U.S. the third leading gold producer in the world. The program is a partnership between the Mackay School of Earth Sciences and Engineering at the University of Nevada, Reno, the Nevada Bureau of Mines and Geology, and the U.S. Geological Survey. CREG is directed by Dr. John Muntean, Associate Professor at the University of Nevada, Reno. The sponsors and partners provide broad guidance and the list includes many of the active mining companies and explorers in Nevada.
The Company announced a consolidation all of the Company’s issued and outstanding common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidated share of the Company resulting in 5,414,151 common shares issued and outstanding. The share consolidation was implemented with the objectives of having the Company’s share price trade in a range above $0.20 per share and to offer a tight capital structure to prospective investors in the Company. The consolidation removes this barrier and opens Bam Bam up to significant global trading accounts. The Company also believes that it can now have increased institutional and broker support.
About Majuba Hill Property
The Majuba Hill Property encompasses 4,822 acres of surface and mineral rights that includes 3 patented lode mining claims and 632 acres of privately-owned surface and minerals. The property is easily accessed via 23 miles of well-maintained dirt roads leading from U.S. Interstate 80.
Quality Assurance/Quality Control (“QA/QC”) Measures, Chain of Custody
The Company has implemented a QA/QC program using best industry practices at the Majuba Hill Project. Drill core, RC chips, and rock samples are delivered by the company consulting geologist to the secure warehouse facility in Elko, Nevada. Drill core samples are sawn in half lengthwise and one half is placed in labeled cloth sample bags. All samples are then transported directly to the ALS Sample Prep Facility in Elko, Nevada. ALS will then transport the prepared pulps to their analytical lab in Reno, Nevada or Vancouver, B.C. All samples are analyzed for copper, gold, silver, and 31 other elements. Gold is determined by ALS method Au-AA23 which is a fire assay with an AAS finish on a 30 gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61 which is a four acid digestion and ICP-AES assay. Approximately 5% of the submitted drill samples are copper-gold-porphyry commercial standard reference material pulps, which are inserted in the analytical sample sequence. The sample rejects and remaining pulps will be retrieved from ALS.
The scientific and technical information contained in this news release has been reviewed by E.L. “Buster” Hunsaker III, CPG 8137, a non-independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR / OTC: NPEZF / FSE: 4NPA) is engaged in the identification, review and acquisition of latter stage copper and copper/gold assets. With its flagship project being Majuba Hill copper gold project located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions and government regulations supportive of mining operations.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Bam Bam Resources Corp.
David C. Greenway
President & CEO
For further information, please contact:
P: (604) 318-0114
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.