LBTD) (“LBTD”) Announces Completion of Binding Letter of Intent
Lotus Bio-Technology Development Corp. (OTC: LBTD) (“LBTD”) announces that it has entered into a binding letter of intent with AMT Industries to acquire up to 100% of the Little Jupiter Gold Project – Nevada,
Vancouver BC, April 13, 2022 (GLOBE NEWSWIRE) — Point Roberts, Washington – Lotus Bio-Technology Development Corp. (OTC: LBTD) (“LBTD”) Announces It has Entered into a Binding Letter of Intent with AMT Industries to Acquire up to 100% of the Little Jupiter Gold Project – Nevada, USA
About the Little Jupiter Gold Project and Historical Resources
The Little Jupiter Gold Project is located in Pershing County, Nevada in the Sierra Mining District. It is located in a high-grade gold and silver zone tested by the USGS (United States Geological Survey), with 35 unpatented mining claims. The project is supported by excellent infrastructure – transport, electricity, water and a skilled local workforce.
Geologically, all of the claims belong to the Koipato geological group consisting primarily of Rochester rhyolite and Prida limestone. The area has long been a recognized producer of gold and silver, with the Sierra mining district being one of the first organized in the state of Nevada, dating back to the 1860s. The areas within the group of claims have undergone historical development at various levels, some of them for periods of more than 100 years.
The Little Jupiter property has had three documented production periods – in the 19th century, 1933-34 and 1976 – 2003. Each production period appears to have focused on a single vein, working it on 3 different levels. The oldest workings mined a surface exposure of a high-grade enriched ore vein, which USGS reports showed ore shipments averaging 90-155 g/ton, and most likely were mined in the 1920s. Work in the 1930s gave average ore grades of 84 g/tonne of gold, 205 g/tonne of silver.
The Little Jupiter deposit is classified by the USGS as a low sulphide gold-quartz vein deposit. USGS working level reports show 15 grams/metric ton of silver, 5.3 g/mt of gold, 1.5 kg/mt of lead and 10 kg/mt of zinc. The USGS also sampled undeveloped stockwork on the northeast portion of the property with values as high as 104.8 g/t and an average grade of 22 g/t over 80′ of exposed vein. The vein and stockwork complex was locally enriched by epithermal processes. The epithermal enrichment zones have the potential to develop bonanza-style ore chutes, evidence being the original enriched discovery and unverified chip drill results showing a localized zone with a grade approaching 500 g/tonne.
There is also potential for carbonate deposits in the Prida Limestone, a deformed and fragmented massive sulphide occurrence in the Sierra Nevada de Kuroko, as well as disseminated ore in the rhyolite. Sulphide occurs as dense, heavy, hard black nodules the size of a cantaloupe. When broken, an area of black outer oxidation can be seen, with an unoxidized center that is light pink in color.
The small areas that have already been developed include 4 distinct areas: the existing Levitt vein, the new Levitt vein, the drift vein and the new workings. These zones currently contain 26,000 tonnes of proven and probable ore, which, using a conservative estimate based on USGS reports, will yield 13,000 ounces of gold and 65,000 ounces of silver. LBTD views historical mineral resources as a historical estimate that it plans to evaluate for purposes of completing a current version of NI 43-101.
In addition to the current claims, we plan to expand our holdings by obtaining claims in adjacent areas, particularly in the direction of the Four Sisters, as well as in other areas that may be indicated during our drilling program.
From the President and CEO – Zoltan Nagy; “To our valued shareholders, we view the signing of a binding letter of intent with AMT as a step forward for LBTD. There are significant profit margins in the gold mining industry, with the precious metal trading around $2,000 an ounce. We see momentum building in the sector as new exploration companies enter the space in anticipation of strong gold prices. Nevada is one of the best gold mining regions in the world with the emergence of new environmentally friendly mining technologies.
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This press release contains certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, plans to complete the definitive agreement to acquire the Silver District Project, the Little Jupiter Gold Project historical resource and whether it can be confirmed in accordance with the requirements of NI-43-101 and a current new resource developed, plans to complete exploration or development of the project and other future plans and objectives of LBTD, including plans for exploration, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from LBTD’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business, timeliness of governmental or regulatory approvals and other risks detailed herein and from time to time. from time to time in LBTD’s filings with securities regulatory authorities. LBTD disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.