Lotus Bio-Technology Development Corp. (OTC: LBTD) (“LBTD”) Announces Entering Into a Binding Letter of Intent
Lotus Bio-Technology Development Corp. (OTC: LBTD) (“LBTD”) Announces Entering Into a Binding Letter of Intent With AMT Industries To Acquire Up To 100% of Little Jupiter Gold Project – Nevada,
Vancouver BC, April 13, 2022 (GLOBE NEWSWIRE) — Point Roberts, Washington – Lotus Bio-Technology Development Corp. (OTC: LBTD) (“LBTD”) Announces Entering Into a Binding Letter of Intent With AMT Industries To Acquire Up To 100% of Little Jupiter Gold Project – Nevada, USA
About the Little Jupiter Gold Project and Historical Resource
The Little Jupiter Gold Project is located in Pershing County, Nevada, within the Sierra Mining District. It is located within 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 – transportation, power, water and a local skilled work force.
Geologically, all of the claims fall within the Koipato geologic group mainly consisting of Rochester rhyolite and Prida limestone. The area has long been a recognized producer of gold and silver, the Sierra mining district being one of the first to be organized in the state of Nevada, dating back to the 1860s. Areas within the claim group have seen historic development at varying levels, some of them for periods of well over 100 years.
The Little Jupiter property had three documented periods of production – in the 19th Century, 1933-34 and 1976 – 2003. Each period of production appears to have focused on a single vein, working it on 3 different levels. The oldest workings exploited a surface exposure of enriched high grade ore vein, which USGS reports showed ore shipments averaging 90 – 155 g/ton, and was most likely worked into the 1920’s. The 1930s workings gave average ore grades of 84 g/ton gold, 205 g/ton silver.
The Little Jupiter deposit is classified by the USGS as a low-sulfide gold-quartz vein occurrence. USGS reports from the working level show 15 grams/metric ton silver, 5.3 g/mt gold, 1.5 kg/mt lead and 10 kg/mt zinc. The USGS also sampled an undeveloped stockworks on the north-eastern part 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 stockworks complex have been locally enriched by epithermal processes. Areas with epithermal enrichment have the potential for developing bonanza style ore chutes, evidence being the original enriched discovery, and unverified chip drill results showing one localized zone with a grade approaching 500 g/ton.
There is also the potential for carbonate hosted deposits within the Prida Limestone, a deformed and fragmented Sierra Nevadan Kuroko massive sulfide occurrence, as well as disseminated ore within the rhyolite. The sulfide occurs as dense, heavy, hard black cantaloupe sized nodules. When broken, a black outer oxidation zone can be seen, with an unoxidized center being a light pinkish color.
The small areas which have already been developed include 4 separate areas: Existing Levitt Vein, New Levitt Vein, Drift Vein, and New Stopes. Those areas currently have 26,000 tons of proven and probable ore, which using a conservative estimate based on the USGS reports, will yield of 13,000 ounces of gold and 65,000 ounces of silver. LBTD considers the prior mineral resource to be a historical estimate that they plan to assess for purposes of completing a current NI 43-101.
In addition to the current claims, plans are to expand our holdings by obtaining claims in adjacent areas, particularly in the direction of the Four Sisters, as well as in other areas which might be indicated during our drilling program.
From the President & CEO – Zoltan Nagy; “To our valued shareholders, we view signing a binding LOI with AMT as a step forward for LBTD. There are significant profit margins in the gold mining industry with the precious metal trading around $2000 per ounce. We see momentum building in the sector as additional exploration companies come into the space in anticipation of strong gold prices. Nevada is one of the best gold mining areas of the world with new environment friendly extraction technologies emerging.”
Contact:
Tel: (800) 636-0710
Email: lotuscorp100@gmail.com
www.littlejupitergold.com
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, the plans to complete the Definitive Agreement to Acquire the Silver District Project, the historical resource at the Little Jupiter Gold Project and whether it can be confirmed in accordance with the requirements of NI-43-101 and a new current resource developed, the plans to complete exploration or development of the Project and other future plans and objectives of LBTD, including exploration plans, 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 conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by LBTD with securities regulators. LBTD disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
