Bathurst Metals Corp. announced it has entered into an Assignment and Assumption Agreement dated August 23, 2023 with arm's length vendors to acquire an undivided 100% interest in five (5) mineral claims known as the "Kannika Property". The Vendors hold an option to acquire the claims pursuant to a mineral option agreement dated October 11, 2023.

As consideration for the assignment of the Option Agreement to the Company, the Company will issue 1,500,000 common shares to the Vendors, subject to TSX Venture Exchange approval. All common shares issued will be subject to a four (4) month hold period. Under the terms of the Option Agreement, the Company will reimburse the Vendors the sum of $1,500 paid pursuant to the Option Agreement upon receipt of TSXV approval.

The Company must incur not less than $50,000 of expenditures on the claims within 18 months of the date of the Option Agreement and pay the sum of USD 250,000 to exercise the option. The claims will be subject to a net smelter royalty in favor of the underlying optionor equal to 2.0%. The Company shall have the right to purchase one-half (1/2) the NSR, being a 1.0% NSR back from the underlying optionor upon payment of the sum of USD 1,000,000 to the underlying optionor at any time after Commencement of Commercial Production.

The Kannika Gold Project consists of five (5) mineral claims covering 1,887.04 Ha, located approximately 60 kilometres south-east of Vernon, British Columbia with access to the project via paved and gravel roads. Historically, the project has seen some activity when between 1899 and 1927, four (4) shallow shafts and several surface cuts were opened on the property to take advantage of several high-grade gold showings. The miners followed veins up to 1.8 meters wide and had assays up to 52.8g/t gold and 274 g/t silver with total production for this period being approximately 99 tonnes of ore as reported by the minister of mines.

Production between 1935 and 1938 totaled 99 tonnes yielding 2,022 grams of gold and 10,295 grams of silver. Mineralization is considered to be a mesothermal type deposit, hosted in four parallel quartz veins, that can be traced in the host granitic rocks for over 3.2 kilometers. The veins average 90 centimeters in width with local swells up to 180 centimeters wide and carry pyrite, small amounts of native gold, galena, and sphalerite.

Recent, systematic exploration has not been undertaken on the property. Soil and rock geochemical, geophysical surveys and detailed geological mapping will be undertaken by the Company over the entire project area.