Bitterroot doubles on $5.2M Pentagon funding

AI desk brief

Bitterroot Resources’ shares doubled after its U.S. subsidiary secured $5.22 million in government funding to accelerate exploration at the LM nickel-copper project in Michigan, with the award covering half the cost of eligible work. The program includes drilling, geophysical and geochemical surveys, permitting and related expenses, and the company plans a 15- to 20-hole campaign in the December quarter targeting deeper sulphide mineralization, including platinum group metals.

Management says the non-dilutive funding will cut cost of capital and allow partners to resume aggressive drilling aimed at finding the source of high-grade nickel-copper massive sulphide fragments encountered previously. Earlier drilling hit nickel-copper-PGM mineralization in 10 of 26 holes, but this is still an early-stage exploration story rather than a near-term market supply event.