TORONTO, Oct. 26, 2021 /CNW/ – QC Copper and Gold Inc. (“QC Copper” or the “Company“) (TSXV: QCCU) is pleased to announce that it has entered into an agreement with an arm’s length private company, 9219-8845 Quebec Inc. (operating as Canadian Mining House) (the “Vendor“), to acquire 100% ownership of 38 claims over 2,112 hectares of highly prospective ground that connects two land parcels of the Opemiska Copper Project (the “Opemiska Expansion“). The Opemiska Copper Project will now be collectively 15,518 hectares comprising the Springer, Perry, Robitaille and Cooke mines and 13 kilometres of the Gwillim Fault.
The western section of the Opemiska contains the resource deposits and is where Falconbirge mined for 40 years. The eastern section of the Opemiska is prospective for new discoveries and is known to host VMS mineralization.
Map of New Opemiska Property Expansion
Geology of Eastern Opemiska & New Opemiska Property Expansion
The purchased claims form a continuous block that bridges the gap between the Company’s Cooke-Robitaille and Scott properties and the area is primarily underlain by felsic and mafic volcanic rocks of the Waconichi Formation. The Waconichi Formation is host to VMS deposits elsewhere in the Chibougamau District and exhalative-style mineralization is known on surface on claims of the Cooke-Robitaille Property located nearby. Moreover the northeast trending Scott Lake Fault, which parallels and is thought to be related to the Gwillim Fault, crosses the center of the purchased claims highlighting potential for copper-gold mineralization similar to the historical mines in Chibougamau and Chapais.
Terms of Acquisition
QC Copper is acquiring 100% ownership of the Opemiska Expansion and, upon closing, will issue 150,000 common shares of the Company and pay $10,000 in cash to the Vendor. The vendor will retain a 2% Net Smelter Royalty, of which 50% can be repurchased by the Company at any time for $500,000.
No finder’s fee is payable in connection with the acquisition, and the closing of the acquisition is subject to the approval of the TSX Venture Exchange.
The technical information contained in this news release (including information information contained in links) has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper and Gold Inc., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects”.
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. QC Copper and Gold Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained in filings by QC Copper and Gold Inc. with Canadian securities regulators, which filings are available under QC Copper and Gold Inc. profile at www.sedar.com.