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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Copper

Vizsla Copper acquires copper gold project in southern British Columbia

The Copperview Project located in a mining region known for copper, gold, and molybdenum

Vizsla Copper acquires copper gold project in southern British Columbia
Photo from Jonny Caspari via Unsplash

Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) acquired the 37,466 hectare Copperview project in the Aspen Grove of south-central BC from private mining firm, Mineworks Ventures Inc.

The company announced the acquisition on Tuesday, and the project is prospective for copper-gold porphyry-related mineralization.

The terms in the Copperview purchase agreement have Vizsla Copper acquiring a 100 per cent interest in the project after an exchange of 600,000 common shares.

Additionally, Mineworks will be granted a 2 per cent net smelter return royalty (NSR) and will receive $5,000 in cash. Mineworks also has the option to sell back half of the NSR to Vizsla Copper for $3 million.

The shares will be subject to a voluntary release schedule over one year, with one-third of the shares being released every four months after the acquisition closes.

Read more: McEwen Copper’s updated preliminary economic assessment reveals promising prospects for Los Azules Project

Read more: Gladiator Metals discovers high-grade copper assays in the Yukon

Gate Zone revealed extensive copper gold mineralization patterns

The Copperview Project is situated about 4 kilometers north of Kodiak Copper‘s (TSXV: KDK) Gate Zone discovery, which has shown promising drill results including an intersection of 535.1 meters with 0.49 per cent copper and 0.29 grams per tonne gold in drill hole MPD-20-04. Both projects are located along the same geological trend on the MPD property.

The Gate zone has been subject to drilling that has revealed an extensive zone of copper/gold porphyry-related mineralization, measuring approximately 350 meters by 1 kilometer by 900 meters in size.

The Copperview Project is situated in a highly productive mining region known for its copper, gold and molybdenum resources. It is positioned 50 kilometers north of the Copper Mountain mine, 65 kilometers southeast of the Highland Valley mine, and 90 kilometers south of the New Afton mine.

“The geology at Kodiak Copper’s MPD project is interpreted to extend to the north onto the Copperview Project claims,” said Steve Blower, vice president of exploration for Vizsla Copper.

“In addition to Woodjam, where our inaugural drilling campaign is set to begin shortly, this is now also a high priority project for us and exploration will begin this year.”

The highest priority area for exploration efforts in the near future consists of a block of seven claims spanning 9,043 contiguous hectares. This particular block is highly promising for the presence of copper/gold porphyry-related mineralization. Its significance stems from its close proximity, less than 4 kilometers to the south, to the Gate zone at MPD, which has demonstrated substantial mineralization.

The best drill intersection to date is 535.1 meters at 0.49 per cent Cu, 0.29 g/t Au from 201.9 meters in drill hole MPD-20-04.

Vizsla Copper shares rose 4.8 per cent to $0.22 on Tuesday on the TSX Venture Exchange.

Read more: Vizsla Copper expands Woodjam project in Southern British Columbia

Read more: Copper giant BHP uses Microsoft AI to improve copper recovery in northern Chile

Hudbay Minerals closes British Columbia copper acquisition

The rise in prominence of electric vehicles and the renewable energy transition have fuelled a strong increase in the demand for copper and copper-related products.

Canada One Mining Corp. (TSXV: CONE) has recently announced a diamond drill program of up to 2,500 meters in its Copper Dome Project once it acquires all the appropriate permits.

The property, situated 18 kilometers south of Princeton, British Columbia, shares a contiguous border with Hudbay Minerals Inc. (TSX: HBM) (NYSE: HBM) brand new subsidiary, Copper Mountain Mining Corporation, active Copper Mountain Mine. The Copper Mountain Mine has a proven and probable mineral reserve of 702 million tonnes of copper at a grade of 0.24 per cent Cu. The northern boundary of Copper Dome is located 1.5 kilometers away from the mineral deposits of the Copper Mountain Mine.

Meanwhile, Hudbay Minerals closed its acquisition of Copper Mountain Mining Corporation on Tuesday, offering former Copper Mountain shareholders 0.381 of a Hudbay share for each Copper Mountain share.

The transaction establishes a leading copper mining company focused on the Americas region, with a strong ability to generate consistent cash flows. The company’s operating portfolio consists of three mines with long projected lifespans. Additionally, it possesses an impressive pipeline of copper expansion and development projects that offer promising organic growth opportunities.

Based on the estimated copper production for 2023, the combined company ranks as the third largest copper producer in Canada.

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