The Company and Seller have agreed to the following considerations under the LOI signed February 13, 2023, which is subject to exchange approvals, and the execution of a definitive purchase agreement (“PA”).
Canadian Copper to acquire VM Canada’s interest in the Murray Brook Joint Venture. (Credit: omid roshan on Unsplash)
Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to announce that, pursuant to the terms of a Letter of Intent (“LOI”) it entered into with Votorantim Metals Canada Inc., an arm’s length seller (“VM Canada” or the “Seller”), it intends to acquire VM Canada’s entire 72% interest in the Murray Brook Joint Venture. Murray Brook is located in the Bathurst Camp of New Brunswick, Canada.
“Our objective to secure majority ownership of the Murray Brook deposit has been central to our growth strategy since 2022. This potential acquisition of a large, advanced-stage polymetallic asset is transformative for Canadian Copper. This considered transaction would firmly establish the Company’s footprint as a base metal explorer with significant mineral resources in the Bathurst Camp. The Murray Brook deposit contains 183 million pounds of copper, 1.07 billion pounds of zinc, 390 million pounds of lead, 42 million ounces of silver, and 339,000 ounces of gold,” commented Simon Quick, CEO of Canadian Copper. “This compliments our current Chester asset very well with estimated Measured Resources totaling 120 million pounds of copper. This opportunity enables possible synergies with the Chester deposit through the implementation of hub and spoke processing. Several deposits in the region extend beyond 1,000 meters in depth, thus we are excited to test the vertical depth extent of Murray Brook beyond the previously explored 350 meters.” he added.
With the exception of the information included under the heading “Value Creation Opportunities: Integrate Scoping Studies and Update Project Economics”, all technical information concerning the Murray Brook project in this press release has been derived from the “Technical Report and Preliminary Economic Assessment (PEA) of the Murray Brook Project New Brunswick Canada” with an effective date of June 4, 2013 prepared by P&E Mining Consultants Inc, under the supervision of Eugene Puritch, P. Eng., for Votorantim Metals Canada Inc. and El Nino Ventures Inc. and filed on www.sedar.com (the “Murray Brook Technical Report and PEA”).
Canadian Copper is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work is required to verify, upgrade or re-classify the “historical resources estimate” using a qualified person. Company believes the historical resource estimates to be both relevant and reliable. The information provides an indication of the exploration potential of Murray Brook but may not be representative of expected results.
Source: Company Press Release