V.CPAU
ORIGINAL: CopAur Minerals Inc. Exercises Option to Acquire 79.99% of the Kinsley Mountain Gold Project In Nevada
2022-05-18 08:31 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2022) - CopAur Minerals Inc. (TSXV: CPAU) (OTCQB: COPAF) ("CopAur" or the "Company") is pleased to announce that it has made the final option payments to acquire Liberty Gold Corp.'s 79.99% interest in Kinsley Gold LLC, (the "JVCO"), a limited liability company holding ownership and leasehold rights in and to 513 unpatented claims and 5 leased patented claims, covering 4,187 hectares, known as the "Kinsley Mountain Project", located in southeast Elko County, Nevada. Nevada Sunrise Gold Corporation (through its subsidiary Intor Resources Corporation) holds the remaining 20.01% interest in JVCO.
The final payments aggregate US$2.5M to Liberty Gold comprised of US$1,250,000 in cash and US$1.25M in CopAur common shares totaling 2,126,451 common shares. Liberty Gold retains a 1% NSR royalty (the "Kinsley Royalty") on 79.99% of all proceeds received by JVCO from the production and sale of all products produced from the Kinsley Project. The Company has an option to purchase 50% of the Kinsley Royalty from Liberty Gold upon payment of US$500,000 in cash.
Jeremy Yaseniuk, Chief Executive Officer commented, "I find it remarkable that we had the opportunity to acquire the Kinsley asset which hosts a significant gold resource including indicated resources of 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes) in one of the world's most prolific mining jurisdictions. Despite these significant gold resources, much of the property remains untested by drilling. Our management and technical team look forward to exploring the property and demonstrating the significant potential for new discoveries and expansion of the existing resource base."
About CopAur Minerals Inc.
CopAur is a Canadian exploration company focused on advancing its combined portfolio of gold and gold-copper projects located in British Columbia and Nevada. Backed by a dynamic and experienced team of resource sector professionals, including members of Benchmark Metals Inc. and Thesis Gold inc. on its advisory board.
CopAur recently completed a plan of arrangement to acquire all of the issued and outstanding common shares of New Placer Dome under the Business Corporations Act (British Columbia) (the "Arrangement") on May 13, 2022 and New Placer Dome became a direct, wholly-owned subsidiary of CopAur. New Placer Dome has options to acquire interests in the Kinsley Mountain gold project, the Bolo project and the Troy Canyon Project, all located in Nevada.
CopAur owns a 100% interest in the Williams gold copper project, located within the prolific Golden Horseshoe of Northern British Columbia, Canada. Following the Arrangement and the exercise of the option with Liberty Gold, CopAur owns a 79.99% interest in the Kinsley Mountain Gold Project, located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)1. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset of CopAur following the Arrangement, similarly hosting Carlin-style gold mineralization. The Company also owns 100 percent of the Troy Canyon Project, located 120 km south of Ely, Nevada.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of New Placer Dome and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
For more information, please contact:
CopAur Minerals Inc.
Jeremy Yaseniuk, Chief Executive Officer & Director
Tel: +1 (604) 773-1467
Email: jeremyy@copaur.com