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VIZSLA COPPER EXPANDS WOODJAM COPPER-GOLD PROJECT
May 9, 2023
VANCOUVER, BC, May 9, 2023 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0) ("Vizsla Copper" or the "Company") is pleased to announce the amendment of the Megaton Option Agreement to include an additional 1,061ha of prospective mineral claims contiguous with the Company's Woodjam Copper-Gold Project (the "Woodjam Project").
HIGHLIGHTS
Expansion of Flagship Woodjam Project: With the addition of these claims, the Woodjam Project now covers 66,325ha of prospective southern Quesnel Terrane.
Prospective Geology: New claims are underlain by intrusive rocks of the Takomkane batholith, which hosts porphyry-related copper-gold mineralization at the nearby Southeast deposit.
"We've prioritized expanding our land position around the Woodjam Project ahead of our initial drill program," commented Steve Blower, Vice President of Exploration. "These claims are proximal to our historical deposits and display similar geological attributes, adding to the pipeline of fantastic exploration targets on the Woodjam Project."
The Claims
The 1,061ha Megaton Extension mineral claims are immediately east of the Megaton Option/JV area, just east of the Southeast deposit (see Figure 1). The geology underlying the claims consists predominantly of till covered intrusive rocks of the early Jurassic Takomkane batholith, host to copper-gold porphyry-related mineralization at the Southeast deposit. Only one previous drill program has been completed on the Megaton Extension claims – a cluster of 20, 200 - 300m long drill holes was completed in 2008 within a discrete, 400 x 800m area. Native copper was identified in several holes, returning intersections up to 0.2% Cu over 14.0m in drill hole MT08-07A1. Given the presence of widespread copper mineralization hosted in the prospective Takomkane batholith, together with its close proximity to the Southeast deposit, the Megaton Extension area will be a high priority for future exploration programs.
Figure 1 – Woodjam New Claims Location
Figure 1 – Woodjam New Claims Location (CNW Group/Vizsla Copper Corp.)
Updated Terms
In consideration for the amendment to the Megaton Option Agreement and subject to TSX Venture Exchange approval, Vizsla Copper will issue 300,000 common shares to the optionors. Vizsla Copper has the right to earn up to 100% ownership of the claims by satisfying the payments outlined in Table 1.
Table 1 – Amended Schedule for Megaton Option Agreement
Cash Payments
Exploration Commitments
Shares
Milestone Date
C$40,000
Nil
Nil
Satisfied
C$50,000
C$250,000
Nil
Satisfied
Nil
C$206,957
450,000
Satisfied
C$60,000
C$124,771
Nil
Satisfied
C$100,000
Nil
Nil
May 6, 2024
C$250,000
C$500,000
Nil
May 6, 2025
C$250,000
C$1,000,000
Nil
May 6, 2026
C$250,000
Nil
Nil
May 6, 2027
The Woodjam Project
The 66,325ha Woodjam Project is located 55 kilometres east of the community of Williams Lake in an area characterized by a low elevation, flat to gently undulating landscape that is well accessed by logging roads. Geologically, the Woodjam Project is located within the prolific Quesnel Terrane – a large regional depositional belt commonly dominated by alkalic volcanic units and related volcaniclastic lithologies. The Quesnel terrane hosts both alkaline and calc-alkaline porphyry copper+/-gold+/-molybdenum deposits, including the Copper Mountain, New Afton, Highland Valley, Mount Polley, Mount Milligan and Kemess mines.
To date, six zones of porphyry-related mineralization (Megabuck, Deerhorn, Takom, Three Firs, Southeast, Megaton) have been identified at the Woodjam Project by drilling (95,092 metres in 281 holes since 2009 and a further 114 holes, 30,092 metres predominantly from 1998). These six mineralized zones form a cluster approximately 5 kilometres in diameter