Vancouver, British Columbia--(Newsfile Corp. - November 15, 2022) - Bell Copper Corporation (TSXV: BCU) (OTCQB: BCUFF) ("Bell Copper" or the "Company") announces that it has arranged a non-brokered private placement to raise gross proceeds of up to CDN $3,000,000.00 (the "Financing").
The Financing shall consist of up to 25,000,000 units (each, a "Unit") at a price of $0.12 per Unit. Each Unit will consist of one common share ("Share") and one share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional Share at a price of $0.20 per share for a period of two years from the date of closing of the Financing ("Closing"). At the discretion of the Company, Warrants will be subject to an accelerated expiry upon the occurrence of a triggering event ("Trigger Event"). A Trigger Event shall occur when the VWAP for the Company's common shares on the TSX Venture Exchange ("TSX-V") is greater than $0.40 per share for a period of twenty (20) consecutive trading days. On the occurrence of a Trigger Event, at any time after four (4) months from the date of the issue of the Warrants, the Company may within twenty (20) days of such a Trigger Event (but is not required to do so), shorten the term of the Warrants by giving thirty (30) days' notice to the holders by way of a news release and written notification, in which case the Warrants shall expire within thirty (30) days of the date of dissemination of the news release.
The securities issued pursuant to the Financing will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of Closing. The Company may pay finder's fees incidental to the Financing, as permitted by the policies of the TSX Venture Exchange.
Funds raised from the Financing will be used for the ongoing drilling and exploration program at the Company's 100% owned Big Sandy Porphyry Copper Project and for general working capital. Closing shall be subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX-V.
Big Sandy Copper Discovery
Early in 2022, the Company reported that drill hole BS-3 had discovered a porphyry copper deposit on its Big Sandy property in Arizona (refer to February 2, 2022 news release). While drill hole BS-3 did not enter the mineral rich copper shell, it does provide strong evidence for close proximity to the target including 200 meters of chalcocite (copper sulfide mineral) grading 0.42% Cu and 2.4 g/t Ag from 1302 meters to 1502 meters, and an additional 524 meters from 1502 to 2026 meters (total depth) of chalcopyrite grading 0.16% Cu and 2.2 g/t Ag. (refer to June 7, 2022 news release).
The entire 724-meter sulfide interval from 1302 to 2026 meters carried 10 weight percent pyrite and was characterized by pervasive sericitic alteration hosted by quartz monzonite porphyry, representing a typical copper-poor pyrite shell surrounding an anticipated copper shell.
Metallurgical testing (refer to July 12, 2022 news release) of the 200-meter chalcocite intercept produced a flotation concentrate grading 25% copper and 130 grams per tonne silver, with copper recovery up to 84% and silver recovery of 68%. Bottle-roll testing of the same chalcocite interval showed that 96% of the copper was recoverable by a leaching approach.
Flotation testing of molybdenite, hindered by low feed grade, yielded a molybdenum concentrate grading 20.7% Mo.
Testing for the strategic metal rhenium showed that a concentrate running 50% Mo would carry around 1700 g/t rhenium.
Chalcocite and chalcopyrite were previously seen in drillholes BS-1 and BS-2 located 1.2 kilometers and 2.3 kilometers, respectively, from discovery hole BS-3. The kilometer-scale dimensions of copper mineralization between these three holes compare well with the known 5-kilometer by 6-kilometer dimensions of the exposed and faulted-off roots of the porphyry system, cropping out west of the property.
The Company is currently permitted to drill up to 10 follow-up holes from two drill pads, 900 meters apart. An access road connecting the two drill pads has been constructed and a water well has been plumbed to the site. Drilling of BS-4 to test the inferred copper-rich heart of the porphyry system is expected to begin before the end of the year.
Tim Marsh, Bell's President and CEO, and a Qualified Person as defined by NI43-101, said,
"Bell Copper Corporation has made a grassroots discovery of a significant porphyry copper system, something that no other explorer has done in Arizona in the three decades since Resolution was found, and something that is critically needed if the world is to be successful in transitioning to greener energy. We are excited to continue unwrap the gift that Nature deposited at Big Sandy."
Qualified Person
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President. No mineral resource has yet been identified on the Big Sandy Project. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable.
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
On behalf of the Board of Directors of
Bell Copper Corporation
"Timothy Marsh"
Timothy Marsh, President, CEO & Director
For further information please contact the Company
Tel: 1 800 418 8250
Email: info@bellcopper.net
Neither the 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.
Forward-Looking Statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Financing, the expectations of management regarding the use of proceeds of the Financing, closing conditions for the Financing, the expiry of hold periods for securities distributed pursuant to the Financing, use of proceeds of the Financing and TSX-V approval of the proposed Financing. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Bell Copper operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: that the Company may not complete the Financing on terms favourable to the Company or at all; that the TSX-V may not approve the Financing; that the proceeds of the Financing may not be used as stated in this news release; actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144268
