VANCOUVER, BC, May 14, 2024 /PRNewswire/ -- Cunnigham Mining Ltd, a minority interest portfolio company of Houston Natural Resources Corp (OTC: HNRC) ("Company"), provided an update on acquiring an interest of up to 19.8% in Kharrouba Copper Company, Inc ("KCC" or "Company"). Cunningham Mining Ltd will be assuming the financing commitment into KCC.
Cunningham Mining (www.cunninghammining.com) has successfully completed the acquisition of the Placer Claims known as the 'Nugget Trap Placer Mine" in the British Columbia Mineral Title registry, covering 573.7 acres, along with the accompanying permits and authorizations ("Property"). The Property is situated within the Skeena Mining Division of British Columbia, Canada, in the area known as BC's Golden Triangle. The company intends to digitize its claims through the issuance of Digital Asset Tokens.
The company has completed the white paper on its Digital Asset Token and has been approached with significant interest for listing on multiple exchanges throughout the globe, to release an initial lot of 100 million tokens. The tokens, pending symbol "NGTGOLD", are backed by Cunningham Mining's current British Columbian placer gold claim and are expected to be released during the coming quarter. This would provide working capital for mining operations and committed investment in KCC. After the initial investment is completed, Cunningham has been in discussions with KCC to increase its ownership stake with future transactions and further investment.
KCC is a Canadian Company, that owns a copper mining operation, including all equipment, and has been producing since 2017. KCC is on the cusp of becoming a significant producer with the potential to realize substantial growth within the coming months. Since 2011, the Company has acquired a major land position, approximately 78,826 acres, hosting copper, cobalt, and recently discovered prospective amounts of gold in the Kingdom of Morocco. Upon completion of its drilling program and updated resource estimate within the next 12-18 months, KCC hopes to increase its resources to 30 million tons at estimated 1.5% copper.
Increasing usage and shrinking supply for copper makes it in high demand. Automakers have been scrambling to secure supplies of key metals like copper that are needed for the production of electric vehicles. Copper has recently been at the forefront of the industry due to its central role in the green energy transition as a key metal and its rapidly dwindling global reserves. Commodity Insights expects the refined and concentrate copper markets to be in deficit in 2027. At a nine-year high in 2022, copper exploration budgets were mostly directed toward mine site exploration and away from generative programs, led by major companies seeking to extend the life and capacity of their producing mines.
The Company is continuing to look at opportunities for additional acquisitions in the gold mining sector in addition to developing its existing assets.
About Cunningham Mining Ltd
Cunningham Mining (www.cunninghammining.com) has successfully completed the acquisition of the Placer Claims known as the 'Nugget Trap Placer Mine" in the British Columbia Mineral Title registry, covering 573.7 acres, along with the accompanying permits and authorizations ("Property"). The Property is situated within the Skeena Mining Division of British Columbia, Canada, in the area known as BC's Golden Triangle. The company intends to digitize its claims through the issuance of Digital Asset Tokens.
About Cunningham Natural Resources Corp
Cunningham Natural Resources Corp (www.cunninghamnaturalresources.com) will be focused on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. The investment focus will be global with sustainability at the core of the strategy.
FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.
Contact:
Cunningham Mining Ltd
10026 Pacific Centre 25th FL
Vancouver, BC, V7Y 1B3
Phone: 1-833-344-4653
Email: info@cunninghammining.com
https://twitter.com/CunninghamCorp
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SOURCE Cunningham Mining Ltd
