TSX.V: COCO
VANCOUVER, BC, Aug. 14, 2024 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company"); (TSXV: COCO) is pleased to announce that it has signed an option agreement (the "Option Agreement") with an arms-length individual (the "Optionor") for additional ground adjacent to the Company's 100% owned Sully property and PJX Resources Inc.'s ("PJX") Dewdney Trail property¹. This ground when combined with the Sully property totals 14,112 hectares, covering prospective ground in the historical Sullivan camp.
This optioned ground covers the favourable Aldridge Formation on trend of PJX's new discovery. See Figure 1. Previous work by Cominco Ltd. (also owners of the historical Sullivan Mine located 35 kilometers west) between 1969 and 1970 led to the discovery of lead, zinc, chalcopyrite and silver mineralization noted in trenches and the drilling of one drillhole (results not publicly released) ².
Option Agreement Terms
Under the terms of the Option Agreement, Coast Copper can acquire a 100% interest in the property by making a cash payment of $5,700 and issuing a total of 500,000 common shares of the Company in three tranches over a 2-year period as follows:
- 100,000 common shares to the Optionor as soon as practicable following receipt of TSX Venture Exchange ("TSX-V") approval of the Option Agreement;
- 150,000 common shares to the Optionor on or before the first anniversary date of the date of the Option Agreement; and
- 250,000 common shares to the Optionor on or before the second anniversary date of the date of the Option Agreement.
Upon receiving final TSX-V approval, the Company will make the cash payment of $5,700 and issue the first tranche of common shares of the Company to the Optionor. The Optionor will retain a 1% net smelter return royalty on the optioned property.
There are no property expenditure requirements in relation to the Option Agreement other than to keep the claims in good standing.
The Option Agreement is subject to TSX-V approval and all shares issued under the Option Agreement will be subject to a hold period expiring four months and one day from the date of issuance.
Exploration Program
The Company completed an initial reconnaissance field program in July 2024. A total of 11 rock, 22 silt and 27 soil and 2 stream samples were collected over the Sully property, as well as 6 rock samples collected over the newly optioned ground during due diligence. Samples from this program were submitted to the laboratory and results will be announced as soon as possible.
Other Property Work
Sampling work during June and July 2024 also included the collection of rock, soil and moss matt samples from the Company's Empire Mine, Knob Hill NW and Home Brew properties, as well as from a number of generative projects which it is evaluating. The Company is awaiting the results from these programs and will announce as soon as possible.
Adam Travis, CEO comments: "I'm pleased that we were able to expand our Sully property with more ground that is on trend from PJX. While at Sully, we observed strong indications of intrusion related gold mineralization on the eastern portion of the property as well as higher sulphide accumulations in the Aldridge Formation. This work completed at Sully was an initial cursory review and more work is strongly recommended.
I was excited to be able to complete field work on our Empire Mine, Knob Hill NW and Home Brew properties during June and July. I'm eagerly awaiting the results from all our exploration work so far."
Qualified Persons
The technical information contained in this news release has been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC), Coast Copper's geological consultant and a Qualified Person within the context of the Canadian Securities Administrators' NI 43-101; Standards of Disclosure for Mineral Projects.
About Coast Copper Corp.
Coast Copper's exploration focus is the Empire Mine property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold, and silver. Coast Copper's other properties include its 100% owned Sully property located in southeastern BC, Knob Hill NW property located on northern Vancouver Island, its Home Brew property in central BC, and its Scottie West property located in the "Golden Triangle" of northern BC. Coast Copper's management team continues to review precious and base metals opportunities in western North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
Cautionary Notes related to News Release/Maps
¹ This news release may contain information about adjacent properties on which Coast Copper has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
² BC Minfile Record Summary 082GNW058. https://minfile.gov.bc.ca/Summary.aspx?minfilno=082GNW058
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Coast Copper Corp.
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