Business
Coast Copper Options Additional Ground Adjacent to its Sully Property and Completes Exploration Work on Properties
Coast Copper Options Additional Ground Adjacent to its Sully Property and Completes Exploration W...
About this update from Coast Copper Corp
[{"type":"text","content":"\n\n\n\n Coast Copper Options Additional Ground Adjacent to its Sully Property and Completes Exploration Work on Properties\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n TSX.V: COCO\n \n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Aug. 14, 2024\n \n\n /CNW/ -\n \n Coast Copper Corp. (\"Coast Copper\" or the \"Company\");\n \n (TSXV: COCO) is pleased to announce that it has signed an option agreement (the \"\n \n Option Agreement\n \n \") with an arms-length individual (the \"\n \n Optionor\n \n \") for additional ground adjacent to the Company's 100% owned Sully property and PJX Resources Inc.'s (\"\n \n PJX\n \n \")\n \n Dewdney Trail\n \n property¹. This ground when combined with the Sully property totals 14,112 hectares, covering prospective ground in the historical Sullivan camp.\n \n\n 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.\n \n\n\n Option Agreement Terms\n \n\n\n Under the terms of the Option Agreement, Coast Copper can acquire a 100% interest in the property by making a cash payment of\n \n $5,700\n \n and issuing a total of 500,000 common shares of the Company in three tranches over a 2-year period as follows:\n \n\n\n 100,000 common shares to the Optionor as soon as practicable following receipt of TSX Venture Exchange (\"\n \n TSX-V\n \n \") approval of the Option Agreement;\n \n\n 150,000 common shares to the Optionor on or before the first anniversary date of the date of the Option Agreement; and\n \n\n 250,000 common shares to the Optionor on or before the second anniversary date of the date of the Option Agreement.\n \n\n\n Upon receiving final TSX-V approval, the Company will make the cash payment of\n \n $5,700\n \n and issue th...