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Collective Metals Announces Option Agreement to Acquire 70% of Princeton Project in Southeastern British Columbia
HIGHLIGHTS The drill-ready Project is located approximately 10 km west of the currently producing Copper Mountain Mine, which hosts a Proven and Probable Minera
About this update from Collective Metals Inc
[{"type":"text","content":" HIGHLIGHTS The drill-ready Project is located approximately 10 km west of the currently producing Copper Mountain Mine, which hosts a Proven and Probable Mineral Reserve of 702 Mt of 0.24% Copper. Upon earning-in under the option, Collective will hold a majority interest in the second largest land package in the area, consisting of 29 mineral tenures totaling approximately 28,560 ha (70,570 acres) in a well-documented and prolific copper-gold porphyry belt. Neighbouring peer Kodiak Copper Corp.’s MPD property recently received a $10.5 million investment by Teck Resources Ltd. Copper Mountain was recently acquired by Hudbay Minerals Inc., for CDN $439 million creating the 3rd largest Copper producer in Canada. The predominant feature of interest on the Project is a large, prominent, high intensity magnetic anomaly comparable to the magnetic anomaly spatially associated with the Copper Mountain Mine and associated intrusive complex. VANCOUVER, British Columbia, May 10, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT | FSE: TO1) (the “Company” or “Collective”), is pleased to announce it has signed an option agreement dated May 9, 2023 to acquire 70% of the Princeton Project (the “Acquisition”), a copper-gold project located in south-central BC covering 70,570 acres (the “Project”) from Tulmeen Resources Corporation (“Tulmeen”). The Project is approximately 10 km west of Copper Mountain Corporation’s (“Copper Mountain”) currently producing Copper Mountain Mine, which hosts a Proven and Probable Mineral Reserve of 702 Mt of 0.24% Copper. The Project hosts potential for identification of one (or more) copper gold alkalic porphyry occurrences similar in age and deposit type to the Copper Mountain Mine. The Project is easily accessible by road and is located immediately west of Highway 3 south of Princeton, BC, in a well-established mining district with excellent infrastructure, a local workforce and support services. British Columbia is known as a low-risk jurisdiction with high standards for environmental stewardship and community engagement. Figure 1 - Collective Metals Princeton Project Regional Location Christopher Huggins, Chief Executive Officer of Collective, commented, “The Acquisition is a major milestone for Collective and gives the Company a drill ready, highly prospective copper project in a world-renowned regio...