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District Copper Acquires Additional Mineral Claims in Newfoundland
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- District Copper Corp. (“District Copper”) (TSX-Venture: DCOP) is pleased to announce that it has e
About this update from District Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- District Copper Corp. (“District Copper”) (TSX-Venture: DCOP) is pleased to announce that it has entered into two separate arm’s length agreements to acquire 24 map staked minerals units located in the vicinity of Grand Falls, central Newfoundland. The acquisitions are subject to TSX Venture Exchange approval. The first agreement covers eight mining claim units encompassing 200 hectares of mineral exploration lands (the “Duffitt Claims”). These claims will be acquired for, and in consideration of, 300,000 common shares and will be subject to a 0.75% Net Smelter Return royalty from production. The second agreement, entered into with three separate arm’s length vendors, covers 16 mining claim units encompassing 400 hectares of mineral exploration lands (the “Island Pond Claims”). These claims will be acquired for, and in consideration of, $4,000 CDN and 400,000 common shares of District Copper. The claims are subject to a 2.0% Net Smelter Return royalty from production with a buy down provision that would allow District Copper to purchase one half of the reserved royalty for $1,000,000 CDN. “The acquisition of these claims enables us to consolidate our existing land position in a highly prospective emerging gold district,” comments Jevin Werbes, President & CEO. “These properties, obtained due to the strong indications of gold mineralization, provide our company additional coverage on several of our existing target areas. Mapping and prospecting of these targets will be completed within the current field program.” About the Claims The newly acquired properties are easily accessible using asphalt and gravel roads along with logging trails. Mapping and sampling on the new properties, the Rabbit Tracks prospects, and the Twin Ponds-Moccasin lake area is planned to commence immediately. The Duffitt Claims (Lic. No. 23226M) cover 200 ha bordering the northern edge of the Stony Lake East project and is contiguous to Sokoman Minerals Corp’s Moosehead gold property project. These claims are located approximately 4.5 km southwest and along strike of Sokoman’s high grade Moosehead gold zone and about one km west of District Copper’s Flyer Grid gold-silver target. The very prospective Rabbit Tracks gold zone held by District occurs immediately to the west of...