Business
District Copper announces 3rd Tranche closing of Private Placement
District Copper announces 3rd Tranche closing of Private
About this update from District Copper Corp.
[{"type":"text","content":"\nVancouver - District Copper Corp. ('District Copper', 'District', or the 'Company') (TSX-Venture: DCOP) announces that, further to its news releases dated April 23, 2025, April 30, 2025, and May 30, 2025, it has closed a third tranche of its private placement raising gross proceeds of $260,000 through the issuance of 5,200,000 units at a price of $0.05 per unit ('Unit').\nEach Unit consists of one share and one transferable share purchase warrant ('Warrant'), with each Warrant being exercisable at a price of $0.075 for period of 3 years from the date of issuance.\nAbout the Copper Keg property\nHistorical exploration spans from the late 1800's to 2012. The early-stage exploration is reported to consist of mining high grade copper veins. The property exhibits the geochemical/alteration/lithologic features typical of the argillic altered portion of a porphyry copper system at/along the potassic/propylitic contact. The property is characterized by a large, pyrite bearing, argillic zone exposed along the surface trace of the Barnes Creek fault, a major NNW trending that crosses the Guichon Creek Batholith. The high-grade copper veins noted above, reflect supergene enrichment of distal base metal veins typically associated with a porphyry copper system.\nThe project is underlain by an intrusive phase of the Guichon Creek batholith which intrudes the surrounding Nicola Group rocks. Petrographic work and K/Al: Na/Al ratios indicate an alteration package ranging from argillic-phyllicpotassic (all alteration phases associated with porphyry copper systems) supported by alteration minerals indicative of the inner actinolite subzone of a porphyry system as well as secondary biotite (Potassic alteration) and sericite (phyllic alteration), quartz veinlets with pyrite and chalcopyrite. A large pyritic zone exhibits spatial association with the argillic altered zone and could be representative of what is commonly referred to in porphyry copper terms as the 'pyrite shell'. Chalcopyrite, bornite and malachite (secondary copper carbonate) have been observed in outcrop and support the presence of a porphyry system.\nTwo highly altered gossans have been identified along the interpreted trace of the Barnes Creek fault, a major structure within the Guichon Creek batholith. The first area (800m long by 200m wide); the second area is 600 m south and s...