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World Copper Announces Sale of Royalty on Zonia Project
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - World Copper Ltd. (TSXV: WCU) ...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"World Copper Announces Sale of Royalty on Zonia ProjectVancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\" or the \"Company\") announces that it has entered into a binding letter agreement made as of June 10, 2022 (the \"Letter Agreement\") with Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) (\"Electric Royalties\") for the sale and grant to Electric Royalties of a gross revenue royalty (\"GRR\") and royalty option package on the Company's wholly owned Zonia Copper Oxide project (\"Zonia\" or the \"Zonia Project\"), located in the Walnut Grove Mining District, Yavapai County, Arizona, United States (the \"Transaction\").HighlightsThe key terms of the Transaction are:Electric Royalties will be granted a 0.5% GRR on the Zonia Project for a total of CAD $1.55 million in cash and 2,000,000 common shares of Electric Royalties.Electric Royalties will also be granted:an option to acquire a further 0.5% GRR on the Zonia Project for an additional cash payment of CAD $3.0 million; andan option to acquire a 1% GRR on the Zonia Norte deposit northeast to the existing Zonia Project resource, for a cash payment of CAD $3.0 million.Nolan Peterson, CEO and President of World Copper Ltd, commented, \"World Copper is excited to have Electric Royalties' management team as one of our first partners in developing the Zonia Project. Electric Royalties seeks to invest in undervalued assets with clear development potential and this led them to the Zonia Project. With significant work already carried out on Zonia, robust economics, and an achievable timeline to production, Zonia is a compelling near-term project. Since acquiring Zonia, World Copper has been working diligently in restarting the development activities of the project and as work continues to ramp-up I look forward to updating shareholders on our progress.\"Zonia Project Development Following an internal technical review of the exploration and development potential of the Zonia Project (see news release dated May 2, 2022), World Copper has assessed Zonia's potential to host significantly more copper mineralization than outlined in the current resource estimate (76.8 Mt of 0.33% Cu Measured & Indicated, 27.2 Mt at 0.28% Cu Inferred). The Company is currently working on exploration drill targets al...