Deep-South Resources To Acquire Up To 80% Of Three Copper Exploration Licences in the Heart of Zambia Copper Belt

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[{"type":"text","content":" VANCOUVER, BC, April 7, 2022 /CNW/ - Deep-South Resources Inc. (\"Deep-South\" or the Company) (TSXV: DSM) announces the signature of a definitive earn-in agreement with Word Class Minerals Venture Ltd (\"WCMV\") of Zambia to acquire up to 80% of three copper exploration licences in the center of the Zambian Copper belt, one of the most prolific copper belts in the world.  John Akwenye, Chairman of Deep-South stated that: \"While reinstating the licence over the Haib Copper project in Namibia remains our number one priority, we are very enthusiastic about the option to acquire these strategicaly well situated licences in the heart of one of the most prolific copper belts in the world\". The agreement: Deep-South holds the option to acquire up to 80% of the Large Scale Exploration Licences  LEL 23246, LEL 23247 and LEL 23248 held by WCMV in Zambia. The terms are as follows: Deep-South has paid to WCMV, US $ 15,000 on signature of the agreement and will pay an additional US $ 15,000 on approval of the transaction by the TSX Venture Exchange (\"TSX-V\"). Deep-South will also issue 500,000 of its common shares to WCMV upon approval by the TSX-V. On the second anniversary of the agreement, Deep-South will pay US$ 30,000 and issue 250,000 of its common shares to WCMV. Before the end of the second anniversary of the agreement, Deep-South will also complete the collection and analysis of 100 soil samples over the identified anomalies on Licence LEL 23246 and 350 soil samples over the identified targets on each of Licences LEL 23247 and LEL 23248. Deep-South will then decide whether to proceed with more intensive sampling or to evaluate any drilling targets. Upon completion of the above, Deep-South will have acquired an undivided interest in 51% of the licences. In order to acquire the remaining 29% of the licences, Deep-South, at the end of the third, fourth and fifth year of the agreement,will pay to WCMV US$ 30,000 every year for a total of US 90,000 and spend a minimum of US$ 1 million in exploration programmes every year for a total of US $ 3 million in exploration expenditure. Data Acquisition: Upon approval of the transaction with WCMV by TSX-V, Deep-South will acquire all of the exploration data for the licences LEL 23246, LEL 23247 and LEL 23248 held by Mr. Nathan Sabao (\"the geological consultant\"). Upon appro...

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