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Kapuskasing Finalizes Agreement to Acquire Sterling Copper Deposit in Newfoundland & Labrador
VANCOUVER, BC / ACCESSWIRE / August 22, 2017 / Kapuskasing Gold Corp. (TSX-V: KAP) (the "Com...
About this update from Ophir Metals Corp
[{"type":"text","content":"Kapuskasing Finalizes Agreement to Acquire Sterling Copper Deposit in Newfoundland & LabradorVANCOUVER, BC / ACCESSWIRE / August 22, 2017 / Kapuskasing Gold Corp. (TSX-V: KAP) (the \"Company\" or \"KAP\") announces that it has executed and finalized, subject to TSX Venture Exchange approval, the formal option agreement (the \"Agreement\") to earn a 100% interest in the Sterling Property, contiguous to the Lady Pond Property, located in the province of Newfoundland and Labrador (\"NL\"), as announced May 9, 2017. The Lady Pond Property consists of 98 claims totaling 2450 hectares in size and covers a number of historic shafts, mine workings, and areas of economic historical drilling.\nPursuant to the Agreement, KAP may earn a 100 percent interest in the Sterling Property for total consideration of 1,800,000 shares, $25,000 in cash payments, and a work commitment of $250,000 over four years. The Vendor shall retain a 3% net smelter royalty (\"NSR\") interest. The Company retains the option to buy back 2% of the NSR for $2,000,000. \nThe Lady Pond Property lies immediately adjacent to the town of Springdale and can be accessed via numerous logging roads and ATV trails throughout the property. Rambler Mining and Metals PLC operate a base metal mill at Baie Verte and currently own the historic Little Deer and Whalesback copper deposits (approximately 7 million tonnes of 2.25% Cu). Both of these projects are situated on contiguous claims to the west of the Lady Pond Property. \nThe geology underlying the Lady Pond Property consists entirely of the Lush Bight group of rocks, which is the same lithology which hosts the nearby Little Deer and Whalesback copper deposits. The Lady Pond Property is host to several historic copper occurrences (Cyprus Type VMS deposits), the most notable of which include the Sterling Mine, the Twin Pond prospect, and the Lady Pond Mine, all of which have exploration histories dating back to the late 1800's. The Sterling Mine hosts a NI 43-101 non-compliant, historic resource of approximately 1,000,000 tonnes of 1% copper, and is open in all directions. This non-compliant resource was calculated from drilling and evaluations performed during the late 1960's. The Sterling Mine is situated approximately 1.5 km to the southwest of the Twin Pond Prospect, where an additional 32 holes has been drilled but no calcul...