Business
Alpha Copper Terminates Okeover Option Agreement
VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0) (“Alpha,” “Alpha Copper,” or the “Company
About this update from Star Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0) (“Alpha,” “Alpha Copper,” or the “Company”), a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, announces that it has terminated the option agreement for the Okeover project. The Okeover project is situated approximately 20 km north of Powell River within the traditional territory of the Tla'amin First Nation. Terminating the option agreement for the Okeover removes Alpha’s obligation for a pending share issuance and a further $3.5M in working expenditures and allows the company to increase its focus on the remaining portfolio, including the drill-ready Star Project in the Golden Triangle of BC, the Indata project in BC and the Hopper project in Yukon. “We decided to terminate the option agreement based on all exploration results to date,” stated Darryl Jones, CEO of Alpha, “after careful consideration it became clear to us that the value of the option deal did not reflect the value of the project anymore. Rather than aligning the price and value we have chosen to focus on the assets in our portfolio that we believe have more immediate exploration upside for our company and its investors.” Okeover Drill program Situated approximately 20 km north of the community of Powell River, within the traditional territory of the Tla'amin First Nation, Alpha took a confirmation-based approach at Okeover to verify existing mineralization in the North Lake Zone. Drilling completed in late 2022 and included four holes totalling 1925.14 m (Table 1). Highlights of the drill program are shown in Table 2. Indata Geoscience led all field work associated with the program and Superior Diamond Drilling carried out the drill campaign. The drilling focused on the North Lake Zone, an area of historic drilling that is 250 x 350 m in aerial extent and had a previously defined envelope of mineralization up to 200 m depth. Table 1. Collar locations for diamond drill holes in the 2022 Okeover drill program. Hole ID Projection Easting Northing Elevation (m) Dip (o) Azimuth (o) Depth (m) OK-22-01 NAD83_10N 381805 5544461 904 -65 79.5 501.73 OK-22-02 NAD83_10N 382061 5544472 912 -70 257.1 493.2 OK-22-03 NAD83_10N 381959 5544638 879 -70 281.7 358.44 OK-22-04 NAD83_10N 3...