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Sterling Metals Signs Definitive Agreement to Acquire the Copper Road Project in Ontario
TORONTO, ON / ACCESSWIRE / February 14, 2023 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) (" ...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Sterling Metals Signs Definitive Agreement to Acquire the Copper Road Project in OntarioTORONTO, ON / ACCESSWIRE / February 14, 2023 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) (\" Sterling \" or the \" Company \") is pleased to announce that it has entered into a definitive share purchase agreement (the \" Agreement \") dated February 13, 2024, with Copper Road Resources Inc. (the \" Vendor \") and its wholly-owned subsidiary, 100797918 Ontario Inc. (the \" Subsidiary \") to acquire 100% interest in the Copper Road Project (\" Copper Road \" or the \" Project \"), from Copper Road Resources Inc. (TSXV:CRD), arm's length parties to the Company (the \" Transaction \"). Located 80km north of Sault Ste. Marie, Ontario, Canada, Copper Road is a 24,000ha high-potential brownfield copper-moly-silver-gold project associated with the Midcontinent Rift (\" MCR \"), which until 2021 had never been fully consolidated. Recent porphyry and breccia drill holes as well as past copper production from two mines suggest the potential for larger intrusion related copper mineralization. The project benefits from its strategic proximity to substantial infrastructure (Figure 1).Transaction HighlightsAccretive Acquisition Terms - Sterling is acquiring 100% of the Project in consideration for 98% of the current issued and outstanding shares of Sterling and $460,000 in cash payments payable in two tranches (see below for details). Upon completion of the Transaction, existing Copper Road and Sterling shareholders will own approximately 49% and 51% of the Company, respectively.24,000ha Project Surrounded by Robust Infrastructure - The contiguous claims stretch 30km and includes the past producing Coppercorp and Tribag copper mines, multiple near surface porphyry and breccia drill intercepts, and several surface anomalies discovered via trenching and sampling. The Trans-Canada Highway crosses the Project, and surrounding infrastructure includes hydroelectricity from the Montreal River, two copper smelters and the Port of Sault Ste. Marie.Positioned on an Important Geological Copper Belt in North America - The MCR is home to numerous past-producing and present deposits around Lake Superior, including the prolific native copper deposits of the Keweenawan Peninsula in the U.S., mined for more than 150 years. The porphyry mineralization at Copper Road has ...