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Aguila Copper Acquires Multiple Copper-Zinc-Gold Resources in the Sherridon District, Manitoba
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - Aguila Copper Corp. ( TSX...
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[{"type":"text","content":"Aguila Copper Acquires Multiple Copper-Zinc-Gold Resources in the Sherridon District, ManitobaVancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - Aguila Copper Corp. (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) (formerly Aguila American Gold Limited) (\"Aguila\" or the \"Company\") is pleased to announce signing of a binding Option Agreement (the \"Option Agreement\") dated 6 December, 2021 with a private British Columbia company (the \"Vendor\"), to secure rights to earn up to 90% of 28 Mining Claims and 1 Mineral Lease totaling 4968 Ha covering the Sherridon mining district in central western Manitoba (the \"Property\").Sherridon is one of Canada's notable Volcanic Hosted Massive Sulphide (VHMS) mining camps, that lies 65km northeast of the mining/metallurgical complex in Flin Flon, linked by an all-weather 78 km road. The site is serviced by a railroad, power line and the small community of Sherridon/Cold Lake.Mining of the Sherritt Gordon deposit at Sherridon took place between 1931 and 1951, over which time 7.74 million tonnes were mined at an average grade of 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag (Froese & Goetz, 1981). Subsequent exploration was completed in the region by a range of companies, which identified numerous massive sulphide occurrences, typically associated with a similar host-horizon as Sherritt Gordon (Ostry et al, 1998).Exploration activity peaked with the investment of the Vendor between November 2006 and July 2010, including the drilling of 159 holes and estimation of near surface indicated and inferred mineral resources. Additional in-fill and along strike drilling was completed at the project subsequent to resource calculation. No exploration activity is documented after November 2012. Today, the Vendor is the registered 100% owner of 28 Mining Claims and 1 Mineral Lease covering the Sherridon mining district (see Figure 1) for a total of 4968 Ha. Some Mining Claims are the subject of royalty agreements relating to prior contracts and agreements. Full technical data pertaining to the acquisition will be shared at the satisfactory completion of a 40-day due diligence period. The executed Option Agreement is binding upon the Vendor. The obligations of the Company under the Option Agreement are subject to the approval of the TSX Venture Exchange (the \"Exchange\"). The closi...