Electric Royalties Closes Zonia Copper Royalty Acquisition

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[{"type":"text","content":"Electric Royalties Closes Zonia Copper Royalty AcquisitionVANCOUVER, BC / ACCESSWIRE / September 6, 2022 / Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) (\"Electric Royalties\" or the \"Company\") is pleased to announce closing of the previously announced acquisition (see Electric Royalties' news release dated June 13, 2022) of a 0.5% gross revenue royalty (\"GRR\") on the Zonia Copper Oxide Project in Arizona, USA (the \"Zonia Project\" or \"Zonia\") with World Copper Ltd. (TSX.V:WCU)(OTCQB:WCUFF)(FRA:7LY0) (\"World Copper\") in exchange for C$1,550,000 cash and 2,000,000 common shares of the Company (the \"Transaction\"). The Company has the right, for a period of 15 months after closing of the Transaction, to acquire a further 0.5% GRR on the Zonia Project for C$3,000,000 cash consideration. In addition, the Company has an option to acquire a 1% GRR on the Zonia Norte deposit, adjacent to the Zonia Project, for C$3,000,000 cash, at any time during a period of 24 months from the date that World Copper (i) obtains an initial technical report in respect of the Zonia Norte deposit which is prepared in accordance with National Instrument 43-101 and contains an estimate of Inferred Mineral Resources, and (ii) delivers a copy of such report to Electric Royalties.The Zonia Copper Oxide Project in central Arizona was held under private ownership for almost 100 years and has undergone extensive historical exploration, metallurgical studies and mine development planning and production. Much of the mineralized area was pre-stripped during previous open-pit mining operations starting in 1966 and 17 million tons were mined with 7 million tons stacked on heap leach pads, producing cement copper until 1975. The Zonia mineral resource was estimated using more than 600 holes totaling nearly 50,000 metres[1]. This high-density drilling allows for more than 73% of the current resource to be classified in the higher confidence measured and indicated categories, thus reducing technical risk on the deposit. Only 30% of the property has been investigated by drilling, providing considerable opportunity to grow the resource.World Copper plans to prepare for prefeasibility-level studies to further advance the project toward production. This includes a program of infill drilling with goals to upgrade Inferred Resources, convert Measured and Indicated...

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