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World Copper Announces Closing of Zonia Project Royalty Sale
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - World Copper Ltd. (TSXV: W...
About this update from World Copper Ltd
[{"type":"text","content":"World Copper Announces Closing of Zonia Project Royalty SaleVancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\" or the \"Company\") announces that the previously announced sale to Electric Royalties Ltd. (\"Electric Royalties\") of a gross revenue royalty (\"GRR\") and royalty option package on the Company's wholly owned Zonia Copper Oxide project (\"Zonia\" or the \"Zonia Project\"), located in the Walnut Grove Mining District, Yavapai County, Arizona, United States (the \"Transaction\"), has now closed. On closing, the Company received CAD $1.55 million (gross) in cash (the \"Cash Consideration\") and 2,000,000 Electric Royalties' common shares (the \"Consideration Shares\") from the sale of a 0.5% GRR (the \"Zonia Royalty\") on the Zonia Project to Electric Royalties.Nolan Peterson, CEO and President of World Copper Ltd, commented, \"World Copper is excited to close this transaction and bring Electric Royalties on as one of Zonia's first partners. The Zonia Project has robust economics and an achievable timeline to production. This initial support from Electric Royalties enables us to continue our restart of development activities at the project and carry out significant work in unlocking the project's full value. I look forward to working more closely with Electric Royalties' management team and we look forward to continuing to update shareholders on our progress.\"Zonia Project Development Following an internal technical review of the exploration and development potential of the Zonia Project (see news release dated May 2, 2022), World Copper has assessed Zonia's potential to host significantly more copper mineralization than outlined in the current resource estimate (76.8 Mt of 0.33% Cu Measured & Indicated, 27.2 Mt at 0.28% Cu Inferred). The Company is currently working on exploration drill targets along the margins of the Zonia deposit as well as a separate, significant copper-molybdenum-manganese in rock geochemical anomaly located approximately two kilometres north-northeast of the established resource (\"Zonia Norte\"). In addition to the exploration targets identified, World Copper intends to update the Zonia 2018 preliminary economic assessment, dated April 17, 2018 (with an effective date of March 22, 2018), prepared by G...