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QC Copper Announces a Strategic Acquisition
Toronto, Ontario--(Newsfile Corp. - March 6, 2023) - QC Copper and Gold Inc. (TSXV: QCCU) (OTCQB:...
About this update from Xxix Metal Corp.
[{"type":"text","content":"QC Copper Announces a Strategic AcquisitionToronto, Ontario--(Newsfile Corp. - March 6, 2023) - QC Copper and Gold Inc. (TSXV: QCCU) (OTCQB: QCCUF) (\"QC Copper\" or the \"Company\") is pleased to announce the acquisition of the Opemiska West Project (\"Opemiska West\"). Opemiska West is 36 mineral claims over 1560 hectares and is immediately adjacent to and contiguous with the western border of QC Copper's Opemiska project, in the Chibougamau District of Quebec.The acquisition is a critical land package for the development of Opemiska, as these Opemiska West claims host the historic tailings from the Opemiska Mine from its operations under Falconbridge from 1953 to 1991. These tailings also potentially carry residual mineralization when Opemiska was mined as a high-grade underground operation with a cut-off grade of 1.5% copper. The Company also considered these claims as potentially being an ideal location for future tailings facilities. \"The acquisition of the Opemiska West claims is strategically important as they host potential additional feed upon evaluating the metal content from the historic tailings. More importantly, this gives the Company significant land immediately adjacent to Opemiska's conception open pit, which will be further defined in QC Copper's forthcoming updated Mineral Resource Estimate,\" said Stephen Stewart, QC Copper's CEO. Known Mineralization on Opemiska West ClaimsMineralization on the Opemiska West claims is similar to the Opemiska style copper vein typology, particularly given its proximity to the Springer and Perry mines. The mineralized veins of the Springer mine are restricted to fracture networks contained in the ophitic parts of the gabbroic Venture sill, and the veins are known to extend westward on to the Opemiska West claims. Update Map of Opemiska ClaimsTerms of the AcquisitionUpon final exchange approval and closing of the acquisition, in exchange for 100% ownership of the Opemiska West claims, QC Copper will issue 500,000 of its common shares to the Vendor, Windfall Geotek. The Opemiska West claims are subject to an existing 2% net smelter royalty, of which 1% can be repurchased for $1 million. Additionally, QC Copper has entered into a $125,000 services agreement with the Vendor to perform data analysis and to generate artificial intelligence drill targets on the Opemiska. This agree...