C3 Metals Completes Acquisition of 100% Interest in Flagship Jasperoide Copper-Gold Project, Peru
C3 Metals Completes Acquisition of 100%
Interest in Flagship Jasperoide Copper-Gold
Project, Peru
Toronto, Ontario--(Newsfile Corp. - October 18, 2021) -
C3 Metals Inc.
(TSXV: CCCM) ("C3 Metals" or
the "Company") is pleased to announce that it has completed the previously announced acquisition of
100% of Hochschild Mining PLC's ("
Hochschild
") interest in the Company's flagship Jasperoide
Copper-Gold Project
1
, Peru held by Compañia Minera Ares S.A.C. ("
Ares
"), a wholly owned subsidiary
of Hochschild (the "
Acquisition
").
In connection with the Acquisition, the Company issued 25,001,540 common shares to Ares.
The
common shares are subject to contractual resale restrictions providing that the common shares may only
be sold, transferred, optioned, encumbered, pledged or hypothecated in any way, except as follows: (i)
as to 25% on the date which is four months from the date of issuance; (ii) as to 25% on the date which is
eight months from the date of issuance; and (iii) as to 50% on the date which is 12 months from the date
of issuance.
The Company also entered into a royalty agreement with Ares that provides for a 1.5% net
smelter returns ("
NSR
") royalty in respect of the Hochschild Jasperoide mineral concessions subject to
the right of the Company to purchase 1% of the NSR (thereby reducing the NSR to 0.5%) for a price of
US$1,000,000 at any time, replacing the previously granted 1.5% net smelter returns royalty that had no
buy back provision.
Kevin Tomlinson, C3 Metals' CEO stated, "We are very pleased to have simplified ownership of the
Jasperoide Project in the highly-prospective southern district of Peru.
Acquiring 100% of Hochschild's
interests allows C3 Metals the flexibility to explore and develop at pace and we welcome Hochschild to
our register."
For additional information, contact:
Kevin Tomlinson
President & CEO
Alec Rowlands
Vice President, Investor Relations
+1 416 572 2512
ABOUT C3 METALS INC.
C3 Metals Inc. is a Canadian-based exploration company focused on the discovery and development of
large copper-gold deposits with properties in Peru, Jamaica and Canada.
The Company's flagship project is the Jasperoide high-grade copper-gold skarn and porphyry system
located in the prolific Andahuaylas-Yauri Mineral Belt of southern Peru.
Mineralization at Jasperoide is
hosted in a similar geological setting to nearby major mining operations at Las Bambas (MMG),
Constancia (Hudbay) and Antapaccay (Glencore).
Drilling commenced in February 2021, returning high-
grade copper-gold mineralization over significant thicknesses.
The ongoing program has been
expanded to test multiple geophysical targets.
In Jamaica, the Company's 100% interest licenses cover 207 km
2
of highly prospective copper-gold
terrain where multiple porphyries have been delineated.
The Company is advancing fieldwork on new
areas of interest.
In Canada, C3 Metals holds a 100% interest in the 91 km
2
Mackenzie porphyry
copper-gold project within the Cascade Magmatic Arc in southwestern British Columbia.
Related Link:
www.c3metals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
QP Statement
Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified
Person as defined by National Instrument 43-101.
Mr. Hughes has reviewed the technical information in
this news release and approves the written disclosure contained herein.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward-looking information and are based on
the Company's current belief or assumptions as to the outcome and timing of such future events. Actual
future results may differ materially. In particular, this release contains forward-looking information relating
to, among other things, the exploration operations of the Company and the timing which could be
affected by the current global COVID-19 pandemic. Those assumptions and factors are based on
information currently available to the Company.
Although such statements are based on reasonable
assumptions of the Company's management, there can be no assurance that any conclusions or
forecasts will prove to be accurate.
While the Company considers these assumptions to be reasonable based on information currently
available, they may prove to be incorrect. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks inherent in the exploration and development of
mineral deposits, including risks relating to changes in project parameters as plans continue to be
redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks related to increased competition and
current global financial conditions and the COVID-19 pandemic, access and supply risks, reliance on
key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the
necessary licenses and permits, financing, capitalization and liquidity risks.
The forward-looking information contained in this release is made as of the date hereof, and the
Company is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any forward-looking information
contained herein.
1
The Jasperoide Project comprises 13 mineral concessions, Jasperoide 4 through 11 that are owned
100% by the Company through its prior purchase in February 2020; Jasperoide 1 through 3 acquired in
the Acquisition; and, the Gretiam 10 and 70 mineral concessions (the "La Bruja Tenements") for which
the Company has the right to earn 100% through cash payments and exploration expenditures.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/99973