Coast Copper Closes the Sweeney Property Purchases in Huckleberry Camp
Coast Copper Closes the Sweeney Property
Purchases in Huckleberry Camp
TSX.V: COCO
VANCOUVER, BC
,
Sept. 10, 2024
/CNW/ -
("Coast Copper" or the "Company")
(TSXV:
COCO) is pleased to announce that it has closed the Sweeney mineral property acquisitions
announced on
September 3, 2024
, consisting of 8 mineral claims totaling 1,492 hectares ("
ha
") from
Cazador Resources Ltd. ("
Cazador
"), a private company controlled by Coast Copper's CEO
Adam
Travis
, and 3 mineral claims totaling 77 ha from an arm's-length third party ("
Third Party
"). The
Sweeney property ("
Sweeney
" or "
Property
") is located approximately 135 kilometers ("
km
") by
road, southwest of the town of
Houston
in the Central Interior of
British Columbia
. The Property is
centrally located in the Huckleberry Mine Camp and is 7 km north northwest of the past producing
Huckleberry Mine, 3 km west of Huckleberry Mines Ltd.'s Whiting Creek deposit and 8 km southeast
of the Berg Deposit owned by Surge Copper Corp¹.
Purchase
Agreement Terms
Cazador Purchase Agreement Terms
Coast Copper acquired 8 mineral claims totaling 1,492 ha from Cazador. Under the terms of the
Cazador purchase agreement ("
Cazador Purchase Agreement
"), in consideration for a 100%
interest in the Property, Coast Copper will make a cash payment of
$60,000
to Cazador, which will
retain a 1% net smelter return ("
NSR
") royalty on the Cazador claims, 0.5% of which may be
purchased by Coast Copper for
$2 million
.
The Company's independent directors completed a review of the Cazador claims prior to entering
into the Cazador Purchase Agreement and agreed to cover Cazador's acquisition costs and initial
reconnaissance program, and for Cazador to retain an NSR.
This transaction was considered a related party transaction within the meaning of Multilateral
Instrument 61-101 --
Protection of Minority Security Holders in Special Transactions
as the
Cazador claims were sold to the Company by a director and officer. The transaction is exempt from
the formal valuation and minority approval requirements in MI 61-101 as the fair market value of the
consideration payable does not exceed 25% of the Company's market capitalization.
Third-Party Purchase Agreement Terms
Coast Copper acquired 3 mineral claims totaling 77 ha from the Third Party. Under the terms of the
Third-Party purchase agreement, in consideration for a 100% interest in the Third-Party claims,
Coast Copper will make a cash payment of
$134
to the Third Party, which will retain a 1% NSR
royalty on the Third-Party claims, 0.5% of which may be purchased by Coast Copper for
$1 million
.
One of the 3 Third-Party claims purchased, covering 19 ha, is not adjacent to the Sweeney property
and will be treated as a separate mineral property.
About Coast Copper Corp.
Coast Copper's exploration focus is the Empire Mine property, located on northern Vancouver
Island, BC, which covers three historical open pit mines and two past-producing underground mines
that yielded iron, copper, gold, and silver. Coast Copper's other properties include its 100% owned
Sully property located in southeastern BC, Knob Hill NW property located on northern Vancouver
Island, its Home Brew property in central BC, and its
Scottie West
property located in the "Golden
Triangle" of northern BC. Coast Copper's management team continues to review precious and base
metals opportunities in western
North America
.
On Behalf of the Board of Directors:
"Fletcher Morgan"
Fletcher Morgan
, Chair
NR24-09
Cautionary Notes related to News Release
¹ This news release may contain information about adjacent properties on which Coast Copper has
no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are
not indicative of mineral deposits on the Company's properties.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any
information
regarding the proposed Transaction, private placement, board and management
changes,
as to
our strategy, projects, plans or future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements of historical fact, are to be
considered forward-looking statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered reasonable by Coast Copper, are
inherently subject to significant business, economic, geological and competitive uncertainties and
contingencies. Although Coast Copper believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not a guarantee of
future performance. Known and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements. Such factors include but are not limited to:
fluctuations in market prices, exploration and exploitation successes, continued availability of
capital and financing, changes in national and local government legislation, taxation, controls,
regulations, expropriation or nationalization of property and general political, economic, market or
business conditions. Many of these uncertainties and contingencies can affect our actual results
and could cause actual results to differ materially from those expressed or implied in any forward-
looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking
statements are not guarantees of future performance and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. All of the forward-looking statements made in this press
release, or incorporated by reference, are qualified by these cautionary statements. We do not
assume any obligation to update any forward-looking statements.
SOURCE
Coast Copper Corp.
View original content:
http://www.newswire.ca/en/releases/archive/September2024/10/c0907.html
%SEDAR: 00032945E
For further information:
For further information, please contact: Adam Travis, CEO, Coast Copper
Corp., 409 Granville Street, Suite 904, Vancouver, B.C. V6C 1T2, Canada, P: 877-578-9563, E:
CO: Coast Copper Corp.
CNW 17:05e 10-SEP-24