Coast Copper Congratulates Skeena and Newmont on QuestEx Gold & Copper Transaction TSX. V: COCO
Coast Copper Congratulates Skeena and
Newmont on QuestEx Gold & Copper
Transaction
TSX. V: COCO
VANCOUVER, BC
,
March 31, 2022
/CNW/ -
Coast Copper Corp. ("Coast Copper" or the
"Company")
(TSXV: COCO) would like to congratulate Skeena Resources Limited ("
Skeena
") on
its acquisition of QuestEx Gold & Copper Exploration ("
QuestEx
"), subject to customary closing
conditions, which was announced on
March 30, 2022
. Skeena and QuestEx have signed a binding
agreement whereby Skeena will acquire all of the issued and outstanding shares of QuestEx that
Skeena does not currently own for approximately
$48.6 million
, valuing the acquisition at
approximately
$56.5 million
. Concurrent with signing of the binding agreement, Newmont Corporation
("
Newmont
") has entered into an asset purchase agreement with Skeena to acquire the Heart
Peaks, Castle/Moat and North ROK/Coyote properties from Skeena, along with related assets, for
approximately
$27.0 million
.
COCO NR22-07 Figure 1 (CNW Group/Coast Copper Corp.)
Skeena will retain QuestEx's large landholdings, including the KSP and Kingpin properties, in the
core of
British Columbia's
("
BC
") Golden Triangle district near its Snip and
Eskay Creek
projects as
well as the
Sofia
project in BC's Toodoggone district.
With the announcement of this transaction, Coast Copper is now the only junior mineral exploration
company on the favourable trend of the Red Chris Mine district of the Golden Triangle (see Figure
1). The only other companies with significant positions in this district are Newmont and Newcrest
Mining Limited/Imperial Metals Corporation. Coast Copper's
Red Chris
properties include the Gin
and
Eldorado
properties which are adjacent and on trend on both sides of the Red Chris Mine, as
well as some small strategic internal claim blocks (Bonanza).
Adam Travis
, Coast Copper CEO comments, "
Firstly I would like to congratulate all parties in this
transaction
.
I've been working in the Red Chris Camp for over 30 years now and have acquired,
explored and made new discoveries in the region while learning the important geological,
geophysical and geochemical signatures to these types of deposits. Over 20 years ago, a partner
and I acquired ground on both ends of the Red Chris Mine, recognizing some of these signatures
(this was even before Imperial Metals acquired
Red Chris
). With Newcrest purchasing a 70%
ownership in
Red Chris
in 2019, exploration efforts have been significantly increased with 8
exploration drill rigs, more than 1 kilometre of underground exploration and new discoveries being
made, particularly in the east (closer to our
Eldorado
property). The airborne geophysical surveys
we conducted in 2021 at
Eldorado
and Gin uncovered significant new magnetic anomalies, that, in
my 30 years' experience in the district, look similar to other new discoveries both ourselves and
others have made in the district. We look forward to continuing to advance these projects which are
ideally positioned at either end of the Red Chris Mine."
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned 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
Eldorado
, Gin and Bonanza properties located in BC's prolific Golden
Triangle district which are adjacent to Newcrest Mining Limited's and Imperial Metals Corporation's
Red Chris Mine, its Knob Hill NW Property located on northern Vancouver Island and its 100%
owned Sterling and Home Brew properties which are located in central 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:
"Adam Travis"
Adam Travis
, Chief Executive Officer and Director
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 guarantees 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 to download multimedia:
http://www.newswire.ca/en/releases/archive/March2022/31/c1979.html
%SEDAR: 00032945E
For further information:
Adam Travis, CEO, Coast Copper Corp., 409 Granville Street, Suite 904,
Vancouver, B.C. V6C 1T2, Canada, P: 877-578-9563, E: [email protected], NR22-07
CO: Coast Copper Corp.
CNW 14:35e 31-MAR-22