Coast Copper Continues Exploration of its Scottie West and Empire Mine Properties TSX. V: COCO
Coast Copper Continues Exploration of its
Scottie West and Empire Mine Properties
TSX. V: COCO
VANCOUVER, BC
,
Sept. 27, 2023
/CNW/ -
Coast Copper Corp. ("Coast Copper"
or the
"Company"); (TSXV: COCO
) is pleased to announce that it has completed summer exploration
programs on both its 100% owned Scottie West property in
British Columbia's
("
BC
") Golden
Triangle district and its optioned Empire Mine property located on northern Vancouver Island. Coast
Copper has now satisfied its third-year anniversary commitments regarding the option agreement to
acquire the Empire Mine property ("
Empire Option Agreement
").
Scottie West Property Program
In
September 2023
, Coast Copper completed a work program on its Scottie West property located
approximately 35 kilometers northwest of
Stewart, BC
and immediately west of Scottie Resources
Corp.'s
Scottie Gold Mine
project¹. The notable glacial retreat, even since 2020, has provided new
bedrock exposure allowing for mapping and sample collection in previously inaccessible areas. With
being able to see new terrain, the geological team was able to recognize features on a regional
scale. In total 130 rock samples were collected.
Adam Travis
, Coast Copper CEO comments:
"We were very grateful that
Jeff Kyba
, one of our
technical advisors who has extensive experience in the Golden Triangle, was able to join us at the
Scottie West property before winter sets in. During a short window of time, we were able to identify
prospective opportunities for new gold discoveries associated with several regional scale
structures and related veining in areas of new rock exposure due to the receding glaciers."
Empire Mine Property Program
Additionally, in
September 2023
, the Coast Copper technical team followed up several geophysical
and gold in soil anomalies and collected 76 soil samples and 25 rock samples in the B3 Discovery
area (see news release
August 21, 2023
). Coast Copper continues to build on its previous work and
develop a more comprehensive understanding of the mineralization at Empire.
Once the Company has received the results from both programs and completed its quality
assurance/quality control procedures, it will release assay results.
Empire Mine Property Option Commitments
Coast Copper has recently completed its third-year anniversary commitments with respect to the
Empire Option Agreement (see news release dated
September 24, 2020
). These commitments
included:
A cash payment of
$200,000
to Mirva Properties Ltd. ("
Mirva
")
The issuance of 800,000 common shares of the Company to Mirva; and
Incurring a minimum of
$600,000
of exploration expenditures on the Empire Mine property.
Pursuant to the terms of the Empire Option Agreement, the Company can acquire a 100% interest in
the Empire Mine property from Mirva by making aggregate cash payments of
$1,250,000
, issuing
3,000,000 common shares of the Company and undertaking work commitments totaling
$2,000,000
over a 5-year period. Mirva will retain a 2% net smelter return ("
NSR
") royalty on the Empire Mine
property of which 1% may be purchased for
$1,000,000
at any time up to 120 days after
commencement of commercial production. The Empire Option Agreement was structured such that
this NSR royalty plus all other NSR royalties which may currently be payable on the Empire Mine
property may not exceed in aggregate 2.5% before buydowns.
To earn a 100% interest in the Quatsino Crown Grants, the Company must pay Mirva the equivalent
of
$500,000
with either a cash payment or equivalent value in common shares of the Company, at
the Company's election, on or before
September 22, 2025
. The Company has the option to extend
the Quatsino Crown Grants payment date to
September 22, 2026
for an additional payment of
$35,000
, to
September 22, 2027
for a further additional payment of
$55,000
and to
September 22,
2028
for a further additional payment of
$75,000
.
To date Coast Copper has incurred more than
$2,000,000
in cumulative exploration expenditures on
the Empire Mine property, thus satisfying the entire exploration expenditure requirements pursuant to
the Empire Option Agreement.
Adam Travis
further comments:
"I'm very pleased with our progress on the Empire Mine property,
including our most recent discovery of the B3 showing and our high-grade gold-copper mineral
resource estimate (see news release
May 23, 2023
). We were able to get out on the property in
late September and continue to explore the undervalued areas. We now have only one more
payment to make in order to earn a 100% interest in the mineral claims that comprise the Empire
Mine property. We are very encouraged by our exploration at Empire and look forward to the
assay results that may expand the recently discovered B3 copper-gold showing."
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 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:
"Adam Travis"
Adam Travis
, Chief Executive Officer and Director
Cautionary Notes Related to this News Release
1. Adjacent Properties: This news release may contain information about adjacent properties on
which Coast Copper Corp has no right to explore or mine. Investors are cautioned that mineral
deposits on adjacent properties are no 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
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.
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http://www.newswire.ca/en/releases/archive/September2023/27/c8980.html
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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]
CO: Coast Copper Corp.
CNW 17:05e 27-SEP-23