Goldblock Provides Update on Copper Canyon Project
1510-789 W. Pender Street.
Vancouver, BC
V6C 1H2
GOLDBLOCK CAPTIAL INC.
Goldblock Provides Update on Copper Canyon Project
Vancouver, B.C. - October 15, 2020 - Goldblock Captial Inc. (the “Company” or
“Goldblock”) (CSE:GBLK) is pleas ed to announce that it has entered into an option
agreement (the “Option Agreement”) with 2294253 Alberta Ltd. (the “Optionee”), a priv ate
company based in Calgary, Alberta, providing for it to acquire a 75% interest in the Company’s
Copper Canyon project. The Optionee is required to pay to Goldblock a total of $245,000 in
cash, is sue a total of 1,300,000 common shares, and spend a total of $575,000 in qualified
expenditures on the Copper Canyon property, all over a three-year period.
The following is a summary of the key terms of the Option Agreement:
(i
) $25,000 cash payment to Goldblock and the issuance of 200,000 common shares of the
O
ptionee to Goldblock within 60 days of the execution of the Option Agreement, subject to
regulatory approvals.
(
ii) On or before April 25, 2021, a cash payment of $50,000 to Goldblock and the issuance of
an addi
tional 300,000 common shares of the Optionee to Goldblock and a work
commitment of $125,000 in qualifying expenditures to be incurred by the Optionee on the
Copper Canyon property on or before April 25, 2021.
(iii) On or before April 25, 2022, a cash payment of $70,000 to Goldblock and the issuance of
an addi
tional 300,000 common shares of the Optionee to Goldblock and a further work
commitment of $200,000 in qualifying expenditures to be incurred by the Optionee on the
Copper Canyon property.
(iv) On or before April 25, 2023, a cash payment of $100,000 to Goldblock and the issuance of
an additional 500,000 common shares of the Optionee to Goldblock and an additional work
commitment of $250,000 in qualifying expenditures to be incurred by the Optionee on the
Property.
“2020 has been a test of endurance in many respects due to COV ID-19 related restrictions on
personnel movement and scheduling conflicts to complete work on the property. Goldblock is very
pleased to be able to enter into this agreement as it provides some additional capital and certainty
that the work commitment on the property will be completed before the April 25, 2021, as required
in our underlying optionconcludes James Mustard, Goldblock’s CEO.
A
bout Copper Canyon
The Copper Canyon p roperty consists of 7 claims totalling 2853.6 hectares. Goldblock has an
underlying agreement to earn a 100% interest in the property, subject to 1.5% Net Smelter Royalty
(the “NSR”) by making staged payments totalling $192,500 over three years and completing
exploration expenditures totalling $450,000 over four years. Goldblock has paid a total of $42,500
to date and spent over $100,000, with an additional $150,000 cash payment to be made by April
25, 2021 and $350,000 to be spent by April 25, 2022 to complete the earn-in.
The Copper Canyon p roperty is located 30 kilometres west of Merritt in south-c entral B.C. The
property is located in the Spences Bridge Volcanic Belt of south-central B.C., a belt that has seen
significant exploration interest in the past 3 years resulting from the discovery of gold
mineralization by Westhaven Gold Corp. at their Shovelnose project south of Merritt.
The Copper Canyon property is the subject of a National Instrument 43-1 01 compliant technical
report entitled “Technical Report on the Copper Canyon Property, Nicole Mining Division, British
Columbia”, prepared for Goldblock, dated effective December 5, 2019 (amended January 12,
2020) and prepared by D. Cullen, P.Geo., and J. Garry Clark, P.Geo., of Clark Exploration
Consulting. A copy of the technical report and additional information regarding the p roject is
available under Goldblock’s profile on SEDAR at www.sedar.com.
About Goldblock Captial Inc.
Goldblock commenced trading on March 3, 2020 on the Canadian Securities Exchange. The
company filed a non-offering prospectus which is available under Goldblock’s profile on SEDAR
at www.sedar.com.
On behalf of Goldblock Captial Inc.
James Mustard
CEO and Director
For further information, please contact James Mustard, CEO, at 604 418-9543 or Azim Dhalla, Director, at
604 728 7715. -