Sterling Metals Completes Acquisition of the Copper Road Project in Ontario
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Sterling Metals Completes Acquisition of the
Copper Road Project in Ontario
May 10, 2024 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF) (“Sterling” or the
“Company”) is pleased to announce that it has completed the acquisition (the " Transaction") of the
Copper Road Project (the "Copper Road Project”), from Copper Road Resources Inc. (TSXV: CRD) (“Copper
Road”) through the purchase of 100797918 Ontario Inc. (the "Subsidiary"), a wholly-owned subsidiary of
Copper Road. Located 80km north of Sault Ste. Marie, Ontario, Canada, the Copper Road Project is a
24,000ha high -potential brownfield copper -moly-silver-gold project associated with the Midcontinent
Rift, which until 2021 had never been fully consolidated. Recent porphyry and breccia drill holes as well
as past copper production from two mines sugg est the potential for larger intrusion related copper
mineralization. The Copper Road Project benefits from its strategic proximity to substantial infrastructure
(Figure 1).
As consideration for the Transaction, Sterling has acquired the Subsidiary and issued
108,087,669 Common Shares (the “ Consideration Shares ”) in the capital of the Company , of which
86,249,546 Consideration Shares will be distributed, on a pro rata basis, to the shareholders of record of
Copper Road as of close of business on Wednesday, May 8, 2024 (the “Record Date”). Sterling has also
paid $460,000 in cash.
Mathew Wilson, CEO and Director of Sterling, commented, “ We are excited to complete the acquisition
of Copper Road , adding a complementary and compelling project to our growing Canadian exploration
portfolio. The timing of Transaction represents a significant opportunity for existing and new shareholders
of Sterling, as we enter a new copper supercycle, largely the product of years of underinvestment and lack
of discoveries. As we look ahead, we are excited to begin our Phase I exploration program in the coming
weeks. Our exploration team as been diligently gathering historical and current data and we look forward
to providing plans with the aim of making important discoveries in eastern Canada.”
To stay updated on Sterling’s progress, please sign up to the mailing list by clicking here:
https://www.sterlingmetals.ca/contact/request-info/.
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Figure 1: Location of the Copper Road Project in Ontario, Canada located in proximity to significant
infrastructure
For additional information on the Copper Road Project and the Transaction, please refer to Sterling’s news
releases dated February 14, 2024, February 27, 2024 and April 30, 2024.
In connection with the Transaction, Sterling has agreed to pay a finder's fee to Castlewood Capital
Corporation (the "Finder") in the amount of $20,000 (plus all applicable taxes) and shall issue the Finder
an aggregate of 2,064,841 common shares in the capital of Sterling.
About Sterling Metals
Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on large scale
and high -grade Canadian exploration opportunities. The Company is advancing the 24,000-hectare
Copper Road Project in Ontario which has past production, and multiple breccia and porphyry targets
strategically located near robust infrastructure and the 29,000-hectare Adeline Project in Labrador which
covers an entire sediment -hosted copper belt with significant silver credits. Both opportunities have
demonstrated potential for important new copper discoveries , underscoring Sterling’s commitment t o
pioneering exploration in mineral rich Canada.
For more information, please contact:
Sterling Metals Corp.
Mathew Wilson, CEO and Director
Tel: (416) 643-3887
Email: [email protected]
Website: www.sterlingmetals.ca
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward -looking information” within the meaning of applicable
securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,
“project”, “intend”, “believe”, “anticipate”, “est imate”, “may”, “will”, “would”, “potential”, “proposed”
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statements are only predictions. Forward -looking information is based on the opinions and estimate s of
management at the date the information is provided and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. For a d escription of the risks and uncertainties facing the Company and its
business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The
Company undertakes no obligation to update forward -looking information if circumstanc es or
management’s estimates or opinions should change, unless required by law. The reader is cautioned not
to place undue reliance on forward-looking information.