Allante Resources Ltd. LC255646‐1
Allante Resources Ltd.
LC255646‐1
October 8, 2020
World Copper and Allante Resources Provide Corporate Update
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copp er Ltd. (“ World
Copper”) and Allante Resources Ltd. (TSXV: ALL.H) (“ Allante”) announce the following
corporate updates on activities spanning the past eight months.
World Copper has officially cha nged its name from “Wealth Coppe r Ltd.” to “WORLD
COPPER LTD.”.
Much has happened at World Copper since the last corporate upda te (see Wealth Minerals Ltd.’s
news release dated February 11, 2020). World Copper has been ad vancing on several fronts
despite the outbreak of the COVID-19 pandemic.
Copper supplies have decreased from South America, the U.S. and Africa since our last update at
the beginning of the pandemic. Copper prices recently cleared U SD$3.00 per pound as the world
is now experiencing booming Chinese demand, but with limited su pply. This represents a 52%
gain in the copper price since the COVID-19 lows in March 2020. China consumes more than
half of world copper production presently and LME inventories a re now at 13-year lows.
Additionally, disruptions to mine supply may reach between 750,000 to 1 million tonnes in 2020,
as 8 of the 10 largest miners in the world have recorded increa singly lower output levels during
the first six months of the year. World Copper believes the fut ure for copper is bright, and as
such we continue to push forward with our goals as a company op erating in the burgeoning
copper sector.
Qualifying Transaction
World Copper and Allante are pl eased to announce that Allante h as filed its initial submission
with the TSX Venture Exchange (“ TSXV”) in connection with Allante’s proposed qualifying
transaction with World Copper (the “ Transaction”). The initial submission included, among
other things, a draft filing statement and the Technical Report (as defined below), and is
currently being reviewed by the TSXV. The Transaction is subjec t to TSXV approval, which we
anticipate to be granted in fall 2020.
Escalones Project Update
In June 2020, and in connection with the Transaction, World Cop per commissioned Hard Rock
Consulting, LLC (“HRC”) of Lakewood, Colorado to update a 2014 National Instrument 43-101
resource estimate on World Copp er’s Escalones porphyry copper p roject (the “ Technical
Report”). HRC made the original resour ce estimate for Gold Springs Re source Corp., formerly
TriMetals Mining Corp. (“Gold Springs”).
The Technical Report is entitled “ Mineral Resource Estimate for the Escalones Copper Project,
Santiago Metropolitan Region, Chile ”, with an effective date of June 30, 2020. Once posted, the
Technical Report will be able to be viewed on Allante’s SEDAR profile.
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The Escalones ‘Cluster’
The Escalones Project is located 35 km east of El Teniente, one of the world’s largest
underground copper mines and within the renowned Chilean porphy ry copper belt that runs
north-south in the central Andes Mountains.
The Escalones Project area covers 161 km 2 and contains what may be one of the last remaining
untested mineralized porphyry clus ters in Chile comprising, alo ng with the drill-tested deposit,
an additional three large copper-anomalous hydrothermal alterat ion zones each measuring
between 2,000 m and 3,000 m in diameter. These colour anomalies lie within 5 to 10 km to the
north of the main discovery and w ere recce mapped and sampled b y General Minerals
Corporation (“ GMC”) in 1999. GMC discovered disseminated and fracture controlled copper
oxide and sulphide mineralization within the Rio Negro target, with outcrop channel samples
returning highly encouraging in itial results including 1m of 8. 3% Cu, 2m of 0.52% Cu and,
500m to the southeast, 3m of 1.93% Cu within a broader channel sample of 34m of 0.4% Cu.
GMC is the former parent company of Gold Springs.
No drilling has ever been carried out on these three significan t new targets (including the Rio
Negro target). A qualified pers on has not done sufficient work to independently verify these
historical sampling results and neither World Copper nor Allant e consider them current or
necessarily indicative of future results. The potential quanti ty and grade of such results is
conceptual in nature, there has been insufficient exploration to define a mineral resource and it is
uncertain that further exploration will result in such targets being delineated as mineral
resources.
An important feature of large Chilean copper deposits is that t hey often occur in clusters where
more than one deposit occurs.
Escalones Proposed Work Program
The work program planned for the Escalones Project includes a P hase 1 programme of 600 rock
samples taken from the flanking targets at the main deposit and the three large distal surface
anomalies.
In order to follow up on the enriched copper-oxide and secondar y mineralization potential,
metallurgical studies are planned using core sampling rejects f or sequential copper leach
analyses in order to further define acid soluble mineralization at Escalones.
World Copper is closely monitori ng the COVID-19 situation in Ch ile before mobilizing work
crews to its projects. Further updates will be forthcoming as we continue to move forward.
Cristal Project Update
No work has been carried out on the Cristal Project since the F ebruary corporate update.
However, a NI 43-101 technical report is in the process of bein g prepared for World Copper on
the Cristal Project.
The technical report on the Cristal Project prepared for the fo rmer property holder, New Energy
Metals Corp. by Thomas A. Henricksen entitled “ National Instrument 43 -101 Technical Report
for the Cristal Copper Property, Province of Arica, XV Region of Arica and Parinacota, Chile ”
dated effective February 28, 2018, was filed on SEDAR by New En ergy Metals Corp. on
March 29, 2018.
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In the meantime, World Copper continues searching globally for opportunities in the copper
asset space.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and
technical information that forms t he basis for this news releas e and has approved the disclosure
herein. Mr. Drobe is not independent of World Copper as he is the Chief Geologist of World
Copper.
On Behalf of the Board of Directors of
World Copper
“Patrick Burns”
President and CEO
On Behalf of the Board of Directors of
Allante
“Joe DeVries”
President and CEO
For further information, please contact:
World Copper
Marla Ritchie, Corporate Secretary
Allante
Joe DeVries, President and CEO
(604) 336-8616
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Cautionary Statement Regarding Capital Pool Companies
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy o f this release. The TSXV has in
no way passed upon the merits of the proposed Transaction and h as neither approved nor
disapproved the contents of this press release.
Completion of the Transaction is subject to a number of conditi ons, including but not limited to,
TSXV acceptance and if applicable pursuant to exchange requirem ents, majority of the minority
shareholder approval. Where appl icable, the Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance tha t the Transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing
statement to be prepared in c onnection with the Transaction, an y information released or
received with respect to the Transaction may not be accurate or complete and should not be
relied upon. Trading in the secu rities of a capital pool compan y should be considered highly
speculative.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statemen ts and forward-looking information (collectively,
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“forward-looking statements”) within the me aning of applicable Canadian and U.S. securities
legislation, including the United States Private Secur ities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, included h erein including, without limitation, statements with
respect to anticipated exploration program results from exploration activities, World Copper and
Allante’s expectation that they will be able to comp lete the Transaction or enter into agreements to
acquire interests in additional mineral proper ties, the discovery and delineation of mineral
deposits/resources/reserves and the anticipated busi ness plans and timing of future activities of World
Copper, Allante and the Resulting Issuer, are forwar d-looking statements. Although World Copper and
Allante believe that such statements are reasonable, they can give no assurance that such expectations
will prove to be correct. Forward-looking statemen ts are typically identified by words such as:
“believes”, “expects”, “anticipates”, “intends”, “ estimates”, “plans”, “may”, “should”, “would”,
“will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions,
which, by their nature, refer to futu re events or results that may, could, would, might or will occur or be
taken or achieved. In making the forward-looking st atements in this news release, World Copper and
Allante have applied several material assumptions, in cluding without limitation, that TSXV acceptance
and the required corporate approvals of the Transacti on will be obtained, that there will be investor
interest in the concurrent financing, market fundamen tals will result in sustained copper demand and
prices, the receipt of any necessary permits, licen ses and regulatory approvals in connection with the
future development of World Copper or the Resu lting Issuer’s Chilean projects in a timely manner,
including the Escalones Project and the Cristal Project , the availability of financing on suitable terms for
the development, construction and continued opera tion of World Copper and the Resulting Issuer’s
projects and their ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of World Copper, Allante and the Resulting Issuer
to differ materially from any future results, perform ance or achievements expressed or implied by the
forward-looking information. Such risks and other factors include, among others, operating and technical
difficulties in connection with mineral exploration and development activities, actual results of
exploration activities, including on the Escalones Pr oject and the Cristal Project, the estimation or
realization of mineral reserves and mineral resources, the fact that World Copper and the Resulting
Issuer’s interests in the Cristal Project and the E scalones exploitation concessi ons are options only and
there is no guarantee that such interests, if earned, w ill be certain, the timing and amount of estimated
future production, the costs of production, capital expenditures, the costs and timing of the development
of new deposits, requirements fo r additional capital, future prices of copper, changes in general
economic conditions, changes in the financial markets and in the demand and market price for
commodities, lack of investor interest in the concu rrent financing, accidents, labour disputes and other
risks of the mining industry, delays in obtaining govern mental approvals, permits or financing or in the
completion of development or construction activities, risks relating to epidemics or pandemics such as
COVID–19, including the impact of COVID–19 on World Copper or the Resulting Issuer’s business,
financial condition and results of operations, changes in laws, regulations and policies affecting mining
operations, title disputes, the inability of World Copp er or Allante, as applicable, to obtain any necessary
permits, consents, approvals or authorizations, in cluding acceptance by the TSXV required for the
Transaction and the continued listing of the Resu lting Issuer on the TSXV, the timing and possible
outcome of any pending litigation, environmental i ssues and liabilities, and risks related to joint venture
operations, and other risks and uncertai nties disclosed in Allante’s continuous disclosure documents. All
of Allante’s Canadian public disclosure filings ma y be accessed via www.sedar.com and readers are
urged to review these materials, including the Tech nical Report and the technical report on the Cristal
Project, when filed, with respect to the Resulting Issu er’s mineral properties. In this forward-looking
statement, Allante, after completion of the Transaction, is referred to as the “Resulting Issuer”.
Readers are cautioned not to place undue reliance on forward-looking statements. Neither World Copper
nor Allante undertake any obligation to update any of the forward-looking statements in this news release
or incorporated by reference herein, except as otherwise required by law.