World Copper Provides Exploration and Development Update on the Zonia Copper Oxide Project, Central Arizona
#2710 - 200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
NR 22-12 May 2, 2022
World Copper Provides Exploration and Development Update on
the Zonia Copper Oxide Project, Central Arizona
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copper Ltd. (" World Copper" or
the "Company"; TSXV: WCU, OTCQX: WCUFF, FRA:7LY0) announces that it has completed an internal
technical review of the exploration and development potential of the Zonia Copper Oxide Project ("Zonia"
or the "Zonia Project"), located in the Walnut Grove Mining Di strict, Yavapai County, Arizona, United
States. The Company acquired Zonia in January 2022; a decision made in part based on Zonia's strong
2018 preliminary economic assessment (the "PEA").
Key Highlights
An internal technical review confirms three significant potential growth drivers for the Zonia
Project:
• Resource expansion targets adjoining the existing Zonia resource provide an opportunity to
enlarge the outlined mineralization through step-out drill programs.
• A significant porphyry exploration target, “Zonia Norte”, to the northeast of the main
resource, previously undrilled, represent s potential for discovery of a new deposit separate
from the main resource, potentially similar in size, but within the overall Zonia land package.
• An update of the most recent Preliminary Economic Assessment, to include mineralized
material that was exclu ded from the last concept, and to enlarge the project and assess
Zonia's development potential under current market conditions.
Nolan Peterson, CEO and President of World Copper Ltd commented "With the Zonia P roject in
Arizona and our flagship Escalones project in Central Chile, World Copper now controls two significantly
de-risked copper oxide resources that set us apart from most junior copper exploration companies. The
Zonia Project in particular has established itself as a near-term project with a strong development case and
timelines that synergize well with our overall strategy. Since acquiring Zonia our team has focused in on
understanding its potential to build upon its already robust economics. We will be restarting exploration
and development at Zonia in the coming months, and I look forward to providing updates as our work
progresses."
World Copper has assessed Zonia's potential to host significantly more copper mineralization and is
currently working on exploration drilling targets along the southwest to northeast long-axis of the Zonia
deposit and below the existing resource (Figure 1) as well as a compelling surface rock sample copper and
molybdenum geochemical anomaly coincident with a manganese low anomaly located approximately two
kilometres north-northeast of the established resource (Zonia Norte, Figure 2) . In addition to the
exploration targets identified, World Copper intends to update the PEA, which is dated April 17, 2018,
with an effective date of March 22, 2018, and was prepared by Global Resource Engineering Ltd. for
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Cardero Resource Corp., which report ed mining methods and an economic base case based on USD
$3.00/lb copper (a copy of the technical report with respect to the PEA is available on the Cardero Resource
Corp. SEDAR profile at www.sedar.com). The mineral resource statement used for the PEA will also be
updated as part of this process, to reflect recent copper prices.
Zonia Project Resource Expansion Potential
World Copper has compiled and evaluated historical surface and subsurface geological, geochemical, and
geophysical data currently available for the main Zonia deposit. Previous explorers focused on the near-
term production potential of the Zonia deposit and constrained the mine plan model to a scale that would
allow all mine infrastructure to be on private patented land claims, where the mine permit process is
comparatively shorter. Historical surface exploration data and subsurface drilling data support significant
potential to expand the existing resource through infill and step out drilling within and adjacent to the
current resource.
The Zonia deposit is outlined by an IP chargeability high and has an associated surface copper-molybdenum
rock geochemical high with a coincident manganese low (Figures 1 and 2). This anomalism extends beyond
the current drill footprint and warrants step out drilling on all sides. Furthermore, additional drilling is
necessary at depth below the current pit to (i) infill widely spaced mineralized intercepts and (ii) identify
additional mineralization capable of pulling the pit to greater depths.
A review of the geology and existing block model will be made to evaluate areas of additional
mineralization internal to the existing model and to identify specific targets for expanding resources with
follow-up drilling.
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Figure 1. Exp ansion potential based on the current drill hole distribution, the PEA Whittle Pit
outline and an IP Chargeability geophysical feature , which is interpreted to represent
mineralization extending out from the current oxide copper resource (Cardero Resource Corp.,
2021).
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Zonia Norte Exploration Potential
The largest potential for a new discovery at Zonia is to the north -northeast of the current open pit and
resource, where a large (2.5 x 1.5 k ilometres) coincident copper -molybdenum-manganese geochemical
anomaly has been identified ( Zonia Norte; Figure 2). Historical surface rock geochemical sampling has
delineated a copper-molybdenum anomaly that is spatially coincident and similar in size/shape with a broad
zone of manganese depletion consistent with typical porphyry-copper mineralization. This anomaly is
situated 1.5 kilometres to the north- northeast of the Zonia deposit , which exhibits the same pattern of
geochemical anomalism and is comparable in size to the northeast target. It is significant that the anomaly
is open to the north where outcrops are covered by post-mineral cover. This large geochemical footprint is
interpreted to represent a second porphyry centre. Nearby historical drill holes indicate the area is deeply
weathered and copper-oxide mineralization is present.
Zonia Exploration Plans
Exploration efforts are ongoing at Zonia . Additional mappi ng and detailed sampling is required to
understand controls on mineralization at the northeast end of the Zonia open pit, where several high-grade
historical copper showings need to be fully understood. The showings lie on a trend that links the ma in
deposit to the new drill target to the northeast. The Zonia Norte porphyry target was fully permitted by the
previous operator and is drill -ready once the permitting process is re -started. The drill programme
comprises 18 shallow near -surface oxide targeting holes totaling over 5,000m (18,000 feet). Further
mapping over the target and adjacent areas are planned. High-grade historical copper occurrences (Copper
Crown and others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled
as part of the ongoing target delineation exploration program at Zonia. These occurrences of high -grade
copper have geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.
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Figure 2. Zonia gridded rock geochemical anomalies. The large an omaly at the north-east end of the claims ,
Zonia Norte, is interpreted to be another copper oxide porphyry (Cardero Resource Corp., 20 21).
Zonia Project Development Program
World Copper plans to update the PEA in order to: (i) have it reflect current market conditions; (ii) include
the full extent of the available resource; (iii) explore different sizes and concepts as part of a strategic review
of the asset; and (iv) incorporate additional drill and geological data, as warranted. The PEA used USD
$3.00/lb copper for a base case scenario producing 92.6 million tons of leachable material over an 8.6-year
mine life. At a copper price of $3.00/lb, the Zonia Project shows an after-tax NPV@6% of $225 million,
an NPV@8% of $192 million, an NPV@10% of $163 million, and an IRR of 29.0%; the payback period
is 2.89 years. The PEA concluded the Zonia Project is most sensitive to copper price which is an important
consideration for improving the economics. The updated PEA will be part of a broad strategic review of
the Zonia Project and is a low -cost and high- reward study that is expected to positively impact Zonia's
development outlook.
The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral
Resources that are considered too specul ative, geologically, to have the economic considerations applied
that would enable them to be c lassified as Mineral Reserves. There is no certainty that the results of the
PEA (or any update thereto) will be realized. No Mineral Reserves have been estimated for Zonia. Mineral
Resources are not Mineral Reserves and do not have d emonstrated economic viability. Inferred Mineral
Resources are that part of the Mineral Resource for which quantity and grade, or quality are estimated based
on limited geologic e vidence and sampling, which is sufficient to imply but not veri fy grade or quality
continuity. Inferred Mineral Resources may not be converted to Mineral Reserves. It is reasonably
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expected, though not guaranteed, that most Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration. Mineral Resources are captured within an optimized pit
shell and meet the test of reasonable prospects for economic extraction. All dollar amounts in the preceding
paragraph are reported in US dollars unless otherwise noted.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by NI 43- 101, has reviewed the scientific and technical
information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe
is not independent of the Company as he is the Chief Geologist of the Company.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the
exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in
Arizona. Two of these projects have estimated resources with significant soluble copper mineralization,
and each has additional copper porphyry targets with exciting potential to expand the resource base.
The World Copper team has a unique skill in navigating t he mining sector within Chile, with some
members having worked in the country for more than 40 years and with discovery success.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Nolan Peterson"
Nolan Peterson
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: [email protected]
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
World Copper Ltd. - 7 - May 2, 2022
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Neither 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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward -looking statements and forward- looking information (collectively, "forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, the expected completion of an update
to the PEA, the completion of the planned e xploration program, future exploration of the Zonia Project, anticipated
exploration program results from exploration ac tivities, the discovery and delineation of mineral
deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company are
forward-looking statements. Although the Company believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Forward- looking statements 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 future events or results that may, could, would, might or will occur or be taken or achieved. In making the
forward-looking statements in this news release, the Company has applied several material assumptions, including
without limitation, that market fundamentals will result in sustained copper demand and prices, the receipt of any
necessary permits, licenses and regulatory approvals in connection with the future development of the Company's
projects in a timely manner, including the Zonia Project, the availability of financing on suitable terms for the
development, construction and continued operation of the Company's projects and its 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 the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward- looking information. Such risks and other factors include,
among others, requirements for additional capital, operating and technical difficulties in connection with mineral
exploration and development activities, actual results of exploration activities, including on the Zonia P roject, the
estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future
production, the cos ts of production, capital expenditures, the costs and timing of the development of new deposits,
requirements for 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 future financings,
accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals
(including of the TSX Venture Exchange), 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 the
Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting
mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals
or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and
risks related to joint venture operations, and other risks and uncertainties disclosed in the company's continuous
disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com
and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not 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.
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Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release
are defined in accordance with NI 43- 101 under the guidelines set out in CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on
May 19, 2014, as amended ("CIM Standards"). The U.S. Securitie s and Exchange Commission (the "SEC" ) has
adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize
the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S.
Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured
mineral resources", " indicated mineral resources" and "inferred mineral resources" , which are defined in
substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM
Standards.
U.S. investors are cautioned that while the foregoing terms are " substantially similar" to corresponding definitions
under the CIM Standards, there are diff erences in the definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as " measured
mineral resources", "indicated mineral resources " and "inferred mineral resources" under NI 43- 101 would be the
same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization
Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources " cannot form the basis of
feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.