QC Copper Acquires 100% Ownership of Roger Gold Project in Chibougamau, Quebec QC Copper to acquire the remaining 50% ownership interest from SOQUEM
QC Copper Acquires 100% Ownership of Roger
Gold Project in Chibougamau, Quebec
QC Copper to acquire the remaining 50% ownership interest from SOQUEM
Roger has a 43-101 resource estimate showing 535,000 ounces gold equivalent @ 0.95
g/t AuEq.
Toronto, Ontario--(Newsfile Corp. - October 21, 2024) - QC Copper and Gold Inc. (TSXV: QCCU)
(OTCQB: QCCUF) ("QC Copper" or the "Company") is pleased to announce that it has signed an arm's
length definitive agreement to acquire the remaining 50% ownership interest in the Roger Gold-Copper
Project ("Roger" or the "Project"), located in the prolific Chibougamau mining district of Quebec.
QC
Copper is acquiring the remaining 50% interest from SOQUEM, a subsidiary of Investissement Québec.
Link to QC Copper and Gold Webinar - Strategic Acquisition of Roger Project
Roger Project Highlights
The Roger Project spans 987-hectares, and is located 5km from the historic mining center of
Chibougamau, Quebec. It is easily accessible via all-season road, and has access to power. The
Project features an existing NI 43-101 compliant mineral resource estimate, completed in August 2018.
In August 2023, the Company released favourable and encouraging metallurgical results from the Project
based on metallurgical compatibility with Opemiska.
Roger Project Resources:
Classification
Contained AuEq
(oz)
AuEq (g/t)
AuEq Cut-off (g/t)
Tonnes (kt)
Au (g/t)
Contained Au (oz)
Indicated
333,000
0.95
0.45
10,900
0.85
297,000
Indicated
202,000
0.96
0.45
6,569
0.75
159,000
Table 1) 2018 Roger mineral resource estimate.
This resource estimate is constrained in a conceptual open pit shell. The 2018 updated mineral resource
estimate was prepared by GéoPointCom of Val-d'Or, Quebec.
At a cut-off grade of 0.45 g/t gold-
equivalent, the Indicated Resource is estimated at 10,900,000 metric tonnes at a grade of 0.85 g/t of
gold, 0.80 g/t of silver and 0.06% of copper for a total of 333,000 ounces of gold-equivalent, while the
Inferred Resource is estimated at 6,569,000 metric tonnes at a grade of 0.75 g/t of gold, 1.18 g/t of silver
and 0.11% of copper for a total of 202,000 ounces of gold equivalent.
The following metal prices were
used in the calculation of gold-equivalent: 1,240 US$ for Au (ounce), 16.528 US$ for Ag (ounce) and
6.549 US$ Cu (Kg).
The Technical Report is available at
www.sedar.ca
.
Strategic Location
Roger neighbours major deposits, including Northern Superior's (NSUP.V) Croteau Est deposit
immediately to the north, which hosts a 43-101 compliant inferred resource of 640,000 ounces of gold.
Roger is also contiguous with Dore Copper Mining Corp.(DCMD.V)
(Cygnus Metals' (CY5.AX)) Gwillim
project, which is contiguous to the west.
Chibougamau has a rich mining history, with numerous past producing mines located within a 15km
radius including the Company's Opemiska Project and Cygnus Metals' Cedar Bay, Devlin and Corner
Bay projects. The Chapais-Chibougamau region has historically produced 1.6 million tonnes of copper
and ~6 million ounces of gold between 1953 - 2008.
Link to Roger Location Map
Exploration and Upside
The project is an advanced-stage exploration project and has gone through multiple drill campaigns
totaling 58,000 metres. Additionally, underground exploration in 1988 included 1,177 metres of
development, 1,433 metres of underground drilling and over 1,000 metres of chip sampling.
The Roger
deposit is interpreted as a reduced-type intrusion-related porphyry gold-copper deposit that shows
strong structural control. Mineralization occurs in the porphyry intrusion and in mafic volcanics to the
north.
While +500,000 gold equivalent ounces have already been delineated (see Table 1) at Roger, the
Project continues to provide significant upside given the deposit is open along strike, to the east and
west as well as depth.
Link to Roger Deposit Section
Development Optionality
Owning 100% of Roger provides the Company optionality to incorporate Roger into the future
development plans of Opemiska, or to conversely develop Roger as a standalone project, given its
strategic location, favourable geology and significant resource upside.
Terms of the Agreement
To maintain and exercise the option, signed Oct 18, 2025, for the remaining 50% of the Project, QC
Copper will make payments as per the schedule below:
Initial cash payment of $75,000 on the Effective Date.
Subsequent Share Payments:
1)
$450,000 in shares on or before the first anniversary of the effective date.
2)
$425,000 in shares on or before the second anniversary.
3)
$375,000 in shares on or before the third anniversary.
4)
$350,000 in shares on or before the fourth anniversary.
The number of Shares to be issued to the vendor will be calculated on the basis of the higher of: (i) an
issue price per Share equal to the volume-weighted average price for the 10 days preceding the issue
date, subject to the maximum discount permitted under the policies of the Exchange or; (ii) $0.05 per
Share.
The transaction is subject to TSX Venture Exchange acceptance and expected to close prior to
the end of October, 2025.
At closing, the vendor will also receive a 2.0% net smelter return royalty in respect of the Roger property
which include buy-back rights for QC Copper.
QP Statement
The technical information contained in this news release has been reviewed and approved by Charles
Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, a Qualified
Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About QC Copper & Gold Inc.
QC Copper & Gold Inc. is advancing its flagship Opémiska copper mining complex in Quebec, a former
high-grade copper producer. The Company's most recent resource estimate outlined a substantial 2.1
billion pounds of copper equivalent in measured and indicated resources, solidifying QC Copper's
position as a key player in the Canadian copper sector.
For further information, please contact:
Stephen Stewart, Chief Executive Officer
Phone: 416.644.1567
Email:
Forward Looking Statements
This news release contains certain forward-looking information. All statements included herein, other
than statements of historical fact, are forward-looking information and such information involves various
risks and uncertainties. In particular, this news release contains forward-looking information in relation to:
the anticipated benefits of the Transaction to QC Copper and its shareholders; the timing and
anticipated receipt of required regulatory (including TSXV) and shareholder approvals for the
Transaction; the ability of QC Copper to satisfy the other conditions to, and to complete, the Transaction;
and the anticipated timing of the Meeting and the closing of the Transaction. There can be no assurance
that such information will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such information. This forward-looking information reflects the Company's
current beliefs and is based on information currently available to the Company and on assumptions the
Company believes are reasonable. These assumptions include, but are not limited to: the current share
price of the QC Copper Shares; TSXV acceptance and market acceptance of the Transaction; the
Company's current and initial understanding and analysis of its projects; the Company's general and
administrative costs remaining constant; market acceptance of the Company's business model, goals
and approach; and the feasibility and reasonableness of conducting exploration on and developing any
of the Company's projects. Forward-looking information is subject to known and unknown risks,
uncertainties and other factors which may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may include, but are not limited to: there is no
certainty that work programs will result in significant or successful exploration and development of the
Company's properties; uncertainty as to the actual results of exploration and development or operational
activities; uncertainty as to the availability and terms of future financing on acceptable terms; uncertainty
as to timely availability of permits and other governmental approvals; the Company may not be able to
comply with its ongoing obligations regarding its properties; the early stage development of the
Company and its projects; general business, economic, competitive, political and social uncertainties;
capital market conditions and market prices for securities, junior market securities and mining
exploration company securities; commodity prices; the actual results of current exploration and
development or operational activities; competition; changes in project parameters as plans continue to
be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to
receive board or regulatory approvals; changes in legislation, including environmental legislation or
income tax legislation, affecting the Company; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. A description of additional risk factors which may
cause actual results to differ materially from forward-looking information can be found in the Company's
disclosure documents on the SEDAR+ website at
www.sedarplus.ca
. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-
looking information. The Company does not undertake to update any forward-looking information except
in accordance with applicable securities laws.
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
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/227270