Allied Copper Corp. announced that crews will be mobilizing to the Klondike property in mid-July to complete the first modern drill test of the property. Site and logistical preparation will be completed prior to the drill arriving by late July.

A five hole program, costing CAD$1.25m is planned to test three target areas for a total of 1,000 metres of drilling. The Klondike Property consists of 76 unpatented mining claims, a State of Colorado Exploration Permit and an exclusive right to a State lease. Two holes are planned for the Northeast Fault target to test the depth potential and follow up a 4.6m chip sample that averaged 1.56% copper and 1.4 g/t silver in 2021 sampling.

One hole will test the East Graben Fault at depth, where surface grab samples returned 2.8% copper with 37.8 g/t silver. Two holes will test the West Graben Fault, following up 2021 sampling that returned 6.23% copper and 127 g/t silver from a grab sample. Allied Copper has three properties being SK, Stateline and Klondike.

Site tours of all three properties were made and it was determined that Klondike had the best potential of a resource and funds were allocated for a drilling campaign at this site. The Klondike Property is located approximately 25 kilometres south of Naturita, Colorado. This property lies within the Paradox Copper Belt, which includes the producing Lisbon Valley Mining Complex.

Numerous historical copper occurrences have been identified throughout the district, however, many of these have not been explored using modern exploration techniques. A 2021 reconnaissance program consisting of mapping, stream sediment sampling and rock sampling was undertaken at the Klondike Property to help define drill targets at the West Graben Fault and East Graben Fault targets. Rock sampling and mapping successfully expanded the footprint of both targets and identified a new target named the Northeast Fault.

Sampling at the Northeast Fault returned 1.56% copper and 1.4 grams per tonne (“g/t”) silver over a 4.6 metre chip sample of bleached, bitumen spotted and altered Jurassic sandstones of the Saltwash member of the Morrison Formation. Copper mineralized sandstones at the Northeast Fault target can be traced along the fault and outboard from it into the adjacent sandstones over an area 200 metres long by 100 metres wide before becoming obscured beneath gravel cover. Further anomalous copper, including 2.1 metres of 463 ppm copper, was encountered over one kilometre to the northwest where the structure and host strata next appear from beneath the same gravel cover.

At Klondike, documented copper exploration ceased in the 1960s with subsequent exploration targeting uranium the 1970s. Previous workers reported high-grade copper mineralization highlighted by results of 6.3% copper and 23.3 g/t silver in outcrop. In addition to its high-grade potential, disseminated copper-silver mineralization has been observed which may be amenable to modern open pit mining with Solvent Extraction Electrowinning (“SXEW”) processing, similar to the Lisbon Valley Mining Complex.

Sedimentary hosted copper deposits are an important contributor to world copper production, accounting for more than 20% of the world's copper supply annually. The project is road accessible year-round and two kilometres from paved highway. The project is comprised of 76 mining claims managed by the BLM, in addition to an Exploration Permit and an exclusive right to a State lease from the State of Colorado.