- Potential:
The Copperview Project is located less than 4 kilometres north (and along trend) of Kodiak Copper'sGate Zone discovery (best drill intersection to date is 535.1m @ 0.49% Cu, 0.29 g/t Au from 201.9m in drill hole MPD-20-04) on the MPD property ("MPD"). - Prospective Geology: Mapping by the
British Columbia Geological Survey indicates that prospective Nicola Gp. volcanic rocks extend northward from the MPD project to theCopperview Project claims where they are largely covered by a thin veneer of glacial till. - Producing Mines:
The Copperview Project is located within a prolific copper, gold and molybdenum mining region of the southern Quesnel Terrane; 50 kilometres north of theCopper Mountain mine, 65 kilometres southeast of theHighland Valley mine, and 90 kilometres south of the New Afton mine.
"This is an excellent and timely acquisition for
"I'm very pleased to add the
Pursuant to the terms of the Copperview Purchase Agreement, the Company will issue 600,000 common shares of
Figure 1 – Copperview Project Location and Geology
As disclosed by the Company on
In connection with the RG Copper Acquisition, the Company, RG Copper and the owners of the
- RG Copper must pay
$500,000 ($50,000 paid), incur eligible expenditures of$2,000,000 and issue 400,000 common shares and an additional$400,000 in common shares prior toOctober 1, 2026 to earn a 51% interest. - RG Copper has the option to increase its interest in the
Redgold Project from 51% to 70% by paying an additional$500,000 , incurring an additional$2,000,000 of eligible expenditures and issuing an additional$500,000 in common shares prior toOctober 1, 2028 . - RG Copper will grant the Underlying Owners a 2.5% net smelter royalty (subject to a buy down to 1.0% for
$2,000,000 ), which will come into effect if and when the Underlying Owners' collective participating interest in theRedgold Project is diluted to less than or equal to 15%.
Any shares issued to the Underlying Owners pursuant to the Underlying Option Agreement will be subject to a floor price of
The RG Copper Acquisition remains subject to standard closing conditions, including the approval of the TSXV. Subject to receiving the approval of the TSXV, and the satisfaction of the remaining closing conditions, the RG Copper Acquisition is expected to close in the coming weeks.
Additional details regarding the RG Copper Acquisition and the
- See Kodiak Copper's news release dated
September 3, 2020 , which is available at www.sedar.ca
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by
Neither the
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: obtaining required regulator approvals for the Copperview Acquisition and the RG Copper Acquisition; satisfying the requirements of the Underlying Option Agreement; the exploration and development of the
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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