QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF) has completed its acquisition of 10% of Cuprum Corp (formerly Pickle Lake Minerals Inc), a subsidiary of Canadian Critical Minerals, for C$300,000 in an upfront, all-cash deal.
Concurrently, Orecap Invest has acquired a 45% interest in Cuprum. Principals of QC Copper and Orecap, including chairman Stephen Stewart, will co-invest alongside the companies at the same valuation.
Cuprum owns 100% of the Thierry copper mine, located in Pickle Lake, Ontario.
QC Copper and Gold views historical data from Thierry as a conceptual indication of the potential size and grade of the gold deposits in the area.
Thierry is Ontario's largest primary copper resource and was the subject of a recent preliminary economic assessment that covered only the underground portion of the known resources.
Orecap's view is that Thierry's primary upside is its near-surface bulk tonnage potential growth.
Drill highlights from Thierry include 106 metres of 0.539% copper equivalent and 31.2 metres of 0.677% copper equivalent.
Thierry is in the well-known and mature mining district of Pickle Lake, Ontario, with access to rail, highways, power, and other infrastructure required to develop a mine. Thierry spans 4,670 hectares across 27 mineral leases.
The property hosts two past-producing open pits that later transitioned to underground mining. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda.
Significant infrastructure is already in place, with the property being accessible via all-season road, an airport within 5km, available hydro, and nearby rail.