QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF) has announced the completion of its acquisition of 100% interest in 38 claims covering 2,112 hectares of highly prospective ground that connects two land parcels of the Opemiska Copper project, near Chapais in Quebec.
The Toronto-based junior explorer said it has issued 150,000 shares of the company and $10,000 in cash to the vendor, an arm's length private company, for all 38 claims within the prolific Chibougamau region. The vendor will retain a 2% Net Smelter Royalty, of which 50% of can be repurchased for $500,000.
QC Copper’s flagship Opemiska copper project is now collectively 15,518 hectares, comprising the Springer, Perry, Robitaille and Cooke mines and 13 kilometres (km) of the Gwillim Fault.
READ: QC Copper and Gold kicks off fall drilling program at flagship Opemiska Copper project in Quebec
The company noted that the western section of the Opemiska project “contains the resource deposits” and is where Falconbridge mined for nearly 40 years. On the other hand, the eastern section of Opemiska is prospective for new discoveries and is known to host Volcanogenic Massive Sulphide (VMS) mineralization, which usually has base metal-rich mineral deposits,
"This is a strategic land parcel that fills a gap in QC Copper's land holdings in the Chapais area,” Charles Beaudry, director and VP of exploration at QC Copper, said in a statement.
“The area is underlain by the lower unit of the Chibougamau volcanic stratigraphy known for the Lemoine Mine and Scott VMS deposits…We will be testing in the coming months with a large loop, super deep penetrating ground EM survey," he added.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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