Toronto, June 28th, 2023 – Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to announce that, pursuant to the terms of an Option Agreement it entered into with strategic partner Puma Exploration Inc. (TSXV:PUMA) (“Puma”) on June 30, 2021, it has made its first anniversary payment. All five mineral assets contained in the Option Agreement are located in the Bathurst Camp of New Brunswick, Canada.
“Since going public in July 2022, Canadian Copper’s strategic objective was to acquire and continue to grow our mineral inventory of critical minerals focused in the Bathurst Camp, of New Brunswick. This area is a top tier jurisdiction with a permitting framework, established infrastructure, and extensive history of large base metal mines, which are all necessary ingredients to successful mining development,” commented Simon Quick, CEO of Canadian Copper. “By executing this strategy, our Chester deposit Indicated Resources grew by more than 3x in 2022 with targeted exploration efforts. Approximately 80% of the Chester copper resources are within 100 meters from surface at +1% Cu grade. Now with our pending acquisition of the Murray Brook deposit announced on June 13th, we will grow our mineral inventory of critical minerals even more! We are eager to close the Murray Brook acquisition to evaluate integration and growth opportunities with this large open pit 18 million tonne deposit relative to our existing critical mineral projects in the region.”
To review the Company developments at the Chester Project, please see the 2022 press release here. Summary Chester Mineral Resource Estimate highlights are:
- Indicated Mineral Resources: 4.866 million tonnes (“Mt”) at a grade of 1.13% copper, containing 120.28 million pounds (“Mlbs”) of copper, with potential by-product of 13.66 Mlbs lead, 10.52 Mlbs zinc, 69,000 ounces of silver, or potentially 7.51 Mlbs of in situ copper equivalent (“CuEq”)1.
- Inferred Mineral Resources: 1.819 million tonnes (“Mt”) at a grade of 1.01% copper, containing 38.35 million pounds (“Mlbs”) of copper, with potential by-product of 3.17 Mlbs lead, 1.57 Mlbs zinc, or potentially 1.35 Mlbs of copper equivalent (“CuEq”)1.
Option Agreement Conditions
Canadian Copper has the right to acquire 100% interest in the Option Agreement assets under the following payment conditions:
- $300,000 in cash or shares on the first (1st) anniversary payment. (Satisfied)
- The Company has issued Puma 3,637,873 Canadian Copper shares.
- $1M in cash or shares on the second (2nd) anniversary payment.
- $1M in cash or shares on the third (3rd) anniversary payment.
Figure A: Portfolio of Option Agreement Assets
Figure B: Murray Brook Project Location
 Press Release dated November 1, 2022 “Canadian Copper Significantly Grows Mineral Resources at Chester Project”: https://canadiancopper.com/canadian-copper-significantly-grows-mineral-resources-at-chester-project/
Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. is President and a Principal of APEX Geoscience Ltd. and is an independent QP. Mr. Dufresne is responsible for the Chester MRE and has reviewed and approved the geological information reported in this news release.
About Canadian Copper Inc.
Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada. There are currently 70,555,000 shares issued and outstanding in the Company.