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Mr.
Highlights
The Acquisition will increase the Copper Dome Project’s exploration area from 2,262 to 5,236 hectares
Copper Dome South is roughly 6kms south of the
Copper Mountain Mine site (see Figure 1HistoricalTitan 24geophysical survey identified 2 high chargeability zones anomalies, both over 1km in length and 300 m in depth
Historical airborne mag survey identified 7 target areas for exploration follow‑up
Recent soil geochemical sampling at Copper Dome South has identified anomalies for Cu, Zn, precious and platinum group metals
Terms of the Purchase Agreement
Under the terms of the Purchase Agreement, in consideration for all the issued and outstanding shares of Rockhound, the Company will, upon closing of the Acquisition (the “Closing”): (i) issue 12,000,000 common shares of the Company (the “Consideration Shares”) to the Vendors; (ii) and make a cash payment of
Under the terms of the Purchase Agreement, if the Companydrills 0.15% copper or greater over a 100 meter or greater interval length on Copper Dome South, it will issue an additional bonus of 1,000,000 common shares. If a preliminary economic assessment is completed on Copper Dome South, the Company will issue a further bonus of 1,000,000 common shares. Copper Dome South is also subject to a 3% net smelter royalty in favor of the Vendor. The Company has an option to purchase up to 2% of the net smelter royalty for
The Company is relying on the prospectus and registration exemption underSection 2.16 ofNational Instrument45-106 –Prospectus Exemptionsin issuing the Consideration Shares. As a result, the Consideration Shares will not be subject to a hold period. No finders’ fees or commissions are payable in connection with completion of the Acquisition.
Closing of the Acquisition is subject to a number of conditions, including: the approval of the
In connection with Acquisition, Rockhound does not have any material liabilities and the Company does not expect to assume any material obligations related to Copper Dome South, nor does it expect to devote the majority of its working capital or resources to the development of Copper Dome South. The primary focus of the Company at this time remains the planned exploration and drilling work at the existing
Copper Dome South Overview
Past work on Copper Dome South comprises of several exploration programs going back as early as1972. These programs were small and limited in extent. No major exploration programs were undertaken at thepropertyuntil2009.
In 2009, Quantec Geosciences conducted an 8.2km Titan 24 DC/IP survey on behalf of
Line 82100E, shows a high chargeability zone extending 2km in length and over 400m in depth and is open to the south. Line 83100E, located 1km to the east of line 82100E shows a high chargeability zone 1km in length, within a magnetic low signature with adimension of 400m by 400m wide, within a high chargeability setting extending past 400m in depth.
Lines 82100E and 83100E also show an extensive highly chargeable feature in the southern end of the line, open at depth. This zone covers almost 2 km of line 82100E, and over 1 km of line 83100E.
An Airborne Magnetometer survey conducted in 2020 indicates magnetic signatures associated with northwest southeast trending faults. Several targets were identified with similar geophysical signatures to the east and west in the surrounding claim area.
The most recent exploration work on the property hasdelineated two soil geochemical anomalies for copper/zinc and elevated precious and platinum group metals.
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Figure 1: Original Copper Dome Project Area
including Newly Acquired Land Package (Copper Dome South)
The Property is contiguous toHudbay Minerals Inc.’s (TSX: HBM) currently producing
The Company cautions that the discoveries and observations on properties in proximity to the
Qualified Person
The technical information contained in this news release has been reviewed and approved by
For further information, interested parties are encouraged to visit the Company’s profile on SEDAR+ (www.sedar.com), its website atwww.canadaonemining.comor contact the Company atir@strategixir.com.
On behalf of the Board of Directors of
PresidentandChief Executive Officer
1 877 844 4661
Forward-Looking Statements
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the successfulclosingof the Acquisition and anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.
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