TSX.V: COCO
VANCOUVER, BC, Aug. 14,
2024 /CNW/ - Coast Copper Corp. ("Coast Copper" or
the "Company"); (TSXV: COCO) is pleased to announce that
it has signed an option agreement (the "Option Agreement")
with an arms-length individual (the "Optionor") for
additional ground adjacent to the Company's 100% owned Sully
property and PJX Resources Inc.'s ("PJX") Dewdney Trail property¹. This ground when
combined with the Sully property totals 14,112 hectares, covering
prospective ground in the historical Sullivan camp.
This optioned ground covers the favourable Aldridge Formation on
trend of PJX's new discovery. See Figure 1. Previous work by
Cominco Ltd. (also owners of the historical Sullivan Mine located
35 kilometers west) between 1969 and 1970 led to the discovery of
lead, zinc, chalcopyrite and silver mineralization noted in
trenches and the drilling of one drillhole (results not publicly
released) ².
Option Agreement Terms
Under the terms of the Option Agreement, Coast Copper can
acquire a 100% interest in the property by making a cash payment of
$5,700 and issuing a total of 500,000
common shares of the Company in three tranches over a 2-year period
as follows:
- 100,000 common shares to the Optionor as soon as practicable
following receipt of TSX Venture Exchange ("TSX-V") approval
of the Option Agreement;
- 150,000 common shares to the Optionor on or before the first
anniversary date of the date of the Option Agreement; and
- 250,000 common shares to the Optionor on or before the second
anniversary date of the date of the Option Agreement.
Upon receiving final TSX-V approval, the Company will make the
cash payment of $5,700 and issue the
first tranche of common shares of the Company to the Optionor. The
Optionor will retain a 1% net smelter return royalty on the
optioned property.
There are no property expenditure requirements in relation to
the Option Agreement other than to keep the claims in good
standing.
The Option Agreement is subject to TSX-V approval and all shares
issued under the Option Agreement will be subject to a hold period
expiring four months and one day from the date of issuance.
Exploration Program
The Company completed an initial reconnaissance field program in
July 2024. A total of 11 rock, 22
silt and 27 soil and 2 stream samples were collected over the Sully
property, as well as 6 rock samples collected over the newly
optioned ground during due diligence. Samples from this program
were submitted to the laboratory and results will be announced as
soon as possible.
Other Property Work
Sampling work during June and July
2024 also included the collection of rock, soil and moss
matt samples from the Company's Empire Mine, Knob Hill NW and Home
Brew properties, as well as from a number of generative projects
which it is evaluating. The Company is awaiting the results from
these programs and will announce as soon as possible.
Adam Travis, CEO comments:
"I'm pleased that we were able to expand our Sully property with
more ground that is on trend from PJX. While at Sully, we observed
strong indications of intrusion related gold mineralization on the
eastern portion of the property as well as higher sulphide
accumulations in the Aldridge Formation. This work completed at
Sully was an initial cursory review and more work is strongly
recommended.
I was excited to be able to complete field work on our Empire
Mine, Knob Hill NW and Home Brew properties during June and July.
I'm eagerly awaiting the results from all our exploration work so
far."
Qualified Persons
The technical information contained in this news release has
been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC), Coast Copper's
geological consultant and a Qualified Person within the context of
the Canadian Securities Administrators' NI 43-101; Standards of
Disclosure for Mineral Projects.
About Coast Copper Corp.
Coast Copper's exploration focus is the Empire Mine property,
located on northern Vancouver Island, BC, which covers three
historical open pit mines and two past-producing underground mines
that yielded iron, copper, gold, and silver. Coast Copper's other
properties include its 100% owned Sully property located in
southeastern BC, Knob Hill NW property located on northern
Vancouver Island, its Home Brew property in central BC, and its
Scottie West property located in the
"Golden Triangle" of northern BC. Coast Copper's management team
continues to review precious and base metals opportunities in
western North America.
On Behalf of the Board of Directors:
"Adam
Travis"
Adam Travis, Chief
Executive Officer and Director
Cautionary Notes related to News
Release/Maps
¹ This news release may contain
information about adjacent properties on which Coast Copper has no
right to explore or mine. Investors are cautioned that mineral
deposits on adjacent properties are not indicative of mineral
deposits on the Company's properties.
² BC Minfile Record Summary 082GNW058.
https://minfile.gov.bc.ca/Summary.aspx?minfilno=082GNW058
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or
incorporated by reference in this press release, including any
information regarding the proposed Transaction, private
placement, board and management changes, as to our
strategy, projects, plans or future financial or operating
performance, constitutes "forward-looking statements." All
statements, other than statements of historical fact, are to be
considered forward-looking statements. Forward-looking statements
are necessarily based on a number of estimates and assumptions
that, while considered reasonable by Coast Copper, are inherently
subject to significant business, economic, geological and
competitive uncertainties and contingencies. Although Coast Copper
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not a guarantee of future performance. Known and unknown factors
could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include
but are not limited to: fluctuations in market prices, exploration
and exploitation successes, continued availability of capital and
financing, changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. All of the forward-looking statements made
in this press release, or incorporated by reference, are qualified
by these cautionary statements. We do not assume any obligation to
update any forward-looking statements.
SOURCE Coast Copper Corp.