Vizsla Copper has entered into a purchase agreement with Siyata Mobile to acquire a 49% joint venture (JV) interest in Siyata Mobile in five claims, which are part of the Woodjam Project in south-central British Columbia, Canada.
Upon completion of this acquisition, Vizsla Copper will hold a 100% interest in these claims, which were previously known as the Rand claims.
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The Rand claims cover a total area of 1,500ha and are situated entirely within the larger Woodjam project, which covers an area of 90,163ha.
Under the terms of the agreement, Vizsla Copper will acquire the JV interest in exchange for $5,000 (C$7,193) and two million common shares of the company.
The common shares will be subject to a four-month hold period in accordance with Canadian securities laws.
Siyata Mobile has consented to a voluntary resale of restrictions, permitting 250,000 common shares to become freely tradable four months following the closing.
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By GlobalDataEvery four months thereafter, an additional 250,000 shares will be eligible for free trading.
The acquisition is dependent on customary closing conditions, which include obtaining approval from the TSX Venture Exchange.
The Woodjam Project is located in the geologically promising Quesnel Terrane, which is known for its mineral potential.
The geological composition of the claims includes till-covered intrusive rocks from the early Jurassic Takomkane batholith and volcanic rocks from the late Triassic Nicola Group.
These geological formations are associated with the copper-gold porphyry-related deposits found within the Woodjam Project, indicating a high potential for mineral exploration.
Given the promising geology, the claims will be a key focus of upcoming exploration programmes at the Woodjam Project.
Currently, six zones of porphyry mineralisation have been identified, consisting of Deerhorn, Megabuck, Megaton, Southeast, Takom and Three Firs.
Historical mineral resource estimates for three deposits within the project area suggest the presence of around 1.7 billion pounds of copper and nearly one million ounces of gold, distributed across the Southeast, Deerhorn and Takom deposits.
In 2023, Vizsla Copper drilled 7,599m across 18 holes, successfully expanding the Deerhorn and Takom deposits and uncovering the most significant mineralisation to date in the Megaton zone.
