Vancouver-based mineral explorer Vizsla Copper has acquired a 100% stake in Copperview, a copper-gold project in the Aspen Grove area in south-central British Columbia, Canada.
Covering 37,466 hectares of land with 40 claims, the Copperview project was acquired from Donald Rippon of Mineworks Ventures.
It is located less than 4km north of Kodiak Copper's Gate Zone discovery with a drill intersection of 535.1m at 0.49% of copper and 0.29g/t of gold from 201.9m in drill hole on the MPD property.
A block of seven claims consisting of 9,043 contiguous hectares is expected to be highly prospective for copper/gold porphyry-related mineralisation due to its proximity to the Gate zone at MPD.
The project’s claim block is interpreted to be underlain by eastern facies Upper Triassic Nicola volcanics with contemporary intrusions similar to MPD.
Commenting on the purchase, Vizsla Copper executive chairman Craig Parry said: “This is an excellent and timely acquisition for Vizsla Copper and is a great example of our strategy of putting our foot on as much prospective copper ground as we can. Global electrification and a dwindling copper supply story will result in an exciting copper market going forward.”
Vizsla Copper exploration vice-president Steve Blower said: “I'm very pleased to add the Copperview Project to the Vizsla Copper fold. The geology at Kodiak Copper's MPD project is interpreted to extend to the north onto the Copperview Project claims.
“In addition to Woodjam, where our inaugural drilling campaign is set to begin shortly, this is now also a high-priority project for us and exploration will begin this year.”
Vizsla Copper will pay 600,000 of its shares to the seller, grant him 2% net smelter return royalty (NSR) and pay $5,000 in cash, as total consideration. One half of the NSR may be bought back from the sellers for $3m.
The consideration is subject to a one-year release schedule such that one-third of the shares will be released every four months from the closing date.
This deal awaits the clearance of TSXV and is expected to complete in the coming weeks.
