QC Copper and Gold Inc. Amends Terms for its Roger Gold-Copper Acquisition
TORONTO, May 14, 2021 - QC Copper and Gold Inc. ("QC Copper" or the "Company") (TSXV: QCCU) is pleased to announce that it has agreed to amended terms to acquire a 50% ownership interest in the Roger Gold-Copper project ("Roger" or the "Project") in the Chibougamau District of Quebec. The original terms of the transaction were announced in QC Copper's April 5 2021 News Release. Closing of the amended transaction is expected within the coming days. Amended Terms of the Roger Acquisition
QC Copper is acquiring its 50% interest in Roger from Pasofino Gold Ltd. ("Pasofino"). The other 50% interest remains with SOQUEM, a subsidiary of Investissement Québec. Upon closing, QC Copper will issue Pasofino $1 million in cash and issue 1,150,000 shares of the Company. A further 4,350,000 shares of the Company (the "Contingent Shares") may be issued to Pasofino if, within six months, a new NI 43-101 technical report is produced on the Roger Project with such report having a resource calculation equal to or greater than both the aggregate gold equivalent ounces or gold only ounces referred to in the Technical Report dated October 9, 2018 and titled "NI 43-101 Technical Evaluation Report on the Roger Property".
It is understood that QC Copper is not required by the terms of this Amended Agreement to undertake the creation of any new technical report or 43-101 within the aforesaid six months or at all.
"These are favourable terms for this strategic asset acquisition that fits into our vision for a consolidated Chibougamau District. The Roger is a sizable NI 43-101 pit constrained gold-copper resource with excellent expansion potential. It is also about 10km from the property boundary of our flagship Opemiska project. The Opemiska and its ongoing drill program remains our core focus however we felt compelled to act when Roger opportunity presented itself. When shareholders evaluate this pit constrained resource relative to the consideration paid, I believe they will see the value of this accretive acquisition," said Stephen Stewart, QC Copper's CEO.
Roger Gold-Copper Project NI 43-101 Resource Estimate
An updated mineral resource estimate on the Roger gold-copper deposit was completed in August 2018. This resource estimate is constrained in a conceptual open pit shell. The 2018 updated mineral resource estimate was prepared by GéoPointCom of Val-d'Or, Quebec. At a cut-off grade of 0.45 g/t gold-equivalent, the Indicated Resource is estimated at 10,900,000 metric tonnes at a grade of 0.85 g/t of gold, 0.80 g/t of silver and 0.06% of copper for a total of 333,000 ounces of gold-equivalent, while the Inferred Resource is estimated at 6,569,000 metric tonnes at a grade of 0.75 g/t of gold, 1.18 g/t of silver and 0.11% of copper for a total of 202,000 ounces of gold equivalent. The following metal prices were used in the calculation of gold-equivalent: 1,240 US$ for Au (ounce), 16.528 US$ for Ag (ounce) and 6.549 US$ Cu (Kg). The Technical Report is available on Sedar under the profile of Pasofino Gold Ltd at www.sedar.ca.
About Roger Gold-Copper Project
Roger is an advanced-stage exploration project containing the Roger gold-copper deposit. In total, 58.000 m of diamond drilling have been completed on the property. Underground exploration undertaken in 1988 included 1,177 m of development, 1,433 m of underground drilling and over 1,000 m of chip sampling.
The 987-hectare Roger project is located in the Chibougamau Mining District within the prolific Abitibi greenstone belt. It is situated 5 km from the historic mining center of Chibougamau, Quebec and has all-season road access. A power line that serviced the past-producing Troilus copper-gold mine crosses the property and connects to the Obalski electoral distribution station located 4 km south of Chibougamau.
About the QC Cooper & Gold Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to Chapais, Quebec, within the Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource projects. The Opemiska property covers 12,782 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines, owned and operated by Falconbridge. The project has the ideal in-place infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for this release's adequacy or accuracy. Certain information in this press release may contain forward-looking statements. This information is based on current expectations subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. QC Copper and Gold Inc. assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained in QC Copper and Gold Inc. filings with Canadian securities regulators, which filings are available under QC Copper and Gold Inc. profile at www.sedar.com.
SOURCE QC Copper and Gold Inc.