Vancouver, British Columbia--(Newsfile Corp. - December 14, 2021) - District Copper Corp. (TSXV: DCOP) ("District Copper") is pleased to announce that it has secured an option with an arm's length vendor to acquire three (3) mineral claims encompassing 1513.93 hectares of mineral exploration lands surrounding the Copper Keg project located in the Cache Creek area of British Columbia. These claims will be acquired by District Copper for and in consideration of the sum of $25,000 and issuance and allotment of 1,500,000 common shares of District Copper in installments of:
- a $5,000 non-refundable deposit on signing of the Option Agreement;
- $10,000 and 1,000,000 fully paid and non-assessable shares within fourteen (14) days after the Option Agreement is accepted for filing by the TSX Venture Exchange; and
- $10,000 and 500,000 fully paid and non-assessable shares eighteen (18) months after the date of TSX Venture Exchange acceptance of the Option Agreement.
The purchase is subject to a 1.0% Net Smelter Return Royalty with a buy down clause which would allow District copper to purchase one half of the Royalty for $500,000.
The terms of the agreement are subject to TSX Venture Exchange approval.
The addition of these three mineral claims to its Copper Keg land package increases the total area of interest for the project to 3272 hectares.
District Copper has just completed an Induced Polarization survey on the Copper Keg property. The survey was carried out by Quantec Geoscience, using their Titan 120 DCIP system. The survey covered 19.3 line-kilometers, with penetration as deep as 600 meters. A detailed interpretation of the data will be performed in the New Year.
The new land is underlain by the same geological sequences, comprising Kamloops sediments, Nicola Group volcanics and intrusive phases of the Guichon Creek Batholith. These rocks have been intruded by several phases of late-stage quartz feldspar porphyry and mafic dikes. The Nicola Group volcanics are reported to be in fault contact with the Guichon Creek batholith, although there are indications from historic assessment reports that an intrusive contact is also a possibility.
The central portion of the Guichon Creek Batholith hosts the large porphyry copper deposit located in the Highland Valley currently being mined by Teck Resources Limited. The Copper Keg property is located at the northern boundary of the Guichon Creek batholith, and District Copper intends to explore the property using the porphyry style copper deposits in the Highland Valley as its exploration model.
Chris M. Healey, P.Geo., a Director of District Copper, is the Company's non-independent Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information disclosed in this news release.
About District Copper
District Copper is a Canadian company engaged in the exploration for copper deposits in Central British Columbia.
For further information, please visit www.districtcoppercorp.com to view the Company's profile or contact
Jevin Werbes at 604-620-7737.
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Jevin Werbes, President & CEO
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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution in the United States or over United States newswires.
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