TORONTO, May 14, 2021 /CNW/ - 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
GĂ©oPointCom 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.
For information and updates on QC Copper and Gold, please
visit: www.qccopper.com
And please follow us on Twitter @qccopper
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 & Gold Inc.