TORONTO, February 21, 2023 (GLOBE NEWSWIRE) — Dre Copper Mining Corporation (“company” again “Dre Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM), in addition to the news releases dated January 2, 2020 and November 18, 2022, Joe Mann Optional Properties (“Optional properties”) is an Earn-In Option Agreement (“Option contract“) Company and Ressources Jessie Inc., dated January 2, 2020, amended October 28, 2022 (“resource jessieLocated 60 kilometers south of Sibogamau, Quebec, the Joe Man mine produced 1.12 million ounces of gold at an average grade of 8.26 g/t between the 1950s and 2007.1 The deposit contains an Inferred Mineral Resource of 680,000 tons graded at 6.78 g/t Au and 0.24% Cu, which was included in the Preliminary Economic Assessment (PEA) of the Hub and Spoke Project announced on May 10, 2022. there is.2
Pursuant to the terms of the Option Agreement, Ressources Jessie transferred Option Assets (1,965 ha) to the Company and the Company provided Ressources Jessie with a 2% net smelter income (“NSR“) Royalties on mine production from option assets. The Company has repurchased 1% NSR in consideration of the payment of $2,000,000 to Resources Jessie and has the right to repurchase an additional 0.5% NSR in consideration of the payment to Resources Jessie. Has $4,000,000.
Pursuant to the terms of the Option Agreement, upon commencement of commercial production on the Option Asset, Dre Copper will make an additional cash payment of $1,000,000 to Resources Jessie and issue $1,500,000 of common stock to Lego Metals in the Company’s equity. increase.
Upon exercise of the option asset, Doré Copper will acquire a 100% interest in Joe Mann’s assets. The property totals 2,732 hectares in four non-contiguous mineral ownership groups, including 74 claims and two mining rights (Figure 1).
“Qualified person” within the meaning of Sylvain Lépine, M.Sc., P.Geo., Vice President Exploration of the Company and National Instrument 43-101 – Mineral Project Disclosure Standardshas reviewed and approved the scientific and technical information contained in this news release.
About Dre Copper Mining Corporation
Dore Copper Mining Corp. aims to become Quebec’s next copper producer, with an initial production target of +50 Mlbs of copper equivalent per year, and several high-grade copper and gold mines. We have introduced a hub-and-spoke operating model using assets to supply centralized copper. land mill.2 The company submitted a PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated large land packages at the prolific Lac Doré/Chibougamau and Joe Mann mining camps, which have historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.1 The land package includes 13 former production mines, deposits and resource target areas within a 60km radius of our Copper Land plant.
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- Historical production source: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau Mine Camp) and NI 43-101 Technical Report on the Joe Mann Property, dated January 11, 2016, for Geologica Groupe-Conseil Inc., Jessie Ressources Inc. (Joe Mann Mine). Dore Ramp November 1992 Overview, Westminer Internal Report.
- Technical Report entitled “Preliminary Economic Assessment of the Tibugamau Hub and Spoke Complex, Quebec, Canada”, dated 15 June 2022, in accordance with National Instrument 43-101 – Mineral Project Disclosure StandardsThe technical report was prepared by BBA Inc., with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include projections, projections, projections and often, but not always, “seek,” “expect,” “believe,” “plan,” “estimate.” , is identified using words such as “predict”. ‘expect’, ‘likely’, ‘project’, ‘goal’, ‘schedule’, ‘budget’, ‘intent’, and event or outcome ‘could’, ‘could’, ‘could’ “should”, “could”, or “could” or “could be achieved” and other similar expressions, including the negation thereof. All statements other than statements of historical fact contained in this news release are statements regarding the timing and ability of the company to obtain necessary regulatory approvals, the ability of the company to meet its production targets, commencement, timing and feasibility. The completion of research and the plans, operations and prospects of the company and its assets are forward-looking statements. Forward-looking statements, while believed to be reasonable, involve known and unknown risks that could cause actual results or future events to differ materially from those expressed or implied by them; It is necessarily based on numerous estimates and assumptions that are subject to uncertainties and other factors. Forward-Looking Statements. Such factors include actual exploration results, changes in project parameters as plans continue to improve, future metal prices, availability of capital and financing on acceptable terms, general economics, Including, but not limited to, market or business conditions, uninsured risks, regulations, and regulations. Changes, delays, or inability to obtain required regulatory approvals, health emergencies, pandemics, and other investigations or other risks are detailed herein, and we may not seek approval from securities regulators. It is stated in the documents to be submitted at any time to Although we have attempted to identify important factors that could cause our actual actions, events or results to differ from those set forth in the forward-looking statements, such actions, events or results There may be other factors that cause results to differ significantly from expectations. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected in such statements. You should not place undue reliance on forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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