World Copper Announces Effective Date of Consolidation, Provides Update on Escalones Drilling Program and Zonia Acquisition

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU) announces that, further to a news release dated April 13, 2021 and subject to final acceptance by the TSX Venture Exchange (the “TSXV“), its board of directors has approved the consolidation (the “Consolidation“) of its issued and outstanding common shares (the “Shares“) on the basis of one (1) post‑Consolidation Share for every three (3) pre‑Consolidation Shares.  The Company anticipates that the Shares will begin trading on a post-Consolidation basis effective market open on June 18, 2021.

As of the date of this news release, the Company has 132,251,980 Shares issued and outstanding and the Company expects that it will have approximately 44,083,994 Shares issued and outstanding on a post-Consolidation basis.  The Company’s new CUSIP number and ISIN for the Shares will be 981448202 and CA9814482027, respectively.

Registered shareholders will receive a letter of transmittal from Computershare Investor Services Inc., the transfer agent for the Shares, describing the process by which shareholders may obtain new certificates representing their post-Consolidation Shares.  Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted through each shareholder’s brokerage accounts.  Non-registered shareholders should consult their broker for further information.

Escalones Drill Program

The Company has completed its previously announced (see news release dated March 2, 2021) geochemical soil sampling program of the cluster of three distal porphyry copper targets, located 8 to 10 kilometres to the north of the Escalones deposit within the 162 km2 Escalones project area (“Escalones” or the “Escalones Project“).  The purpose of this exploration program was to sample, map and conduct geophysics on the three anomalies in order to optimize drill targets.  The results from the program will be released as information becomes available.

The Company is continuing with the permitting process required for its planned up to 5,000 metre drill program at Escalones and is currently working on completing an environmental permit application (the “Escalones Environmental Application“), which will be necessary for the grant of the drilling permit (the “Escalones Drill Permit“).  The Company expects to file the Escalones Environmental Application with the Chilean Environmental Assessment Service in June, 2021.  Receipt of the drilling permit application will be a key component of the exploration program planned for this year.

Nolan Peterson, World Copper’s CEO commented, “We are committed to designing and permitting a drilling campaign that will have a negligible, and temporary, environmental footprint, which takes into careful consideration comments from our stakeholders.  In parallel, we continue work to develop the most sustainable and environmentally friendly options for the project to move forward with and to address other project related risks.  We look forward to commencing the exploration program towards the end of 2021, subject to approval of necessary permits.”

Zonia Project

The Company also announces that it has made a formal application to the TSXV for acceptance for filing of the previously announced proposed acquisition of the Zonia copper oxide project located in Arizona (“Zonia“) pursuant to a letter agreement dated April 13, 2021 and an amendment to the letter agreement dated June 4, 2021 with Cardero Resource Corp. (“Cardero“; TSXV: CDU) by way of a business combination with Cardero (the “Proposed Transaction“) (see news releases of the Company dated April 20, 2021 and June 9, 2021).  At this time, the Company is continuing with its legal, financial and environmental due diligence on Cardero and Zonia.

The parties are currently working on the negotiation and settlement of a definitive agreement that will contain customary representations, warranties, covenants and closing conditions, including as to:  (i) the completion of satisfactory due diligence by the parties (ii) the receipt of all necessary regulatory and court approvals, authorizations and consents, including acceptance for filing of the Proposed Transaction by the TSXV; (iii) the receipt of all necessary corporate and shareholder approvals by the parties; and (iv) there being no material adverse change in the business or operations of any of the parties from the execution of the letter agreement by the parties until the closing of the Proposed Transaction.  There can be no assurance that the Proposed Transaction will be completed as contemplated, or at all.

Nolan Peterson, World Copper’s CEO commented, “We look forward to working with Cardero to settle and enter into a definitive agreement in respect of the Zonia acquisition.  Based on our initial due diligence and evaluation of Cardero and Zonia, we believe that this transaction is beneficial to the shareholders of both companies and enables World Copper to acquire an attractive late-stage development project that gives World Copper a more defined path to production.”

Additional Information

Additional information about the Company is available under their respective SEDAR profiles available at www.sedar.com.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile.  World Copper is pursuing five copper porphyry targets, one with estimated mineral resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

Escalones has estimated mineral resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes.  In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred Mineral Resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson

Chief Executive Officer

For further information, please contact:

Nolan Peterson or Michael Pound

Phone: 604-638-3665

E-mail: info@worldcopperltd.com

Follow us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd 
LinkedIn: https://www.linkedin.com/company/worldcopperltd 

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact, included herein including, without limitation, the anticipated filing date of the Escalones Environmental Application, the anticipated receipt date of the Escalones Drill Permit, the anticipated effective date for the Consolidation, the Company’s expectation that the Escalones Environmental Application will be acceptable to the Chilean environmental and mining authorities and that the Escalones Drill Permit will be granted to the Company, that it and Cardero will be able to complete the Proposed Transaction, the anticipated exploration program results from exploration activities, and the anticipated business plans and timing of future activities of the Company, including the timing for the closing of the Proposed Transaction, the filing of the Escalones Environmental Application and the results thereof, and the receipt of the Escalones Drill Permit, are forward-looking statements.  Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that it will receive the Escalones Drill Permit, that it will be able to negotiate and enter into a definitive agreement with respect to the Proposed Transaction, that it will obtain TSXV acceptance and the required corporate approvals of the Proposed Transaction, market fundamentals will result in sustained copper and precious metals demand and prices, that it will obtain any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of such projects and the ability to comply with environmental, health and safety laws. 

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.  Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, the results of the Escalones Environmental Application, the estimation or realization of mineral reserves and mineral resources, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in the private placement, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including final acceptance of the Consolidation by the TSXV, acceptance of the Escalones Environmental Application and the Escalones Drill Permit application by the Chilean environmental and mining authorities, and acceptance of the Proposed Transaction by the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID‑19, including the impact of COVID‑19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements.  The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Enters into Letter Agreement for the Acquisition of the Zonia Copper Oxide Project

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU) is pleased to announce that it has entered into a letter agreement dated April 13, 2021 (the “Letter Agreement“) with Cardero Resource Corp. (“Cardero“; TSXV: CDU), whereby the Company has agreed to acquire 100% of Cardero’s Zonia copper oxide project located in central Arizona (“Zonia“) by way of business combination between the Company and Cardero (the “Proposed Transaction“).

Under the terms of the Proposed Transaction and subject to acceptance by the TSX Venture Exchange (the “TSXV“), the Company would acquire all of the outstanding common shares of Cardero in consideration of the issuance of common shares of the Company (the “WCU Shares“) to the shareholders of Cardero, such that upon the completion of the Proposed Transaction the number of WCU Shares held by former shareholders of Cardero, on a non-diluted basis, will be 40% of the then issued and outstanding WCU Shares with the remaining 60% held by the existing shareholders of World Copper (the “Exchange Ratio“). The Proposed Transaction involves a Non-Arm’s Length Party (as defined in TSXV Policies) insofar as Hendrik van Alphen, the CEO and a director of the Company, is also a director of Cardero.

World Copper CEO, Hendrik van Alphen, stated, “We are building a major player in the copper industry, and the acquisition of Zonia is a large step on that path. World Copper has a fantastic stable of assets in Escalones and Cristal, but to make our pipeline more complete, we have targeted Zonia, a late-stage development project that gives the Company a potentially shorter time-line to production. Copper prices have been buoyant and the global drive to electrification is set to make copper demand and prices robust for a long time. Therefore, the sooner we can generate cash flow in this dynamic, the better served shareholders will be. Our intent is to push forward with permitting, engineering and planning in the mining-friendly jurisdiction of Arizona, USA to get Zonia up and running soon. We expect this will help to shift development financing of our Chilean assets from external to internal sources of capital, thereby mitigating future shareholder dilution and building long-term value. The team at World Copper is very excited about this acquisition and I look forward to providing future updates.”

About Zonia

Zonia is located in the Walnut Grove Mining District, Yavapai County, Arizona, and consists of 261 patented (96) and unpatented (185) mineral claims, and 566.85 acres of surface rights acquired from the State of Arizona, all totaling 4,279.55 acres.

Zonia is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The project has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Zonia contains Measured resources of 15.6 million short tons grading 0.43% copper (129.3 million pounds of copper), Indicated resources of 61.4 million short tons grading 0.31% copper (380.6 million pounds of copper) and Inferred Resources of 27.2 million short tons grading 0.28% copper (154.6 million pounds of copper) at a 0.2% total copper cut-off grade. A preliminary economic assessment dated April 17, 2018, effective date March 22, 2018 (the “PEA“) was prepared by Global Resource Engineering Ltd., which suggests that the project can be advanced utilizing low-cost open pit mining and heap leach with SX-EW processing to produce pure copper cathode (a copy of the PEA technical report is available on Cardero’s SEDAR profile at www.sedar.com).

Zonia was pre-stripped during mining in the late 1960s and 1970s so that, as described in the PEA, the strip ratio is a low 1:1. Furthermore, GRE outlines a mine plan and development strategy entirely on private land, which significantly reduces the timeline for permitting. At a copper price of $3.00/lb, Zonia shows an after-tax NPV@6% of $225 million, and an IRR of 29.0%.

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.

In addition to the established resource, the Zonia land position contains a copper-molybdenum geochemical anomaly (associated with depressed manganese values) that is similar in intensity and scale (1000 by 1500 metres) to the main resource, and within the same prospective geology. This anomaly is located two kilometers northeast of the resource and represents a high-priority copper-oxide porphyry exploration drill target.

Summary of the Transaction

It is currently anticipated that the Proposed Transaction will be completed by way of a plan of arrangement, however, the structure of the Proposed Transaction remains subject to negotiations between the parties and may be altered for tax, corporate, securities or regulatory reasons. The parties have agreed to negotiate in good faith a formal definitive agreement (the “Definitive Agreement“) which will contain representations, warranties and conditions of each party customary in transactions of this nature.

Under the terms of the Letter Agreement, the parties have agreed to the following principal terms for the Proposed Transaction:

  • all outstanding warrants of Cardero not exercised by the holders thereof prior to the closing of the Proposed Transaction will be exercisable into WCU Shares in accordance with and subject to adjustment (as to number and exercise price) using the Exchange Ratio, the Consolidation (as defined below) and the rules of the TSXV;
  • Cardero will have the right to appoint two members to the board of directors of the resulting entity;
  • World Copper will assume certain debts of Cardero consisting of (i) approximately $2,329,163 in loans owed to a controlling shareholder of Cardero and/or entities related to it (collectively, the “Creditor Entities“), including interest accruing at 12% per annum; and (ii) approximately $1,019,836 in outstanding dividends on preferred shares in the capital of Cardero, formerly held by the Creditor Entities; and
  • concurrently with the closing of the Proposed Transaction (or prior to the first anniversary thereof), World Copper will conduct a financing or financings, the aggregate gross proceeds of which, when combined with the gross proceeds from the exercise of certain warrants to be issued to the Creditor Entities in connection with the Proposed Transaction, shall be at least $10,000,000 (the “Private Placement“), on the terms and at such price as World Copper may determine. The net proceeds from the Private Placement are expected to be used in connection with drilling programs on the Company’s Escalones and Cristal projects, the details of which will follow in a subsequent news release, and for general working capital purposes.

Completion of the Proposed Transaction will be subject to the satisfaction of various conditions precedent, including: (i) the receipt of all necessary regulatory approvals, authorizations and consents, including acceptance for filing of the Proposed Transaction by the TSXV; (ii) receipt of all necessary corporate and shareholder approvals by the parties; and (iii) there being no material adverse change in the business or operations of any of the parties from the execution of the Letter Agreement by the parties until the closing of the Proposed Transaction.

Subject to applicable regulatory and TSXV acceptance, the Company may pay finder’s fees to certain finders in an amount to be agreed to by the parties.

A subsequent news release will be disseminated when additional details regarding the Proposed Transaction are available.

Consolidation

In connection with the Proposed Transaction, the Company also announces that it intends to consolidate its issued and outstanding WCU Shares (the “Consolidation“) in an amount of one (1) post-Consolidation WCU Share for every three (3) pre-Consolidation WCU Shares. Further details about the Consolidation, including the anticipated trading date for the post-Consolidation WCU Shares and new CUSIP and ISIN numbers, will be announced in a subsequent news release.

The Company believes that the Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including possible financing arrangements.

Additional Information

Additional information about the Company or Cardero is available under their respective SEDAR profile available at www.sedar.com.

Qualified Person

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is a consultant of World Copper.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

Escalones has estimated resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Hendrik van Alphen”

Hendrik van Alphen
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management, please contact:

Henk van Alphen or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

Follow us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the Company’s expectation that it and Cardero will be able to complete the Proposed Transaction, including entering into a Definitive Agreement, the closing and amount of the Private Placement, that Zonia can be advanced utilizing low-cost open pit mining and heap leach, the results of the PEA, including, without limitation the NPV6%, IRR, estimated costs, average rate of production, the anticipated exploration program results from exploration activities and the anticipated business plans and timing of future activities of the Company, including the timing for the closing of the Proposed Transaction and the expected drilling programs at Escalones and Cristal, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that it will be able to negotiate and enter into a Definitive Agreement, and that it will obtain TSXV acceptance and the required corporate approvals of the Proposed Transaction and the Consolidation, that there will be investor interest in the Private Placement, market fundamentals will result in sustained copper and precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of such projects and the ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, including on Escalones and Cristal, the reasonability of the economic assumptions at the basis of the results of the PEA for Zonia, the estimation or realization of mineral reserves and mineral resources, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in the Private Placement, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including acceptance of the Proposed Transaction, the Private Placement and the Consolidation by the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID‑19, including the impact of COVID‑19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Announces Appointment of Technical Geological Advisor

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) – (TSX.V: WCU) announces the appointment of Mr. Daniel MacNeil, MSc., PGEO as Technical Geological Advisor to the Company, the first of many steps aiding in the transition of World Copper into a world-class copper company.

Mr. MacNeil is an Economic Geologist specializing in the Precious and Base Metals sectors, with over 20 years of experience from continental-scale project generation to in-mine resource expansion in a wide variety of geological settings in the Americas, Europe, Eastern Europe and the Near East. His expertise includes project evaluation, target and opportunity identification, exploration strategy, district entry strategy, business development, strategic evaluation of geologic terranes and execution of target testing. Mr. MacNeil is the Founder of Vector Geological Solutions.

Northern Targets Exploration Update

The Company also provides an exploration update in regards to the Northern Escalones porphyry copper targets (“Northern Targets”). Geochemical sampling on the three northern targets is progressing well. The large ASTER anomalies have been confirmed as intense quartz-sericite, argillic and gossanous alteration of porphyritic and granitic intrusions, as well as volcanic and sedimentary units. The first two batches of 180 samples from Rio Negro and Arguelles Este targets have been sent to ALS Global Laboratories in Coquimbo, Chile. The crew is currently finishing the Arguelles target and will then move south to the main Escalones deposit to begin sampling the Mancha Amarilla lithocap and flanking skarns.

Clockwise from top: Arguelles Este anomaly viewed to SE over argillic, pyritic and gossanous monzonite; highly fractured, gossanous outcrop near the west edge; highly-gossanous monzonite at centre of the anomaly.

Current Copper Sector Trends

Copper is the main beneficiary when economic development becomes a focal point for governments world-wide. Stimulus in the form of infrastructure investment is now starting to take a lead role, as the best way to stimulate employment is to invest in infrastructure. Due to the many changing elements taking place on the world stage, copper, a metal with fundamentals that are already in a tight supply demand imbalance, is demonstrating and increasingly larger supply gap evidenced by the rising commodity price.

Additionally, green energy investment is also taking the front seat for the USA under newly-elected President Biden. In which, the electrification of mobility and other major sources of power continue to rise in importance, which directly impacts copper demand.  

Henk van Alphen, World Copper CEO stated, “According to BMO’s recent Global Metals & Mining Conference, copper is the new gold. With copper prices nearing historical highs and gold quickly unwinding in recent weeks, the interest of the conference participants has clearly shifted towards the former. Copper (along with lithium) was picked by participants as being the metal most in need of a supply response to future demand. Meanwhile, over 70% of respondents believed copper will see the strongest demand growth during the 14th Five-Year Plan period, significantly ahead of nickel. World Copper, being a pure copper go-to-play, is positioning itself to participate in this forecasted commodities Supercycle.”

Qualified Person

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.  Mr. Drobe is not independent of the Company as he is a consultant of World Copper.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile.  World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

The Escalones porphyry-skarn copper-gold project has estimated resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

The Company recently applied for its common shares to trade on the OTCQB® Venture Market (“OTCQB”), a US trading platform operated by the OTC Markets Group in New York. The Company will provide further information once its common shares commence trading.

Detailed information is available at the Company’s website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.

For further details on the Company readers are referred to the Company’s website.  To view the Company’s Canadian regulatory filings, please visit SEDAR.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

Hendrik van Alphen

Hendrik van Alphen
Chief Executive Officer

For further information, or to schedule a Zoom meeting with Management,  please contact:
Henk van Alphen or Michael Pound

Phone:  604-638-3665
E-mail: info@worldcopperltd.com

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements.  Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation,, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper’s Chilean projects in a timely manner, including the Escalones Project and the Cristal Project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.  Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents.  All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Escalones Technical Report and the technical report on the Cristal Project, when filed.

Readers are cautioned not to place undue reliance on forward-looking statements.  World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Provides Exploration Update

Vancouver, British Columbia–(Newsfile Corp. – March 2, 2021) – World Copper Ltd. (TSXV: WCU) (“World Copper“) announces an exploration update of its Chilean exploration activities on the Escalones property (“Escalones”) and an update on the focus of the Company moving forward into 2021.

Company Focus for 2021

Recent studies indicate that the shallow copper-oxide mineralization at Escalones could be amenable to heap leach processing, which would result in lower operating costs as well as significantly lower capital costs. The sulphide copper mineralization (see NR 21-04 for resource estimate details) at Escalones is partially to completely replaced and enriched from surface to depths of approximately 300m from surface by secondary copper oxides, sulphates and carbonates, resulting in higher grades at shallower depths. The evaluation of soluble copper potential is based on a database review of core photos, assays and core logs, and supported by almost 1200 sequential copper leach tests, representing 2040 metres of core, or roughly 16% of all oxidized intervals. Bottle roll leach tests will be undertaken to confirm the preliminary findings.

Roughly two-thirds of the pit-constrained estimated resource is within the oxidized enrichment zone. Once the metallurgical tests are complete, an estimate of soluble copper resources will be carried out.

The unexplored Mancha Amarilla lithocap (“Mancha Amarilla”) extends one kilometre south from the main Escalones deposit. Evidence indicates this southern half of the Escalones alteration system is also deeply oxidized and could contain significant soluble copper mineralization.

The focus of the Company during 2021 will be to further examine this new opportunity by surface sampling and mapping of the Mancha Amarilla target, followed by drill testing later this year.

The Northern Escalones Porphyry Copper Targets

The Company also reports that, despite the challenges of COVID-19 protocols in Chile, a geochemical sampling and mapping crew has been mobilized to evaluate the cluster of three distal porphyry copper targets (“Northern Targets”), located eight to ten kilometres to the north of Escalones and within the 162 km2 Escalones land package. These Northern Targets suggest significant potential, with surface alteration zones on the same scale as that of Escalones. The ongoing focus of this exploration will be to sample, map and conduct geophysics on the three anomalies in order to optimize drill targets. Preliminary results from initial efforts at the Rio Negro target indicate widespread porphyry-copper style alteration and mineralization.

Results of this current exploration program will be released as information becomes available.


Clockwise from top: Panoramic view to the south over the three northern targets, Rio Negro subcrop with chrysocolla and tenorite, Rio Negro copper oxide mineralization in dacite with quartz vein stockwork.

Cristal Project

The Company continues to evaluate its Cristal porphyry copper project (“Cristal”) located in the north of the country near the Peruvian border. Cristal is covered by younger post-mineral volcanics and occurs along the West Fissure fault system where the structure changes direction from N-S to NW-SE as it continues into southern Peru. The West Fissure or Domeyko fault system contains the majority of Chile’s mega-copper mines including Escondida and Chuquicamata, among others. Geophysics over the buried Cristal target has indicated the presence of an anomalous magnetic low ‘donut’ and a strong magnetic inversion anomaly, characteristics of many of the world’s largest porphyries. It is noteworthy to mention that Cristal is surrounded by most of the major international copper mining companies, including BHP, RTZ, Anglo American and AMSA (Antofagasta Minerals).

“Cristal is one of the most promising as-yet undrilled porphyry copper targets in the country.” stated Patrick Burns, President of World Copper.

In summary, World Copper now controls five significant porphyry copper targets in Chile, including Escalones with its historic resource base and newly identified soluble copper potential. The recent increase in the copper price could be a potential game changer for World Copper.

“This is our first operations press release since going public and we have hit the ground running. Our team is currently on-site expanding our knowledge of the Escalones asset in preparation for drilling later this year. Copper as an asset class has a significant tailwind as investors are increasingly aware of the looming global supply deficits. As the world ramps up from the COVID-19 situation of last year, demand for copper is set to hit new heights. On the capital markets, our Company has got off to a great start, with over one million shares on average trading per day. This liquidity shows the investor interest in World Copper and the opportunity our Company represents.” stated Henk van Alphen, CEO of World Copper.

Red Cloud Pre-PDAC Presentation

Additionally, the Company announces that it will be participating at the Red Cloud Pre-PDAC Mining Showcase. World Copper CEO Henk van Alphen will be presenting on Wednesday, March 3rd 2021 at 10am PST / 1pm EST. An overview of the focus for 2021 and additional updates on the progress of the Company will be reviewed, with time for a Q&A at the end.

Interested parties and shareholders of the Company are encouraged to sign up for the presentation here: Presentation Registration.

Additional and more detailed information is available on the Company’s website and social media pages listed below.

Qualified Person

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is a consultant of World Copper.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

The Escalones porphyry-skarn copper-gold project has estimated resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.

The Company recently applied for its common shares to trade on the OTCQB® Venture Market (“OTCQB”), a US trading platform operated by the OTC Markets Group in New York. The Company will provide further information once its common shares commence trading.

Detailed information is available at the Company’s website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via FacebookTwitter & LinkedIn.

For further details on the Company readers are referred to the Company’s website. To view the Company’s Canadian regulatory filings, please visit SEDAR.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

Hendrik van Alphen”

Hendrik van Alphen
Chief Executive Officer

For further information, please contact:
Henk van Alphen or Michael Pound
Phone: 604-638-3665
E-mail: info@worldcopperltd.com

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation,, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper’s Chilean projects in a timely manner, including the Escalones Project and the Cristal Project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents. All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Escalones Technical Report and the technical report on the Cristal Project, when filed.

Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

World Copper Appoints New Director

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) – (TSX.V: WCU) announces the appointment of Timothy McCutcheon as a director the Company effective February 12, 2021.   Mr. McCutcheon replaces Stuart Ross on the board of directors and the Company wishes to thank Mr. Ross for his invaluable contributions during the listing process.

Mr. McCutcheon is a corporate mining executive and capital markets professional with over 25 years business experience. He was a Thompson Extel and Institutional Investor ranked metals and mining analyst for one of Europe’s largest brokerage firms. He was also a founder of DBM Capital Partners, a boutique mining resource merchant bank focused on Eurasian projects. Mr. McCutcheon has led several public Emerging Market natural resource companies with assets in Russia, Kyrgyzstan, Slovakia, Mali, Chile and Ghana.

Mr. McCutcheon attended Columbia University and graduated with BA and MBA degrees.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its two primary copper porphyry projects, Cristal and Escalones, both located in Chile.  World Copper has laid claim to five copper porphyry targets, one with estimated resources and significant soluble copper mineralization.

The Escalones porphyry-skarn copper-gold project has estimated resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 5-10km to the north of the main discovery.

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves.  Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.

Cristal is in a prospective porphyry copper belt and with high potential for additional large porphyry discoveries, and the World Copper team has long been involved in the Chilean lithium space and as such has a unique skill in navigating the mining sector within the country.

Detailed information is available at the Company’s website at www.worldcopperltd.com, and for general Company updates please follow us on our social media pages via Facebook, Twitter & LinkedIn.

For further details on the Company readers are referred to the Company’s website.  To view the Company’s Canadian regulatory filings, please visit SEDAR.

Qualified Person

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.  Mr. Drobe is not independent of the Company as he is a consultant of World Copper.

On Behalf of the Board of Directors of

WORLD COPPER LTD.

Hendrik van Alphen”

Hendrik van Alphen
Chief Executive Officer

For further information, please contact:
Henk van Alphen or Michael Pound

Phone:  604-638-3665
E-mail: info@worldcopperltd.com

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements.  Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation,, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper’s Chilean projects in a timely manner, including the Escalones Project and the Cristal Project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.  Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents.  All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Escalones Technical Report and the technical report on the Cristal Project, when filed.

Readers are cautioned not to place undue reliance on forward-looking statements.  World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.