FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA:7LY0) announces a non-brokered private placement (the “Placement”) of up to 6,944,444 units (the “Units”) at a price of $0.18 per Unit (the “Offering”) for gross proceeds of up to $1,250,000. Each Unit will consist of one common share of the Company (a “Share”) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one additional share of the Company for a period of two years from the date of issuance at a price of $0.30 per share.
Insiders may participate and finders’ fees may be payable to qualified arm’s length parties that have introduced the Company to certain subscribers participating in the Offering. All securities issued in the Offering are subject to a four-month hold period, during which time the securities may not be traded. Closing of the Offering is subject to the approval of the TSXV.
The net proceeds from the Offering are intended for general working capital and development costs.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and each has additional copper porphyry targets with exciting potential to expand the resource base.
Detailed information is available at World Copper’s website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
“Nolan Peterson” Nolan Peterson Chief Executive Officer and President
For further information, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
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.
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 the anticipated business plans and timing of future activities of the Company, 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 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 the Company’s projects and the Company’s 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 the Escalones Project and the Cristal Project, the reasonability of the economic assumptions at the basis of the results of the PEA for the Zonia Project, 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 Private Placement by the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics, including the impact of an epidemic or pandemic 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.
Vancouver, British Columbia – World Copper Ltd. (“World Copper”, “Cardero” or the “Company”) (TSXV: WCU, OTCQX: WCUFF, FSE: 7LY0), reports that pursuant to their news release dated December 29, 2022, the TSX Venture Exchange (“TSXV”) has accepted the consolidation and extension of the due dates on advances from E.L. II Properties Trust, a company owned by Robert C. Kopple, a director of the Company (the “Lender”). Four loans in the aggregate amount of USD 1,065,265 equivalent Canadian amount converted at CAD 1.3565, CAD 1,445,031.97 (the “Loans”) have been extended to February 22, 2024 (the New “Maturity Dates”). The Company has issued in aggregate 10,321,657 non-transferable bonus common share purchase warrants (each, a “Bonus Warrant”) to the Lender. Each Bonus Warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of CAD
0.14 per share expiring on February 22, 2024. The Bonus Warrants were calculated based on the original loan amount of USD 1,065,265 converted to CAD 1,445,031.97 based on the exchange rate on December 29, 2022. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance. Further, a clause has been added to the warrant certificate that restricts the exercise of warrants such that the holders’ ownership would not be above 19.99%.
This transaction constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.”
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 has laid claim to four copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
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.
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.
For further information, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein, including, without limitation, the anticipated business plans and timing of future activities of the Company, 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. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, 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 inability of the Company 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 the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF) announces the results of an updated mineral resource estimate for the Zonia copper-oxide deposit in Arizona, USA (“Zonia” or the “Project“). The updated mineral resource estimate includes 75.7 million short tons grading 0.30% total-copper (Indicated Resources) containing 450.5 million pounds of copper and 122.0 million short tons grading 0.24% total-copper (Inferred Resources) containing 575.4 million pounds of copper (the “Updated Resource Estimate“), which is a significant expansion of the Historical Resource Estimate (as defined below).
CEO Nolan Peterson states: “The Updated Resource Estimate for Zonia is a critical first milestone since World Copper’s acquisition of the project, representing our best understanding of the resource as it is, and an expansion over past resources. As we advance the project on the engineering front, we will simultaneously aim to expand the resource even further by targeting the high potential Zonia Norte target northeast of the main resource deposit. Zonia is a key component of our development portfolio, and we look forward to continued positive developments at the site.
Highlights:
Updated Resource Estimate with:
Indicated Resources of 75.7 million short tons grading 0.30% total-copper containing 450.5 million pounds of copper; and
Inferred Resources of 122.0 million short tons grading 0.24% total-copper containing 575.4 million pounds of copper.
Low strip ratio of 0.8:1 waste to mineralized material in base case mineral resource estimate.
Significant expansion of the Zonia resource estimate compared to the Historical Resource Estimate.
Zonia Norte confirmed as next exploration target at the Project.
The classified resources are outlined in detail in Table 1 at the base case total-copper cut-off grade of 0.125 – 0.130% and at a range of total-copper cut-off grades in Table 2. Figure 1 is a 3D view looking north, showing resource blocks at various copper grades that are constrained within the optimized pit shell.
The Updated Resource Estimate was completed by Richard A. Schwering P.G., SME-RM, of Hard Rock Consulting, LLC of Lakewood, Colorado (“HRC“), an independent qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“), for World Copper as part of the Company’s overall exploration plan for Zonia (see news release dated May 22, 2022).
Table 1. Updated Resource Estimate for Zonia
Notes:
The effective date of the Updated Resource Estimate is September 1, 2022.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (see “Cautionary Note to United States Investors“).
Mineral resources are reported using a variable total-copper cut-off. The cut-off grade for blocks was calculated based on the following assumptions: a long-term copper price of US$3.60/lb., assumed combined operating ore costs of US$6.25/ton (low grade re-handle, process, and general and administrative costs), refining & shipping costs of US$0.15/lb. of copper, and copper metallurgical recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition.
Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction by open pit. The optimization used the same mining costs of US$4.75/Ton mined and a 50º pit slope.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Table 2. Mineral Resources Over a Range of Cut-off Grades
Notes:
Please see the notes to Table 1.
Figure 1. View of Pit Constrained Resources Above Cut-off Looking North and Rotated Down 60 Degrees (Hard Rock Consulting, 2022).
Estimation Methodology in Detail
The Updated Resource Estimate was completed in a manner consistent with the “CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines” adopted by CIM Council on November 29, 2019, and the mineral resources are classified in accordance with “CIM Definition Standards for Mineral Resources and Mineral Reserves”, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on May 10, 2014 (“CIM Standards“). Classification of the resources reflects the relative confidence of the grade estimates. Mr. Schwering estimated the mineral resources for the Project based on wireframe modeling and to a maximum search distance of 960 feet using an ordinary kriging interpolant. Geostatistics and mineral resource estimation were done with Leapfrog EDGE®. Three-dimensional wireframes and model visualization was done with Leapfrog Geo® software, and the mineral resources were constrained with a Lerch-Grossman pit optimization. The metal of interest at the Project is copper, and the effective date of the Updated Resource Estimate is September 1, 2022.
A variable copper cut-off was chosen for reporting the Updated Resource Estimate based on the oxidation model. The cut-off grade for blocks was calculated based on the following assumptions: a long-term copper price of US$3.60/lb., assumed combined operating ore costs of US$6.25/ton (handling, process, and general and administrative costs), refining & shipping costs of US$0.05/lb. of copper, and copper metallurgical recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition.
Mineral resources that are not mineral reserves do not have demonstrated economic viability and may be materially affected by modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade, or quality are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Table 1 shows the Updated Resource Estimate by oxidation state.
Data verification efforts for the Updated Resource Estimate carried out by HRC included discussions with World Copper personnel, personal inspection of the Project area with the collection and submission of check samples to an external laboratory, a mechanical audit of the exploration drillhole database received from World Copper, and a detailed review of additional information obtained from historical reports and information provided by the Company. HRC also completed a partial validation of the database geologic information as compared to the paper logs, and a partial validation of the assay values contained in the exploration database as compared to assay certificates provided by World Copper. A statistical analysis was also completed on 46 twinned drill holes completed by previous operators.
A technical report to support the Updated Resource Estimate for the Project, prepared in accordance with NI 43-101, will be filed on SEDAR (www.sedar.com) within 45 days of this news release.
Comparison to Historical Resource Estimate
Cardero Resource Corp. filed a technical report on SEDAR entitled “Preliminary Economic Assessment, NI 43-101 Technical Report Zonia Copper Project Yavapai County, Arizona, USA”, which report was prepared by Global Resource Engineering with an Effective Date of March 22, 2018, and an Issue Date of April 17, 2018 (the “PEA“). The historical mineral resource estimate used for the PEA (the “Historical Resource Estimate“) was prepared in accordance with the requirements of NI 43-101 with an effective date of November 30, 2015. The qualified person for the Historical Resource Estimate was Rex C. Bryan of Tetra Tech Inc. Total copper grades were estimated for the Project using an ordinary kriging algorithm based on three-dimensional wireframe modeling and a maximum search distance of 600 feet. Three-dimensional wireframes and model visualization was done with GemCom® software. Geostatistics and resource estimation was done with MicroModel®. Additional statistical analysis was done with Statistica®, and Excel®. The Historical Resource Estimate was stated within a Lerch-Grossman optimized pit shell and met the test of reasonable prospects for economic extraction using the following parameters: a metal price of $2.50/lb. copper, mining costs of $1.50/ton, processing costs of $3.40/ton, general and administrative costs of $0.45/ton, oxide recovery of 73%, transition zone recovery of 70% and an average pit slope of 45 degrees.
The Historical Resource Estimate was classified as Measured, Indicated, and Inferred in accordance with CIM Standards. The Historical Resource Estimate is superseded by the Updated Resource Estimate disclosed by the Company in this news release. A qualified person has not done sufficient work to classify the Historical Resource Estimate as current, and the Company is not treating the Historical Resource Estimate as current mineral resources.
A comparison between the Updated Resource Estimate and the Historical Resource Estimate is shown below in Table 3, and a comparison of the two base cases at a similar cut-off is made in Table 4.
Table 3. Comparison of Mineral Resource Estimates at Base Case Cut-off Grades
Table 4. Comparison of Mineral Resource Estimates at 0.20% Cut-off Grades
Notes:
The effective date of the Historical Resource Estimate is November 15, 2015. The qualified persons for the Historical Resource Estimate were Rex C. Bryan and D. Eric Spiller of Tetra Tech Inc.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The Historical Resource Estimate was stated within a Lerch-Grossman optimized pit shell using the following parameters; a metal price of $2.50/lb. copper, mining costs of $1.50/ton, processing costs of $3.40/ton, general and administrative costs of $0.45/ton, oxide recovery of 73%, transition zone recovery of 70% and an average pit slope of 45 degrees.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Zonia Norte Exploration Potential
Building from the resource expansion from the Updated Resource Estimate, the next step and largest potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where a large (2.5 x 1.5 kilometres) coincident copper-molybdenum-manganese geochemical anomaly has been identified (Zonia Norte; Figure 2). Historical surface rock geochemical sampling has delineated a copper-molybdenum anomaly that is spatially coincident and similar in size/shape with a broad zone of manganese depletion consistent with typical porphyry-copper mineralization. This anomaly is situated 1.5 kilometres to the north-northeast of the Zonia deposit, which exhibits the same pattern of geochemical anomalism and is comparable in size to the northeast target. It is significant that the anomaly is open to the north where outcrops are covered by post-mineral cover. This large geochemical footprint is interpreted to represent a second porphyry centre. Nearby historical drill holes indicate the area is deeply weathered and copper-oxide mineralization is present.
The Zonia Norte porphyry target was fully permitted by the previous operator and is drill-ready once the permitting process is re-started. The drill programme will be comprised of 18 shallow, near-surface holes targeting copper oxide mineralization and will total over 5,000 metres (18,000 feet). Further mapping over the target and adjacent areas is planned. High-grade historical copper occurrences (Copper Crown and others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled as part of the ongoing target delineation exploration program at Zonia. These occurrences of high-grade copper have geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.
Figure 2. Zonia gridded rock geochemical anomalies. The large anomaly at the north-east end of the claims, Zonia Norte, is interpreted to be another copper oxide porphyry (Cardero Resource Corp., 2021).
PDAC CONFERENCE
World Copper is participating in the PDAC 2023 Conference in Toronto, Ontario from March 5-8, 2023 at The Metro Toronto Convention Centre. World Copper will be in booth 3139 at the Investors Exchange. Team members will be available to answer questions. Interested parties that wish to schedule a meeting, or who would like more information regarding the conference and events noted above, please contact Michael Pound at (604) 638-3287, or email mpound@worldcopperltd.com. Corporate presentation and fact sheet information materials are available on the Company’s website at www.worldcopperltd.com.
ABOUT ZONIA
Zonia is 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. The PEA based on the Historical Resource Estimate indicated that the project could 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, the PEA 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 internal rate of return (“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 kilometres northeast of the resource and represents a high-priority copper-oxide porphyry exploration drill target.
QUALIFIED PERSONS
The Updated Resource Estimate was prepared by Mr. Richard Schwering, P.G., of HRC, a qualified person as defined by NI 43-101.
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 World Copper 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 on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base.
On Behalf of the Board of Directors of
WORLD COPPER LTD. “Nolan Peterson”
Nolan Peterson
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3287
E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
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.
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. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities (including the expansion of the Updated Resource Estimate), the filing of a technical report for the Updated Resource Estimate, 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 Zonia in a timely manner, 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 Zonia, the estimation or realization of mineral reserves and mineral resources, 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.
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.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Standards. The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43‑101.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company”) – (TSX.V: WCU, OTCQX: WCUFF, FRA: 7LY0) announces that it has entered into a share purchase agreement (the “Share Purchase Agreement”) with Wealth Minerals Ltd. (“Wealth”) whereby the Company will sell to Wealth 2,000,000 common shares in the capital of Electric Royalties Ltd. (each, an “ELEC Share”) for a purchase price of $0.25 per ELEC Share for the aggregate amount of $500,000 cash (the “Transaction”), subject to acceptance for filing by the TSX Venture Exchange (the “TSXV”).
As Wealth holds more than 10% of the issued and outstanding common shares of the Company (and is a Non-Arm’s Length Party (as defined in TSXV policies)), the Transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the time the Share Purchase Agreement was entered into neither the fair market value of the ELEC Shares, nor the fair market value of the consideration to be provided by Wealth for same, exceeded 25% of the Company’s market capitalization. The Company also notes that the ELEC Shares to be sold to Wealth will be under a contractual restriction on resale until March 2, 2023.
For further information, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Transaction, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
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.
Vancouver, British Columbia – World Copper Ltd. (“World Copper”, “Cardero” or the “Company”) (TSX: WCU, OTCQX: WCUFF, Frankfurt: 7LYO), reports that, subject to TSX Venture Exchange (“TSXV”) acceptance, the Company will extend the due dates on advances from E.L. II Properties Trust, a company owned by Robert C. Kopple, a director of the Company (the “Lender”).
There are three loans in the aggregate amount of USD 1,065,265 equivalent Canadian amount converted at CAD 1.3565, CAD 1,445,031.97 (the “Loans”).
The Company has arranged to extend the due dates on the three loans to February 22, 2024 (the New “Maturity Dates”). The Company has agreed to issue in aggregate 10,321,657 non-transferable bonus common share purchase warrants (each, a “Bonus Warrant”) to the Lender subject to receipt of the approval of the TSX Venture Exchange for this Loan Extension and Bonus Warrants issue. Each Bonus Warrant will entitle the holder to purchase one common share in the capital of the Company at an exercise price of CAD 0.14 per share expiring February 22, 2024. The Bonus Warrants are calculated based on the original loan amount of USD 1,065,265 converted to CAD 1,445,031.97 based on the exchange rate at December 29, 2022. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance.
This transaction constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.”
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 has laid claim to four copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
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.
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.
For further information, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein, including, without limitation, the anticipated business plans and timing of future activities of the Company, 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. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, 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 inability of the Company 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 the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper“) – (TSX.V: WCU, OTCQX: WCUFF, FRA: 7LY0) reports that its shareholders have approved all matters voted on at the annual general and special meeting held on September 27, 2022 (the “AGSM“).
Results of Annual General and Special Meeting
A total of 31,525,821 common shares were represented in person or by proxy at the AGSM, representing 29.41% of the Company’s issued and outstanding common shares. All directors nominated in the management information circular dated August 15, 2022 were re-elected, and the voting results from the AGSM are set out in the table below.
Motion
For
Against
Abstained/Withheld
Number of Directors
31,507,950 (99.96%)
11,204 (0.04%)
—
Hendrik van Alphen
31,513,813 (99.98%)
—
5,341 (0.02%)
Patrick James Burns
30,718,965 (97.46%)
—
800,189 (2.54%)
Timothy McCutcheon
30,719,667 (97.46%)
—
799,487 (2.54%)
Roberto Fréraut
30,723,698 (97.48%)
—
795,456 (2.52%)
Robert Kopple
30,326,479 (96.22%)
—
1,192,675 (3.78%)
Appointment of Auditors
31,519,154 (100.00%)
—
—
Ratification and Approval of Amended Stock Option Plan
30,282,658 (96.08%)
1,236,496 (3.92%)
—
Approval of New Articles of the Corporation
24,296,039 (77.08%)
7,223,115 (22.92%)
—
Stock Option Cancellations and Grants
The Company reports that it has cancelled an aggregate of 4,585,000 incentive stock options originally granted under the Company’s rolling stock option plan to certain directors, officers, employees and consultants of the Company on January 31, 2022 and exercisable until February 1, 2024 at an exercise price of $0.91.
The Company also reports that, subject to applicable shareholder and TSX Venture Exchange approvals, the Company has granted incentive stock options under the amended stock option plan to certain directors, officers, employees and consultants of the Company to purchase up to 4,755,000 common shares in the capital stock of the Company. The options are exercisable on or before September 30, 2025 at a price of $0.27 per share. Under the amended stock option plan, the Company may grant up to an aggregate of 11,246,172 stock options, and after the grant of the above-mentioned stock options the Company will have 491,172 stock options available for grant under the plan.
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 has laid claim to four copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
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.
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.
For further information, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein, including, without limitation, the anticipated business plans and timing of future activities of the Company, 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. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, 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 inability of the Company 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 the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper“) – (TSX.V: WCU, OTCQC: WCUFF, FRA: 7LY0) announces drill results from the Mancha Amarilla target at the Company’s Escalones Copper project in Central Chile (“Escalones” or the “Escalones Project“). The Escalones Project has estimated Inferred Mineral Resources of 426 million tonnes of 0.367% copper, based on nearly 25,000 metres of drill core from 53 holes (see news release dated August 23, 2021). World Copper has now completed 1,676 metres of additional drilling along the western-most, road accessible edge of the Mancha Amarilla zone, with the following highlights:
Successful completion of first target of Mancha Amarilla drilling, confirming copper oxide mineralization extends at least 150 metres south from previous drilling
Oxidation extends to depths of 280 metres below the ridge, as predicted by modeling
Confirmation of western flank of Mancha Amarilla mineralized zone with indications that the mineralization should improve eastward into the central areas of the zone
CEO Nolan Peterson commented, “Since restarting work on the Escalones project, World Copper has focused on completing the preliminary economic assessment with respect to the existing Escalones resource, which was completed in February 2022 (see news release dated February 15, 2022), as well as expanding the Escalones’ mineral resource south into the adjacent previously untested Mancha Amarilla zone. With the completion of the first phase of the drill programme we have now confirmed what initial reviews indicated – that the Escalones resource has the potential to be significantly larger than its current definition, with oxide mineralization to similar depths as the main deposit. With the western edge of the Mancha Amarilla footprint defined, we now have clear targets for the next phase of drilling, aiming to increase the grade of the overall resource as we test the flanking skarn targets which exhibit some of the highest grades on the property.”
Mancha Amarilla Results
The aim of the Mancha Amarilla drill programme was to confirm and delineate continuous oxide copper mineralization in the Mancha Amarilla lithocap, which is located adjacent to and located immediately south of the existing mineral resource. Early drilling focused on the western edge and the East Skarn (Figure 1). The Mancha Amarilla lithocap has alteration mineralogy and geochemistry consistent with the weathered top of a porphyry system and extends one kilometre south from the area of the main Escalones deposit (Figure 1). The geology encountered in the recent drilling indicates the Mancha Amarilla lithocap is as deeply oxidized as the existing resource but thins southward as topography drops in elevation where calcareous lithologies dominate over intrusive units. The increase in grade eastward from hole ES-57 to ES-56 suggests the central area is more highly mineralized than the western flank. The last hole of the programme (ES-60) was collared in the East Skarn zone but was shut down early due to bad weather with the onset of winter. Table 1 summarizes the significant drill intersections from the programme and Figure 1 shows their locations within the Mancha Amarilla zone.
Table 1. Significant Drill results (total Cu) from the Mancha Amarilla Target; intervals over 0.1% Cu are bolded; all widths are true
Table 2. Drill collar details*
Next Steps
With over 3,000 metres remaining in the Escalones drill permit, World Copper intends to restart drilling at the East Skarn target (Figure 1) as soon as conditions allow. The East Skarn target overlies the Mancha Amarilla zone to the northeast of the completed drilling and has only had sparse drilling along the south edge (see news release dated August 12, 2021). Surface sampling by the Company indicates the sandstone host rocks of the East Skarn target are strongly mineralized with copper oxides at surface. Once drilling at the East Skarn target is complete, World Copper would aim to to move to the west side of the Meseta ridge and test the depth potential of high-grade copper skarn mineralization exposed by roads on the west flank of the central Meseta intrusion (the West Zone; Figure 1).
Quality Control and Quality Assurance; Sampling and Assay Procedures
Drill core was transported at the end of each drill shift by pickup truck from the drill pad to a temporary logging, sampling and storage facility at the base camp at the south end of the ridge. The core was then logged, digitally photographed, and transported to the core-storage warehouse in the town of Romeral, where the core was split with a diamond saw and sampled with half the core placed in plastic poly bags and a sample tag. The core was photographed once again to record the sampling. After splitting, all samples were packed in rice sacks and sealed with uniquely numbered non-re-sealable security straps. The samples were trucked to ALS Laboratory (“ALS“) in Santiago. World Copper implemented a standard QA/QC programme for Escalones, inserting 1-in-20 certified standard reference material (“SRM“), 1-in-20 field (two ¼ core samples) and 1-in-20 coarse duplicates, and 1-in-25 blanks into the sample stream. There were no issues noted with the SRMs and all plotted within acceptable limits for copper submitted for analysis from the same sample interval.
At ALS, multi-elements were assayed using the ME-ICP61a package, which includes 4-acid digestion and ICP-MS finish. Gold was done by method Au-ICP21, in which a 30g sample is fire-assayed and finished with ICP-AES. Intervals of greater than 10 metres grading greater than 0.1% Cu will be sent for sequential copper analysis.
About Escalones
The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000 m of drill core from 53 holes. Preliminary metallurgy indicates the 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the flanking skarn mineralization east and west of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000 m and 3,000m in diameter, lie 8-10 km to the north of the main discovery. One of these, Rio Negro, has confirmed porphyry mineralization at surface.
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 based on limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.
About the Escalones February 2022 PEA study:
On February 15, 2022, the Company announced the following outstanding results of the Preliminary Economic Assessment (“PEA“) for the Escalones Project:
$1,499.6 million post-tax NPV8 at $3.60 /lb. life-of-mine (“LOM”) (20 years) copper price
$1,822.4 million post-tax NPV8 at $4.00 /lb. LOM copper price
First 5 years average annual Copper production of 124.7 Mlbs. (56,520 tonnes); LOM average 114.9 Mlbs. (52,131 tonnes)
First 5 years average C1 (Cash Operating) costs of $1.13 /lb. Cu; LOM average C1 costs $1.19 /lb. Cu
First 5 years average annual EBITDA $290.8 million; LOM average annual EBITDA $265.1 million
Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
LOM Sustaining Capital of $192.5 million
Conventional heap leach, SX-EW processing facilities, targeting 50,000 tonnes of heap leach tonnes placed per day
The exceptional results of the Escalones PEA confirm what World Copper has always anticipated – that Escalones has the potential to be one of the most impressive copper properties in South America. Escalones now joins a peer group of large-scale, study backed, development stage assets. Escalones has several attributes that make it attractive for development including robust economics, strong value metrics and the potential of rapid returns for a comparably low capital investment. The results of the PEA, combined with Escalones large land package and resource expansion potential, make it a truly outstanding project.
The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be classified as Mineral Reserves. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for Escalones. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade, or quality, are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to Mineral Reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction. All values are reported in US dollars unless otherwise noted.
The technical report prepared with respect to the PEA, which is available on the Company’s SEDAR profile at www.sedar.com, is entitled “Preliminary Economic Assessment NI 43-101 Technical Report, Escalones Copper Project, Santiago Metropolitan Region, Chile” and is dated March 22, 2022, with an effective date of February 15, 2022, and it was prepared by Global Resource Engineering with contributions from other firms, including Hard Rock Consulting, LLC.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“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 the Chief Geologist of World Copper.
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 has laid claim to four copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
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.
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.
For further information, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to future work programmes involving the East Skarn targets and the western flank at Escalones, 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, that 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 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 (including of the TSX Venture Exchange), 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.
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.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43‑101.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA: 7LY0) reports that, pursuant to their news releases dated June 29, 2022, July 21, 2022 and August 31, 2022, the Company reports that in connection with the first tranche closing of the private placement on July 21, 2022, Hendrik van Alphen, Director and Chairman participated as to 666,667 units. This transaction constituted a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.”
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its advanced (PEA Stage) copper porphyry projects: Escalones in Chile, and Zonia in Arizona. These projects have estimated resources with significant soluble copper (potentially heap leach amenable) mineralization. In addition, each project has peripheral copper porphyry exploration targets with exciting potential to expand the established resources. World Copper is an aggressive junior resource company focused on advancing mining and exploration projects and controls significant copper oxide resources in proven mining jurisdictions.
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, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
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. All statements, other than statements of historical fact, included herein 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. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, 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 inability of the Company 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 the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA:7LY0) announces that the previously announced sale to Electric Royalties Ltd. (“Electric Royalties“) of a gross revenue royalty (“GRR“) and royalty option package on the Company’s wholly owned Zonia Copper Oxide project (“Zonia” or the “Zonia Project“), located in the Walnut Grove Mining District, Yavapai County, Arizona, United States (the “Transaction“), has now closed. On closing, the Company received CAD $1.55 million (gross) in cash (the “Cash Consideration“) and 2,000,000 Electric Royalties’ common shares (the “Consideration Shares“) from the sale of a 0.5% GRR (the “Zonia Royalty“) on the Zonia Project to Electric Royalties.
Nolan Peterson, CEO and President of World Copper Ltd commented, “World Copper is excited to close this transaction and bring Electric Royalties on as one of Zonia’s first partners. The Zonia Project has robust economics and an achievable timeline to production. This initial support from Electric Royalties enables us to continue our restart of development activities at the project and carry out significant work in unlocking the project’s full value. I look forward to working more closely with Electric Royalties’ management team and we look forward to continuing to update shareholders on our progress.”
Zonia Project Development
Following an internal technical review of the exploration and development potential of the Zonia Project (see news release dated May 2, 2022), World Copper has assessed Zonia’s potential to host significantly more copper mineralization than outlined in the current resource estimate (76.8 Mt of 0.33% Cu Measured & Indicated, 27.2 Mt at 0.28% Cu Inferred). The Company is currently working on exploration drill targets along the margins of the Zonia deposit as well as a separate, significant copper-molybdenum-manganese in rock geochemical anomaly located approximately two kilometres north-northeast of the established resource (“Zonia Norte“).
In addition to the exploration targets identified, World Copper intends to update the Zonia 2018 preliminary economic assessment, dated April 17, 2018 (with an effective date of March 22, 2018), prepared by Global Resource Engineering Ltd. for Cardero Resource Corp. (the “PEA“), a copy of the technical report prepared in accordance with NI 43-101 with respect to the PEA is available on the Cardero Resource Corp. SEDAR profile at www.sedar.com.
World Copper plans to update the PEA: (i) to reflect current market conditions; (ii) to include the full extent of the available resource; (iii) to examine different sizes and concepts as part of a strategic review of the million ton asset; and (iv) to incorporate additional drill and geological data, as warranted. The PEA used $3.00/lb copper for a base case scenario producing 92.6 million tons of leachable material over an 8.6-year mine life. At a copper price of $3.00/lb, the Zonia Project shows an after-tax NPV@6% of $225 million, an NPV@8% of $192 million, an NPV@10% of $163 million, and an IRR of 29.0%; the payback period is 2.89 years. The PEA concluded the Zonia Project is most sensitive to copper price which is an important consideration for improving the economics. The updated PEA will be part of a broad strategic review of the Zonia Project, and assuming a successful PEA update the Company would aim to complete a Pre-Feasibility or Feasibility level study in 2023.The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable them to be classified as Mineral Reserves. There is no certainty that the results of the PEA (or any update thereto) will be realized. No Mineral Reserves have been estimated for Zonia. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade, or quality are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to Mineral Reserves. It is reasonably expected, though not guaranteed, that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction. All dollar amounts in the preceding paragraphs regarding the PEA are reported in US dollars unless otherwise noted.
Summary of the Transaction
Pursuant to the terms of an amended and restated letter agreement dated August 17, 2022 (the “Agreement”) among the Company, its wholly owned subsidiary Cardero Copper (USA) Ltd. (“Cardero Copper“), Electric Royalties, and its wholly owned subsidiary Electric Royalties (USA) Inc. (“Electric Royalties Subco“), which replaced and superseded the previously announced letter agreement dated June 10, 2022 (see news release dated June 13, 2022), Electric Royalties, through Electric Royalties Subco, acquired the Zonia Royalty in consideration for paying to World Copper the Cash Consideration and delivering the Consideration Shares. Additionally, Cardero Copper granted Electric Royalties Subco the option, exercisable for a period of 15 months following the closing of the Transaction, to increase the amount of the Zonia Royalty by 0.5% (for an aggregate total of 1.0% GRR on the Zonia Project) by paying to Cardero Copper an additional CAD $3.0 million in cash.
Electric Royalties Subco was also granted the option, for a period of 24 months from the date that World Copper (i) obtains a technical report in respect of the Zonia Norte project located northeast to the existing Zonia Project, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) and which contains an estimate of inferred mineral resources; and (ii) delivers a copy of such report to Electric Royalties Subco, to acquire a 1.0% GRR on the Zonia Norte project (the “Zonia Norte Royalty“), exercisable by Electric Royalty Subco paying an additional CAD $3.0 million in cash to Cardero Copper.
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 the Chief Geologist of the Company.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and each has additional copper porphyry targets with exciting potential to expand the resource base.
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, or to schedule a Zoom meeting with Management, please contact:
Neither 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 news release.
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. All statements, other than statements of historical fact, included herein including, without limitation, the exercise by Electric Royalties of the options to increase the amount of the Zonia Royalty by 0.5% and/or to acquire the Zonia Norte Royalty, 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 the Company 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 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 the Company’s projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company’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 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, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Zonia Project, the estimation or realization of mineral reserves and mineral resources, 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 (including of the TSX Venture Exchange), 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 inability of the Company 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 the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43101.
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQX: WCUFF, FRA: 7LY0) reports that, pursuant to their news releases dated July 21, 2022 and June 29, 2022, the Company has closed the final tranche of the Placement. On August 31, 2022 the Company issued 5,276,501 Units for gross proceeds of $1,582,950.30. Each unit consists of one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one additional share of the Company for a period of two years from the date of issuance at a price of $0.60 per share. The expiry of the Warrants may be accelerated if the closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) is equal to or greater than $1.00 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the Warrants.
An aggregate total of 9,540,915 units were issued for aggregate gross proceeds of $2,862,274.50.
Finder’s fees of 7% cash and 7% finder’s warrants were paid to BT Global Growth Inc. ($7,014.00 and 23,380 warrants), Gerhard Merkel ($7,483.01 and 24,943 warrants), Leede Jones Gable Inc. ($12,495.00 and 41,650 warrants), Canaccord Genuity Corp. ($18,301.50 and 61,005 warrants), Integral Wealth Securities Limited ($1,050.00 and 3,500 warrants), Echelon Wealth Partners ($8,890.01 and 29,633 warrants) and, Haywood Securities Inc. ($3,219.99 and 10,733 warrants). All warrants issued as finder’s fees have an exercise price of $0.30, are non-transferable and expire 3 years from closing.
All securities issued in the Offering have a four-month plus one day hold period, during which time the securities may not be traded. Closing of the Offering is subject to the final acceptance of the TSXV.
The net proceeds from the Offering are intended for exploration and development of the Company’s Escalones and Zonia assets, and general working capital.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its advanced (PEA Stage) copper porphyry projects: Escalones in Chile, and Zonia in Arizona. These projects have estimated resources with significant soluble copper (potentially heap leach amenable) mineralization. In addition, each project has peripheral copper porphyry exploration targets with exciting potential to expand the established resources. World Copper is an aggressive junior resource company focused on advancing mining and exploration projects and controls significant copper oxide resources in proven mining jurisdictions.
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.
About Escalones
The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. 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.
About Zonia
The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can found here Zonia – World Copper Ltd.
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, or to schedule a Zoom meeting with Management, please contact: Nolan Peterson or Michael Pound Phone: 604-638-3287 E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact: John Liviakis Liviakis Financial Communications Inc. Phone: 415-389-4670
For all Public Relations inquiries, please contact: Nancy Thompson Vorticom, Inc. Office: 212-532-2208 | Mobile: 917-371-4053
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. All statements, other than statements of historical fact, included herein 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. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, 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 inability of the Company 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 the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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.
