World Copper Signs Definitive Agreement for the Acquisition of Cardero Resource Corp.

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB:  WCUFF) announces that, further to its news releases of April 20, and June 9, 2021, it has entered into a definitive agreement (the “Arrangement Agreement“) with Cardero Resource Corp. (“Cardero“) and 1302172 B.C. Ltd., a wholly-owned subsidiary of World Copper (“Subco“), whereby World Copper and Cardero have agreed to combine their respective businesses by way of a plan of arrangement (the “Arrangement“), enhancing World Copper’s portfolio of copper mineral projects through the acquisition of Cardero’s Zonia copper oxide project located in central Arizona (“Zonia“).

Nolan Peterson, World Copper’s CEO stated, “The signing of the definitive agreement with Cardero is another milestone for World Copper and one that will bring significant value to our shareholders.  Our team sees upside potential at Zonia that has, to this point been unrealized, including a low-cost development and permitting path.  We will apply the same knowledge and expertise to Zonia, as we have to our Escalones property, and work to advance and de-risk the project going forward.” 

Commercial Terms

The Arrangement Agreement replaces and supersedes the previously announced letter agreement dated April 13, 2021, as amended (the “Letter Agreement“), between World Copper and Cardero (see news releases dated April 20, and June 9, 2021).  The Arrangement will be effected by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act (the “Act“) and must be approved at a meeting of the Cardero shareholders, which meeting is expected to be held on or before November 30, 2021 (the “Cardero Meeting“).  The board of directors of Cardero, with Robert Kopple and Hendrik Van Alphen abstaining, has unanimously resolved to recommend that its shareholders vote their securities in favour of the Arrangement.

Subject to acceptance of the TSX Venture Exchange (the “TSXV“), the parties have agreed to the following commercial terms, inter alia, for the Arrangement, all on the terms and subject to the conditions of the Arrangement Agreement:

  1. Subco will amalgamate with Cardero and continue as one corporation under the Act, which corporation will be a wholly-owned subsidiary of World Copper.
  2. The common shares of Cardero outstanding at the closing of the Arrangement (the “Closing“) will be exchanged for common shares of World Copper such that, upon completion of the Arrangement the current shareholders of World Copper will hold, collectively, 60% of the issued and outstanding shares of World Copper, and the former Cardero shareholders will hold, collectively, 40% of the issued and outstanding shares of World Copper (the “Exchange Ratio“), prior to giving effect to the Financing (as defined below).
  3. The common share purchase warrants of Cardero outstanding at the Closing will be exchanged, on the basis of the Exchange Ratio, for common share purchase warrants of World Copper (the “Replacement Warrants“) entitling the holders to purchase common shares of World Copper.
  4. The outstanding and unexercised stock options of Cardero at the Closing will be cancelled.
  5. World Copper will assume certain debt of Cardero owed to Robert Kopple and/or entities associated with him (the “Kopple Entities“), in the aggregate amount of (i) approximately $2,329,163 in loans as at February 18, 2021, including interest accruing thereon; and (ii) approximately $1,019,836 in outstanding dividends on preferred shares in the capital of Cardero formerly held by the Kopple Entities at an interest rate of 8% per annum.
  6. World Copper will grant to Robert Kopple or an entity controlled by him (the “Royalty Holder“) an option (the “Royalty Option“) to acquire a 1% net smelter returns royalty (the “Royalty“) on Zonia.  The Royalty Option may be exercised by the Royalty Holder, in its sole discretion, by paying to World Copper an amount equal to approximately $1.41 million.  At the election of World Copper or the Royalty Holder, 100% of the Kopple Royalty can be bought-out by World Copper in common shares of World Copper, each issued at a deemed price equal to the volume-weighted average offering price of all tranches of the Financing (as defined below), for an approximate estimate buy-out amount of $3.00 to $3.87 million.

In addition, upon the Closing, the board of directors of World Copper will be reconstituted such that two of its directors as of the Closing are nominees of Cardero.

In conjunction with the Arrangement and prior to the first anniversary of the Closing, World Copper will conduct a financing or financings (collectively, the “Financing“), in the aggregate gross amount of at least $10,000,000 (inclusive of the gross proceeds from the exercise of the Royalty Option), on the terms and at such price as World Copper may determine (see news release dated September 7, 2021).  The net proceeds from the Financing are expected to be used in connection with drilling programs on World Copper’s Escalones and Cristal projects, and for general working capital purposes.

Completion of the Arrangement is subject to the satisfaction of customary conditions precedent, including:  (i) the receipt of all necessary court and regulatory approvals, authorizations and consents, including by the Supreme Court of British Columbia and the TSXV in respect of the Arrangement; (ii) receipt of all necessary corporate and shareholder approvals by the parties; and (iii) there being no material adverse change in the business or operations of any of the parties from the execution of the Letter Agreement until the closing of the Arrangement; and (iv) that all representations and warranties of the parties will be true and correct as of the effective date of the Arrangement.  The Arrangement involves a Non-Arm’s Length Party (as defined in TSXV policies) insofar as Hendrik van Alphen, the Chairman of World Copper, is also a director of Cardero.

The Arrangement Agreement includes a non-solicitation, and a superior proposal provision on the part of both parties (subject to customary fiduciary-out provisions).  In the event of a superior proposal for either party, the other party has the right to either match such superior proposal or receive a termination fee in the amount of $250,000 if the other party terminates the Arrangement Agreement for the purpose of accepting the superior proposal.

Additional details of the Arrangement will be included in a management information circular of Cardero that is expected to be provided to Cardero shareholders via notice and access by October 15, 2021, in connection with the Cardero Meeting, and made available on SEDAR under Cardero’s profile at www.sedar.com.

About Zonia

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

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

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

Additional Information

Additional information about World Copper or Cardero is available under their respective SEDAR profile available at www.sedar.com, and a copy of the Arrangement Agreement will be filed on each of World Copper and Cardero’s SEDAR profile.

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 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 two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

The Escalones porphyry-skarn copper-gold project has estimated 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.

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

On Behalf of the Board of Directors of

WORLD COPPER LTD.

Nolan Peterson

Nolan Peterson
Chief Executive Officer

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

Media inquiries:
Nancy Thompson, Vorticom, Inc.
Phone:  212-532-2208 or 917-371-4053

Investor relations inquiries:
John Liviakis,
Liviakis Financial Communications Inc.
415-389-4670

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

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact, included herein including, without limitation, the Company’s expectation that it and Cardero will be able to complete the Arrangement, that Cardero will hold the Cardero Meeting and deliver a management information circular to Cardero shareholders, that Zonia can be advanced utilizing low-cost open pit mining and heap leach, the results of the PEA, including, without limitation the NPV@6%, IRR, estimated costs, average rate of production, the anticipated exploration program results from exploration activities and the anticipated business plans and timing of future activities of the Company, including the timing for the closing of the Arrangement, 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 Cardero will obtain approval from its shareholders for the Arrangement, that the Company will obtain TSXV acceptance and the required court and corporate approvals for the Arrangement, market fundamentals will result in sustained copper and precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of such projects and the ability to comply with environmental, health and safety laws. 

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

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

World Copper Arranges $4.0 Million Non-Brokered Private Placement and, Retains Liviakis Financial Communications to Provide IR Services

**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF) announces a non-brokered private placement (the “Placement”) of up to 10,000,000 units (the “Units”) at a price of $0.40 per Unit (the “Offering”) for gross proceeds of up to $4,000,000. 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 $0.60 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.

Insiders may participate and finders’ fees may be payable to 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 exploration of the Escalones and Cristal properties in Chile and, general working capital.

The Company further announces that subject to the acceptance of the TSX Venture Exchange, it has entered into an agreement with Liviakis Financial Communications Inc. (“Liviakis Financial”) whereby Liviakis will provide investor relations services to the Company.

The agreement and a subsequent amending agreement, provides that Liviakis Financial will make available its Chief Executive Officer, Mr. John Liviakis, to provide investor relations services to the Company during the term of the agreement, for which the Company will pay to Liviakis Financial from its working capital a monthly cash fee of USD20,000. The term of the agreement is 36 months and can be terminated by either party after 12 months. Assuming that the contract runs its full term of 36 months, the Company will pay Liviakis Financial USD720,000 for investor relations services thereunder.

Liviakis Financial is based in San Francisco, California and has experience with providing investor relations services to junior public companies. The Company and Liviakis are at arm’s length.

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 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. The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated June 9th, 2021 and April 20th, 2021 for more details and for the current status of the transaction.

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 be found here.

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”

NolanPeterson
Chief Executive Officer

For further information, please contact:

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

Media inquiries:

Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 917-371-4053

Investor relations inquiries:

John Liviakis,
Liviakis Financial Communications Inc.
415-389-4670

Follow Us:

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

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

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, including on 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 Proposed Transaction, the Private Placement and the Consolidation by the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID19, including the impact of COVID19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com.

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

World Copper Reports 426 Million Tonne Oxide Copper Resource at Redefined Escalones Project

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company”) – (TSX.V: WCU, OTCQB: WCUFF) announces that it has received an updated mineral resource estimate for its Escalones Copper project in Chile (“Escalones” or the “Project”).

Key Highlights

World Copper reports an updated inferred resource estimate of 426 million tonnes at 0.367% total copper in the oxidized zone at the Escalones project, Chile.

The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%.

Redefining the project as a copper oxide deposit significantly enhances its value by lowering costs of capital and operating development options compared to the previously contemplated sulphide flotation project.

The updated resource estimate advances the Escalones project toward development and there is significant potential to expand the oxide resource as we continue to progress the project.

The updated mineral resource estimate outlines 426 million tonnes of pit-constrained inferred mineralization grading 0.367% total copper, or 3.45 billion pounds of copper. Soluble copper recoveries are estimated to average 71% of total copper based on recently completed sequential copper leach assays. The resource is significant because it comprises an oxidized blanket extending down approximately 300m from surface, allowing for low strip ratios and production by low-cost heap leaching, which enhances the Project’s development potential by requiring lower capital and operating costs. Furthermore, the Project is expected to have an easier permitting path by using the more environmentally friendly process of solvent extraction and electrowinning, producing copper cathode at site, and avoiding tailings and concentrate handling.

CEO Nolan Peterson commented, “This updated resource estimate confirms Escalones’ potential for development as a sizeable copper oxide deposit and provides our company with new strategic options for advancement. We view this updated resource as a new starting point for the project, and it gives us confidence that our strategy of targeting the oxide portions of Escalones was the correct first step in unlocking the potential of the deposit. Furthermore, recently announced results from our surface sampling programs indicate that there is good evidence for additional oxide copper at Escalones within the Mancha Amarilla and East Skarn targets (see news release dated August 12, 2021). As an oxide project, Escalones now has a streamlined path to production, and we look forward to updating the market on additional developments as we pursue our new strategy.”

Table 1: 2021 Oxide Mineral Resource Statement

*Notes:
(1) 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”.
(2) Mineral resources are reported at a 0.13% CuT cutoff. The cutoff is calculated based on a long-term copper price of US$3.50/lb; assumed combined operating ore costs of US$6.50/t (process, general and administrative and mining taxes); refining & transportation costs of US$0.25/lb of Cu; metallurgical recoveries of 71% for copper and a 2% net smelter returns royalty.
(3) 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$2.50/t mined and a 50º pit slope.
(4) Rounding may result in apparent differences when summing tonnes, grade and contained metal content.

The updated mineral resource estimate has an effective date of June 25, 2021. Resources are reported within an optimized pit shell and are considered to have a reasonable potential for economic extraction. A 0.13% total Cu cutoff grade was selected for reporting the mineral resource (Tables 2 and 3). The cutoff grade was calculated based on the following assumptions: a long-term copper price of US$3.50/lb Cu, assumed combined operating ore costs of US$6.50/t (process, general and administrative and mining taxes), refining & shipping costs of US$0.25/lb of Cu, metallurgical recoveries of 71% for copper, and a 2% net smelter returns royalty. The metal prices used in the cutoff represent a 15% increase over the three-year historical average as of June 30, 2021. Table 2 contains cost and other parameters used in the cutoff calculation (all dollar amounts in US dollars).

Table 2: Resource Cutoff 

To demonstrate the sensitivity of the resources at variable cut-off grades, the mineral resources within the 2021 base case pit shell are reported below in Table 3. The 0.13% Cu case (bold) indicates the base case for the updated mineral resource estimate.

Table 3: Resource Sensitivity Within 2021 Resource Pit

Figure 1: East-west Cross Section of the Escalones Block Model at 4200mN, with US$3.50/lb Cu pit shell.

Figure 2: East-west Cross Section of the Escalones Block Model at 4400mN, with US$3.50/lb Cu pit shell.

Resource Model and Details of Estimation Methodology

The updated mineral resource estimate was prepared by Mr. Richard A. Schwering, P.G., SME-RM, of Hard Rock Consulting, LLC (“Hard Rock Consulting”). The mineral resource estimate conforms to 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. Classification of the resources reflects the relative confidence of the grade estimates.

Hard Rock Consulting completed the mineral resource estimate of oxide and transition zone (mixed oxide and secondary sulphide) copper constrained by wireframe modeling and to a maximum search distance of 300m. Geostatistics and mineral resource estimation were done with Leapfrog EDGE®. Three-dimensional wireframes and model visualization was done with Leapfrog Geo® software. Geologic interpretation of lithology, extent of oxidation, and mineralized zones was completed on 100m-spaced vertical sections by John Drobe, P. Geo., World Copper’s Exploration Manager. Vector Geological Solutions used these sections for 3D wire-framing into a geological model, which was used by Hard Rock Consulting to validate the mineral resource estimate and to assign densities.

The block model is based on 10x10x10 metre blocks and comprises 265 rows, 201 columns, and 180 levels, with a total of 9.5877 million blocks. It incorporates geologic and assay data from 53 drill holes (drilled between 1999 and 2012), totalling 25,004m, with an average depth of 472m per drill hole.

Total copper from the main assay database and recoverable copper from the more recent sequential copper leach data was estimated using inverse distance to the 2.5 power. Mineral resources have been constrained to a Lerch-Grossman pit optimization run on soluble copper with recoveries estimated above the base of oxide surface, and the processing costs parameters shown above in Table 2. The metallurgical recovery was found to average 71% of the total copper from the reported soluble copper grades. An average mining cost of US$2.50/t mined and pit slope angles of 50º were also used in the pit optimization. Blocks that fall within the pit shell have been reported using a base-case block cut-off grade of 0.13% total Cu.

World Copper has retained Hard Rock Consulting to prepare a National Instrument 43-101 (“NI 43-101”) technical report for the Project incorporating the updated mineral resource estimate, which will be filed within 45 days of this news release. Further information regarding the updated mineral resource estimate not otherwise discussed in this news release will be set forth in the report.

Quality Assurance and Quality Control Statement

Procedures were implemented to assure Quality Assurance and Quality Control (QAQC) of drill hole assaying done at ISO accredited assay laboratories. Drill hole samples to be assayed were securely stored for shipment, with chain of custody documentation through delivery. 

Assay data for total copper is from drill programmes between 1998 and 2013, using two labs with ISO accredited facilities: ACME Analytical Laboratories S.A., and Andes Analytical Assay Laboratory, both located in Santiago, Chile. Copper assaying was by AA (Atomic Absorption) and ICP AES methods with a four-acid digestion. Each drill programme utilized QAQC protocols of duplicates and blanks, and from 2007 to 2013, also mineralized commercial reference standards, inserted at various intervals into the sample stream; the results were assessed to ascertain acceptable limits for analytical variance.

For the sequential copper leach determinations, 1179 drill core sample pulps were pulled from storage and analyzed at ALS Laboratories in Santiago, Chile, by (AAS) methods CuCN-AN06, CuR-AN06 and CuS-AN06 in late 2020 and early 2021. The samples were selected from 18 drill holes and represent all major rock types and mineral zones, representing 2037m of drill core, or about 16% of all oxidized intervals.

The sequential copper leach results were controlled by comparing the total copper by sequential leach with that by ICP-MS originally assayed by Andes Analytical Labs. Where results disagreed more than 20%, the sample and adjacent ones were re-assayed. Total copper by ICP-MS was run on every 20th sample as an additional check assay against the previous assays by various labs; results averaged ±5% of each other. A total of 40 check samples (roughly 1:30) were sent to SGS Laboratories, Santiago for sequential leach testing and the results were mostly in close (±3%) agreement with ALS.

Database Verification

HRC received original assay certificates (Andes Analytical Assay Ltda.; Acme Analytical Laboratories, S.A.; ALS Patagonia, S.A.; and SGS, Chile) in pdf format for all samples included in the current drill hole database. A random manual check of greater than 2% of the database against the original assay certificates for total copper, and Sequential Leach tests used for Copper Recovery Estimates revealed 100% accuracy for those records checked.

Qualified Person

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

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused 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 five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

In addition to the estimated resources reported above, within the Escalones claims there are three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, which lie 8-10km to the north of the main discovery.

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.

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer

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

Media inquiries:
Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, the filing of an updated NI 43-101 technical report for the Project by Hard Rock Consulting, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation,, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.

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

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.

World Copper’s Shares Approved for Trading on the OTCQB® Venture Market

Vancouver, British Columbia–(Newsfile Corp. – August 17, 2021) – World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (“World Copper” or the “Company“) announces that the Company’s common shares have been approved and admitted for trading on the OTCQB Venture Market under the symbol WCUFF commencing August 18th, 2021. The company’s primary listing remains on the TSX Venture Exchange under the symbol WCU.

World Copper CEO, Nolan Peterson, stated, “Trading on OTCQB is a major milestone for the Company as World Copper presses forward to becoming an eminent copper company. The OTCQB listing will allow us to expand our audience and activate our shareholder base in the American market as we continue to advance our projects in Chile and Arizona. As World Copper continues to grow with the addition of our OTCQB listing, I look forward to discussing the Company’s exciting story with our new base of shareholders located in the USA.”

The OTCQB Venture Market is for entrepreneurial and development-stage United States and international companies. To be eligible, Canadian companies must be current in their home market reporting and undergo an annual verification and management certification process. These standards provide a strong baseline of transparency as well as the technology and regulation to improve the information and trading experience for investors.

ABOUT WORLD COPPER LTD.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused 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. The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated June 9th, 2021 and April 20th, 2021 for more details and for the current status of the transaction.

About Escalones

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

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

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 be found here.

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”

NolanPeterson
Chief Executive Officer

For further information, please contact: 

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

Media inquiries: 

Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 917-371-4053

Follow Us:

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

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

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, including on 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 Proposed Transaction, the Private Placement and the Consolidation by the TSXV), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com.

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

World Copper Grants Incentive Stock Options

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“) – (TSX.V: WCU, OTC:  WCUFF) announces that, pursuant to the Company’s 2021 incentive stock option plan, the Company has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase up to 4.4 million common shares in the capital stock of the Company. The options are exercisable on or before August 13, 2022, at a price of $0.42 per share.

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 five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

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

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

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

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.

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer

For further information, please contact:

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

Media inquiries:

Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 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.

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.  Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID19 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.

World Copper Samples High-Grade Oxide Copper and Provides Exploration Update

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“) – (TSX.V: WCU, OTC: WCUFF) announces an exploration update on its recent Chilean exploration activities at the Escalones Copper Project (“Escalones” or the “Escalones Project“). World Copper conducted a two-month rock sampling and mapping programme (the “Sampling Program“) over the Escalones extension targets (see news release dated March 2, 2021). During the Sampling Program, 336 samples were collected (see below) from the untested Mancha Amarilla lithocap, and an additional 440 samples were collected from northern targets, which results will be released in a subsequent news release.

The objectives of the Sampling Program at the extension targets was to delimit surface mineralization and alteration in Mancha Amarilla and the East Skarn. The results will help the Company direct the drilling planned for the end of the year at the Escalones Project, with the objective of increasing the Escalones mineral resource.

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 drill-defined resources at the main Escalones deposit. The geology in the southern-most drill holes and the surface alteration at Escalones indicates the southern half of the Escalones system is as deeply oxidized as that to the north and could contain significant soluble copper mineralization. Recent core logging and metallurgical sampling indicates that the shallow copper-oxide mineralization at Escalones could be amenable to heap leach processing, which would result in lower capital and operating costs and a smaller environmental footprint, allowing for direct copper cathode production relative to a sulphide flotation project.

The East Skarn target overlies the Mancha Amarilla to the northeast and has only minor previous surface sampling and drilling along the north edge. It was not sampled at surface over the most intensely mineralized portion that measures 400 metres by 600 metres. The sandstone host rocks are strongly mineralized with copper oxides at surface.

CEO Nolan Peterson stated, “World Copper has a new vision and exploration plan for Escalones that we believe will unlock substantial value for shareholders by focusing on low-hanging fruit and systematically exploring targets of high oxide potential. The recent high-grade copper results from surface sampling are a testament to the copper endowment of the Escalones Project and they further increase our confidence in the copper potential of the Mancha Amarilla target and the surrounding reactive host rocks. They warrant follow up mapping/sampling to better understand their significance. I look forward to updating shareholders on results of the Escalones Northern targets once they are finalized.”

East Skarn Target

The East Skarn is the southeast, lower elevation extension of the Escalones Alto skarn, which was the initial target of early exploration at Escalones focusing on the high-grade copper mineralization there. The surface oxide mineralization is hosted by a gently folded wedge of northeast-dipping gossanous sandstone intruded by multiple porphyritic sills.

For this strongly layered zone, several rock sampling lines were completed across the layering, as the terrain allowed, to obtain more representative samples. Each sample line consisted of a succession of 15 metre continuous to semi-continuous (allowing for breaks in outcrop) chip samples. Their distribution is shown in Figure 1 and highlights are given in the table below. True widths are unknown but are estimated to be 50-70% of the traverse lengths.

Table 1. East Skarn Traverse Highlights

Sample LineLength (m)Cu (%)Samples
Traverse 11940.62014
Traverse 22330.47818
Traverse 32440.41018
Traverse 41250.91610
Traverse 51671.60414
Traverse 6300.2462
Traverse 7300.3602

One 15-metre sample from Traverse 5 assayed 17.35% copper. This result is considered excellent for overall upside copper potential of the project, but far exceeds the expected copper concentration based on observed sulphide and oxide mineralogy, and therefore was reevaluated for the presence of native copper by re-analyzing the pulp. Follow-up assays resulted in a similar value of 16.95% Cu, and another pulp prepared from the coarse reject returned 18.2% Cu. Subsequently, the coarse reject was sent to Andes Analytical Labs in Santiago for screen testing for native copper and independent verification of the grade. The normally prepared results compared favourably to the initial ALS results, returning 17.11% Cu, whereas in the native copper testing the coarse fraction assayed 52.92% Cu and the finer fraction 14.64% Cu, confirming native copper in the sample.

The sample location will be targeted for detailed sampling to better understand the significance of the mineralization. There is abundant visible copper oxide mineralization over much of the outcrop in that area. Photos of the typical sandstone-hosted copper oxide mineralization are shown in Figure 2. These results indicate this zone is an excellent drill target containing probable higher-grade copper oxide mineralization. The East Skarn is open to the southeast for another 200 metres under the talus fan at the base of the slope. Readers are cautioned that surface sampling results reported here should be viewed primarily as a guidance for future exploration drilling. Surface sampling is prone to sampling bias and is not necessarily a reliable indicator of mineralization at depth.

Figure 1: Highlights of 15-metre continuous-chip sample lines at the East Skarn Target, Escalones. Drill hole traces are shown as thin black lines; includes all historical sampling, including by TriMetals Mining Inc. (TMI)

Figure 2: Top is panorama looking west to Escalones ridge and areas sampled; bottom is close-up of copper oxide mineralization at the East Skarn.

Mancha Amarilla

The Mancha Amarilla lithocap is a >1 kilometre extension of the mineralization defined by the current resource estimate at the Escalones Project. Only small portions along the crest of the ridge and northern edge were previously sampled and mapped. Character rock samples of roughly 4-metre diameter were collected every 200 metres across the ridge and down spurs to better define and understand the alteration and mineralization zonation (Figure 3). The sampling successfully defined the southern extent of intrusion-hosted porphyry mineralization defined by elevated Au, Ag, Mo and depressed Zn, and to the south, a zone of mixed skarn/sandstone hosted mineralization extending an additional 600 metres. The copper values at the surface of the lithocap are consistent with copper that has been remobilized and concentrated at depth during supergene generation within intrusive rocks and are in line with what we expected to observe. This work supports the concept of supergene copper mineralization extending almost a kilometre south of the edge of past drilling near the main Escalones deposit.

Sampling and Assay Procedures; Quality Control and Assurance

Two types of samples were collected during the sample programme: (1) character rock chips collected at random within a 4-metre diameter circle every 200 metres along a traverse, mostly along ridges and spurs when topography allowed, mostly from outcrop but in places from talus beneath inaccessible outcrops; and (2) continuous rock chips on outcrop for 15 metres, contiguous where possible with the adjacent sample. For quality assurance and control, field blanks were inserted every 20 samples and field duplicates (resampling at the same location) were taken every 20 samples. The 15-metre chip-sample field duplicates have a precision of ±33%, the 4-metre character samples ±44%.

Sample bags were stored in rice sacks, secured with zip ties, and delivered to ALS Patagonia S.A. in Santiago, Chile. Multi-elements were assayed using the ME-MS61 package, which includes 4-acid digestion and ICP-MS finish; samples with >10,000ppm copper were re-assayed using method ME-OG62 with an ICP-AES finish. Gold was done by method Au-ICP21, in which a 30g sample is fire-assayed and finished with ICP-AES. The coarse reject for a single high-grade sample was sent to Andes Analytical Laboratories, Santiago, for metallic copper analysis (methods ICP_AES_HF01-OG62-FG and ICP_AES_HF01-OG62-FF).

Figure 3: Sample coverage and interpreted zonation at the Mancha Amarilla lithocap, indicating supergene mineralization likely extends under the colour anomaly.

Qualified Person

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

Vertical Amalgamation

The Company also announces that it completed a vertical short form amalgamation with its wholly-owned subsidiary, 1188893 B.C. Ltd., pursuant to a directors’ resolution (the “Amalgamation“). No securities were issued in connection with the Amalgamation and the shares of the subsidiary were cancelled without any payment of capital in respect of them. The continuing company has the current articles and notice of articles 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 two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.

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

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

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

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.

“Nolan Peterson”
Nolan Peterson
Chief Executive Officer

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

Media inquiries: Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 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.

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

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID19 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.

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

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

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

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

Escalones Drill Program

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

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

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

Zonia Project

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

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

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

Additional Information

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

ABOUT WORLD COPPER LTD.

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

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

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

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

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson

Chief Executive Officer

For further information, please contact:

Nolan Peterson or Michael Pound

Phone: 604-638-3665

E-mail: info@worldcopperltd.com

Follow us:

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

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

World Copper Announces Amendment to Letter Agreement for the Acquisition of the Zonia Copper Oxide Project

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU) announces that, further to its news release of April 20, 2021, it has reached an agreement to amend the letter agreement dated April 13, 2021 with Cardero Resource Corp. (“Cardero“; TSXV: CDU), whereby the Company agreed to acquire 100% of Cardero’s Zonia copper oxide project located in central Arizona (“Zonia“) by way of business combination between the Company and Cardero (the “Proposed Transaction“).

Summary of Amendments

The terms of the Proposed Transaction have been amended to provide that, upon the closing of the Proposed Transaction, and subject to acceptance by the TSX Venture Exchange (the “TSXV“), the Company will grant to Robert Kopple, a controlling shareholder of Cardero, or an entity controlled by him (the “Royalty Holder“) an option (the “Royalty Option“) to acquire a 1% net smelter returns royalty (the “Royalty“) on Zonia.  The Royalty Option may be exercised by the Royalty Holder, in its sole discretion, by paying to World Copper an amount equal to approximately $1.41 million.  At the election of World Copper or the Royalty Holder, 100% of the Kopple Royalty can be bought-out by World Copper in common shares of World Copper, each issued at a deemed price equal to the offering price of the previously announced concurrent private placement (see news release dated April 13, 2021), for an approximate buy-out amount of $3.0 million to $3.87 million.  In connection with the amendment to the terms of the Proposed Transaction, the parties have extended the deadline for the execution of the definitive transaction agreement to June 30, 2021.

About Zonia

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

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

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

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

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

Additional Information

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

Qualified Person

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

ABOUT WORLD COPPER LTD.

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

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

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

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

On Behalf of the Board of Directors of

WORLD COPPER LTD.

“Nolan Peterson”

Nolan Peterson

Chief Executive Officer

For further information, please contact:

Nolan Peterson or Michael Pound

Phone: 604-638-3665

E-mail: info@worldcopperltd.com

Follow us:

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

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

World Copper Announces Appointment of General Manager, Chile

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) – (TSX.V: WCU) announces that it has engaged Krzysztof Napierała as the Company’s General Manager for Chile, he will take on his role effective May 25, 2021. In this role he will be responsible for overseeing the development of Company’s portfolio of exploration and development projects in Chile.

Krzysztof is a professional with twelve years of experience in mining and manufacturing industries. He is a driven executive with a strong background in business development, exploration, project management, and the management and restructuring of mining operations.

His career is highlighted by over ten years with the KGHM Group, one of the world’s largest copper and silver miners, where he started as an associate in the exploration and development team, supporting the company’s business development activities and new acquisitions. He then spent five years with the the Group’s Vancouver office as Manager of Business Development. Krzysztof has been involved in several projects at various stages, from exploration through resource development to operations. He oversaw the execution of exploration programs and production optimization efforts. He led corporate exploration teams in both Americas and supervised KGHM’s corporate technical services group, supporting the operating and development assets in North America.

In 2018 Krzysztof moved to Santiago, Chile as a Head of Projects Development and later assumed the role of General Manager of KGHM Chile. He led corporate Exploration teams in Chile responsible for drafting and executing corporate exploration programs and headed the corporate project development teams responsible for ensuring business continuity. During his tenure in Chile, he led a team which delivered two positive feasibility studies, and de-risked an SX-EW brownfield copper project and developed a comprehensive closure plan. As General Manager of KGHM Chile Krzysztof’s team was responsible for optimizing the Franke mine, securing the extension of the operations by 3 years, as well as restoring the profitability of the operations. Krzysztof successfully led his management team through a major restructuring effort and optimized the cost structure of the operations, while fostering an inspiring work-culture and partnership with key stakeholders.

Krzysztof has worked and studied in five countries in Europe and the Americas. He is fluent in four languages and highly experienced in working in and leading multicultural teams at global organizations. Krzysztof is a graduate of the University of Poznan, the Warsaw School of Economics and the Executive Academy at IMD, Lausanne. He brings a valuable perspective on asset development in an ever-changing environment.

Krzysztof stated, “I am excited to be joining World Copper and having the opportunity to help the team de-risk our outstanding portfolio of assets in Chile. I believe that the Escalones project can become our major copper development asset, and that we will soon begin to fully uncover the exploration potential of the Cristal property. Both properties will benefit from their favourable locations in this mining-friendly and stable jurisdiction. I am thrilled to have the opportunity to build a dynamic team developing and growing World Copper’s asset base in Chile, as the prospects for the copper mining industry in Chile remain exceptional.”

CEO Nolan Peterson said “I am very pleased to have an experienced mining executive like Krzysztof join our team to oversee our day-to-day operations in Chile.  Kryzsztof’s ability to manage and advance projects through exploration and development will be a significant benefit to the Company and he is a strong addition to our team.

Please visit our web site www.worldcopperltd.com to see the complete team of management, directors and advisors.

ABOUT WORLD COPPER LTD.

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

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

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

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

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

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

Qualified Person

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

On Behalf of the Board of Directors of

WORLD COPPER LTD.

Nolan Peterson”

Nolan Peterson
Chief Executive Officer

For further information, please contact:
Nolan Peterson or Michael Pound

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

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

World Copper Announces Appointment of New Chief Executive Officer

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper“) – (TSX.V: WCU) announces that it has appointed Mr. Nolan Peterson as the Company’s Chief Executive Officer (CEO) as of April 26, 2021.

Mr. Peterson is an engineer and finance executive with an extensive career in the mining industry focusing on project development, corporate finance and accounting, engineering, and project management. Most recently he served in senior management within the finance group at TMAC Resources Inc., working to develop the Hope Bay project; prior to its acquisition by Agnico Eagle Mines. Before TMAC, he worked for New Gold Inc. for seven years, primarily in project development, constructing and commissioning the New Afton mine before moving to advance the Rainy River and Blackwater projects. After successful advancement of these projects, he then took a role with New Gold’s finance group and led financial planning and analysis for the company. Mr. Peterson also has extensive experience working at SNC-Lavalin where he focused on project development for several clients including Barrick Gold Corp., Newmont Corp., Rio Tinto and Quadra FNX amongst others. He is experienced in all stages of project development from conception to operation and the integration with corporate finance. Mr. Peterson grew up in Nunavut in Canada’s arctic, an upbringing that has left him uniquely aware of the needs of local communities and environments surrounding mineral development projects. His perspectives will be invaluable to helping understand key issues that impact and shape the development of modern mining companies. Mr. Peterson brings a strong technical and financial background to the role, he holds a Master of Business Administration from UBC’s Sauder School of Business, a bachelor’s degree in Materials (Metallurgical) Engineering from UBC, he is a CFA® Charterholder, a Project Management Professional and a Professional Engineer in British Columbia and Ontario.

Nolan Peterson stated “I am honoured and excited to be joining World Copper at this early stage of growth and development. We are aiming to become a major player in the copper industry, as our recent announcement to enter negotiations to acquire the Zonia Copper Oxide project demonstrates. (see news release April 20, 2021). In order to capitalize on strong copper prices resulting from the world’s rapid realization that copper is one of the green materials of the future, we will be moving quickly to develop the late-stage Zonia project. Our intent is push forward with permitting, engineering and planning to get Zonia up and running soon and I will work quickly to put us onto this path to production.” Said Mr. Peterson “Our other fantastic assets, Escalones and Cristal remain our long-term prizes that we will continue to explore and develop. Supporting the development of our Chilean assets with internal sources of capital will mitigate future shareholder dilution and maximize our efforts to build and capture long-term value.  The World Copper team is excited to continue growing our organization and I am thrilled to get started. I look forward to providing updates and continuing open communication with our valued stakeholders as we push our project pipeline forward.”

Henk van Alphen will resign as CEO of World Copper effective as of April 26th, 2021 and assume the position of Chairman of the Board of World Copper where he will remain active in the leadership of World Copper. “On behalf of the World Copper team I would like to personally thank Henk for his tireless efforts to put us in the position we are in today, primed for growth and success. Henk will remain a director of World Copper and will continue to be a key advisor and mentor to myself and I look forward to continuing to work closely with him.” commented newly appointed CEO, Nolan Peterson.

Please visit our web site www.worldcopperltd.com to see the complete team of management, directors and advisors.

ABOUT WORLD COPPER LTD.

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

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

Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated 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 ZONIA

The Zonia Copper Oxide Project 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 almost 700 drill holes completed to date. A preliminary economic assessment dated April 17, 2018 (effective date March 22, 2018; “PEA“) was prepared by Global Resource Engineering Ltd. and suggests that the project can be advanced utilizing low-cost open pit mining and heap leach with SX-EW processing to produce pure copper cathode (a copy of the PEA technical report is available on Cardero’s SEDAR profile at www.sedar.com.). The project has been pre-stripped during the mining in the late 1960’s and 1970’s to that has produced the strip ration used in the PEA of 1:1. Furthermore, Global Resource Engineering Ltd. outlines a mine plan and development strategy contained on private land which significantly reduces the timeline for permitting. At a copper price of $3.00/lb, the project shows an after-tax NPV@6% of $225 million, and an IRR of 29.0%. Those numbers are significantly improved at today’s copper prices.

In addition to the established resource, the Zonia land position contains a robust copper-molybdenum geochemical anomaly (associated with depressed manganese values) that is similar in intensity and scale to the main resource and is situated in the same prospective geology. This anomaly is located 2 kilometers northeast of the resource and represents a high priority copper-oxide porphyry exploration drill target. The new anomaly measures 1500 by 2000 metres and appears to be a sister deposit.

ABOUT CRISTAL

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

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

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

Qualified Person

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

On Behalf of the Board of Directors of
WORLD COPPER LTD.

Nolan Peterson”

Nolan Peterson
Chief Executive Officer

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

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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