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CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) ("CopAur" or the "Company") is pleased to announce that it has signed a non-binding indicative term sheet with Nevada Sunrise Metals Corporation ("Nevada Sunrise") to acquire Nevada Sunrise's 18.74% ownership interest in the Kinsley Mountain Gold Project in Nevada ("Kinsley Project"). If the transaction is completed CopAur will own 100% of the Kinsley Project.
The indicative term sheet outlines a potential transaction whereby CopAur will acquire Nevada Sunrises' 18.74% ownership interest in the Kinsley Project in consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common shares of CopAur. The shares will be deposited in escrow and will be released in successive releases of 250,000 shares once every calendar quarter commencing after expiry of the four-month statutory hold period after the closing date. The terms are indicative, and the final terms are subject to the negotiation and completion of a definitive agreement on terms acceptable to CopAur and Nevada Sunrise. The transaction will be subject to several conditions including CopAur arranging a financing in the amount of a minimum of CDN$475,000, completion of satisfactory due diligence and the fulfilment of various closing conditions, including acceptance by the TSXV.
Chief executive officer Jeremy Yaseniuk stated: "Acquiring the remaining 18.74% ownership interest in the Kinsley Project will provide us with full control over the project and the ability to concentrate our efforts on advancing this exciting project. We completed reverse circulation and diamond core drilling program in late 2023 at Kinsley Mountain within the Main Pit North area located one kilometre southeast of the Western Flank Zone which intersected high grade near-surface oxide gold intercepts with the gold hosting Dunderberg shale 75 metres outside the current resource pit shell providing opportunities for near pit resource expansion. We now hope to initiate the integrated exploration data analysis to further advance the understanding of the Kinsley Project mineralization that will increase the efficiency and robustness of future exploration, targeting resource definition and development work."
The Kinsley Project hosts current mineral resources that CopAur is working to upgrade and expand. The Kinsley Project was a historical past producer that yielded 138,000 ounces of near-surface open-pit oxide gold between 1995 and 1999.
A technical report on the Kinsley Project titled "Technical Report of the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.", dated June 21, 2021, with an effective date of May 5, 2021, prepared by Michael M. Gustin and Gary L. Simmons, is available for review under New Placer Dome Gold Corp.'s issuer profile on SEDAR+.
About CopAur
CopAur is an exploration company focused on developing projects within the emerging, mineral-rich mining regions of Nevada. The Company is backed by a dynamic and experienced team of resource professionals advancing its projects in Nevada with the flagship project being Kinsley Mountain gold property, a Carlin-style project located 90 kilometres south of the Long Canyon mine (currently in production under the Newmont/Barrick joint venture, Nevada Gold Mines).
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (British Columbia), principal and consultant, of APEX Geoscience Ltd. of Edmonton, Alta., and a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
For more information, please contact:
CopAur Minerals Inc.
Jeremy Yaseniuk, Chief Executive Officer & Director
Tel: +1 (604) 773-1467
Email: jeremyy@CopAur.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The securities under the financing referred to in this news release have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Information
This news release contains forward-looking statements. These statements relate to future events or the Company's future performance including obtaining the necessary regulatory approvals for and completion of a definitive agreement with Nevada Sunrise to purchase its 18.74% ownership interest in the Kinsley Project. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements including negotiation and finalization of a definitive agreement and the satisfaction of all closing conditions to complete the transaction, including a condition for CopAur to raise sufficient financing for the transaction, completion of due diligence and the parties obtaining TSXV approval. Forward-Looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revised any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215665
