VIZSLA COPPER PROVIDES UPDATES ON WOODJAM COPPER-GOLD PROJECT EXPANSION
VANCOUVER, BC, Feb. 21, 2024 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0) ("Vizsla Copper" or the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of a 100% interest in two mineral claims (the "Stope Baby Claims") covering exploration ground contiguous with the Company's Woodjam Copper-Gold Project (the "Woodjam Project").
The Company is also pleased to announce that it has entered into an agreement (the "Purchase Agreement") with an arm's-length, third party vendor (the "Copper Pit Vendor") to acquire a 100% interest in two mineral claims (the "Copper Pit Claims") covering exploration ground contiguous with the Woodjam Project.
Further to the Company's news release dated January 16, 2024, the Company issued an aggregate of 200,000 common shares of Vizsla Copper (each, a "Vizsla Copper Share") to arm's length vendors (the "Stope Baby Vendors"). The Company has also granted the Stope Baby Vendors a 2% net smelter returns royalty. Vizsla Copper has the right to purchase 1% of such royalty for $1,000,000 in cash.
Additional details regarding the Acquisition and the Stope Baby Claims are set out in the Company's news release dated January 16, 2024.
Pursuant to the Purchase Agreement entered into with the Copper Pit Vendor, Vizsla Copper has agreed to purchase two mineral claims totalling 59.5 ha from the Copper Pit Vendor, free and clear of any encumbrances, in exchange for the issuance of 100,000 Vizsla Copper Shares (the "Consideration Shares"). The Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws, after which 25% of the Consideration Shares will become free trading. In addition, the Copper Pit Vendor has agreed to voluntary resale restrictions whereby an additional 25% of the Consideration Shares will become free trading every four months thereafter. The Acquisition is subject to standard closing conditions, including the approval of the TSX Venture Exchange (the "TSXV"), and should close in the coming weeks.
The >90,000-hectare Woodjam Project is located 55 kilometres east of the community of Williams Lake in an area characterized by a low elevation, flat to gently undulating landscape that is easily accessed by logging roads. Geologically, the Woodjam Project is located within the prolific Quesnel Terrane – a large regional depositional belt commonly dominated by alkalic volcanic units and related volcaniclastic lithologies. The Quesnel terrane hosts both alkaline and calc-alkaline porphyry copper+/-gold+/-molybdenum deposits, including the Copper Mountain, New Afton, Highland Valley, Mount Polley, Mount Milligan and Kemess mines.
To date, six zones of porphyry-related mineralization (Megabuck, Deerhorn, Takom, Three Firs, Southeast, Megaton) have been identified at the Woodjam Project by drilling. These six mineralized zones form a cluster approximately 5 kilometres in diameter.
Figure 1 – Woodjam New Claims Location
In 2023 Vizsla Copper completed a total of 7,599 metres in 18 holes successfully extending the Deerhorn and Takom deposits while also intersecting the strongest mineralization to date at the Megaton zone.
Vizsla Copper is a Cu-Au-Mo focused mineral exploration and development company headquartered in Vancouver, Canada. The Company is primarily focused on its flagship Woodjam project, located within the prolific Quesnel Terrane, 55 kilometers east of the community of Williams Lake, British Columbia. It has three additional copper exploration properties: Copperview, Redgold and Carruthers Pass, all well situated amongst significant infrastructure in British Columbia. The Company's growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada and it is committed to socially responsible exploration and development, working safely, ethically and with integrity.
Vizsla Copper is a spin-out of Vizsla Silver (TSX.V: VZLA) (NYSE: VZLA) and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and funding opportunities in the resource sector. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.vizslacopper.com).
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Ian Borg, P.Geo., Senior Geologist for Vizsla Copper. Mr. Borg is a Qualified Person as defined under the terms of National Instrument 43-101.
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 release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: completion of the acquisition of mineral claims; the Company's growth and business strategies; and the exploration and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE Vizsla Copper Corp.
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