Toronto, ON – March 6, 2023 – QC Copper and Gold Inc. ("QC Copper" or the "Company") (QCCU:TSXV | QCCUF:OTCQB) is pleased to announce the acquisition of the Opemiska West Project (“Opemiska West”). Opemiska West is 36 mineral claims over 1560 hectares and is immediately adjacent to and contiguous with the western border of QC Copper’s Opemiska project, in the Chibougamau District of Quebec.
The acquisition is a critical land package for the development of Opemiska, as these Opemiska West claims host the historic tailings from the Opemiska Mine from its operations under Falconbridge from 1953 to 1991. These tailings also potentially carry residual mineralization when Opemiska was mined as a high-grade underground operation with a cut-off grade of 1.5% copper. The Company also considered these claims as potentially being an ideal location for future tailings facilities.
"The acquisition of the Opemiska West claims is strategically important as they host potential additional feed upon evaluating the metal content from the historic tailings. More importantly, this gives the Company significant land immediately adjacent to Opemiska's conception open pit, which will be further defined in QC Copper's forthcoming updated Mineral Resource Estimate," said Stephen Stewart, QC Copper's CEO.
Known Mineralization on Opemiska West Claims
Mineralization on the Opemiska West claims is similar to the Opemiska style copper vein typology, particularly given its proximity to the Springer and Perry mines. The mineralized veins of the Springer mine are restricted to fracture networks contained in the ophitic parts of the gabbroic Venture sill, and the veins are known to extend westward on to the Opemiska West claims.
Updated Map of Opemiska Claims
Terms of the Acquisition
Upon final exchange approval and closing of the acquisition, in exchange for 100% ownership of the Opemiska West claims, QC Copper will issue 500,000 of its common shares to the Vendor, Windfall Geotek. The Opemiska West claims are subject to an existing 2% net smelter royalty, of which 1% can be repurchased for $1 million. Additionally, QC Copper has entered into a $125,000 services agreement with the Vendor to perform data analysis and to generate artificial intelligence drill targets on the Opemiska. This agreement is subject to TSXV approval.
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The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
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Stephen Stewart, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. QC Copper and Gold Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained in filings by QC Copper and Gold Inc. with Canadian securities regulators, which filings are available under QC Copper and Gold Inc. profile at www.sedar.com.