VIZSLA COPPER EXPANDS WOODJAM COPPER-GOLD PROJECT
VANCOUVER, BC, May 9, 2023 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0) ("Vizsla Copper" or the "Company") is pleased to announce the amendment of the Megaton Option Agreement to include an additional 1,061ha of prospective mineral claims contiguous with the Company's Woodjam Copper-Gold Project (the "Woodjam Project").
- Expansion of Flagship Woodjam Project: With the addition of these claims, the Woodjam Project now covers 66,325ha of prospective southern Quesnel Terrane.
- Prospective Geology: New claims are underlain by intrusive rocks of the Takomkane batholith, which hosts porphyry-related copper-gold mineralization at the nearby Southeast deposit.
"We've prioritized expanding our land position around the Woodjam Project ahead of our initial drill program," commented Steve Blower, Vice President of Exploration. "These claims are proximal to our historical deposits and display similar geological attributes, adding to the pipeline of fantastic exploration targets on the Woodjam Project."
The 1,061ha Megaton Extension mineral claims are immediately east of the Megaton Option/JV area, just east of the Southeast deposit (see Figure 1). The geology underlying the claims consists predominantly of till covered intrusive rocks of the early Jurassic Takomkane batholith, host to copper-gold porphyry-related mineralization at the Southeast deposit. Only one previous drill program has been completed on the Megaton Extension claims – a cluster of 20, 200 - 300m long drill holes was completed in 2008 within a discrete, 400 x 800m area. Native copper was identified in several holes, returning intersections up to 0.2% Cu over 14.0m in drill hole MT08-07A1. Given the presence of widespread copper mineralization hosted in the prospective Takomkane batholith, together with its close proximity to the Southeast deposit, the Megaton Extension area will be a high priority for future exploration programs.
Figure 1 – Woodjam New Claims Location
In consideration for the amendment to the Megaton Option Agreement and subject to TSX Venture Exchange approval, Vizsla Copper will issue 300,000 common shares to the optionors. Vizsla Copper has the right to earn up to 100% ownership of the claims by satisfying the payments outlined in Table 1.
Table 1 – Amended Schedule for Megaton Option Agreement
Cash Payments |
Exploration Commitments |
Shares |
Milestone Date |
C$40,000 |
Nil |
Nil |
Satisfied |
C$50,000 |
C$250,000 |
Nil |
Satisfied |
Nil |
C$206,957 |
450,000 |
Satisfied |
C$60,000 |
C$124,771 |
Nil |
Satisfied |
C$100,000 |
Nil |
Nil |
May 6, 2024 |
C$250,000 |
C$500,000 |
Nil |
May 6, 2025 |
C$250,000 |
C$1,000,000 |
Nil |
May 6, 2026 |
C$250,000 |
Nil |
Nil |
May 6, 2027 |
The 66,325ha 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 well 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 (95,092 metres in 281 holes since 2009 and a further 114 holes, 30,092 metres predominantly from 1998). These six mineralized zones form a cluster approximately 5 kilometres in diameter.
1. Butrenchuk and Henneberry, 2008, Geological and Drilling Report Megaton Project, BC Geological Survey Assessment Report 30561
Vizsla Copper is a Cu-Au-Mo mineral exploration and development company headquartered in Vancouver, Canada. The Company is 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 two additional copper exploration properties, the Blueberry and Carruthers Pass projects, well situated amongst significant infrastructure in British Columbia. The Company will grow through 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 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.sedar.com) 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.
Some data disclosed in this News Release relating to sampling and drilling results is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. In some cases, the data may be unverifiable due to lack of drill core. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's newly acquired property.
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: obtaining the required approvals; satisfying the requirements of the Megabuck Option Agreement; the exploration and development of the Woodjam Project; and the Company's growth and business strategies.
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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