Canada NewsWire
VANCOUVER, BC , June 28, 2023 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) ( FRANKFURT : 97E0) (" Vizsla Copper " or the " Company ") is pleased to announce that, further to its news releases dated May 12, 2023 and June 20, 2023 , it has completed the acquisition (the " Acquisition ") of RG Copper Corp.(" RG Copper "). RG Copper has the right to acquire up to a 70% interest in the Redgold Copper-Gold Project (the " Redgold Project ") pursuant to an option agreement entered into with the owners of the Redgold Project.
" I appreciate the hard work from the Vizsla Copper team to get this transaction across the line efficiently and cost-effectively," commented Craig Parry , Executive Chairman. " It was important to close this transaction ahead of our upcoming drill program at the adjacent Woodjam project. The Redgold project adds to the pipeline of strong drill ready targets and will play a significant role in our future exploration plans in our district-scale landholdings in the heart of the prolific Quesnel terrain."
The Redgold Project consists of 58 mineral claims covering an area of 8,278 hectares contiguous with Imperial Metals' Mount Polley project and Vizsla Copper's Woodjam project. A total of 49 drill holes have previously been completed on the Redgold Project together with numerous geochemical (i.e., rock and soil) and geophysical (i.e., induced polarization and magnetics) surveys. Porphyry related copper-gold mineralization was initially discovered in the early 1970's and over the course of subsequent exploration programs, at least five zones of copper-gold mineralization have been discovered. In each of the zones, copper-gold mineralization is associated with late Triassic to early Jurassic alkaline monzonite or syenite stocks, dykes or intrusive breccias. The Redgold Project was most recently explored by Gold Fields in 2014 and has been largely dormant since. The most recent drilling was completed by Gold Fields in 2012. Drill hole RG12-11, drilled at the East Zone, intersected 0.21% Cu and 0.24 g/t Au over 152 metres and cored 85.6 metres of syenite intrusive breccia, a common host rock for copper-gold ore at the adjacent Mount Polley mine. Mineralization at the East Zone remains open to the northeast.
The Company issued 12,000,000 common shares of the Company (the " Consideration Shares ") to the former shareholders of RG Copper as consideration for all of the issued and outstanding shares of RG Copper. The Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws. In addition, the former shareholders of RG Copper have agreed to voluntary resale restrictions whereby 25% of the Consideration Shares will become free trading every six months after closing of the Acquisition.
Additional details regarding the Acquisition and the Redgold Copper-Gold Project are set out in the Company's news releases dated May 12, 2023 and June 20, 2023 .
Figure 1: Woodjam and Redgold Property Map
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 four additional copper exploration properties: Copperview, Redgold, Blueberry 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 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.
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.
FORWARD LOOKING STATEMENTS
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: the exploration and development of the Company's projects; 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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