CopAur Minerals Consolidates 100% Interest in Kinsley Mountain Gold Project

Rhea-AI Summary

CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) has completed the acquisition of Nevada Sunrise Metals 's 18.74% ownership interest in Kinsley Gold , giving CopAur 100% ownership of the Kinsley Mountain Gold Project in Nevada. The acquisition cost CDN$475,000 and 1,000,000 CopAur common shares. The Kinsley Project, covering 4,213 hectares, includes a past-producing mine and hosts both oxide and sulphide gold resources. Recent drilling has yielded promising results, including near-surface oxide intercepts and high-grade sulphide gold mineralization. The project previously produced 138,000 ounces of gold between 1995 and 1999. CopAur aims to upgrade and expand the existing NI 43-101 mineral resource at Kinsley.

Positive

• Acquisition of 100% ownership of Kinsley Mountain Gold Project
• Recent drilling yielded promising gold intercepts
• Project includes past-producing mine with 138,000 oz gold production history
• Large land package of 4,213 hectares (10,410 acres)
• Presence of both oxide and sulphide gold resources

Negative

• CDN$475,000 cash payment for acquisition
• Issuance of 1,000,000 new shares, potentially diluting existing shareholders
• 3% net smelter returns royalty on production from leased claims

News Market Reaction – COPAF

+0.42%

1 alert

+0.42% News Effect

On the day this news was published, COPAF gained 0.42%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) ("CopAur" or the "Company") is pleased to announce that it has completed its previously announced (see news release disseminated July 8, 2024) acquisition from Nevada Sunrise Metals Corporation ("Nevada Sunrise") of Nevada Sunrise's 18.74% ownership interest in Kinsley Gold LLC ("LLC"), the joint venture vehicle that holds rights to the Kinsley Mountain Gold Project in Nevada ("Kinsley Project"). The Company now owns 100% of the Kinsley Project, a gold exploration project in Elko County, Nevada. The Kinsley Project comprises 513 unpatented lode claims on U.S. Bureau of Land Management land plus 6 leased patents totaling 4,213 hectares (10,410 acres), and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. The leased claims are subject to a 3% net smelter returns royalty on production.

Under the terms of a membership purchase agreement CopAur acquired Nevada Sunrise's 18.74% ownership interest in the LLC in consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common shares of CopAur ("Consideration Shares") to Nevada Sunrise. The Consideration Shares are subject to a four-month statutory hold period (the "Statutory Hold Period") and voluntary hold periods for an additional nine month period. The first 250,000 Consideration Shares will be released on expiry of the Statutory Hold Period and the remaining shares will be released in equal tranches every three months following the first release.

Chief executive officer Jeremy Yaseniuk stated: "We are pleased to have completed this transaction to acquire 100% ownership of the LLC, which provides us with full control over the Kinsley Project and the ability to concentrate our efforts on further advancing this exciting project. The Kinsley Project has both oxide and sulphide gold resources. Recent drilling by the Company has yielded multiple near-surface oxide intercepts at the Main Pit North target and high-grade sulphide gold mineralization at the Western Flank (news releases Oct. 4, 2023 and Nov. 10, 2023)."

The Kinsley Project hosts a National Instrument 43-101 mineral resource that CopAur is working to upgrade and expand. The Kinsley Project is a historical past producer that yielded 138,000 ounces of near-surface open-pit gold between 1995 and 1999, when mining was suspended.

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.

Forward Looking Information

This news release contains forward-looking statements. These statements relate to future events or the Company's future performance. 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. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219743

FAQ

What percentage of the Kinsley Mountain Gold Project does CopAur Minerals now own?

CopAur Minerals now owns 100% of the Kinsley Mountain Gold Project after acquiring Nevada Sunrise's 18.74% ownership interest in Kinsley Gold

How much did CopAur Minerals (COPAF) pay for the additional 18.74% stake in the Kinsley Project?

CopAur Minerals paid CDN$475,000 and issued 1,000,000 common shares to acquire Nevada Sunrise's 18.74% ownership interest in the Kinsley Project.

What is the total area of the Kinsley Mountain Gold Project acquired by CopAur Minerals (COPAF)?

The Kinsley Mountain Gold Project comprises 513 unpatented lode claims and 6 leased patents, totaling 4,213 hectares (10,410 acres).

How much gold was historically produced at the Kinsley Mountain Gold Project?

The Kinsley Project historically produced 138,000 ounces of near-surface open-pit gold between 1995 and 1999.