TSX. V: COCO
VANCOUVER, BC, March 31,
2022 /CNW/ - Coast Copper Corp. ("Coast
Copper" or the "Company") (TSXV: COCO) would like to
congratulate Skeena Resources Limited ("Skeena") on its
acquisition of QuestEx Gold & Copper Exploration
("QuestEx"), subject to customary closing conditions, which
was announced on March 30, 2022.
Skeena and QuestEx have signed a binding agreement whereby Skeena
will acquire all of the issued and outstanding shares of QuestEx
that Skeena does not currently own for approximately $48.6 million, valuing the acquisition at
approximately $56.5 million.
Concurrent with signing of the binding agreement, Newmont
Corporation ("Newmont") has entered into an asset purchase
agreement with Skeena to acquire the Heart Peaks, Castle/Moat and
North ROK/Coyote properties from Skeena, along with related assets,
for approximately $27.0 million.
Skeena will retain QuestEx's large landholdings, including the
KSP and Kingpin properties, in the core of British Columbia's ("BC") Golden
Triangle district near its Snip and Eskay
Creek projects as well as the Sofia project in BC's Toodoggone district.
With the announcement of this transaction, Coast Copper is now
the only junior mineral exploration company on the favourable trend
of the Red Chris Mine district of the Golden Triangle (see Figure
1). The only other companies with significant positions in
this district are Newmont and Newcrest Mining Limited/Imperial
Metals Corporation. Coast Copper's Red
Chris properties include the Gin and Eldorado properties which are adjacent and on
trend on both sides of the Red Chris Mine, as well as some small
strategic internal claim blocks (Bonanza).
Adam Travis, Coast Copper CEO
comments, "Firstly I would like to congratulate all parties in
this transaction. I've been working in the Red Chris
Camp for over 30 years now and have acquired, explored and made new
discoveries in the region while learning the important geological,
geophysical and geochemical signatures to these types of deposits.
Over 20 years ago, a partner and I acquired ground on both ends of
the Red Chris Mine, recognizing some of these signatures (this was
even before Imperial Metals acquired Red
Chris). With Newcrest purchasing a 70% ownership in
Red Chris in 2019, exploration
efforts have been significantly increased with 8 exploration drill
rigs, more than 1 kilometre of underground exploration and new
discoveries being made, particularly in the east (closer to our
Eldorado property). The airborne
geophysical surveys we conducted in 2021 at Eldorado and Gin uncovered significant new
magnetic anomalies, that, in my 30 years' experience in the
district, look similar to other new discoveries both ourselves and
others have made in the district. We look forward to continuing to
advance these projects which are ideally positioned at either end
of the Red Chris Mine."
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine
property, located on northern Vancouver Island, BC, which covers
three historical open pit mines and two past-producing underground
mines that yielded iron, copper, gold and silver. Coast Copper's
other properties include its 100% owned Eldorado, Gin and Bonanza properties located
in BC's prolific Golden Triangle district which are adjacent to
Newcrest Mining Limited's and Imperial Metals Corporation's Red
Chris Mine, its Knob Hill NW Property located on northern Vancouver
Island and its 100% owned Sterling and Home Brew properties which
are located in central BC. Coast Copper's management team continues
to review precious and base metals opportunities in western
North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam
Travis, Chief Executive Officer and Director
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by reference in
this press release, including any information regarding the
proposed Transaction, private placement, board and management
changes, as to our strategy, projects, plans or
future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements
of historical fact, are to be considered forward-looking
statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered
reasonable by Coast Copper, are inherently subject to significant
business, economic, geological and competitive uncertainties and
contingencies. Although Coast Copper believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include but are not
limited to: fluctuations in market prices, exploration and
exploitation successes, continued availability of capital and
financing, changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. All of the forward-looking statements made
in this press release, or incorporated by reference, are qualified
by these cautionary statements. We do not assume any obligation to
update any forward-looking statements.
SOURCE Coast Copper Corp.