Alpha Copper Terminates Okeover Option Agreement
Alpha Copper Corp. (CSE: ALCU) has announced the termination of its option agreement for the Okeover project, relieving the company of a $3.5 million financial commitment and a pending share issuance. This decision enables Alpha to concentrate on more promising assets, such as the drill-ready Star Project in British Columbia, the Indata project, and the Hopper project in Yukon. CEO Darryl Jones emphasized that the option deal no longer reflected the project's value after a thorough review of exploration results. Additionally, the company has ended its marketing agreement with Promethean Marketing, effective March 31, 2023.
- Termination of the Okeover option agreement allows Alpha to focus on more promising projects.
- Relief from $3.5 million in working expenditures enhances financial flexibility.
- Focus on drill-ready assets could lead to improved exploration outcomes.
- Termination of the Okeover agreement may indicate issues with the project's viability or economic potential.
- Ending the marketing agreement might limit investor outreach and awareness efforts.
VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0) (“Alpha,” “Alpha Copper,” or the “Company”), a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, announces that it has terminated the option agreement for the Okeover project. The Okeover project is situated approximately 20 km north of Powell River within the traditional territory of the Tla'amin First Nation.
Terminating the option agreement for the Okeover removes Alpha’s obligation for a pending share issuance and a further
“We decided to terminate the option agreement based on all exploration results to date,” stated Darryl Jones, CEO of Alpha, “after careful consideration it became clear to us that the value of the option deal did not reflect the value of the project anymore. Rather than aligning the price and value we have chosen to focus on the assets in our portfolio that we believe have more immediate exploration upside for our company and its investors.”
Okeover Drill program
Situated approximately 20 km north of the community of Powell River, within the traditional territory of the Tla'amin First Nation, Alpha took a confirmation-based approach at Okeover to verify existing mineralization in the North Lake Zone. Drilling completed in late 2022 and included four holes totalling 1925.14 m (Table 1). Highlights of the drill program are shown in Table 2. Indata Geoscience led all field work associated with the program and Superior Diamond Drilling carried out the drill campaign. The drilling focused on the North Lake Zone, an area of historic drilling that is 250 x 350 m in aerial extent and had a previously defined envelope of mineralization up to 200 m depth.
Table 1. Collar locations for diamond drill holes in the 2022 Okeover drill program.
| Hole ID | Projection | Easting | Northing | Elevation (m) | Dip (o) | Azimuth (o) | Depth (m) |
| OK-22-01 | NAD83_10N | 381805 | 5544461 | 904 | -65 | 79.5 | 501.73 |
| OK-22-02 | NAD83_10N | 382061 | 5544472 | 912 | -70 | 257.1 | 493.2 |
| OK-22-03 | NAD83_10N | 381959 | 5544638 | 879 | -70 | 281.7 | 358.44 |
| OK-22-04 | NAD83_10N | 381908 | 5544552 | 896 | -70 | 79.62 | 571.77 |
| Total | 1925.14 |
Table 2. Assay results of the Okeover drill program.
Data Verification
Drill core was halved on site. One half of the drill core remains on site in a core storage facility. The other half of the core was bagged, and security tagged and sent to ALS (2022) Laboratories for multi-element chemical analysis and assay. Upon receipt of the samples Alpha’s QAQC protocol flags any sets of samples that may not meet standards for disclosure, which are then sent back to the laboratory for re-assay. All assays reported here passed ALS and Alpha QAQC protocols.
Marketing Agreement
Alpha also announces the termination effective March 31, 2023, of the online marketing agreement entered into with Promethean Marketing, Inc. (“Promethean”). While the agreement was in effect, Promethean provided corporate marketing and investor awareness services to Alpha, including, but not limited to, content creation management, author sourcing, project management and media distribution. For more information, please see the news release of Alpha dated January 7, 2022.
Qualified Person
This news release has been reviewed and approved by Mr. J.W. Morton, P. Geo., who is the Qualified Person (as that term is defined by NI 43-101) and takes responsibility for its technical content.
On Behalf of the Board of Directors,
~Darryl Jones~
Darryl Jones
CEO, President & Director
Alpha Copper Corp.
Contact Alpha Copper
Invictus Investor Relations
+1 (604) 343.8661
walter@invictusir.com
About Alpha Copper Corp (CSE: ALCU) (OTC: ALCUF) (FWB: PP0)
Alpha Copper Corp. is focused on contributing to the green economy by finding and developing copper resource assets in stable jurisdictions. The Company is positioned to earn a
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
Table 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72ed3dbb-c671-4368-89b7-9136c7e45ea3
FAQ
What does the termination of the Okeover project option mean for Alpha Copper (ALCUF)?
How will Alpha Copper (ALCUF) benefit from focusing on its remaining projects?
What was the outcome of the Okeover drill program conducted by Alpha Copper (CSE: ALCU)?
What is the impact of terminating the marketing agreement for Alpha Copper (ALCUF)?
