Universal Copper Options Palermo Gold Property From Calderan

Rhea-AI Summary

Universal Copper Ltd. (TSXV: UNV, OTC PINK: ECMXF) announced an agreement to acquire the Palermo property from Calderan Ventures Ltd., comprising 240 hectares in Quebec. Located in the Abitibi Greenstone Belt, the property has demonstrated promising gold intersections from historic drilling, including highlights of 0.24 opt Au over 1.2 feet. The acquisition requires issuing 2.2 million shares and completing $150,000 in exploration within 18 months, with no royalties applicable. CEO Clive Massey emphasized the strategic nature of this acquisition in today's strong resource market.

Positive

• Acquisition of Palermo property expands property portfolio in a favorable market.
• Historic drill results indicate potential gold resources with intersections of 0.24 opt Au.
• No royalties associated with the Palermo agreement.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 11, 2020 / Universal Copper Ltd. ("UNV", "Universal Copper" or the "Company") (TSXV:UNV)(FSE:3TA1)(OTC PINK:ECMXF) is pleased to announce the signing of an agreement with Calderan Ventures Ltd. ("Calderan") to acquire its Palermo property consisting of 6 prospective mining claims totaling 240 hectares in Hebecourt Township, approximately 50 kilometres northwest of Val D'Or, Quebec.

Palermo lies in the central portion of the Abitibi Greenstone Belt, in an area underlain by a folded sequence of bimodal Archean age volcanic flows and sills of mafic to felsic composition and diorite intrusions. Historic diamond drilling intersected rock units described as syenite porphyry and amphibolite. Highlights from the 13 drill holes include:

• 0.24 opt Au over 1.2 feet in DDH P-3 (8.23 g/t Au over 0.36 metres)
• 0.05 opt Au over 5 feet in DDH P-7 (1.71 g/t Au over 1.52 metres)
• 0.05 opt Au over 1 foot in DDH P-12 (1.71 g/t Au over 0.30 metres)

The quoted drill intersections are core length not true width, which is unknown. Universal has not yet verified the historic exploration drilling. Source: Palermo Gold Mines Ltd. DDH Logs P1 to P-13, 1948. SIGEOM Examine Report Number GM10744.

UNV President and CEO Clive Massey stated, "Universal is pleased to acquire a second , technically favorable exploration project in mining friendly Quebec. The Company will review the historic drill intersections to follow up on the gold values. The Palermo project compliments Universal's property portfolio in this ever strengthening resource market".

The Company can obtain a 100% interest in the Palermo property by completing the following terms:

• Issuing 2,200,000 shares on TSX.V approval;
• Completing $150,000 in exploration within 18 months of TSX.V approval.

There are no royalties associated with the Palermo agreement.

R. Tim Henneberry, P.Geo., UNV's Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.

For additional information please visit the Company's website at www.universalcopper.com

ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO

For further information, please contact:
Universal Copper Investor Relations
Phone: (604) 341-6870
Email: info@universalcopper.com

Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

"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."

SOURCE: Universal Copper Ltd.

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https://www.accesswire.com/620590/Universal-Copper-Options-Palermo-Gold-Property-From-Calderan

FAQ

What is the Palermo property acquired by Universal Copper?

The Palermo property consists of 240 hectares in Hebecourt Township, Quebec, with historical drilling indicating gold potential.

What are the terms for acquiring the Palermo property by Universal Copper?

Universal Copper must issue 2.2 million shares and complete $150,000 in exploration within 18 months.

What historic drill results were reported for the Palermo property?

Highlights include 0.24 opt Au over 1.2 feet and other significant intersections from historic drilling.

Is there any royalty associated with the Palermo property acquisition?

No royalties are associated with the agreement for acquiring the Palermo property.

What is the significance of the Palermo acquisition for Universal Copper?

It enhances Universal Copper's exploration portfolio in a strong resource market and may lead to future gold discoveries.