Granite Creek Copper Acquires Copper-Nickel-PGM Project in British Columbia, Canada

Rhea-AI Summary

Granite Creek Copper Ltd. (GCXXF) has announced the acquisition of the Star Cu-Ni-PGM project in northern British Columbia for $10,000 CDN and 500,000 common shares. This acquisition grants Granite Creek a 100% interest with no underlying royalties. Expected to close by August 30, 2022, pending TSX Venture approval, the project spans 2,500 hectares and is known for copper, nickel, cobalt, and precious metal mineralization. The acquisition aligns with the Canadian government's push for critical mineral exploration, enhancing Granite Creek's portfolio amidst ongoing developments in its primary Carmacks project.

Positive

• Acquisition of the Star project enhances Granite Creek's exposure to critical minerals.
• No underlying royalties or obligations associated with the Star project, providing financial benefits.
• Strategic alignment with Canadian government initiatives to boost domestic mineral supply.

Negative

• Acquisition involves issuing 500,000 common shares, potentially causing shareholder dilution.

VANCOUVER, BC / ACCESSWIRE / August 24, 2022 / Granite Creek Copper Ltd. (TSXV:GCX | OTCQB:GCXXF) ("Granite Creek" or the "Company") is pleased to announce the acquisition of the Star Cu-Ni-Platinum Group Metal ("PGM") project, located in the Omineca mineral belt of northern British Columbia.

Granite Creek will secure a 100% interest in the Star project, with no underlying royalty or further obligation, for a total consideration of $10,000 CDN and the issuance of 500,000 common shares of the Company to the estate of Ursula Mowat. The issued shares will have a hold period of 4 months plus one day from the date of issuance. The Company anticipates closing the transaction on or about the August 30, 2022, subject to TSX Venture approval.

Tim Johnson, CEO of Granite Creek Copper, stated, "I was saddened to hear of the passing of Ursula Mowat who had been a pioneer in prospecting for platinum group metals and associated nickel and copper mineralisation in the Omineca region of British Columbia. As one of the first geologists to recognize the potential for the native iron-nickel alloy awaruite to be a significant source of low-cost nickel in the Omineca area, she will be remembered for her ground-breaking work in the industry. To be able to acquire the Star project claims and continue the development work to unlock the potential that Ursula obviously saw is an honour. We look forward to completing our initial work on the claims and relaying to investors the potential for both precious and battery metals on the project."

"Although Granite Creek's primary focus remains our flagship Carmacks Copper-Gold-Silver project with the pending updated preliminary economic assessment expected in Q4 2022, the Star project increases our exposure to critical minerals at a time when the Canadian government is incentivizing exploration of listed critical commodities in Canada, as part of a broader push to secure supplies of the minerals in North America for national security and to support the development of carbon free energy sources."

About the Star Project

The Star project is located 190 kilometers northeast of Smithers, BC and is within 5 kilometers of the Omineca Resource Road and powerline that served the Kemess Mine. The 2500-hectare project is underlain by ultramafic rocks that are prospective for copper, nickel, cobalt, PGMs and gold. Previous work identified multiple showings consisting of copper and nickel sulphide mineralisation with accompanying PGM and gold values. The showings are identified within six distinct zones spread over a 12-kilometer strike length including Queen Zone, GL Zone, HB Zone, HC Zone, Libra Zone, and Ridge Zone (see accompanying Figure 1 for Zone locations as well as additional areas identified for follow up).

Highlights of some of the best mineralised copper and nickel sulfide bearing rock sampled by Ms. Mowat from the various are identified below:

• 1.18% Cu, 0.17 g/t Au, 0.11 g/t Pd from the Queen Zone
• 0.78% Cu, 0.25% Ni, 833 ppm Co and 0.27% Cu from the GL Zone.
• 0.09 % Cu, 1.32 g/t Pt and 1.82 g/t Pd from the HB Zone.
• 0.87% Cu, 0.18 % Ni, 0.12 g/t Au, 0.41 g/t Pt and 0.83 g/t Pd from the HC Zone.
• 0.31% Cu Cu from Libra Zone
• 0.30% Cu, 0.28 g/t Pt, 0.25 g/t Pd from the Ridge Zone.

Figure 1 Claim Block and Zone Location

Qualified Persons

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager for Granite Creek Copper.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks project in the Minto copper district of Canada's Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. The project is located within the Traditional Territory of Little Salmon/Carmacks First Nation. More information about Granite Creek Copper can be viewed on the Company's website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO

Telephone: 1 (604) 235-1982

Toll-Free: 1 (888) 361-3494

E-mail: info@gcxcopper.com

Website: www.gcxcopper.com

Metallic Group: www.metallicgroup.ca

Twitter: @yukoncopper

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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 release.

SOURCE: Granite Creek Copper Ltd.

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FAQ

What is the Star Cu-Ni-PGM project acquired by Granite Creek Copper?

The Star project is a Copper-Nickel-Precious Metals site located in northern British Columbia, covering 2,500 hectares.

What was the total consideration for the acquisition of the Star project by Granite Creek Copper?

Granite Creek Copper acquired the Star project for $10,000 CDN and the issuance of 500,000 common shares.

When is Granite Creek Copper expected to close the acquisition of the Star project?

The acquisition is expected to close on or about August 30, 2022, subject to TSX Venture approval.

How does the Star project impact Granite Creek Copper's business strategy?

The acquisition enhances Granite Creek's portfolio in critical minerals, supporting its primary focus on the Carmacks project.

What are the geological prospects of the Star project?

The Star project is underlain by ultramafic rocks and has previously identified mineral showings of copper, nickel, PGMs, and gold.