Granite Creek Copper Incorporates Geologic Hydrogen Subsidiary, Options Union Bay Project and Appoints Allegra Hosford Scheirer to Lead Advisory Board
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF) has announced the incorporation of Element One Hydrogen as a wholly owned subsidiary focused on geologic hydrogen exploration. The company is researching potential acquisitions in North America for both stimulated hydrogen from ultramafic rocks and subsurface hydrogen accumulations.
The company has also entered into an option agreement with 1508260 B.C. for the potential 100% acquisition of the Union Bay hydrogen project in Southeast Alaska. The project features a Ural-Alaska type ultramafic-mafic complex, ranging from dunite to gabbro. Previous exploration work included geological mapping, sampling, geophysical surveys, and drilling that identified platinum targets. Research indicates the olivine component in the ultramafic lithologies may support hydrogen production through water interaction at depth.
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF) ha annunciato l'incorporazione di Element One Hydrogen come sussidiaria interamente controllata, focalizzata sull'esplorazione geologica dell'idrogeno. L'azienda sta ricercando potenziali acquisizioni in Nord America sia per l'idrogeno stimolato da rocce ultramafiche che per le accumulazioni di idrogeno nel sottosuolo.
L'azienda ha anche stipulato un contratto di opzione con 1508260 B.C. per la potenziale acquisizione del progetto idrogeno di Union Bay nel sud-est dell'Alaska. Il progetto presenta un complesso ultramafico-mafico di tipo Ural-Alaska, che varia dal dunite al gabbro. I lavori esplorativi precedenti hanno incluso mappatura geologica, campionamento, sondaggi geofisici e perforazioni che hanno identificato obiettivi per il platino. Le ricerche indicano che il componente di olivina nelle litologie ultramafiche potrebbe supportare la produzione di idrogeno attraverso l'interazione con l'acqua in profondità.
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF) ha anunciado la incorporación de Element One Hydrogen como una subsidiaria de propiedad total centrada en la exploración geológica de hidrógeno. La empresa está investigando posibles adquisiciones en América del Norte para el hidrógeno estimulado proveniente de rocas ultramáficas y acumulaciones de hidrógeno en el subsuelo.
La compañía también ha firmado un acuerdo de opción con 1508260 B.C. para la posible adquisición del proyecto de hidrógeno de Union Bay en el sureste de Alaska. El proyecto cuenta con un complejo ultramáfico-mafíco de tipo Ural-Alaska, que varía desde dunita hasta gabbro. Los trabajos de exploración previos incluyeron mapeo geológico, muestreo, encuestas geofísicas y perforaciones que identificaron objetivos de platino. La investigación indica que el componente de olivina en las litologías ultramáficas puede apoyar la producción de hidrógeno a través de la interacción con el agua a profundidad.
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF)는 Element One Hydrogen를 지질학적 수소 탐사에 중점을 둔 100% 자회사로 설립했다고 발표했습니다. 이 회사는 울트라마픽 암석에서 자극된 수소와 지하 수소 축적을 위한 북미의 잠재적 인수 기회를 조사하고 있습니다.
회사는 또한 1508260 B.C.와 함께 동남 알래스카에 있는 유니온 베이 수소 프로젝트의 100% 인수 가능성을 위한 옵션 계약을 체결했습니다. 이 프로젝트는 dunite에서 gabbro까지의 Ural-Alaska 유형의 울트라마픽-마픽 복합체를 특징으로 합니다. 이전 탐사 작업에는 지질 조사, 샘플링, 지구 물리학 조사 및 플래티넘 목표를 식별한 드릴링이 포함되었습니다. 연구에 따르면, 울트라마픽 암석의 올리빈 성분은 깊은 곳에서 물과의 상호 작용을 통해 수소 생산을 지원할 수 있는 것으로 나타났습니다.
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF) a annoncé l'incorporation de Element One Hydrogen en tant que filiale entièrement détenue axée sur l'exploration géologique de l'hydrogène. L'entreprise recherche des acquisitions potentielles en Amérique du Nord pour l'hydrogène stimulé provenant de roches ultramafiques et les accumulations d'hydrogène en profondeur.
La société a également conclu un contrat d'option avec 1508260 B.C. pour l'acquisition potentielle de 100% du projet d'hydrogène de Union Bay dans le sud-est de l'Alaska. Le projet comprend un complexe ultramafique-mafique de type Ural-Alaska, allant de la dunite au gabbro. Les travaux d'exploration précédents incluaient la cartographie géologique, l'échantillonnage, des enquêtes géophysiques et des forages qui ont identifié des cibles de platine. Les recherches indiquent que le composant d'olivine dans les lithologies ultramafiques pourrait soutenir la production d'hydrogène grâce à l'interaction avec l'eau en profondeur.
Granite Creek Copper (TSXV:GCX)(OTCQB:GCXXF) hat die Gründung von Element One Hydrogen als hundertprozentige Tochtergesellschaft angekündigt, die sich auf die geologische Wasserstoffexploration konzentriert. Das Unternehmen untersucht potenzielle Akquisitionen in Nordamerika sowohl für stimulierten Wasserstoff aus ultramafischen Gesteinen als auch für unterirdische Wasserstoffansammlungen.
Das Unternehmen hat außerdem einen Optionsvertrag mit 1508260 B.C. über die potenzielle 100%ige Übernahme des Union Bay Wasserstoffprojekts im Südosten Alaskas abgeschlossen. Das Projekt umfasst einen ultramafischen-mafischen Komplex vom Typ Ural-Alaska, der von Dunit bis Gabbro reicht. Frühere Erkundungsarbeiten umfassten geologische Kartierungen, Probenahmen, geophysikalische Untersuchungen und Bohrungen, die Platinziele identifizierten. Forschungen zeigen, dass die Olivin-Komponente in den ultramafischen Gesteinen die Wasserstoffproduktion durch Wechselwirkungen mit Wasser in der Tiefe unterstützen könnte.
- Formation of new hydrogen-focused subsidiary expanding business opportunities
- Option agreement to acquire 100% interest in Union Bay project
- Project site contains previously identified high-grade platinum targets
- Early-stage exploration project with no proven hydrogen production
- Additional capital requirements likely needed for exploration and development
VANCOUVER, BC / ACCESSWIRE / December 17, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) ("Granite Creek" or the "Company") is pleased to announce that it has incorporated Element One Hydrogen Ltd as a wholly owned subsidiary to further advance the exploration for geologic hydrogen. The Company is currently completing research in several jurisdictions in North America for possible acquisitions of projects prospective for both stimulated hydrogen from ultramafic rocks and for discovery of accumulations of hydrogen in the subsurface from various sources.
The Company further announces that it has entered into an agreement dated December 16, 2024 (the Option Agreement") granting 1508260 B.C. Ltd the option to acquire an
About Allegra Hosford Scheirer
Granite Creek is very pleased to announce that the Company's continued geologic hydrogen exploration activities will be led by Allegra Hosford Scheirer, whom has been appointed to the company's Advisory Board. Allegra is in interdisciplinary geoscientist specializing in rock-fluid networks such as geologic hydrogen, oil and gas, and geothermal systems. She deploys basin and petroleum system modeling, resource assessment, big data and machine learning, and acquisition and processing of field data. Her work experience spans government, academic, and industry sectors. Allegra is an independent, non-executive director of Pantheon Resources, an oil and gas company that explores on the North Slope of Alaska. Her degrees are from Brown University (B.S.) and MIT (PhD).
The Company anticipates additional additions to its geologic hydrogen team, under the auspices of Element One Hydrogen, in the coming weeks.
Tim Johnson CEO of Granite Creek stated, "The search for hydrogen accumulations is the subsurface is a rapidly growing branch of resource development. The opportunities present in this burgeoning field are unparalleled in the resource extraction industry. We are pleased to be entering this field and hope to be announcing additional acquisitions in the near future".
Terms of the Option Agreement
Pursuant to the Option Agreement, 1508260 B.C. Ltd may acquire a
All values unless specifically stated are in Canadian dollars.
1. making aggregate cash payments of US
US
$50,000 on signing (the "Effective Date");US
$50,000 on or before the first anniversary of the Effective Date; andUS
$75,000 on or before the second anniversary of the Effective Date; and
2. incurring aggregate of
$200,000 on or before the first anniversary of the Effective Date; andan additional
$400,000 on or before the second anniversary of the Effective Date; andan additional
$600,000 on or before the third anniversary of the of the Effective Date; and
3. issuing to Granite an aggregate of 2,750,000 shares as follows:
200,000 shares on the Effective Date and;
300,000 shares on or before the date which the Optionee is acquired by, or merges with an Optionee Acquireco 1, but no later than four months following the Effective Date and;
1,000,000 shares on or before the first anniversary of the Effective Date and;
1,250,000 on or before the second anniversary of the Effective Date
Upon completion of all payments, work and share issuance the Option will be deemed to be exercised, and the Property will automatically vest to 1508260 B.C. Ltd subject to a
11508260 B.C. Ltd has informed the Company of its intent to complete a go public transaction by way of a reverse take over, merger or other method in the coming months.
About Granite Creek Copper
Granite Creek Copper is a focused on the exploration and development of critical minerals projects in North America and more recently on geologic hydrogen. The Company's projects consist of its flagship 177 square kilometer Carmacks project in the Minto copper district of Canada's Yukon Territory on trend with the formerly operating, high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM plus geological hydrogen project, both located in central British Columbia. Recent acquisitions include the Union Bay geologic hydrogen project as well as entering into a letter of intent to acquire the Duke Island ultramafic project for it's geologic hydrogen potential, both projects located in the state of Alaska. Granite Creek's goal is to be among the companies with first mover advantage in geologic hydrogen exploration by leveraging the considerable geological knowledge available to the company through its existing employee and consultant base plus the addition of key consultants with extensive knowledge in the field. 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
Qualified Person
Debbie James P.Geo, has reviewed and approved the technical information contained in this news release. Ms. James is a Qualified Person as defined in NI 43-101. She is not independent of the Company because she has received employment income from the Company and holds stock in the Company.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements" or "forward-looking information". All statements in this release, other than statements of historical facts including, without limitation, statements regarding expected use of proceeds from the private placement 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.sedarplus.ca.
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.
View the original press release on accesswire.com
FAQ
What is the purpose of Granite Creek Copper's new Element One Hydrogen subsidiary?
What are the key features of the Union Bay project optioned by GCXXF?
What previous exploration work has been conducted at the Union Bay project?
How does Granite Creek Copper (GCXXF) plan to produce hydrogen at Union Bay?
