Infinitum Copper Announces Closure of Hot Breccia Transaction with Prismo Metals

Rhea-AI Summary

Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) announced the successful closing of a transaction with Prismo Metals Inc. regarding the Hot Breccia project in Arizona. Infinitum received CA$350,000 in cash and 500,000 shares from Prismo. Over the next five years, Prismo will invest CA$5,500,000 in exploration, leading to a 75:25 joint venture. Infinitum CEO Matt Hudson highlighted the positive impact of this deal, allowing the company to focus on its La Adelita project in Mexico, which has shown promising drilling results, including 1.74% CuEq over significant intervals. This transaction enhances Infinitum's strategic positioning in the mining sector.

Positive

• Closed transaction with Prismo Metals increases liquidity with CA$350,000 cash and 500,000 shares.
• Future exploration investment of CA$5,500,000 by Prismo demonstrates significant commitment to the Hot Breccia project.
• Focus on La Adelita project allows Infinitum to leverage high-grade drilling results, enhancing shareholder value.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 22, 2023 / Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) ("Infinitum" or the "Company") is pleased to announce the successful closing of the previously announced transaction with Prismo Metals Inc. (CSE: PRIZ, OTCQB: PMOMF) ("Prismo") with respect to Hot Breccia porphyry copper-skarn project ("Hot Breccia") located in the Arizona Copper Belt. In accordance with the agreement, Infinitum has now received CA$350,000 cash and 500,000 Prismo shares. Prismo will now complete CA$5,500,000 of exploration work over the next five years following which Prismo and Infinitum will enter into a 75:25 joint venture.

"Infinitum is pleased to announce receipt of the cash and share component of the Hot Breccia transaction from Prismo metals. The successful closing of this transaction now allows Infinitum to focus on its high-grade district scale La Adelita project in Sonora, Mexico. Our 2022 drilling program produced some truly impressive results including 32.25m of 1.74% CuEq from 36.65m (AD-22-0019). When combined with equally impressive historic drilling results, it has become evident that this is a project that demands our full attention," commented Matt Hudson, CEO of Infinitum Copper. "The transaction with Prismo allows us to focus our resources on La Adelita while still retaining considerable upside exposure to Hot Breccia for our shareholders through our 25% joint venture stake. Prismo recently announced that exploration work at the Hot Breccia project will begin quickly, and they expect to be drilling before the end of the year. We look forward to collaborating with them in the years ahead."

On Behalf of the Board of Directors of

INFINITUM COPPER CORP.

Matt Hudson

Chief Executive Officer

Neither 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.

About Infinitum Copper

Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the Company has an option to earn an 80% interest. The high-grade copper-silver-gold La Adelita Project is located in Sonora and Sinaloa states in Mexico. La Adelita is a Carbonate Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 25% interest in the Hot Breccia project in the heart of the Arizona Copper Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company's business, as described in the Company's Filing Statement dated February 11, 2022.. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: Infinitum Copper

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FAQ

What was announced by Infinitum Copper on February 22, 2023?

Infinitum Copper announced the successful closing of a transaction with Prismo Metals for the Hot Breccia project.

How much cash and shares did Infinitum Copper receive from Prismo Metals?

Infinitum Copper received CA$350,000 in cash and 500,000 shares from Prismo Metals.

What is the joint venture arrangement between Infinitum Copper and Prismo Metals?

Prismo Metals will invest CA$5,500,000 in exploration work, leading to a 75:25 joint venture with Infinitum Copper.

What are the highlights of the La Adelita project mentioned in the press release?

The La Adelita project has shown impressive drilling results, including 32.25m of 1.74% CuEq.