Metal Energy Announces Acquisition of Highland Valley Copper Project
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) has announced the acquisition of the Highland Valley Copper Project in British Columbia from Happy Creek Minerals Inc. The project spans 240 km² and is located near critical infrastructure. Key highlights include:
1. Two high-priority zones with copper-silver-molybdenum and copper-gold-silver-molybdenum-rhenium mineralization.
2. Over 55,000 meters of historical drilling across 402 holes.
3. Acquisition terms include $300,000 cash, issuance of shares representing 9.9% of Metal Energy, a 2.5% NSR, and additional share issuances valued at $6 million over 48 months.
4. Metal Energy commits to $250,000 in exploration expenditures by December 31, 2024.
The acquisition aligns with Metal Energy's strategy to capitalize on historical data in established mining districts with excellent infrastructure.
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) ha annunciato l'acquisizione del Highland Valley Copper Project nella Columbia Britannica da Happy Creek Minerals Inc. Il progetto si estende su 240 km² ed è situato vicino a infrastrutture critiche. I punti salienti includono:
1. Due zone ad alta priorità con mineralizzazioni di rame-argento-molibdeno e rame-oro-argento-molibdeno-renio.
2. Oltre 55.000 metri di perforazioni storiche in 402 fori.
3. I termini di acquisizione includono $300.000 in contanti, emissione di azioni che rappresentano il 9,9% di Metal Energy, un NSR del 2,5% e ulteriori emissioni di azioni del valore di $6 milioni nei prossimi 48 mesi.
4. Metal Energy si impegna a investire $250.000 in spese di esplorazione entro il 31 dicembre 2024.
L'acquisizione è in linea con la strategia di Metal Energy di capitalizzare i dati storici in distretti minerari consolidati con eccellenti infrastrutture.
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) ha anunciado la adquisición del Highland Valley Copper Project en Columbia Británica de Happy Creek Minerals Inc. El proyecto abarca 240 km² y está ubicado cerca de infraestructura crítica. Los aspectos destacados incluyen:
1. Dos zonas de alta prioridad con mineralización de cobre-plata-molibdeno y cobre-oro-plata-molibdeno-renio.
2. Más de 55.000 metros de perforación histórica en 402 pozos.
3. Los términos de la adquisición incluyen $300.000 en efectivo, emisión de acciones que representan el 9,9% de Metal Energy, un NSR del 2,5% y emisiones adicionales de acciones valoradas en $6 millones durante 48 meses.
4. Metal Energy se compromete a gastar $250.000 en exploración antes del 31 de diciembre de 2024.
La adquisición se alinea con la estrategia de Metal Energy de capitalizar datos históricos en distritos mineros establecidos con excelente infraestructura.
메탈 에너지 주식회사 (TSXV: MERG) (OTCQB: MEEEF)는 해피 크릭 미네랄스 주식회사로부터 브리티시컬럼비아에 있는 하이랜드 밸리 구리 프로젝트를 인수했다고 발표했습니다. 이 프로젝트는 240 km²에 걸쳐 있으며, 중요한 인프라 근처에 위치하고 있습니다. 주요 요점은 다음과 같습니다:
1. 구리-은-몰리브데넘 및 구리-금-은-몰리브데넘-레늄 광물화가 있는 두 개의 고우선 지역.
2. 402개 구멍에 걸쳐 55,000미터 이상의 역사적 시추 기록.
3. 인수 조건은 $300,000의 현금, 메탈 에너지의 9.9%에 해당하는 주식 발행, 2.5% NSR, 그리고 향후 48개월 동안 $6백만의 추가 주식 발행을 포함합니다.
4. 메탈 에너지는 2024년 12월 31일까지 $250,000의 탐사 비용을 투자할 것을 약속합니다.
이번 인수는 우수한 인프라가 갖춰진 기존 광산 지역의 역사적 데이터를 활용하고자 하는 메탈 에너지의 전략과 일치합니다.
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) a annoncé l'acquisition du Highland Valley Copper Project en Colombie-Britannique auprès de Happy Creek Minerals Inc. Le projet s'étend sur 240 km² et est situé près d'infrastructures critiques. Les points clés incluent :
1. Deux zones de haute priorité avec des minéralisations de cuivre-argent-molybdène et de cuivre-or-argent-molybdène-rhênio.
2. Plus de 55 000 mètres de forage historique à travers 402 trous.
3. Les termes de l'acquisition incluent 300 000 $ en espèces, l'émission d'actions représentant 9,9 % de Metal Energy, un NSR de 2,5 % et d'autres émissions d'actions d'une valeur de 6 millions $ sur 48 mois.
4. Metal Energy s'engage à 250 000 $ en dépenses d'exploration d'ici le 31 décembre 2024.
L'acquisition s'inscrit dans la stratégie de Metal Energy visant à tirer parti des données historiques dans des districts miniers établis disposant d'une excellente infrastructure.
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) hat die Übernahme des Highland Valley Copper Project in British Columbia von Happy Creek Minerals Inc. bekannt gegeben. Das Projekt umfasst 240 km² und befindet sich in der Nähe kritischer Infrastruktur. Wichtige Highlights sind:
1. Zwei hochpriorisierte Zonen mit Kupfer-Silber-Molybdän- und Kupfer-Gold-Silber-Molybdän-Rhenium-Mineralisierung.
2. Über 55.000 Meter historische Bohrungen in 402 Löchern.
3. Die Übernahmebedingungen umfassen 300.000 $ in bar, die Ausgabe von Aktien, die 9,9% von Metal Energy repräsentieren, eine 2,5%ige NSR und zusätzliche Aktienemissionen im Wert von 6 Millionen $ über 48 Monate.
4. Metal Energy verpflichtet sich zu 250.000 $ an Erschließungsausgaben bis zum 31. Dezember 2024.
Die Übernahme steht im Einklang mit der Strategie von Metal Energy, historische Daten in etablierten Bergbaugebieten mit ausgezeichneter Infrastruktur zu nutzen.
- Acquisition of a large (240 km²) copper project in a strategic location
- Project is near critical infrastructure and established mining districts
- Historical drilling data available (55,000+ meters across 402 holes)
- Two high-priority zones identified with potential for resource expansion
- Project is already permitted for drilling
- Structured deal with phased share issuances, potentially reducing immediate dilution
- Significant cash and share commitments totaling over $6.3 million
- 2.5% NSR granted to Happy Creek, with 1.5% buyback costing $5 million
- Exploration expenditure commitment of $250,000 by end of 2024
- Potential share dilution from future issuances to Happy Creek
Toronto, Ontario--(Newsfile Corp. - October 4, 2024) - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to announce a next step in its growth, having entered into an arm's length asset purchase agreement with Happy Creek Minerals Inc. ("Happy Creek") (TSXV: HPY). dated October 2, 2024, as amended pursuant to an amending agreement dated October 3, 2024, to acquire the
The Highland Valley Project ("Highland" or the "Project") spans 240 km² in southern British Columbia. With its proximity to critical infrastructure like roads, rail, and power, the Highland Valley Project is just 3.5 hours from Vancouver and 30 minutes from Merritt.
As part of the Ore Group, Metal Energy will leverage its extensive experience across other companies and projects to collect, harmonize, and remodel historical data into a comprehensive, modern database. This process will enable the identification of opportunities and trends for future drilling and development.
The Project aligns perfectly with Ore Group's strategy of capitalizing on historical data in regions that offer excellent access, infrastructure, and proximity to operating mines within established mining districts.
The Highland Valley Project is located on the southern edge of the Guichon Creek Batholith, which hosts the significant HVC open pits. Metal Energy's newly acquired land package shares many geological similarities with HVC, particularly in two high-priority areas.
- Zone 1: Copper-silver-molybdenum mineralization spanning 1,200 metres in length and remains open to the south and at depth, offering expansion potential. The primary copper-rich minerals include chalcocite and bornite.
- Zone 2: High-grade copper-gold-silver-molybdenum-rhenium mineralization, and notably enriched with gold, setting it apart from typical deposits in the region. Like Zone 1, it offers potential for resource expansion in all directions.
The Project is already permitted to drill and boasts a history of over 55,000 metres of drilling across 402 holes (37,265 metres drilled in 136 holes since 2007), . The Acquisition brings together a highly prospective, underexplored land package.. A systematic drill program will expand known high-potential zones and uncover new targets within the East Zone and West Zone claims.
The Highland Valley property, under Happy Creek's ownership, was consolidated into a single large land package over 17 years. Most recently, Happy Valley acquired the Mystery property (438 hectares, located in the northern extent of the East Zone claims) in 2021. The Project was historically operated by Asarco Mining (1970s), Cominco Ltd (1980s) and Hudbay Minerals (1990s).
Terms of the Acquisition
Metal Energy shall acquire
On the closing date of the Acquisition (the "Closing Date") the following is payable:
$300,000 cash, to be paid on or before the Closing Date to Happy Creek;- The issuance of common shares in the capital of Metal Energy ("Metal Shares") to Happy Creek representing
9.9% of the issued and outstanding Metal Shares; - A
2.5% net smelter royalty ("NSR") granted to Happy Creek on certain claims of the Highland Valley property, of which1.5% may be repurchased by Metal Energy for$5,000,000.
Metal Energy shall pay additional consideration to Happy Creek by:
- Conducting
$250,000 in exploration expenditures on the Project on or before December 31, 2024. - The issuance of Metal Shares to Happy Creek with a value of
$1,000,000 on or before 12 months after the Closing Date ("Tranche One Consideration Shares"). - The issuance of Metal Shares to Happy Creek with a value of
$1,000,000 on or before 24 months after the Closing Date ("Tranche Two Consideration Shares"). - The issuance of Metal Shares to Happy Creek with a value of
$1,500,000 on or before 36 months after the Closing Date ("Tranche Three Consideration Shares"). - The issuance of Metal Shares to Happy Creek with a value of
$2,500,000 on or before 48 months after the Closing Date ("Tranche Four Consideration Shares").
(the Tranche One Consideration Shares, Tranche Two Consideration Shares, Tranche Three Consideration Shares, and Tranche Four Consideration Shares are collectively the "Additional Consideration Shares".)
If the issuance of any of the Additional Consideration Shares would result in Happy Creek holding in excess of
In addition, provided Happy Creek continues to hold at least
Conditions and Approvals
This Acquisition is subject to approval from the TSXV and is expected to close in mid to late October, 2024 following TSXV approval.
QP Statement
The technical information contained in this news release has been reviewed and approved by Mike Sweeny, P.Geo., Technical Advisor for Metal Energy, and a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
Metal Energy Corp.
MERG on the TSXV
James Sykes, CEO
info@oregroup.ca
www.metalenergy.ca
Reader Advisory
This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the anticipated benefits of the Acquisition to Metal Energy and its shareholders; the timing and anticipated receipt of required regulatory (including TSXV) for the Acquisition; the ability of Metal Energy to satisfy the other conditions to, and to complete, the Acquisition; and the closing of the Acquisition. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, TSXV acceptance and market acceptance of the Acquisition; the Company's current and initial understanding and analysis of its projects; the Company's general and administrative costs remaining constant; market acceptance of the Company's business model, goals and approach; and the feasibility and reasonableness of conducting exploration on and developing any of the Company's projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: there is no certainty that work programs will result in significant or successful exploration and development of the Company's properties; uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing on acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; the Company may not be able to comply with its ongoing obligations regarding its properties; the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation or income tax legislation, affecting the Company; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange Inc. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225560
FAQ
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