Orecap's Cuprum Corp. Completes Seed Round Private Placement
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Toronto, Ontario--(Newsfile Corp. - November 29, 2023) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce that it has made an additional investment in Cuprum Corp. ("Cuprum"), the private company that owns
The Private Placement was completed on the same terms as Orecap's initial investment into Cuprum, and Orecap's Chairman, Stephen Stewart, subscribed for
No finders fees or warrants were paid in connection with this financing. Proceeds will go towards general working capital purposes, preparing Cuprum for its going public process, and potentially completing assays on the remaining four diamond drill holes from Thierry's summer drill program.
About Cuprum and its
Thierry is Ontario's largest primary copper resource and includes a recent PEA covering only the underground portion of the known resources. Orecap's view is that Thierry's primary upside is its near-surface bulk tonnage potential growth. Thierry reflects Orecap's strategy of acquiring opportunities from special situations and incubating new high-potential brownfield projects with excellent infrastructure and jurisdiction. Six drill holes were completed this summer, with only two being assayed with the following results:
- CCM-23-51 intersecting 106 metres of
0.539% Copper Equivalent ("CuEq") mineralization (including 23.2 metres of 0.875 % CuEq mineralization) within continuous sulphide mineralization which started at surface and extended 247.8 metres down the hole, grading0.438% CuEq. - CCM-23-52 intersecting 31.2 metres of
0.677% CuEq mineralization and 22.8 metres of0.670% CuEq mineralization within continuous sulphide mineralization which started at surface and continued for 243.9 metres down the hole, grading at0.382% CuEq.
* Copper Equivalent (CuEq) for drill intersections is calculated based on US
Eastern Canada Copper Projects - Figure 1
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Thierry is in the mature mining district of Pickle Lake, Ontario, with access to rail, highways, power, and other infrastructure required to develop a mine. This is a unique opportunity to develop an asset of this scale with this level of infrastructure that's in a premier mining jurisdiction. With Orecap now controlling the second largest primary copper project in the region, the Ore Group collectively controls two of the three largest primary copper projects in Eastern Canada.
CLICK HERE TO VIEW ORECAP'S THIERRY PROJECT PRESENTATION
About Thierry
Thierry spans 4,670 hectares across 27 mineral leases. The property hosts two past-producing open pits that transitioned to underground mining-producing 5.8Mt @
Location of Thierry Property - Figure 2
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The Thierry property hosts a NI 43-101 compliant resource across two zones-the Thierry (K2-1) underground deposit, and the K1-1 open pit deposit, along with historical resources at the J & G Zones (see disclosure on Historical Resources):
Thierry (K2-1) underground deposit:
Classification | Tonnes | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) |
Measured | 3,233,000 | 1.65 | 0.19 | 0.03 | 0.03 | 0.09 | 4.6 |
Indicated | 5,582,000 | 1.66 | 0.19 | 0.05 | 0.05 | 0.14 | 3.8 |
Measured & Indicated | 8,815,000 | 1.66 | 0.19 | 0.05 | 0.04 | 0.13 | 4.0 |
Inferred | 14,922,000 | 1.64 | 0.16 | 0.10 | 0.07 | 0.21 | 6.4 |
Table 1) 2021 Thierry underground mineral resource estimate.
K1-1 Zone open pit deposit :
Tonnes | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) | ||
Inferred | 53,614,000 | 0.38 | 0.10 | 0.03 | 0.05 | 0.14 | 1.8 |
Table 2) 2021 K1-1 open pit inferred resource estimate.
J & G Zones open pit deposit historical resources:
Classification | Tonnes | Cu (%) | Ni (%) |
Historical | 55,000,000 | 0.40 | 0.11 |
Thierry 2021 PEA
The Thierry Property, and specifically the Thierry underground deposit, was the subject of a PEA study by P&E Mining Consultants in February 2021 that outlined a 13-year mine life, producing at a rate of 4,000 tpd, recovering 567Mlbs Cu, and 21Mlbs Ni. The PEA showed an after-tax NPV6% of
Exploration Upside
In addition to the current resources, the Thierry property hosts large discovery and expansion potential including at the J & G Zones, which hosts a historical resource of 55,000 kt at
Information Regarding Historical Resources and PEA
Orecap views this historical data as a conceptual indication of the potential size and grade of the gold deposits in the area, and this data is relevant to ongoing exploration efforts. In view of when the resources were estimated and the differences in metal price and operating costs prevailing at the time compared to today, Orecap does not treat any of the historical resources as Current mineral resources or mineral reserves. Note that the PEA referred to above is historical in nature and Orecap has not conducted any economics analysis of the project and is using the conclusions of the PEA only as an indication of the potential economic performance of the project.
QP Statement
The technical information in this news release has been reviewed and approved by Antoine Schwartzmann, P.Geo, for Orecap, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
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For further information, please contact us:
Orecap Invest Corp.
Stephen Stewart, Chief Executive Officer
416.644.1567
sstewart@oregroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the statements with respect to the Company's plans with respect the Thierry property. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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