US Copper Corp. Commences Discussions with Strategic Partners for Its Moonlight-Superior Project, One of the Most Advanced and Largest Undeveloped Copper Projects in the USA

Rhea-AI Summary

US Copper Corp. has started discussions with potential strategic partners to advance its Moonlight-Superior Copper Project in California.

This project, one of the most advanced and largest undeveloped copper projects in the USA, is expected to restart operations, providing a domestic supply of copper amid rising prices.

The US location makes the project a preferred supplier for the domestic industry, potentially qualifying for US Government funding.

The recent surge in copper prices to over $10,000/t (US$4.53/lb) has driven significant interest from strategic partners.

This project's progress aligns with the US Government's push for new domestic sources of critical metals, such as copper, to support the low carbon economy transition.

The project is positioned approximately 125 miles from Tesla's Gigafactory in Nevada.

US Copper aims to advance the project through the Definitive Feasibility Study and development stages, supporting the US green energy transition.

Positive

• Commencement of discussions with potential strategic partners.
• Project is one of the most advanced and largest undeveloped copper projects in the USA.
• Significant interest from strategic partners due to rising copper prices over $10,000/t.
• Potential qualifying for US Government funding support.
• Located 125 miles from Tesla's Gigafactory, positioning it strategically.
• Alignment with US Government's push for new domestic sources of critical metals.

Negative

• Project is currently undeveloped and has not yet restarted operations.
• Advancement is contingent on securing strategic partnerships.
• Future of the project depends on the successful completion of the Definitive Feasibility Study.
• Potential financial and operational risks associated with developing a historically operated mine.

• US Copper has Commenced Discussions with Potential Strategic Partners to Advance its 100% Owned Moonlight-Superior Copper Project.

• US Copper's Moonlight – Superior Copper Project is a historically operating project with potential to restart and become a domestic supply of copper to the US market.

• Copper Prices broke $10,000/t (i.e. US$4.53/lb) in recent weeks as Copper undergoes an unprecedented structural change driven by global energy transition.

• The project's US location positions it as a preferred supplier to the US domestic industry and a candidate for possible US Government funding support.

Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - US Copper Corp., (TSXV: USCU) (OTCQB: USCUF) (FSE: C730) ("US Copper" or the "Company") is pleased to announce that it has commenced discussions with strategic partners to facilitate the Company's ongoing efforts to advance its large, advanced Moonlight-Superior Project, a historically operated copper mine in California, back into production. Steve Dunn, CEO, noted:

"There is strong interest by strategic partners in Moonlight-Superior driven by the recent move of copper prices above US$10,000/t (US$4.53/lb) as well as the project's U.S. location which dovetails nicely with the push by the U.S. Government to stimulate new domestic sources of critical metals, including copper, via various incentive and financial support programs. With the recently announced drilling results, timing is ideal and we are excited to commence discussions with potential strategic partners to advance the project through Definitive Feasibility Study and development of the mine. We look forward to updating shareholders as discussions progress."

US Copper is developing the Moonlight-Superior Project, a historically operated copper mine in California, located approximately 125 miles from Tesla's Gigafactory outside Reno, Nevada. President Biden's Defense Act Order highlights the important role that the Company can play in ensuring the United States has a secure supply of one of the key metals to achieve its transition to a low carbon economy. Copper is a critical material for everything from renewable power generation to electric vehicles. As such, it will be vital that the U.S. has a strong and viable domestic source of copper supply.

US Copper is focused on advancing its Moonlight-Superior Project towards the production stage. The Company hopes to support the United States' shift to a green future by providing copper to the myriad of industries involved in the green energy transition.

CEO Steve Dunn further commented, "The Company is working hard to advance its project back into production and is excited about the opportunity to be an integral supplier of copper metal to the U.S. domestic market."

About US Copper Corp.

US Copper controls approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits – Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.

The Superior and Engels Mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.

The Moonlight Deposit was discovered and drilled by Placer-Amex during the 1960s. The Moonlight sulfide deposit hosts a current National Instrument 43-101 ("NI 43-101") indicated resource of approximately 252 million tons (154 million tonnes) averaging 0.25% copper and 0.07 oz/silver per ton, and an inferred resource of 109 million tons (62 million tonnes) averaging 0.24% copper and 0.08 oz/silver per ton, both above a US$6.25 net smelter return cut-off. Contained indicated resources are 1.272 billion pounds of copper and 18 million ounces of silver, and inferred resources of 534 million pounds of copper and 9 million ounces of silver. The Moonlight sulfide deposit remains open to the south and at depth. There are also current NI 43-101 resources at the Superior and Engels deposits. Details of the resources on US Copper's property and the parameters used to calculate them can be found in the "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" dated April 12, 2018 on both the company's website at www.uscoppercorp.com or on www.sedar.com under the US Copper Corp profile.

Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.

For Further Information Contact:
Mr. Stephen Dunn, President, CEO and Director, US Copper Corp. (416) 361-2827 or email info@uscoppercorp.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 press release.

This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210849

FAQ

What is the Moonlight-Superior Copper Project?

The Moonlight-Superior Copper Project is one of the most advanced and largest undeveloped copper projects in the USA, located in California.

Why is US Copper Corp. engaging with strategic partners?

US Copper Corp. is engaging with strategic partners to advance the Moonlight-Superior Copper Project and restart its operations.

What is the significance of the Moonlight-Superior Copper Project's location?

The project's US location positions it as a preferred supplier for the domestic industry and a candidate for potential US Government funding support.

What recent market conditions have influenced interest in US Copper's project?

The recent rise in copper prices above $10,000/t (US$4.53/lb) has driven significant interest from strategic partners.

How does the Moonlight-Superior Copper Project align with US Government initiatives?

The project aligns with the US Government's push for new domestic sources of critical metals to support the transition to a low carbon economy.

What is the proximity of the Moonlight-Superior Copper Project to significant industrial sites?

The project is located approximately 125 miles from Tesla's Gigafactory in Nevada.