Dore Copper Mining Corp. [DCMC-TSXV; DRCMF-OTCQB] completed an option agreement with VanadiumCorp Resource Inc. [VRB-TSXV; APAFF-OTC; NWN-FSE] and has earned a 100% interest in the Cornerback property, which totals 2,100 hectares and surrounds the company’s flagship Corner Bay high-grade copper-gold project located in the southern portion of the Chibougamau mining camp, Quebec.
Ernest Mast, president and CEO, commented: “The Cornerback option agreement was the first transaction the corporation completed after establishing itself in the Chibougamau mining camp as a private company in September, 2017. It is a significant land position that surrounds our key Corner Bay asset. The company is currently completing a 16,500-metre drilling program at the Corner Bay deposit, which is indicating additional exploration potential to the south. This acquisition is consistent with our strategy of consolidating the Lac Dore/Chibougamau mining camp and creating a profitable hub-and-spoke operation model with our Copper Rand centralized mill.”
Adriaan Bakker, president and CEO of VanadiumCorp, added: “We are proud to work with Dore Copper as they revitalize the Chibougamau mining district, once an integral producer of copper and gold in Canada. Dore Copper has assisted VanadiumCorp in realizing value from our Cu-Au mining claims, allowing us to prioritize development of our nearby vanadium mineral resource and to develop our patented and proprietary vanadium technologies. Our companies are aligned in recognizing the region’s vast geological potential within the politically stable and mining-friendly jurisdiction of Quebec.”
The Cornerback option agreement was signed with VanadiumCorp September 6, 2017. The property comprises 48 claims covering approximately 2,100 hectares and surrounds the corporation’s Corner Bay Project and is adjacent to the corporation’s Devlin copper project to the west.
The terms of the option agreement to acquire the Cornerback property were $250,000 in cash payments (five annual payments of $50,000). The corporation decided to make the final payment of $50,000 in advance of the due date of September 6, 2021. In addition, VanadiumCorp retains a 2% NSR, of which 50% or 1% can be bought back for $1-million, and upon commencement of commercial production on the Cornerback property, Dore Copper would make a $250,000 cash payment.
The Cornerback property has a number of exploration and geophysical targets, including the potential southern extension of the Corner Bay main deposit. The claims have favourable geology being located on the southern flank of the Chibougamau pluton with a gabbroic anorthosite sequence.
Dore Copper plans to deliver a preliminary economic assessment of its hub-and-spoke model in late 2021. Currently, the corporation is completing a 16,500-metre drilling program.