Doré Copper Acquires Significant Interest in Claims Near Corner Bay Project

Doré Copper Acquires Significant Interest in Claims Near Corner Bay Project

Doré Copper Mining has announced an agreement with SOQUEM to acquire a 56.41% interest in a group of contiguous claims located north and east of its flagship Corner Bay copper project in the Chibougamau mining camp, Québec. This Claim Group consists of 17 claims covering 446 hectares within Doré Copper’s 100% owned Corner Bay-Devlin Property.

The Claim Group has a history of exploration dating back to the 1970s, with 36 diamond drill holes totaling approximately 7,610 meters. Additional exploration by SOQUEM from 1992 to 1998 included 28 diamond drill holes totaling 5,327 meters. These activities identified several parallel shear zones trending northwest-southeast over a strike length of 1.4 kilometers, characterized by narrow quartz-calcite veins containing between 10% and 40% chalcopyrite and pyrite. The mineralized zones have been tested to a depth of 400 meters.

Significantly, the northern strike extension of the Corner Bay deposit has not been tested within the Claim Group. The current northern limit of the Corner Bay mineral resource is approximately 430 meters south of the new property boundary, and access to the Claim Group provides an additional 800 meters along strike for exploration. A key target is the intersection area between the north-south Corner Bay shear zone and the northwest-southeast shear zones of the Claim Group.

Ernest Mast, President and CEO of Doré Copper, stated, “The acquisition of SOQUEM’s Claim Group consolidates the land position around our Corner Bay copper deposit. High-grade copper shear zones with similar mineralization to Corner Bay have already been identified. There are also indications that Corner Bay could extend northwards into the newly acquired claims. We plan to incorporate all available data into our geological model for future exploration.”

The acquisition terms include a cash payment of $20,000 and $125,000 in Doré Copper common shares to SOQUEM. If a mineral resource estimate in accordance with NI 43-101 is completed on the Claim Group, Doré Copper will pay SOQUEM $100,000. Upon commencement of commercial production, defined as more than 200 tonnes per day for seven consecutive days, Doré Copper will pay SOQUEM $250,000 and a 1% Net Smelter Return royalty on copper and gold production. The company retains the right to purchase 50% of the NSR for $500,000 and the remaining 50% for $1,000,000 at any time before commercial production begins. The agreement’s closing is subject to TSX Venture Exchange approval. icon

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