Doré Copper Mining Corp reports that it has completed an option agreement with VanadiumCorp Resource Inc and has gained a 100% interest in the Cornerback Property, which sums 2,100 ha and encompasses the Company’s flagship Corner Bay high-grade copper-gold project situated in the southern portion of the Chibougamau mining camp, Québec.
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.
Ernest Mast, President and CEO, Doré Copper Mining Corporation
“The Company is currently completing a 16,500-meter 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 Doré/Chibougamau mining camp and creating a profitable hub-and-spoke operation model with our Copper Rand centralized mill,” added Mast.
According to Adriaan Bakker, President and CEO of VanadiumCorp, “We are proud to work with Doré Copper as they revitalize the Chibougamau Mining District once an integral producer of copper and gold in Canada. Doré 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 Québec, Canada,” he added.
Cornerback Option Agreement
Doré Copper signed the Cornerback option agreement with VanadiumCorp on September 6th, 2017. The Cornerback Property consists of 48 claims covering around 2,100 ha and encompassing the Corporation’s Corner Bay project and is near to the Corporation’s Devlin copper project to the west (Figure 1).
The conditions of the option agreement to achieve the Cornerback Property were $250,000 in cash payments (five yearly payments of $50,000). The Corporation took a decision to make the final payment of $50,000 before the due date of September 6th, 2021.
Besides, VanadiumCorp holds a 2% NSR royalty, of which 50% or 1% can be reacquired for $1,000,000, and upon the start of commercial production on the Cornerback Property, Doré Copper would make a cash payment of $250,000.
The Cornerback Property has various exploration and geophysical targets, such as the potential southern extension of the Corner Bay main deposit. The claims exhibit better geology as they are situated on the southern flank of the Chibougamau pluton with a gabbroic anorthosite sequence.