universal copper completes purchase agreement with ba copper corporation
Vancouver, British Columbia, September 22, 2021 – Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA2) is pleased to announce that further to its news release of August 31, 2021, it has increased its land position surrounding its Poplar Copper Project (the “Poplar”), by completing the acquisition of 100% of the issued and outstanding shares of BA Copper Corporation (“BA Copper”).
In consideration for the purchase of the shares of BA Copper, the Company will issue an aggregate of 4,500,000 common shares of Universal Copper (the "Payment Shares") to the shareholders of BA Copper, Vector Geological Solutions Inc. (Dan MacNeill), Alan Wainwright and Calderan Ventures Ltd. (James Romano).
The Purchase Agreement has received the approval of the TSX Venture Exchange (the “TSXV”). All the Common Shares to be issued in connection with the Purchase Agreement are subject to applicable securities legislation.
BA Copper holds 4,631 hectares contiguous to the southwest corner of the flagship Poplar Copper Project (the “Poplar”). These new claims increase the property size to over 61,600 hectares and now makes Poplar contiguous to the Surge Copper Corp.’s Berg copper deposit.
Clive Massey, Universal Copper’s CEO and President commented, “The acquisition of these additional claims represents another step forward as the Company advances its business objectives. As we have previously announced, the Company has obtained all the permits required to commence a 2021 Phase 1 drill program for the Poplar copper deposit. The goal of this program is to expand the area of the known deposit to the west and at depth as it remains open. With copper prices continuing to increase, we look forward to some electrifying times.”
The 61,600-hectare Poplar Project hosts a current undiluted indicated mineral resource of 152.3 million tonnes grading 0.32 per cent copper, 0.009 per cent molybdenum, 0.09 gram per tonne gold and 2.58 g/t silver and an undiluted inferred mineral resource of 139.3 million tonnes grading 0.29 per cent copper, 0.005 per cent molybdenum, 0.07 g/t gold and 4.95 g/t silver. The mineral resource estimate has a cut-off grade of 0.20% copper. Universal Copper cautions investors mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
Poplar lies in an historic mining region, located 35km from the Huckleberry Mine and 42km from Equity Silver Mine, where low snowfalls will allow year-round work. The road accessible property is bisected by a 138 Kva Hydroelectric line and lies 88km from Houston and 400km from the deep-water port at Prince Rupert by rail.
The technical content of this New Release has been reviewed and approved by R. Tim Henneberry, P.Geo (BC) a member of the Company’s Advisory Board and a Qualified Person under National Instrument 43-101.
About Universal Copper
Universal Copper Ltd. is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties. The Company's management team has many years of experience in exploration, finance and efficient public company management. Universal's current focus is on advancing the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia with a historic 43-101 resource.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Phone: (604) 341-6870
Neither 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 release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.