Copper Road Resources Inc. has signed a non-binding Letter of Intent to option 174 cell claims in northeastern Ontario, consolidating the entire Ben Nevis Volcanic Complex into a single claim group holding. The property spans approximately 10,232 hectares and includes 13 contiguous mining rights only patents for an additional 210 hectares.
The Ben Nevis Volcanic Complex is known for its potential VMS deposits and has limited modern-day exploration. The Clifford Stock in Clifford Township provides additional exploration potential for intrusive related Cu-Au-Mo deposit models. This transaction marks the first consolidation of the entire Ben Nevis Volcanic Complex into a single claim group holding.
The property’s geology features a domal anticlinal package of mafic and felsic volcanic rocks wrapped around the Clifford Stock. The presence of VMS-style alteration and mineralization suggests the potential for gold-rich VMS deposits. The layered volcanic package reflects a flow dome complex hosting gold-rich VMS deposits similar to those in the Doyon-Bousquet LaRonde camp.
Copper Road Resources recently conducted a “state of the art” Mobile MT survey over the entire consolidated property holdings. The survey aims to identify possible fault contacts, alteration zones, and mineralization associated with VMS and Porphyry-hosted Cu-Au-Ag-Mo mineralization. The data collected will be used to identify targets for ground follow-up, including diamond drilling.
Under the terms of the four Option Agreements, Copper Road has the right to earn a 100% interest in the Projects in exchange for cash payments and the issuance of common shares. The vendors will retain a 2% net smelter return royalty on the property. The completion of the Option is subject to customary closing conditions and regulatory approval.
Copper Road Resources has granted 1,000,000 incentive stock options to consultants of the Company. Each option is exercisable into one common share at an exercise price of $0.05 for a five-year term. The Company’s President and CEO, Brian Howlett, is optimistic about the opportunities presented by the consolidation of the Ben Nevis Volcanic Complex.
Read more at GlobeNewswire: Copper Road signs Four Separate Option Agreements