Doré Copper Mining - President and CEO, Ernest Mast
President and CEO, Ernest Mast
Source: CBC Canada
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  • Doré Copper Mining (DCMC) has completed an option agreement with VanadiumCorp Resource Inc.
  • The Cornerback option agreement was signed with VanadiumCorp on September 6, 2017
  • The terms of the option agreement to acquire the Cornerback Property were $250,000 in cash payments
  • VanadiumCorp retains a 2% NSR royalty, of which 50% or 1% can be bought back
  • Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec
  • Doré Copper Mining (DCMC) is down 0.82 per cent, trading at C$1.21 per share at 2:45 pm ET

Doré Copper Mining (DCMC) has completed an option agreement with VanadiumCorp Resource Inc.

Doré has earned a 100% interest in the Cornerback Property, totalling 2,100 hectares surrounding the company’s Corner Bay project, adjacent to the there Devlin copper project to the west (Figure 1).

Figure 1

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-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.”

Adriaan Bakker, President and CEO of VanadiumCorp, added,

“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 the 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.”

The Cornerback option agreement was signed with VanadiumCorp on September 6, 2017.

The terms of the option agreement to acquire the Cornerback Property were $250,000 in cash payments (five annual payments of $50,000). The company has decided to make the final payment of $50,000 in advance of the due date of September 6, 2021.

VanadiumCorp retains a 2% NSR royalty, of which 50% or 1% can be bought back for $1,000,000, 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.

Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec.

Doré Copper Mining (DCMC) is down 0.82 per cent, trading at C$1.21 per share at 2:45 pm ET.

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