Core Critical Metals has announced its intention to acquire an 80% stake in the Lucky Mike silver-copper-tungsten property, pending approval from the TSX Venture Exchange.
The agreement, made with First Atlantic Nickel, involves a property comprising 37 claims over approximately 7,675 hectares (ha) situated between Kamloops and Merritt in British Columbia (BC).
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The site is strategically positioned in BC’s copper porphyry and gold mining region, adjacent to Teck’s Highland Valley Copper Mine. The mine recently extended its operational life to 2046 following a significant investment of $2.1bn (C$2.87bn)–2.4bn.
Lucky Mike has a historical resource estimate of 73.5 million tonnes (mt) with a copper equivalent grade of 0.27%, translating to around 402 million pounds of contained copper.
In 1943, as part of the wartime investigation into tungsten, the Strategic Metals Committee drilled 14 diamond drill-holes along a 100m strike length.
Eight of these holes showed a weighted average of 0.312% tungsten trioxide across an average width of 25ft.
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By GlobalDataThe property is fully permitted and ready for drilling, with new high-priority targets identified through AI analysis.
It benefits from excellent infrastructure access, being close to logging roads, power sources and local labour in the Nicola Mining District.
Under the terms of the option agreement, Core Critical Metals may earn its 80% interest by fulfilling specific payments and expenditures.
The property is currently subject to a 2% net smelter return royalty.
Core Critical Metals and First Atlantic Nickel will form a joint venture upon completion of the second option phase, with the former serving as the operator.
Should First Atlantic Nickel opt not to contribute its share of exploration expenditures, its interest could be diluted below 10%, at which point it would convert to a royalty interest.
Core Critical Metals will fully fund all expenditures approved in the annual work programme until a feasibility study is delivered.
During this period, First Atlantic Nickel’s participation will not be subject to dilution.
