Canadian-based copper exploration Universal Copper has signed an agreement to acquire 100% of the issued and outstanding shares of BA Copper.
Under the agreement, Universal Copper will issue an aggregate of 4.5 million common shares to the shareholders of BA Copper.
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BA Copper holds acreage spanning 4,631ha that is continuous to the south-west corner of the Universal Copper’s Poplar Copper Project in British Columbia.
Universal Copper expects the acquisition to increase the size of the Poplar Copper Project to more than 61,600ha, and makes it contiguous to the Surge Copper’s Berg copper deposit.
Universal Copper CEO and president Clive Massey said: “Combining the contiguous BA Copper properties with our own ground represents the consolidation of a district-scale land package in a favourable geological setting where the Poplar has had prior sample and significant drill results that yielded impressive copper values but lacked in adequate systematic follow-up.
The firm has secured the permits required to commence a 2021 Phase 1 drill programme for the Poplar copper deposit.
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By GlobalDataMassey said that around half of the programme is being directed at deposit expansion to the west where it remains open and at depth.
Massey added: “With the strengthening copper market brought on by the continually increasing adoption rates of electric vehicles, electrification, and emerging economies worldwide, this new land package is an important piece of the puzzle for the company.”
The latest deal follows the acquisition of 100% of the issued and outstanding shares of Poplar Copper in July 2021.
The firm owns a contiguous 18,000ha claim block that surrounds the 39,000ha Poplar project.
