Vizsla Copper has announced the expansion of its Woodjam copper-gold project in British Columbia, Canada, by acquiring a further 16,008ha of exploration territory.
The expansion includes both low-cost staking and acquisition from an arm’s length vendor, significantly enlarging the project’s footprint in the southern Quesnel Terrane to a total of 90,163ha.
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The newly staked claims, covering 14,782ha, are contiguous with the southern end of the Woodjam project.
These claims are primarily underlain by the Takomkane batholith, an intrusive complex known for hosting porphyry-related copper-gold mineralisation, similar to the Southeast deposit at Woodjam.
The claims to be purchased, totalling 1,226ha, are underlain by Nicola Gp. volcaniclastic rocks.
Vizsla added that these claims are notable for outcropping quartz-carbonate veins with high-grade sphalerite and gold (Au) mineralisation. Vizsla Copper’s grab samples from this area have yielded up to 26.8% zinc and 9.01 grams per tonne of gold.
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By GlobalDataIn exchange for the claims, Vizsla Copper will issue 200,000 common shares to the vendor.
Additionally, the claims will carry a 2% net smelter returns royalty, with Vizsla Copper retaining the option to buy back half of this royalty for $1m in cash.
The acquisition is pending standard closing conditions and the approval of the TSX (Toronto Stock Exchange) Venture Exchange.
Woodjam project’s expansion is a strategic move by Vizsla Copper to bolster its position in a region known for its mineral wealth.
In June last year, Vizsla entered an option deal to acquire a 100% interest in four of the 14 claims comprising the Eagle Lake property, which borders the Woodjam project, from Trailbreaker Resources.
Over three years, Vizsla will issue an aggregate of 400,000 shares to Trailbreaker.
