Vizsla Copper (Vizsla) has signed an option agreement to acquire a portion of the Eagle Lake property in the Cariboo Mining district in British Columbia (BC), Canada, from Trailbreaker Resources.
The deal provides Vizsla with the option to acquire a 100% interest in four of the 14 claims comprising Eagle Lake property, which borders the company’s 72,805-hectare (ha) Woodjam copper-gold porphyry project in south-central BC.
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In exchange, Vizsla will issue an aggregate of 400,000 common shares to Trailbreaker over a period of three years.
The optioned claims, which cover a 6,482ha area, will be subject to a 2% net smelter return royalty (NSR).
Trailbreaker and Teck Resources will each retain a 1% NSR on three of the claims while Trailbreaker will retain a 2% NSR on the fourth claim.
Trailbreaker CEO Daithi Mac Gearailt said: “We are very pleased to come to an arrangement with Vizsla Copper. This is a win-win deal: Vizsla gets to acquire and explore ground to expand their Woodjam project while Trailbreaker retains the Moffat zone area where we have outlined a significant gold-copper zone.”
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By GlobalDataVizsla Copper said the new claims, due to their prospective geology, will be a high priority for planned exploration programmes at the Woodjam Project.
Vizsla Copper exploration vice-president Steve Blower said: “These claims are a terrific addition to the Woodjam Project.
“They are proximal to porphyry-related copper-gold deposits and share similar geology. Work on the Trailbreaker claims will be a high priority for the company going forward.”
