Superior Copper acquires Glenrock property in Canada

26 June 2012 (Last Updated June 26th, 2012 18:30)

Superior Copper Corp has entered into an agreement to acquire the Glenrock property located in Palmer and Ryan Townships, Ontario, Canada, for an undisclosed sum.

Superior Copper Corp has entered into an agreement to acquire the Glenrock property located in Palmer and Ryan Townships, Ontario, Canada, for an undisclosed sum.

Under the terms of the agreement, Superior Copper will acquire a 100% interest in the project for a 1.5% net smelter return, previously granted to a third party, by issuing 2.1 million shares to Hudson River Minerals.

The acquisition is subject to conditions precedent, including obtaining required regulatory approvals.

The Glenrock Property covers 18 unpatented mineral claims over 2,515 hectares in the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province.

In the early 1990s, Noranda completed two exploration trenches, 50m apart, across the main Glenrock trend, with grades returning 3.96 grams per tonne gold over 8m and 4.68 grams per tonne gold over 6m.

Canada-based exploration company Superior Copper Corp has two key exploration projects known as the Batchawana Copper Project and the Rivière Doré Project in Quebec.