viewKodiak Copper Corp.

Dunnedin signs tentative deal to buy copper-molybdenum-silver porphyry project in Arizona

Consideration for the Mohave project includes C$50,000 in cash, C$100,000 in Dunnedin shares and a 0.5% net smelter returns royalty

Copper wire
With a total of three copper assets, Dunnedin said it will be able to drill year-round.

Dunnedin Ventures Inc (CVE:DVI) (OTCMKTS:OCPFF) said Monday that it has signed a letter of intent to acquire 100% of the Mohave copper-molybdenum-silver porphyry project in Arizona from Bluestone Resources Inc.

Vancouver-based Dunnedin said in a statement that the acquisition of the Mohave project would represent a strong addition to its copper portfolio in North America, which includes its 100%-owned Trapper and MPD copper porphyry projects in British Columbia.

“Mohave enhances Dunnedin’s copper portfolio with a US-based asset located in a prolific copper mining district,” Dunnedin President Claudia Tornquist said. “Investor sentiment in the United States favors domestic resource production. Developing a copper project at Mohave is anticipated to have strong appeal.”

READ: Constantine Metal Resources rallies after upgrade to top OTC markets tier

She added that Mohave is an underexplored property with nearby producing mines and excellent infrastructure. 

Previous drilling, according to Tornquist, has confirmed porphyry-style copper-molybdenum-silver mineralization. Significant copper-in-soil targets have been historically defined and remain untested, she said.

With a total of three copper assets in British Columbia and Arizona, Dunnedin said it will now be able to drill year-round.

Dunnedin’s first drill program will be at its MPD project in southern British Columbia in early 2019, and preparatory work for a drill program at Mohave is slated for later in the year, according to the company.

The nonbinding letter of intent with Vancouver-based Bluestone Resources is subject to the execution of a definitive agreement and other customary conditions including the approval of the TSX Venture Exchange.

Consideration, according to Dunnedin, includes:

  • C$50,000 in cash and C$100,000 in Dunnedin shares upon closing
  • 500,000 shares upon the public disclosure of a resource for the project compliant with standards
  • 500,000 shares upon the public disclosure of a preliminary economic analysis 
  • 500,000 shares upon the public disclosure of a prefeasibility or more advanced study for the project
  • A 0.5% net smelter returns royalty

Management will provide further information on 2019 exploration plans at Mohave as the project database is analyzed.

Separately, Dunnedin has granted an aggregate of 1.7 million stock options to management, directors and consultants of the company, exercisable at C$0.075 per share for a period of five years.

Shares of Dunnedin slipped C$0.01 to C$0.07 in Monday’s Canadian trading.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Quick facts: Kodiak Copper Corp.

Price: 1.69 CAD

Market: TSX-V
Market Cap: $72.11 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Kodiak Copper Corp. named herein, including the promotion by the Company of Kodiak Copper Corp. in any Content on the Site, the Company...


Kodiak Copper's well funded drill program shows more positive results from...

Kodiak Copper (CVE: KDK) CEO Claudia Tornquist joined Steve Darling from Proactive Vancouver with to share some results from their drill program at the MPD Copper project in British Columbia. Tornquist discussing more about hole 2 and 4. Tornquist also updated Proactive on the companies...

3 days, 3 hours ago

2 min read