Carube Copper Corp (CVE:CUC) has received 500,000 shares from Tocvan Ventures Corp (CSE:TOC) as part of a previously announced property option.
Tocvan can acquire up to an 80% interest in the Rogers Creek property, which covers 212.34 square kilometers (km2) in the Coastal Mountain Belt of British Columbia in the Lillooet mining district.
Rogers Creek comprises 47 mineral claims and is being explored for porphyry-style copper-gold mineralization.
Tocvan also paid C$25,000 to Carube under the option deal, Toronto-based Carube said in the statement.
"We are extremely pleased to see Tocvan go public and fulfill their commitment to explore at the Rogers Creek Copper project," said Stephen Hughes, Carube Copper's CEO and president. "The company is anticipating a fruitful exploration season there this year with the Tocvan team funding and operating the program. This joint venture with Tocvan represents the first of several that the company expects to negotiate and complete on its non-core assets in the near term. Carube also intends to acquire new property assets for addition to its portfolio. A number of quality projects are currently under advanced review."
To maintain and exercise the option, Tocvan must:
- Issue 200,000 shares to Carube and complete a $200,000 work commitment within 30 days of the first anniversary of the listing date on the CSE
- Issue 200,000 shares to Carube and complete a $300,000 work commitment within 30 days of the second anniversary of the listing date on the CSE
- Issue 200,000 common shares to Carube and complete a $400,000 work commitment within 30 days of the third anniversary of the listing date.
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