Copper Road signs Four Separate Option Agreements Consolidating the Ben Nevis Volcanic Complex into a Single Claim Group
Executive Summary
- Copper Road Resources signed a non‑binding LOI to acquire option rights on 174 cell claims (≈10,232 ha) consolidating the entire Ben Nevis Volcanic Complex into one claim group.
- The transaction provides the right to earn 100 % of the project interest for cash payments and issuance of up to 7.5 million common shares, with a 2 % NSR royalty retained by vendors (repurchasable under defined terms).
- The company also granted 1,000,000 incentive stock options at $0.05 per share to consultants, exercisable for five years until Dec 8 2030.
Key Details
- Option Structure – Payments & Shares
- On Signing: $37,500 cash + 2,250,000 shares
- Year 1: $65,000 cash + 500,000 shares
- Year 2: $120,000 cash + 950,000 shares
- Year 3: $200,000 cash + 1,750,000 shares
- Certain other events: $0 cash + 2,000,000 shares
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Total consideration: $422,500 cash and 7,500,000 shares
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Royalty Terms – Vendors retain a 2 % NSR royalty; Copper Road may repurchase:
- 50 % of NSR for $2,000,000 cash
- Additional 25 % for $4,000,000 cash
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Right of First Refusal on remaining 25 %
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Closing Timeline – Expected to close within 30 days, subject to customary conditions and TSXV approval.
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Incentive Stock Options (ISOs) – 1,000,000 options granted to consultants at an exercise price of $0.05 per share; five‑year term expiring 8 Dec 2030.
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Geological Context – The acquired land spans Ben Nevis Volcanic Complex (upper Blake River Group) with historic VMS and Cu‑Au‑Mo mineralization, including:
- Historic drill intercepts (e.g., 85.8 g/t Au over 1.52 m; 114 g/t Au over 1.22 m).
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Recent 1,164 km Mobile MT airborne survey completed; 3‑D inversion pending to define targets for ground follow‑up and drilling.
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Qualified Person – Michael P. Rosatelli, M.Sc., P.Geo., reviewed and approved all scientific/technical information per NI 43‑101.
Notable Quotes
“This is an unparalleled opportunity for Copper Road. The Ben Nevis Volcanic Complex has long been recognized for its potential for VMS deposits but has seen limited modern‑day exploration.” – Brian Howlett, President & CEO