VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / Universal Copper Ltd. ("UNV", "Universal Copper" or the "Company") (TSXV:UNV)(FSE:3TA1)(OTC PINK:ECMXF) is pleased to announce the signing of an agreement with Doctors Investment Group Ltd. ("Doctors") to acquire its Lac Villebon property consisting of 15 prospective mining claims totaling 864 hectares in Lac Villebon Township located at the eastern end of the Val D'or Gold Mining District, approximately 40 kilometres east of Val D'Or, Quebec.
Lac Villebon lies along a south splay of the Cadillac Transition Zone, a north-northwest trending fault contact between the Pontiac and Abitibi sub-provinces of the Superior province. A potentially auriferous cross cutting offset fault is the exploration target. 2016 diamond drilling, confined to a relatively small section of the claim block, tested a number of EM and magnetic anomalies encountering graphitic shear/fault zones exhibiting strong and pervasive silicification carrying narrow zones of semi-massive to massive sulfide mineralization, primarily pyrite and pyrrhotite, in metavolcanics and metasediments. Along with weakly anomalous gold values, intervals of interesting zinc were also encountered in all holes, with widths ranging from 65 centimetres to 33.05 metres and grades ranging from 0.11% to 0.59% zinc.
UNV President and CEO Clive Massey stated, "Universal is pleased to acquire a nicely situated, technically favorable exploration project in mining friendly Quebec. There are several geophysical anomalies including significant zinc values requiring further exploration. The Lac Villebon project fits nicely into Universal's property portfolio in this ever strengthening resource market."
The Company can obtain a 100% interest in the Lac Villebon property by completing the following terms:
- $25,000 within 30 days of signing of the option agreement;
- 750,000 shares on TSX.V approval;
- $50,000 on the 1st anniversary of TSX.V approval;
- $50,000 on the 2nd anniversary of TSX.V approval;
- $100,000 on the 3rd anniversary of TSX.V approval;
There are no work requirements with the option agreement. There is a 1% Net Smelter Return (NSR) Royalty that can be purchased for $1,000,000.
R. Tim Henneberry, P.Geo., UNV's Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
Further to the Company's news release on October 13, 2020, the Company has terminated its LOI with UrbanGold Minerals Inc.
For additional information please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
Universal Copper Investor Relations
Phone: (604) 341-6870
Email: [email protected]
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Universal Copper Ltd.