TORONTO, ON / ACCESSWIRE / May 10, 2024 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that it has completed the acquisition (the "Transaction") of the Copper Road Project (the "Copper Road Project"), from Copper Road Resources Inc. (TSXV:CRD) ("Copper Road") through the purchase of 100797918 Ontario Inc. (the "Subsidiary"), a wholly-owned subsidiary of Copper Road. Located 80km north of Sault Ste. Marie, Ontario, Canada, the Copper Road Project is a 24,000ha high-potential brownfield copper-moly-silver-gold project associated with the Midcontinent Rift, which until 2021 had never been fully consolidated. Recent porphyry and breccia drill holes as well as past copper production from two mines suggest the potential for larger intrusion related copper mineralization. The Copper Road Project benefits from its strategic proximity to substantial infrastructure (Figure 1).
As consideration for the Transaction, Sterling has acquired the Subsidiary and issued 108,087,669 Common Shares (the "Consideration Shares") in the capital of the Company, of which 86,249,546 Consideration Shares will be distributed, on a pro rata basis, to the shareholders of record of Copper Road as of close of business on Wednesday, May 8, 2024 (the "Record Date"). Sterling has also paid $460,000 in cash.
Mathew Wilson, CEO and Director of Sterling, commented, "We are excited to complete the acquisition of Copper Road, adding a complementary and compelling project to our growing Canadian exploration portfolio. The timing of Transaction represents a significant opportunity for existing and new shareholders of Sterling, as we enter a new copper supercycle, largely the product of years of underinvestment and lack of discoveries. As we look ahead, we are excited to begin our Phase I exploration program in the coming weeks. Our exploration team as been diligently gathering historical and current data and we look forward to providing plans with the aim of making important discoveries in eastern Canada."
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Figure 1: Location of the Copper Road Project in Ontario, Canada located in proximity to significant infrastructure
For additional information on the Copper Road Project and the Transaction, please refer to Sterling's news releases dated February 14, 2024, February 27, 2024 and April 30, 2024.
In connection with the Transaction, Sterling has agreed to pay a finder's fee to Castlewood Capital Corporation (the "Finder") in the amount of $20,000 (plus all applicable taxes) and shall issue the Finder an aggregate of 2,064,841 common shares in the capital of Sterling.
About Sterling Metals
Sterling Metals (TSXV:SAG) and (OTCQB:SAGGF) is a mineral exploration company focused on large scale and high-grade Canadian exploration opportunities. The Company is advancing the 24,000-hectare Copper Road Project in Ontario which has past production, and multiple breccia and porphyry targets strategically located near robust infrastructure and the 29,000-hectare Adeline Project in Labrador which covers an entire sediment-hosted copper belt with significant silver credits. Both opportunities have demonstrated potential for important new copper discoveries, underscoring Sterling's commitment to pioneering exploration in mineral rich Canada.
For more information, please contact:
Sterling Metals Corp.
Mathew Wilson, CEO and Director
Tel: (416) 643-3887
Email: [email protected]
Website: www.sterlingmetals.ca
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.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Sterling Metals Corp.