Majuba Hill Copper Corp. announce the Company has entered in to an agreement dated March 20, 2023 (the “Purchase Agreement”) with Ruby Hollow, LLC to acquire a 100% interest in the Copper King and Desert Mountain Claim Group SW of the Tintic Mining District in Juab, Utah (the “Transaction”). The properties consist of 6,827.994 acres of highly prospective claims and leases (the “Subject Property”).
Copper King and Desert Mountain Claims
The two claim blocks are situated approximately 90 km SW of Kennecott’s prolific Bingham Canyon Mine Complex (just west of Salt Lake City, Utah) and 40 km SW of the Tintic Mining District which hosted some of the richest lead/silver mines in the state.
The Copper King Claims is a greenfield project that hosts numerous quartz-specularite veins with occasional Cu-oxides, barite, and fluorite showings that increase in intensity along the western flank of the mountain range. A field program took place in 2020 that focused on collecting structural orientation data and geochemical grab samples of veins to provide further insight into the mineralizing system. Geophysical anomalies outline potential targets for drilling the 5113.214 acre property.
The Desert Mountain Claims is a block of land covered by the DMG claims, the Coyote Knoll claims, and a state section on west side of the claim block. There is alteration, mineralization, and jasperoids in the volcanic and Precambrian rock covered by the claims. There is a small mine on the property called the Coyote Mine with small production and reported 1000 ounces silver. A review of the drilling, including creating cross sections of the drilling, indicates excellent drilling opportunities along a mostly east-west structure covered by the claims. Additional opportunities can be found north and south off this east-west structure. The overall block size is approximately 1,714.78 acres.
David Greenway, President and CEO, commented: “While we continue to advance our flagship Majuba Hill Copper Project showcasing the potential for 1.5 Billion pounds of copper, with results just announced to expand that size, which will contribute to the development of a NI 43-101 compliant copper resource. Our phased approach is how the next great copper mines of America will be developed. This in an era when copper has never been in greater demand, the shortfall for copper been forecasted to become so significant and the need to find strategic copper reserves in domestic, safe, American, mining friendly jurisdictions been so imperative. Bravo to 2022. We couldn’t be more excited to see what 2023 brings. We are excited to add to the Company’s US based mining portfolio with this strategic acquisition to find the next ‘Majuba Hill’.”
In consideration for the Transaction and pursuant to the terms of the Purchase Agreement, and closing thereof (“Closing”), the Company will issue an aggregate of 3,000,000 common shares in the capital of the Company at a deemed price of $0.13 USD per share (the “Consideration Shares”).
Pursuant to the Purchase Agreement, the Company has agreed to undertake and assume all obligations related to the Properties such as certain royalty interests and maintaining the Subject Property in good standing.
The Consideration Shares will be subject to a four month and one day restriction on resale commencing on the closing date.
Further, the Company has engaged Positive Phil Inc. of San Marcos, California, to provide digital marketing services to the Company for a term of 30 days, in consideration of 300,000 RSUs. Positive Phil Inc. will utilize its online programs and media placement to generate a greater following, increase investor awareness and attract new investors through many different online platforms and methods of engagement.
About Majuba Hill Copper Corp.
Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Majuba Hill Copper Corp.
David C. Greenway
President & CEO