Canadian outfit Intrepid Metals Corp. (TSXV: INTR) has entered into a definitive agreement with Cave Creek Copper Inc. (CCCI), and its shareholders, to acquire all of the issued and outstanding shares of CCCI. CCCI holds certain exploration properties located in the Courtland-Gleeson area of Cochise County, Arizona, US.
Intrepid is focused on exploring for potential high-grade copper, silver, lead, and zinc mineral projects in proximity to producing mines in south-eastern Arizona, US.
The company has already acquired several drill-ready projects, including the Tombstone South and the Mesa Well properties. Historical drilling at Tombstone South has identified high-grade mineralization and shares geological similarities to the Taylor Deposit, which was purchased for C$1.3B in 2018, and Mesa Well is situated within the heard of the Laramide Copper Porphyry Belt.
The terms of the new agreement with CCCI give Intrepid Metals the option to acquire all of the issued and outstanding shares of CCCI in return for certain cash and common share payments and exploration expenditure commitments. The consideration is as follows (all dollar values are Canadian dollars):
|Time Period||Cash Payments||Share Consideration||Exploration Expenditure Commitments|
|TSXV Approval||$50,000||1,500,000 Shares||–|
|12 Months||$25,000||1,000,000 Shares||$100,000|
|24 Months||$395,000||1,000,000 Shares||$150,000|
|36 Months||$150,000||3,500,000 Shares||$150,000|
Under the terms of the agreement, Intrepid Metals will take over as operator of the properties and will be responsible for future exploration work and maintaining the properties in good standing. The agreement is subject to the approval of the TSX Venture Exchange.
The company is actively looking to acquire additional projects in Arizona and the American Southwest and has assembled what it describes as “an exceptional team with considerable experience in evaluating and developing exploration projects within North America”.
To find out more, visit: www.intrepidmetals.com