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Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") is pleased to announce that it has completed the acquisition of a 100% interest in the North Island Copper Project, located near Port Hardy on Vancouver Island, British Columbia, having acquired the remaining 49% interest under its option agreement. With full ownership secured, Questcorp has complete control over exploration decisions as it advances the Marisa target toward drilling. The project is subject to a 3% Net Smelter Return ("NSR") royalty, which the Company may buy back in full.
The Company's primary focus is the Marisa target, where historical drilling in 1992 tested a shallow induced polarization ("IP") target and intersected porphyry-style copper mineralization in two of the five holes completed, including 0.078% copper over 56.39 metres in DDH92-01 and 0.041% copper over 70.71 metres in DDH92-031.
Questcorp's 2026 follow-up IP survey identified a significant increase in the intensity of the chargeability anomaly at depth, suggesting that historical drilling conducted in 1992 likely intersected only the upper, lower-intensity portion of a potentially larger mineralized system.
The Company currently has a multi-year Notice of Work permit application in process with the provincial Ministry of Mining and Critical Minerals for 30 drill sites. Subject to receipt of the permit, the Company intends to advance the Marisa target to drill testing.
"Consolidating 100% ownership of the North Island Copper Project is a key milestone for Questcorp," said Saf Dhillon, President & CEO of Questcorp Mining. "Full ownership gives us complete control of a project with a defined drill target at Marisa, where our 2026 IP survey indicates that historical drilling may have tested only the upper portion of the system. With our Notice of Work application in process and a refined geophysical model in hand, we are well positioned to drill-test the deeper, higher-intensity chargeability anomaly and evaluate the full scale of the target. We look forward to an active period at North Island."
The Company earned the remaining 49% interest in the project under the North Island Copper option agreement by making a final cash payment of $110,000 and issuing 250,000 common shares to the property vendor. The shares are subject to a statutory hold period of four months and one day from the date of issuance. The vendor retains a 3% NSR royalty; the Company may buy back the first 1% of the royalty for a cash payment of $750,000 and the remaining 2% of the royalty for an additional $1-million.
Source:
- Geophysical and Diamond Drilling Report on the Marisa Property, G.J. Allen and P.G. Dasler, February 29, 1992, prepared for Great Western Gold Corporation.
The Company cautions that a Qualified Person has not verified the historical exploration data referenced in this release. The presence of mineralization on adjacent or nearby properties, including NorthIsle Copper and Gold and BHP properties, is not necessarily indicative of mineralization on the North Island Copper Project.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a Director of the Company and a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Questcorp Mining Inc.
Questcorp is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metal properties of merit. The Company holds an undivided 100% interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island Copper Project, on Vancouver Island, B.C., subject to a royalty obligation. The Company also holds an option to acquire an undivided 100% interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's exploration plans for the North Island Copper Project, including receipt of the Notice of Work permit, the timing and results of planned drilling, the potential size of the mineralized system at the Marisa target, and the potential exercise of the royalty buyback rights. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, general business, economic, competitive, political and social uncertainties; uncertain capital markets; the results of exploration activities; fluctuations in commodity prices; the availability of financing; and delay or failure to receive board, regulatory or permitting approvals. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322173