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Copper One Resources to Acquire Labrador Property for CAD $3.65M and Advances BC Drilling

MixedMedium impact
CEXYCA$0.4950 −2.94%FMCA$39.00 −0.23%LUNCA$34.67 −1.42%IVNCA$11.20 −3.45%CSCA$13.38 −2.05%TKOCA$12.16 −3.65%

Copper One Resources Corp. (CSE:CEXY) has agreed to acquire a 100% interest in the Sword & Gossan Mineral Properties in west-central Labrador from 1594122 B.C. Ltd. The CAD $3.65 million cash deal includes 10 mineral licences covering roughly 3,900 hectares. Copper One will pay CAD $1.15 million shortly after the effective date and the remaining CAD $2.5 million within six months, alongside future advance royalty payments. The acquisition remains subject to customary closing conditions and exchange approval.

The Labrador property addition expands the company's portfolio of critical metals assets, adding historical nickel-copper-cobalt exploration targets. Concurrently, Copper One is advancing exploration at its Redonda Copper-Molybdenum Project in British Columbia. The company recently completed its second drill hole at Redonda to a depth of 425.8 metres and has begun drilling a third hole targeted to reach 470 metres.

Investors will be watching for regulatory approval of the Labrador purchase, laboratory assay results from the Redonda drill program, and planned site work at the flagship Majuba Hill asset in Nevada. Following the news, shares of Copper One Resources Corp. were trading at 0.495 CAD, down 2.94% on the day.

Key points

  • Copper One Resources agreed to acquire the 3,900-hectare Sword & Gossan property in Labrador for CAD $3.65 million in cash.
  • The company will pay CAD $1.15 million initially and CAD $2.5 million within six months, plus two CAD $200,000 anniversary royalty payments.
  • Drilling has begun on the third hole at the Redonda project in British Columbia following completion of a 425.8-metre second hole.
  • Copper One recently raised approximately CAD $7.96 million in gross proceeds through a private placement of special warrants.
  • Shares of Copper One Resources Corp. (CSE:CEXY) traded down 2.94% to 0.495 CAD.

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Questions and answers

What is Copper One Resources acquiring in Labrador?

Copper One is acquiring a 100% interest in the Sword & Gossan Mineral Properties, covering roughly 3,900 hectares across ten mineral licences and 156 claims in west-central Labrador.

How much is Copper One paying for the Sword & Gossan property?

The acquisition is priced at CAD $3.65 million in cash, with CAD $1.15 million due shortly after the effective date and CAD $2.5 million due within six months, plus two CAD $200,000 advance royalty payments.

What is the current status of the Redonda drilling program?

Copper One completed its second drill hole at 425.8 metres and has started drilling a third hole planned to reach about 470 metres.