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Alta Copper Announces Option Agreement on Arikepay Project
ACCESS Newswire · Alta Copper Corp.
Alta Copper Corp.
8 min read

In This Article:

VANCOUVER, BC / ACCESS Newswire / April 23, 2025 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is very pleased to announce it has entered into a Definitive Option Agreement (the "Option Agreement") with the newly formed Precore Gold Corp. ("Precore Gold") to explore and develop the 100% owned Arikepay copper-gold project ("Arikepay Project"), comprised of three mineral concessions totaling 1,800 hectares and located about 110 km south of the city of Arequipa in southern Perú.

Under the Definitive Option Agreement, Precore Gold will have the option and right to acquire up to a 100% beneficial interest in the Arikepay Project. A summary of the terms based on 100% acquisition which is contingent upon the successful staged development of the Arikepay Project is outlined below:

  • Total Share Consideration of 3,500,000 common shares of Precore Gold

  • 1.5% Net Smelter Royality

  • Total Cash Payments of Cdn$375,000

  • Milestone Payments totaling Cdn$7,000,000 comprised of:

    • $1,000,000 contingent on defining a mineral resource estimate of 1 million equivalent ounces;

    • $1,000,000 on defining a mineral resource estimate of 2 million equivalent ounces;

    • $2,000,000 on completion of a Preliminary Economic Assessment; and,

    • $3,000,000 on completion of a Feasibility Study.

  • Exploration Commitment of Cdn$1,500,000 between Year 1 to 3, Cdn$4,000,000 between Year 4 to 5 and a further $3,500,000 in year 6 to 10.

  • Cdn$1,000,000 in cash or the equivalent value in common shares of Precore Gold on the acquisition of the final 20% interest.

Giulio T. Bonifacio, Executive Chair and CEO, commented: "We are very pleased to have entered into an option agreement on our Arikepay gold-copper project, originally acquired by Alta Copper in 2006. Arikepay is a highly prospective asset with significant upside, as demonstrated by past drilling. Given Alta's primary focus on advancing the Cañariaco copper project, more fully described below, this option agreement represents a strategic move to maximize shareholder value on what is a very prospective project. We are very pleased to see Precore Gold take the lead in advancing Arikepay which is backed by top-tier mining professionals with a strong track record of success."

Detailed Summary of Option Terms:

First 51% Interest

Precore Gold would have the option to acquire an initial indirect 51% beneficial interest in the Arikepay Project by:

  • Issuance of 1,500,000 common shares of Precore Gold (the "Initial Shares") upon receiving Canadian Stock Exchange approval of the Option Agreement followed by the issuance of a further 1,000,000 common shares within four months of the issuance of the Initial Shares;

  • Incurring the following minimum expenditures:

    • Cdn$1,500,000 within the first 3 years; and

    • Cdn$4,000,000 in total during year 4 and year 5.

  • All expenditures may be accelerated at the option of Precore Gold (dependent on required permitting).

    Second 24% Interest

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