World Copper to acquire Nevada gold exploration property

Vancouver-based World Copper Ltd. (TSXV:WCU) and OTCQB-listed Orogen Royalties Inc. (OTCQB:WCUFF) have agreed to a letter of intent to acquire a 100% stake in the Hot Tip property in Nevada, USA. The property, located in Nye County, encompasses 1,044 hectares of unpatented lode mining claims in Railroad Valley, approximately 120 kilometers northeast of Tonopah.

The acquisition will be funded through a cash payment of $50,000 and the issuance of common shares valued at $600,000 over a 12-month period, with each milestone requiring payment at $0.10 or the market price of World Copper's shares on the TSXV. Orogen and Altius Resources Inc., the other parties involved, will each receive a 1.5% net smelter returns royalty on the property, and World Copper may purchase down up to 0.25% of each royalty at specific intervals within four years for fees of $2.5 million and $7.5 million, respectively.

The deal includes a 90-day exclusivity period paid for by World Copper, and reimbursement of Bureau of Land Management maintenance fees totaling $23,120. Historical exploration work at the site has identified alteration zones and geochemical anomalies, but no core alteration zone has been tested since 2017. The transaction must pass due diligence, regulatory approvals, and approval from the TSX Venture Exchange before completion.