TSX-V-listed Vizsla Copper has agreed to acquire RG Copper, a company that has the right to acquire up to a 70% interest in the Redgold copper/gold project pursuant to an option agreement with the owners of that project.
The Redgold project is contiguous to the company’s Woodjam copper/gold project to the south and Imperial Metals’ Mount Polley project to the north.
With the addition of Redgold, the combined Woodjam-Redgold project area will cover 74 604 ha of prospective geology in the Quesnel terrane of south-central British Columbia.
"Our team has worked hard to assemble a district-scale project in the heart of the prolific Quesnel terrane," commented executive chairperson Craig Parry.
"We believe British Columbia will have a significant role in the predicted long-term copper bull market, and we plan to continue to position ourselves accordingly with value accretive acquisitions."
A total of 49 drill holes have previously been completed on the Redgold project together with numerous geochemical and geophysical surveys.
Redgold was most recently explored by Gold Fields in 2014 and the project has been largely dormant since.
The most recent drilling was completed by Gold Fields in 2012. Drill hole RG12-11, drilled at the East zone, intersected 0.21% copper and 0.24 g/t gold over 152 m and cored 85.6 m of syenite intrusive breccia, a common host rock for copper/gold ore at the adjacent Mount Polley mine.
Vizsla will issue 12-million shares in the capital to the shareholders of RG Copper to acquire the project.