Vancouver, British Columbia – April 28, 2022 – General Copper Gold Corp. (CSE: GGLD) (FSE: 7S5) (the “Company“) announces that it intends to complete a non-brokered private placement (the “Financing”), raising aggregate gross proceeds of up to $1 million through the issuance of units at a price of $0.20 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable at a price of $0.40 for a period of 12 months from the date of issue. Proceeds from the financing are intended for exploration on the Company’s Topley Richfield property and general working capital.
The Company has closed a first tranche under the Financing, raising gross proceeds of $748,000 through the issuance of 3,740,000 units at a price of $0.20. The securities issued under this financing are subject to a hold period and may not be traded until August 28, 2022.
General Copper Gold has processed the 2021 deep seeing induced polarization survey on the Topley Richfield property to evaluate the potential of additional Au-Ag-Cu-Pb-Zn mineralization as identified in the shaft area. The geophysical survey identified three high priority targets (Figure 1). These targets have never been evaluated and will be the initial focus of the planned diamond drill program. Modelling of target one indicates that it lies on strike to the Topley Richfield shaft mineralization. Target two is a conductive feature west of the shaft that is unexplained and may relate to a large circular body. Target three is a linear anomaly southwest of shaft that has never been drill tested. Each target will be tested by 2-3 diamond drill hole determined on the initial visual results. Samples for assay will be taken of prospective mineralization.
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in NI 43-101, who has reviewed and approved the technical content in this press release.
Figure 1 – 3D Induced Polarization Survey
About General Copper Gold Corp.
General Copper Gold Corp. is an independent mineral exploration company based in Vancouver, British Columbia that is engaged in the business of exploring for and evaluating mineral properties.
General Copper Gold is currently exploring the 770 hectare Clark’s Brook gold property in central Newfoundland as well as the 2,313 hectare Topley Richfield copper-gold property in British Columbia. Topley Richfield is a historic mining area with previous work carried out in 2008, 2015 as well as geophysical surveys in 2021. There are significant historical drilling intercepts and the 2021 geophysics has highlighted further key highly prospective areas that have yet to be explored. Multiple drill targets have already been identified by the Company.
For further information, please contact:
General Copper Gold Corp.
Michelle Gahagan, President
T: (604) 639-4452
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed name change and exploration of the Topley Richfield and Clark’s Brook mineral properties. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
The CSE has in no way passed upon the merits of the proposed transactions and neither has approved nor disapproved the contents of this press release.