Copper Quest Exploration Inc. announced that it has entered into a Letter of Intent to acquire a copper-gold porphyry project located in the Western United States, marking a new advancement in the Company's mission to develop strategic copper assets in high-priority jurisdictions. The Project, currently privately held, has 70 contiguous unpatented federal mining claims and may host a promising porphyry system with surface mineralization confirmed through historical chip sampling by the US Bureau of Mines, returning grades of over 3% copper, 0.8 g/t gold and 25 g/t silver. The acquisition would also bring with it a local lead geologist and turn-key technical support, providing the Company with immediate on-the-ground expertise and technical continuity as exploration begins.
While the exact location remains confidential at this time, the Project lies within a regionally significant porphyry belt known for its copper and gold potential. This acquisition aligns with Copper Quest's broader strategy to secure and develop copper projects amid a rapidly shifting geopolitical and supply chain landscape. Initial Work Program Objectives Include: Complete assays on samples from a recent sampling program.
As a condition to closing the transaction, the Company also announces a non-brokered private placement financing of a minimum of $1,000,000, consisting of at least 13,333,334 units of the Company ("Units") priced at $0.075 per Unit. Each Unit shall comprise one common share of the Company and one common share purchase warrant ("Warrant") of the Company, with each Warrant exercisable at $0.15 for a period of two years (the "Private Placement"). Proceeds from the financing will be used to advance exploration on the new project and for general working capital purposes.
The acquisition of the Project and completion of the Private Placement are subject to the receipt of all requisite regulatory approvals, including the approval of the Canadian Securities Exchange.
