On August 31, 2020, Granite Creek announced the Company had entered into an agreement whereby Granite Creek would acquire all of the outstanding common shares of neighbouring Copper North Mining Corp. The acquisition was completed on November 27, 2020, combining Stu Cu-Au Project (now “Carmacks North”) with the PEA-stage Carmacks Cu-Au-Ag project and, thereby, consolidating the southern half of the productive and highly prospective Minto Copper Belt in Canada’s Yukon Territory.
Highlights of the Transaction
• Consolidation of the second largest land position with a total of 176 sq km (17,580 hectares) in the Yukon’s productive and highly prospective Minto Copper Belt;
• Combination of the PEA-stage Carmacks Project with 23.76 million tonnes (oxide and sulfide combined) grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag, containing (446 Mlbs Cu, 237,000 ozs Au and 2.4M ozs Ag) with the blue sky potential of the adjacent Stu Project with multiple kilometer-scale targets including 3,800 meters of historic drilling with several high grade intercepts of over 1% Cu;
• Ability to quickly expand existing resources on the combined land package, including mineralized zones that potentially overlap claim boundaries between the projects; and
• Synergies in the consolidated management and technical teams, strengthened by resources made available through the Metallic Group.