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. Upon completion of the Arrangement, Granite Creek will control a 176 square kilometre land package within the Minto Copper District of Canada’s Yukon Territory, including the advanced-stage Carmacks Copper Project and the highly prospective Stu Copper-Gold Project.
Synergies of the transaction
The transaction will combine Copper North’s Carmacks deposit with Granite Creek’s Stu Project, creating a significant copper-focused exploration and development company. Expected synergies from combining the projects include:
• Consolidating the second largest land position at 17,580 hectares in the highly prospective Minto Copper belt.
• Combining the PEA stage Carmacks deposit with 23.76 mt (Oxide and Sulfide combined) grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag, with the blue sky potential represented by the Stu Project with multiple kilometer scale targets including 3800 m of historic drilling with several high grade intercepts of over 1% Cu.1
• Improving the potential to quickly build resources on the combined land packages including mineralised zones near and potentially overlapping existing claim boundaries between the projects.
• Strengthening and consolidating management and technical teams including resources made available through the Metallic Group.