Canadian Critical Minerals (CCM) has confirmed its 10.4% interest in XXIX Metal, previously known as QC Copper and Gold.
This stake, amounting to 26,837,388 shares, is valued at approximately $3.62m based on the closing price of $0.135 per share on 13 December 2024.
XXIX Metal recently completed the acquisition of a 100% interest in Cuprum. CCM previously held a 29.5% interest in Cuprum.
Under the terms of the Cuprum acquisition, former Cuprum shareholders can sell up to 10% of their shareholding in XXIX upon closing, with the remaining shares held in escrow for up to 18 months.
Cuprum held a 100% stake in the Thierry copper mine in Pickle Lake, Ontario, one of the largest known copper resources in north-western Ontario with more than 1.3 billion pounds of copper.
The Thierry Project covers a total area of 7,907 hectares (ha), comprising 4,670ha spread across 27 mineral leases, along with 163 contiguous cell claims and 16 boundary claims totalling 3,258ha.
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This property includes a historically productive copper and nickel mine, which operated underground and in an open-pit manner between 1976 and 1982 under UMEX.
The site benefits from significant infrastructure including an all-season road for access, a municipal airport just 5km away, proximity to a rail system and a provincial power grid located within 8km.
Last year, Orecap Invest acquired a 45% stake in Cuprum in an upfront cash consideration of $1.35m.
XXIX Metal also owns a 100% interest in the Opemiska copper project in the Chapais-Chibougamau region of Quebec. With the acquisition of the Thierry project, XXIX Metal now controls two of the largest copper projects in eastern Canada.
As of 31 July 2024, XXIX Metal’s interim financial statements showed a cash position of $4.6m.
This financial position is expected to support continued drilling in 2025 at the Thierry project, where significant copper mineralisation was previously encountered by CCM in July 2023 at the K1-1 near-surface deposit.
