Canadian mining company Copper Standard Resources has completed the previously announced acquisition of Pucara Gold through a court-approved plan of arrangement.
This strategic move consolidates a copper exploration portfolio of more than 17,000ha in Peru, adding three prospective copper exploration assets – Pacaska, Paco Orco and Capricho – to Copper Standard’s portfolio.
Pacaska is an epithermal gold/copper target spanning 7,650ha with mineralisation similar to Peru’s Pierina Mine. Rock sampling conducted at the project yielded 17 grams per tonne of gold and 11% copper. An elaborate geophysics programme was conducted at the prospect in 2019.
Paco Orco is a carbonate replacement target covering an area of 4,400ha and hosting lead, zinc and silver, while Capricho is a 3,768ha porphyry copper target with 3% copper zones.
These assets were previously optioned by the geologist David Lowell.
The Supreme Court of British Columbia granted the final order for the arrangement on 18 November 2024, following approval by Pucara’s shareholders on 8 November.
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An overwhelming majority, approximately 99.95% of votes, supported the arrangement.
Under the terms of the arrangement, Pucara shareholders received 0.10 of a Copper Standard common share for each Pucara share held.
In total, Copper Standard issued approximately 7.66 million new shares to former Pucara shareholders. These shares are expected to be listed on the Canadian Securities Exchange.
Options and warrants for Pucara shares have been exchanged for Copper Standard securities, adhering to the same exchange ratio and terms.
With the completion of the arrangement, Pucara shares will be delisted from the TSX Venture Exchange and Pucara will seek to cease being a reporting issuer.
The combined company will benefit from synergies, cost savings and the leadership of Copper Standard’s board and management team, known for their track record in discovery, exploration, community engagement and monetisation.
