InvestmentPitch Media Video Discusses Doubleview Capital's Option Agreement with Hudbay Minerals on Doubleview's Hat Copper-Gold Project in British Columbia - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 21, 2018) - Doubleview Capital Corp. (TSXV: DBV) (OTC Pink: DBLVF) (FSE: 1D4) has entered into an option agreement with Hudbay Minerals for its Hat Copper-Gold Project. The Hat Property comprises 6,308 hectares in ten mineral tenures and is located in northwestern British Columbia in the Sheslay Valley, 95 kilometres southwest of Dease Lake and 190 kilometres south of Atlin.
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The recently completed Northwest Transmission Line brings electric power to within 120 kilometres and Highway 37, an all-weather hard surfaced road, is 95 kilometres east.
Under the terms of the Option Agreement, Hudbay will be the operator and has the right to earn up to a 65% interest in the Hat Property in three stages:
Spending $25 million on exploration over 4 years and delivering a mineral resource estimate by June 2022 to earn a 51% interest;
Spending a further $15 million on exploration and completing a pre-feasibility study by June 2025 to earn a cumulative 55% interest and pay Doubleview $1 million by the 7th anniversary; and
Spending all amounts required to complete a feasibility study by June 2028 to earn a cumulative 65% interest.
Hudbay may, on a one-time basis, elect to defer 1 year of exploration expenditures to a later date, without extending the length of the agreement.
Farshad Shirvani, President and CEO, stated: "Our ultimate goal with the Hat Property has been to joint venture with a successful and well-respected major mining company. In this milestone agreement, we have achieved this goal. With Hudbay, we have found a partner with the technical expertise and resources to move this project forward for the benefit of our shareholders."
Hudbay Minerals, with a capitalization exceeding $2 billion, trades on the Toronto and New York Stock Exchanges under the symbol "HBM".
The Doubleview management and geological team discovered the Hat deposit in early 2014 from a greenfield prospect in the first drilling season. Although the mineralization length in some drill holes exceeds 0.5 kilometre, the company has yet to identify the extent of the deposit laterally and at depth.
The deposit has a sulphide footprint of more than 11 square kilometres, determined by rock samples and geological mapping, and according to management has the potential to be one of British Columbia's most important discoveries in recent years.
Shirvani noted that Doubleview's drill program at the Hat Property has identified a robust gold-copper porphyry deposit. "With a 2.5 kilometer by 1 kilometer identified zone, Hudbay will have ample targets for its drill campaigns."
The company has a number of other quality gold, copper and silver properties in its portfolio.
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