Canadian Critical Minerals Confirms 10.4% Interest in XXIX Metal Corp
December 16, 2024 8:00 AM EST | Source: Canadian Critical Minerals Inc.
Calgary, Alberta--(Newsfile Corp. - December 16, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") hereby confirms that it now holds 26,837,388 shares in XXIX Metal Corp. (previously named QC Copper and Gold Inc.) (TSXV: XXIX) representing 10.4% of the issued and outstanding shares of XXIX.
XXIX recently announced the closing of its acquisition of a 100% interest in Cuprum Corp ("Cuprum") (see XXIX press release dated December 9, 2024, on Sedar Plus). Cuprum was a private company that held a 100% interest in the Thierry copper-nickel project ("Thierry") near Pickle Lake, Ontario. Previously CCMI held a 29.5% interest in Cuprum. Thierry has one of the largest known copper resources in Northwestern Ontario with over 1.3 billion lbs of copper. XXIX also owns a 100% interest in the Opemiska copper project in the Chapais-Chibougamau region of Quebec. With the acquisition of Thierry, XXIX now controls two of the largest copper projects in Eastern Canada.
Based on the closing price for XXIX on Friday, December 13, 2024, of $0.135 per share, CCMI's interest in XXIX is currently valued at approximately $3.62 million. As of July 31, 2024, interim financial statements for XXIX show a cash position of $4.60 million (see XXIX press release dated September 30, 2024, on Sedar Plus). The current cash position with XXIX should allow it to continue drilling at the Thierry project in 2025 where CCMI previously encountered significant copper mineralization at the K1-1 near surface deposit in July 2023. Under the terms of the Cuprum acquisition, all former Cuprum shareholders are entitled to sell up to 10% of their shareholding in XXIX on closing with the remaining shares held in escrow for up to 18 months.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on copper production in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. The mine has a fully developed underground infrastructure to a depth 350 metres below surface with 21,000 metres of underground workings. The mine is being maintained in a dewatered condition. The mine is connected to grid power and is accessible by paved and all-weather roads. The property is near the towns of Fernie, Cranbrook and Kimberley in the East Kootenays of British Columbia. The Company is currently generating revenues from the sale of concentrated ore from a large surface stockpile.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
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