Alpha Copper Corp., a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, has announced that it has terminated its option agreement for the company’s Okeover project.
According to a media release, the Okeover project is situated approximately 20 kilometres north of Powell River within the traditional territory of Tla’amin Nation.
The release stated that terminating the option agreement for the Okeover project removes Alpha’s obligation for a pending share issuance and a further $3.5M in working expenditures, and allows the company to increase its focus on the remaining portfolio, including the drill-ready Star Project in the Golden Triangle of BC southwest of Dease Lake, the Indata project in BC, and the Hopper project in Yukon.
“We decided to terminate the option agreement based on all exploration results to date,” stated Darryl Jones, chief executive officer of Alpha Copper. “After careful consideration, it became clear to us that the value of the option deal did not reflect the value of the project anymore. Rather than aligning the price and value, we have chosen to focus on the assets in our portfolio that we believe have more immediate exploration upside for our company and its investors.”
The release stated that Alpha took a confirmation-based approach at Okeover to verify existing mineralization in the North Lake Zone. Drilling was completed in late 2022 and included four holes totalling 1925.14 metres, according to the release. Indata Geoscience led all field work associated with the program and Superior Diamond Drilling carried out the drill campaign. The drilling focused on the North Lake Zone, an area that had a previously defined envelope of mineralization up to 200 metres depth.