Copper Quest completes alpine due diligence, increases private placement

Copper Quest Exploration Inc. (CSE: CQX) announced it completed due diligence on its option agreement to acquire the Alpine Gold Property in British Columbia's West Kootenay region. The company also increased its private placement financing by up to $285,000.

The Alpine Gold Property contains a 2018 NI43-101 inferred resource of 268,000 tonnes at an average grade of 16.52 grams per tonne gold, representing 142,000 ounces of gold. The property includes 4,611.49 hectares with 15 Crown Grants and 19 staked mineral claims located approximately 20 kilometers northeast of Nelson, British Columbia.

Under the acquisition agreement with 0847114 B.C. Ltd., Copper Quest will issue 14,177,517 common shares at a deemed price of $0.175 per share. The company will also pay $225,000 toward 2025 property expenditures and grant a 2% net smelter return royalty, with half subject to a $1 million buyback option.

The property features 1,650 meters of underground workings and an estimated 24,000 tonnes of mineralized stockpile on surface. Historical production records show the mine produced approximately 16,810 tonnes of material containing 356,360 grams of gold between 1915 and 1988.

Allan Matovich, the property's principal owner, will join Copper Quest's board of directors upon closing. Ted Muraro and John Mirko will serve as technical advisors. The three individuals have combined mining and exploration experience of more than 150 years.

Copper Quest increased its private placement by up to 1,500,000 flow-through shares at $0.19 per share for additional gross proceeds of up to $285,000. The company previously closed $1.927 million of the placement on December 5.

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