Vizsla Copper (TSX-V:VCU) has agreed to acquire the Delta polymetallic and Helm Bay gold projects from Agnico Eagle Mines (NYSE:AEM), with Agnico Eagle becoming the company’s largest shareholder.
The transaction involves Vizsla Copper acquiring 100% interests in both Alaska projects for total consideration of approximately C$32 million ($32.13 million) in shares and warrants, with additional milestone payments possible.
Under the purchase agreement, Vizsla will issue 25.4 million shares at C$1.26 per share to Agnico Eagle, representing 19.99% of outstanding shares at closing, plus 12.7 million warrants exercisable at C$1.89 per share for three years.
CEO and Chairman Craig Parry says the acquisition expands Vizsla’s presence in Alaska and the US.
“Delta and Helm Bay add two new assets to our portfolio and expand our presence in Alaska and the US, where domestic sources of critical minerals remain a strategic focus,” Parry says.
The Delta Project comprises 249 state mining claims totalling 16,123 hectares, located 60km southwest of Tok, Alaska.
The volcanogenic massive sulphide project contains a historical resource estimate of 15.4 million tonnes averaging 0.60% copper, 1.60% lead, 3.80% zinc, 62 grams per tonne silver, and 1.7g/t gold.
Helm Bay covers 33 state mining claims and 642 unpatented federal mining claims near Ketchikan in southeast Alaska, featuring 17 historical occurrences with over 10km of quartz vein strike length.
The acquisition expands Vizsla Copper’s Alaska portfolio alongside its existing Palmer Project in southeast Alaska and porphyry projects in British Columbia. The transaction requires TSX Venture Exchange approval and is expected to close in the fourth quarter.
Vizsla Copper is a Canadian explorer advancing a portfolio of copper and critical minerals projects across Alaska and British Columbia, Canada, including the Palmer, Poplar, and Woodjam projects.
Write to JC Villarba at Mining.com.au
Images: Vizsla Copper
