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Universal Copper Amends Princeton Option Agreement with Canarc Resource

Mining News - Published on Fri, 12 Jul 2019

Image Source: Accesswire
Universal Copper Ltd announced that it has reached an agreement with Canarc Resource Corp and Sydney Wilson to modify the terms of its previously-announced option agreement dated December 20,2018 wherein Canarc may acquire an 80% interest in the 14,650 hectare Princeton Gold property located in southern British Columbia, Canada. Scott Eldridge, Canarc's CEO, stated that the amendments reduce Canarc's exploration commitment from USD 900,000 to USD 490,000 and give Canarc more time to conduct early stage exploration and better define targets for drilling. We plan to commence a Phase 2 exploration program this month, including prospecting, mapping, sampling and trenching of the existing gold vein prospects, as well as evaluating geochemical and geophysical methods to detect buried gold veins.

Mr Clive Massey, Universal Copper's CEO, stated "We have always felt the gold veins at Princeton represent an excellent geological target. With Universal's shift in focus to copper, we are ecstatic to have the great explorers at Can arc bring their expertise to the Princeton Project and fully expect them to meet with continued successes”

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Posted By : Sanju Moirangthem on Fri, 12 Jul 2019
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