Vizsla Copper (TSXV: VCU) is stepping out of British Columbia. The company this morning indicated that it has entered into an arrangement to acquire the Palmer VMS Project from American Pacific Mining Corp (CSE: USGD).
The Palmer project, found in southeastern Alaska, is said to be an advanced stage critical minerals project, which contains high grade copper, zinc, silver, gold and barite mineralization. The property is said to have been subjected to over US$116 million in exploration and development, with the project boasting a mineral resource estimate, alongside 60 kilometres of road access to tidewater.
The project currently boasts an indicated resource of 4.77 million tonnes at 1.69% copper, and 5.17% zinc, for contained resources of 178 million pounds of copper and 543 million pounds of zinc. An inferred resource also exists of 12.0 million tonnes at 0.57% copper and 3.92% zinc, for contained resources of 151.5 million pounds of copper and 1,036 million pounds of zinc.
“This is a transformational day for Vizsla Copper. I’ve spent the past 25 years searching for high-grade copper deposits and understand how rare it is to find a project like Palmer, and even rarer to find one in such a strategic location. [..] We look forward to deploying a two-pronged approach in 2026, advancing the Palmer Project in Alaska while simultaneously advancing the Thira discovery in British Columbia, resulting in year-round exploration and news flow,” commented Craig Parry, CEO and Chairman of Vizsla Copper.
Under the terms of the agreement, Vizsla Copper is to acquire the project for $15.0 million in upfront payments, which is to be paid for via post-consolidation common shares. A further $15.0 million in milestone payments exist, including $5.0 million that is payable upon a 22 million tonne mineral resource being defined, and $10.0 million that is payable upon commercial production being declared.
As part of the arrangement, Vizsla Copper has agreed to raise proceeds of at least $5.0 million, while also agreeing to a ten to 1 share consolidation. A concurrent financing was announced this morning, which will see the company raise up to $25.0 million. The funding round will see up to $20.0 million raised via the sale of post consolidation common shares at $1.08 per share, as well as up to $5.0 million raised via the issuance of flow through shares at $1.24 per each and charity flow through shares at $1.72 per each.
Vizsla Copper last traded at $0.13 on the TSX Venture.
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