Bell Copper Corporation (TSXV:BCU) (OTCQB:BCUFF) has announced a non-brokered private placement to raise up to $3 million from the placement of 25 million units prices at $0.12 per unit. Net proceeds will be used for the ongoing drilling and exploration program at the company's 100% owned Big Sandy Porphyry Copper Project, one of the company’s two projects in Arizona, and for general working capital.
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Bell Copper Corporation (TSXV:BCU) (OTCQB:BCUFF) has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $3 million from the placement of up to 25 million units priced at $0.12 per unit.
The units consist of 1 share and 1 warrant, with each full warrant exercisable at $0.20 for 24 months, subject to an acceleration clause.
The shares are currently trading at $0.13.
Net proceeds will be used for the ongoing drilling and exploration program at the company's 100% owned Big Sandy Porphyry Copper Project, one of the company’s two projects in Arizona, and for general working capital.
Early in 2022, the company reported that drill hole BS-3 had discovered a porphyry copper deposit on its Big Sandy property in Arizona.
While drill hole BS-3 did not enter the mineral rich copper shell, it did provide strong evidence for close proximity to the target including 200 meters of chalcocite (copper sulfide mineral) grading 0.42% Cu and 2.4 g/t Ag from 1302 meters to 1502 meters, and an additional 524 meters from 1502 to 2026 meters (total depth) of chalcopyrite grading 0.16% Cu and 2.2 g/t Ag.
The entire 724-meter sulfide interval from 1302 to 2026 meters carried 10 weight percent pyrite and was characterized by pervasive sericitic alteration hosted by quartz monzonite porphyry, representing a typical copper-poor pyrite shell surrounding an anticipated copper shell.
Metallurgical testing of the 200-meter chalcocite intercept produced a flotation concentrate grading 25% copper and 130 grams per tonne silver, with copper recovery up to 84% and silver recovery of 68%.
Bottle-roll testing of the same chalcocite interval showed that 96% of the copper was recoverable by a leaching approach.
The Company is currently permitted to drill up to 10 follow-up holes from two drill pads, 900 meters apart.
An access road connecting the two drill pads has been constructed and a water well has been plumbed to the site.
Drilling of BS-4 to test the inferred copper-rich heart of the porphyry system is expected to begin before the end of the year.
Tim Marsh, President and CEO, stated: "Bell Copper Corporation has made a grassroots discovery of a significant porphyry copper system, something that no other explorer has done in Arizona in the three decades since Resolution was found, and something that is critically needed if the world is to be successful in transitioning to greener energy. We are excited to continue unwrap the gift that Nature deposited at Big Sandy."
For more information, please visit the company’s website at www.BellCopper.net, contact Tim Marsh, President and CEO, at 1-800-418-8250 or by email at info@BellCopper.net.
