Tocvan Ventures to sell Rogers Creek to Cascade Copper
2022-05-19 10:56 ET – News Release
Mr. Brodie Sutherland reports
UPDATE ON ROGERS CREEK TRANSACTION
Tocvan Ventures Corp. has executed an assignment agreement for the sale of the Rogers Creek project to Cascade Copper Corp. The transaction consisted of the sale of the Company’s Rogers Creek project in exchange for 5,000,000 common shares of Cascade Copper, a private Alberta company that intends to complete an initial public offering and list it’s common shares on a Canadian exchange later this year. The Board of Directors of the Company has set May 31, 2022 as the record date for the dividend of 5,000,000 common shares of Cascade Copper to be distributed to the Company’s shareholders. The distribution of Cascade Copper common shares was originally structed as a spin-out transaction via a plan of arrangement, as announced on September 29, 2021, but management decided the sale of the Roger’s Creek under the Agreement was a more cost-effective approach to distributing the Cascade Copper common shares to shareholders.
Each shareholder of record as of the close of business on May 31, 2022 will receive, on the distribution date, one common share of Cascade Copper for every 6.5384044 common shares held in the Company. The share dividend is expected to be distributed to the Company’s shareholder on or about the time that Cascade Copper completes its initial public offering. No action is required by shareholders in order to receive the common shares of Cascade Copper in the dividend distribution.
“Completing this transaction means we can unlock the value of the Rogers Creek asset to our shareholders and ensure it has the focus it deserves through Cascade Copper”, commented Brodie Sutherland, CEO. “We are excited about the potential of
Cascade Copper and the new management behind it. This also allows Tocvan to focus on its core assets in Sonora, Mexico where we have seen tremendous growth over the past two years.”
About Cascade Copper and Rogers Creek
Cascade Copper will be a new exploration company focused on the development of copper-gold focused assets in British Columbia. A new management team with extensive experience in the region is planning an initial public offering of Cascade Copper later in 2022 on the Canadian stock exchange.
The Rogers Creek Property covers 212.34 km 2 in the Coastal Mountain Belt of British Columbia about 90 km northeast of Vancouver, British Columbia. The Rogers Creek project has advanced from a small showing discovered on a logging road in 2007 to an advanced exploration stage property with evidence for a large mineralized system. Mineralization is hosted within the Miocene age intrusions of the Cascade Magmatic Arc of southwestern British Columbia, which have seen very little modern exploration.
Porphyry related alteration and mineralization has been identified in four (4) target areas on the Rogers Creek Property. The most extensive zone of alteration/mineralization has been identified in Target Areas I and II within a 6 km x 2 km zone which exhibits widespread propylitic (pyrite-carbonate-chlorite-epidote) alteration. Several stages and styles of mineralization typical of porphyry systems are present within this zone and have been observed both in surface outcrop and in drill core.
The most interesting mineralization to date was observed in drill hole MRC-007 (drilled in 2011), which intersected 380 ppm
Cu over 150.9 meters. Drill testing of coincident geological and geophysical targets at this Target have now been prioritized.
Follow-up work in 2019 relogged and analyzed core with short-wave infrared (SWIR) confirming alteration clay minerals coincident with porphyry deposits are present and increasing with mineralization recorded in drill hole MRC-007.
About Tocvan Ventures Corp .
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.
We seek Safe Harbor.
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