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Orecap closes acquisition of Ontario's Largest Copper Resource, Thierry Copper Mine

Nov 1, 2023

Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce the closing of a controlling interest in a private company that owns 100% of Thierry Copper Mine ("Thierry"), located in Pickle Lake, Ontario. 

Thierry is Ontario's largest primary copper resource and includes a recent PEA covering only the underground portion of the known resources. Orecap's view is that Thierry's primary upside is its near-surface bulk tonnage potential growth. Thierry reflects Orecap's strategy of acquiring opportunities from special situations and incubating new high-potential brownfield projects with excellent infrastructure and jurisdictions. Recent drill holes from September 20, 2023 support this view:

  • CCM-23-51 intersecting 106 metres of 0.539% Copper Equivalent ("CuEq") mineralization (including 23.2 metres of 0.875 % CuEq mineralization) within continuous sulphide mineralization which started at surface and extended 247.8 metres down the hole, grading 0.438% CuEq.
  • CCM-23-52 intersecting 31.2 metres of 0.677% CuEq mineralization and 22.8 metres of 0.670% CuEq mineralization within continuous sulphide mineralization which started at surface and continued for 243.9 metres down the hole, grading at 0.382% CuEq.

*Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.75/lb Cu, US$ 9.25/lb Ni, US$ 1,190/oz Pd and US$ 910/oz Pt with 100% metallurgical recoveries for all metals. Assays have not been capped. The formula used for the calculation is: CuEq = Cu % + (Ni grade X Ni Price)/(Cu Price) + ((Pd grade) X (Pd price / 31)) / (Cu price X 22 ) + ((Pt grade) X (Pt price/31)) / (Cu price X 22).

Thierry is in the mature mining district of Pickle Lake, Ontario, with access to rail, highways, power, and other infrastructure required to develop a mine. This is a unique opportunity to develop an asset of this scale with this level of infrastructure that's in a premier mining jurisdiction. With Orecap now controlling the second largest primary copper project in the region, the Ore Group collectively controls two of the five largest primary copper projects in Eastern Canada. 


About Thierry
Thierry spans 4,670 hectares across 27 mineral leases. The property hosts two past-producing open pits that transitioned to underground mining-producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 - 1982 by UMEX Inc. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the property being accessible via all-season road, an airport within 5km, available hydro, and nearby rail.

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