Sterling Metals Completes Acquisition of the Copper Road Project in Ontario

TORONTO, ON / ACCESSWIRE / May 10, 2024 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that it has completed the acquisition (the "Transaction") of the Copper Road Project (the "Copper Road Project"), from Copper Road Resources Inc. (TSXV:CRD) ("Copper Road") through the purchase of 100797918 Ontario Inc. (the "Subsidiary"), a wholly-owned subsidiary of Copper Road. Located 80km north of Sault Ste. Marie, Ontario, Canada, the Copper Road Project is a 24,000ha high-potential brownfield copper-moly-silver-gold project associated with the Midcontinent Rift, which until 2021 had never been fully consolidated. Recent porphyry and breccia drill holes as well as past copper production from two mines suggest the potential for larger intrusion related copper mineralization. The Copper Road Project benefits from its strategic proximity to substantial infrastructure (Figure 1).

As consideration for the Transaction, Sterling has acquired the Subsidiary and issued 108,087,669 Common Shares (the "Consideration Shares") in the capital of the Company, of which 86,249,546 Consideration Shares will be distributed, on a pro rata basis, to the shareholders of record of Copper Road as of close of business on Wednesday, May 8, 2024 (the "Record Date"). Sterling has also paid $460,000 in cash.

Mathew Wilson, CEO and Director of Sterling, commented, "We are excited to complete the acquisition of Copper Road, adding a complementary and compelling project to our growing Canadian exploration portfolio. The timing of Transaction represents a significant opportunity for existing and new shareholders of Sterling, as we enter a new copper supercycle, largely the product of years of underinvestment and lack of discoveries. As we look ahead, we are excited to begin our Phase I exploration program in the coming weeks. Our exploration team as been diligently gathering historical and current data and we look forward to providing plans with the aim of making important discoveries in eastern Canada."

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Foto: Accesswire

Figure 1: Location of the Copper Road Project in Ontario, Canada located in proximity to significant infrastructure

For additional information on the Copper Road Project and the Transaction, please refer to Sterling's news releases dated February 14, 2024, February 27, 2024 and April 30, 2024.