CSE-listed Copper Quest Exploration said on Wednesday it had signed a definitive agreement to acquire a 100% interest in the Kitimat copper/gold project in British Columbia, about 10 km north-west of the deep-water port community of Kitimat.

The 2 954-ha project lies within the Skeena mining division and is accessible year-round by road. It is close to key infrastructure, including tidewater, rail and high-voltage power lines.

Geologically, the property sits in the Stikine Terrane, a belt hosting numerous porphyry copper/gold systems. The main exploration target, the Jeannette Cu-Au zone, shows alteration and mineralisation interpreted as part of a larger porphyry system.

Historical work, mainly by Decade Resources in 2010, included 16 drill holes totalling 4 437.5 m. Highlights included 117.07 m at 1.03 g/t gold and 0.54% copper from hole J-7 and 103.65 m at 1.00 g/t gold and 0.55% copper from hole J-1. The mineralisation remains open at depth and laterally.

Under the acquisition terms, Copper Quest has until January 5 to complete due diligence. On completion, it will issue two-million common shares to vendor Bernie Kreft as full consideration. The project carries a 2.5% net smelter return royalty, of which 40% can be repurchased for C$1-million. A finder’s fee is payable.

Kreft, a prospector and former star of Discovery Channel’s Yukon Gold, has been involved in several mineral discoveries across British Columbia and Yukon.

“The addition of the Kitimat copper/gold project demonstrates Copper Quest’s continued effort to add shareholder value through the acquisition of critical mineral projects,” CEO Brian Thurston said. “This project is ideally located with exceptional infrastructure, in a proven geological belt known for hosting major copper/gold systems. The strong historical drill results from the Jeannette zone speak to the potential of a larger near-surface mineralised system. We look forward to advancing this asset as part of our growing copper/gold portfolio.”