News Releases

Orecap to Acquire Controlling Interest in Ontario's Largest Copper Resource, Thierry Copper Mine

October 4, 2023

Toronto, Ontario – October 4, 2023 – Orecap Invest Corp. (the "Company" or "Orecap") (TSX.V: OCI) (OTC: ORFDF) is pleased to announce that it has entered into an agreement to acquire a controlling interest in a private company that owns 100% of Thierry Copper Mine ("Thierry"), located in Pickle Lake, Ontario. Thierry reflects Orecap's strategy of acquiring opportunities from special situations and incubating new high-potential brownfield projects with excellent infrastructure and jurisdictions.

Thierry is Ontario's largest primary copper resource and includes a recent PEA covering only the underground portion of the known resources. It is Orecap's view is that Thierry's primary upside is the growth of its bulk tonnage potential. Recent drill holes from September 20, 2023 supports this thesis:

  • 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 well-known and mature mining camp 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. Eastern Canada is starved of high-quality primary copper projects. 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.

Figure 1) Location of Thierry Property

The Thierry property hosts a NI43-101 compliant resource across two zones—the Thierry (K2-1) underground deposit, and the K1-1 open pit deposit, along with historical resources at the J & G Zones (see disclosure on Historical Resources):

Thierry (K2-1) underground deposit:

K1-1 Zone open pit deposit:

J & G Zones open pit deposit historical resources:

Thierry 2022 PEA

The Thierry Property, and specifically the Thierry underground deposit, was the subject of an updated PEA study by P&E Mining Consultants in April 2022 that outlined a 14-year mine life, producing at a rate of 4,000 tpd, recovering 567Mlbs Cu, and 21Mlbs Ni. The PEA showed an after-tax NPV6% of $287M, an IRR of 25% and a payback period of 3.1 years. It is important to note that the PEA did not include the K1-1 open pit deposit and that Orecap will seek to drill out the open pit resources and evaluate a larger bulk tonnage scenario for the Project (see disclosure on PEA in Historical Resources and PEA).

Exploration Upside

In addition to the current resources, the Thierry property hosts large discovery and expansion potential including at the J & G Zones, which hosts a historical resource of 55,000 kt at 0.40% Cu, 0.11% Ni (see disclosure on Historical Resources). Previous geophysical studies and drilling has shown significant upside throughout the property to delineate additional mineralized zones and resources. Moving forward, Orecap will focus on reinterpreting the geology at the Thierry property and delineate further resources that can then culminate into a comprehensive PEA representative of the property's potential. 

Terms of the Acquisition

Orecap will acquire 45% of Pickle Lake Minerals ("Pickle Lake"), a subsidiary of Canadian Critical Minerals Inc. ("CCMI"), for $1,350,000 in an upfront, all-cash deal, with CCMI also receiving 3,000,000 share purchase warrants of Pickle Lake with the following terms: 1,000,000 warrants with an exercise price of $0.10 per common share of Pickle Lake and exercisable for a period of 1 year from the closing date of this transaction ("Closing Date"); 1,000,000 warrants with an exercise price of $0.15 per common share of Pickle Lake and exercisable for a period of 2 years from Closing Date; and 1,000,000 warrants with an exercise price of $0.20 per common share of Pickle Lake and exercisable for a period of 3 years from Closing Date. Additionally, CCMI will receive a $500,000 milestone bonus payment for the completion of a new NI 43-101 resource on near surface (300 metres from surface) resources in excess of 100 million tonnes and/or 1.0 billion lbs of copper; and an additional $250,000 milestone bonus payment for the completion of a new NI 43-101 resource on near surface (300 metres from surface) resources in excess of 150 million tonnes and/or 1.5 billion lbs of copper. Principals of Orecap and QC Copper ("Companies"), including Chairman Stephen Stewart, will co-invest alongside the Companies at the same valuation. Following Closing, Orecap intends on renaming Pickle Lake to Cuprum Corp. Closing of the acquisition remains subject to final approval of the TSX Venture Exchange, as well as certain other conditions as are customary in transactions of this nature.

Information Regarding Historical Resources and PEA

Orecap views this historical data as a conceptual indication of the potential size and grade of the gold deposits in the area, and this data is relevant to ongoing exploration efforts. In view of when the resources were estimated and the differences in metal price and operating costs prevailing at the time compared to today, Orecap does not treat any of the historical resources as Current mineral resources or mineral reserves.  Note that the PEA referred to above is historical in nature and Orecap has not conducted any economics analysis of the project and is using the conclusions of the PEA only as an indication of the potential economic performance of the project.

QP Statement

The technical information in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director for Orecap, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at

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Forward-Looking Statements

Certain information set forth in this news release contains forward-looking statements or information ("forward-‎looking statements)", including details about the business of the Company. All statements in this news ‎release, other than statements of historical facts, that address events or developments that the Company ‎expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements ‎are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including ‎the impact of general economic conditions, industry conditions, volatility of commodity prices, currency ‎fluctuations, environmental risks, operational risks, competition from other industry participants, stock market ‎volatility. Although the Company believes that the expectations in its forward-looking statements are ‎reasonable, its forward-looking statements have been based on factors and assumptions concerning future ‎events which may prove to be inaccurate. Those factors and assumptions are based upon currently available ‎information. Such statements are subject to known and unknown risks, uncertainties and other factors that ‎could influence actual results or events and cause actual results or events to differ materially from those ‎stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to ‎place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, ‎levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could ‎affect actual results are discussed in the Company's public disclosure documents available at  ‎ Furthermore, the forward-looking statements contained in this document are made as of the ‎date of this document and, except as required by applicable law, the Company does not undertake any ‎obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of ‎new information, future events or otherwise. The forward-looking statements contained in this document are ‎expressly qualified by this cautionary statement.‎