Maxus Mining Inc. has announced that it has successfully earned a 100% legal and beneficial interest in the Penny Copper Project, located near Kimberley, British Columbia. The company fulfilled all obligations under its Purchase Agreement, securing full ownership of the project.
Penny Copper Project Overview
The Penny Project comprises approximately 3,123 hectares within a prolific mining region in southeastern British Columbia, near the historic Sullivan Mine. The area hosts numerous historical mineral occurrences and benefits from over a century of recorded exploration activity.
Historical and recent exploration work at Penny has included geological mapping, prospecting, and rock sampling programs targeting copper-rich mineralization associated with favorable regional structures and alteration systems. Prior to Maxus, recent work programs included geological mapping and rock sampling, with the 2017 sampling program returning copper values of 1,046 ppm Cu, 1,808 ppm Cu, and 2,388 ppm Cu. Since acquiring the project, Maxus has completed a high-resolution MobileMT survey followed by geological mapping and rock sampling, with samples returning copper values up to 0.34% Cu.
The project is strategically positioned within an active mining district that continues to attract significant exploration and development funding.
Transaction Highlights
- 100% Ownership Achieved: All requirements under the Option Agreement have been satisfied, securing full legal and beneficial ownership of the Penny Project.
- Strategic Copper Exposure: Penny strengthens Maxus’ growing portfolio of critical mineral and polymetallic assets in British Columbia.
- District-Scale Potential: The project covers a large prospective land package within a well-established mining jurisdiction with extensive historical exploration.
- Operational Flexibility: Full ownership provides Maxus with the flexibility to advance exploration, target generation, and future development initiatives across the project.
Currently, Maxus is continuing to advance exploration planning through historical data compilation, geological interpretation, and target generation.
“We are very pleased to have completed the acquisition of a 100% interest in the Penny Copper Project,” commented Scott Walters, CEO of Maxus. “Copper remains a critically important metal supporting global electrification and infrastructure growth, and Penny provides Maxus with exposure to a highly prospective copper project within a prolific mining district. Securing full ownership gives the company the flexibility to continue advancing exploration and evaluating the project’s broader potential.”
