Tocvan Ventures Sells Canadian Assets to Focus on MexicoBy Fernando Mares | Mon, 05/23/2022 - 17:45
Tocvan Ventures signed an assignment agreement to sell its Canadian Rogers Creek project to focus on the development of its Mexican operations, which have shown significant growth in recent years.
According to the company, the transaction involves 5 million common shares of Cascade Copper, a private company that intends to complete an initial public offering on May 31, 2022 the date to distribute the common shares among Tocvan shareholders.
Under the agreement, each Tocvan shareholder will automatically receive one common share of Cascade Copper for every 6.5 common shares of the company.
“We are excited about the potential of Cascade Copper and the new management behind it. This also allows Tucvan to focus on its core assets in Sonora, Mexico, where we have seen tremendous growth over the past two years,” said Brodie Sutherland, CEO, Tocvan Ventures.
In an interview with MBN, Sutherland said that little drilling has been done in the history of El Picacho, but the company aims to change it in the coming years. He added that although private placement has prioritized El Pilar, the company’s attention may switch once they learn more about Picacho. Sutherland highlighted the importance of building relationships with surrounding communities, which according to him is one of the company’s main goals as well as building a local team.
“We feel that Mexico and Sonora have superbly skilled labor base, not only regarding drilling and sampling but also on the technical side of geology and engineering. We are working with local universities, like the University of Sonora, to develop geological talent and provide them with meaningful professional experience that will boost their careers,” Sutherland added.
El Pilar and El Picacho are Tocvan’s two Mexican exploration projects carried. The El Pilar is a gold-silver project where to date over 22km of drilling has been completed. It is located in the Sonora Gold District, the country’s most prolific gold production district housing over 38 percent of the national production. El Picacho is a gold-silver project located 140km norths of Hermosillo, spanning over 2,400ha. Five primary zones of gold-silver mineralization have already been identified at the project.