Granite Creek Copper Ltd Expands Portfolio with Alaska Ultramafic Acquisitions and Partners with Cornell University to Study Geologic Hydrogen Potential Under Department of Energy Grant

Granite Creek Copper Ltd Expands Portfolio with Alaska Ultramafic Acquisitions and Partners with Cornell University to Study Geologic Hydrogen Potential Under Department of Energy Grant

Granite Creek Copper Ltd. announced the acquisition of an Alaskan project and the signing of a Letter of Intent (?LOI?) to acquire a second project. Both projects have demonstrated critical minerals mineralization and are also prospective for carbon sequestration and geologic hydrogen production. Studies with respect to the latter are to be undertaken in cooperation with Cornell University under the guidance of Dr. Greeshma Gadikota.

The Cornell team has recently been selected as a recipient of grant funding under the US Department of Energy’sAdvanced Research Projects Agency-Energy (ARPA-E) to study US-based geologic hydrogen. The Company has acquired the Union Bay PGM-Ni project via staking, consisting of 20 unpatented claims located on the Cleveland Peninsula of southeastern Alaska, 35 miles northwest of Ketchikan. Granite Creek has entered into an LOI signed October 23, 2024, with fellow Metallic Group of Companies member Stillwater Critical Minerals Inc. (?SWCM?) to acquire the Duke Island Cu-Ni-PGE project (?Duke Island?) subject to entering into a definitive purchase agreement.

Duke Island consists of 31 unpatented claims that control the core area of copper-nickel-platinum-palladium (Cu-Ni-PGE) sulfide mineralization in the Duke Island ultramafic complex. The Duke Island property, located approximately 52 km southeast of Ketchikan within the Alexander Platinum belt, consists of 31 unpatented claims that control a core area of copper-nickel-platinum-palladium (Cu-Ni-PGE) sulfide mineralization discovered by previous operators. While several prospective zones have been discovered based on geologic mapping, surface geochemistry, surface and airborne geophysics, only one of these zones has been tested to date with 3,434 meters of drilling in 16 holes.

This drilling has not tested the prospective basal contact of the intrusion where the highest grades of Cu-Ni-PGE sulphide mineralization are inferred to occur. Terms of the Letter of Intent The LOI signed October 23, 2024, outlines the proposed terms of the definitive agreement (the? Agreement?).

Under the LOI, Granite Creek will acquire a 90% interest in the Duke Island project, subject to a 1% Net Smelter Royalty (?NSR?), under the following terms: Issuance of share units to SWCM with a deemed aggregate value of CAD 150,000 over a 3-year period subject to regulatory share pricing minimums, Units to consist of a share and a partial or full warrant with final warrant terms yet to be determined, A minimum work commitment of CAD 500,000 over 3 years, NSR royalty buy-down to 0.5% for $1,000,000, The Agreement will provide for the formation of a Joint Venture (?JV?) based on the then legal and beneficial ownership levels in the Property, and, The Agreement is subject to final approval by the TSX Venture Exchange.

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Granite Creek Copper Ltd Expands Portfolio with Alaska Ultramafic Acquisitions and Partners with Cornell University to Study Geologic Hydrogen Potential Under Department of Energy Grant, source