Carube Copper Corp (CVE:CUC) (OTCMKTS:CARCF) revealed Thursday it had now completed the previously announced acquisition of Latin America Resource Group (LARG), announced a new appointment to the Carube board and said CEO Stephen Hughes was to take temporary medical leave.
The LARG transaction was first reported last August. The private firm's main asset is the 5,696-hectare Jasperoide copper-gold project, where due diligence by Carube has identified the potential for porphyry-style copper-gold mineralization.
LARG shareholders will receive 3.1 Carube shares for each LARG share held on August 26 last year and they will hold around 28% of Carube.
In a statement, Carube announced the appointment of Kimberly Ann Arntson, a nominee for LARG, to its board.
Arntson is a corporate development and finance specialist with over 20 years of marketing experience in branding, investor relations and finance.
She has served as CFO, Vice President and as a director for multiple TSX-listed junior mining companies, said Carube.
In a separate statement, Carube said chairman Tony Manini will take the role of executive chairman to drive the ongoing development of the firm and its projects, supported by Jeff Ackert, vice-president of business development and newly appointed chief consulting geologist, Dr Stuart Smith.
Temporary leave of absence
It comes following news that Stephen Hughes, Carube's president and CEO, will be taking a temporary leave of absence from his management role due to personal health issues, effective immediately.
"The Carube board is highly supportive of Steve's decision to step down from day to day activities to attend to his health," said Manini.
"He has done a fantastic job reshaping the Carube portfolio since his appointment in 2018 and most recently has driven the acquisition of Latin American Resource Group to secure the potential company maker Jasperoide project in Peru."
"Coinciding with Steve's need to step down we are fortunate that Dr Stuart Smith has agreed to join the Carube team in the capacity of Chief Consulting Geologist for the Jasperoide project.
"Jasperoide has the potential to be a major asset for the company and Stuart is very well equipped to oversee the execution and direction of the field programs. We welcome Stuart to the Carube team and I look forward to working with him again to make another big copper-gold discovery."
Jasperoide lies around 50km east of Minmetal's Las Bambas mine and First Quantum Minerals undeveloped Haquira deposit. It is 40 km northwest of Hudbay's Constancia mine and 100 km northwest of Glencore's Antapaccay mine.
Drilling by previous explorers has hit intervals of copper-gold mineralisation.
Shares in Toronto were unchanged at C$0.045 each.
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