Granite Creek Gold Ltd. said Oct. 11 that it will change its name to Granite Creek Copper Ltd. to better reflect its focus as a copper explorer.
The company will continue to trade under the GCX.H ticker on the NEX board of the TSX Venture Exchange.
In September, the company agreed to purchase the STU copper property in Canada's Yukon Territory from a private seller for 3 million units and a 3% net smelter royalty. It is also required to make annual advance royalty payments of C$30,000 to the seller beginning in 2022, and each subsequent year until the start of commercial production.
Aside from the acquisition, Granite Creek is working to raise C$1.8 million in a nonbrokered private placement to fund exploration and development work at STU, and for general corporate purposes. These transactions are part of the company's efforts to graduate to Tier 2 of the TSX-V as a mining issuer.
The company, meanwhile, said it joined the Metallic Group of Companies, which is focused on highly prospective brownfield exploration assets in North America.