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ORIGINAL: ArcPacific Resources Significantly Increases Potential of LMSL Copper, Silver, Gold Project with Acquisition
2022-03-21 08:55 ET - News Release
NEW YORK, NY, March 21, 2022 (GLOBE NEWSWIRE) -- ArcPacific Resources Corp. (TSXV: ACP) (OTC: ACPRF) recently announced an acquisition of the Rey Lake Property immediately adjacent to the northeast of its established LMSL copper, silver, and gold Project in British Columbia, Canada. The acquisition broadens ArcPacific's footprint in a copper mining hotbed. According to Adrian Smith, the Chief Executive Officer (CEO) of ArcPacific, the decision to acquire the adjacent claims around its LMSL Project was an extremely easy one to make given it will significantly increase the potential of the entire project.
And it's easy to understand his thinking. After all, the highly prospective property is ideally situated in the center of British Columbia's Nicola Mining Division, an area prominently known for its copper endowment, and the property hosts impressive historical estimates with an approximate total of 74-million tonnes with historically reported copper grades averaging 0.23% copper equivalent.
Adrian Smith said of the company's expanded footprint on the Rey Lake Property, "Having the good fortune to already hold a 100% interest in a large land package within this district is extremely exciting when looking at the amount of work that has been previously completed to de-risk the future exploration on additional highly prospective copper, gold, silver, and molly (molybdenite) targets.
"And, as a result of being centrally located in a historic mining district, all the new ground acquired can be considered highly prospective, exemplified by the newly acquired and immediately adjacent Rey Lake Property, which is host to a significant historical resource (historic estimate)."
Opportunity and location are in ArcPacific's favor.
First, the opportunity. ArcPacific has increased the total footprint of its LMSL Project to 14,600 hectares or more than 145 square kilometers with the acquisition of adjacent claims on the Rey Lake Property combined with additional staking to expand its copper, silver and gold project. With world events constantly in flux, there is no better time to be mining for precious metals. As prices soar, those companies in the industry with significant footprints in widely known highly prospective regions, should see added value.
The company believes that the copper mineralization that exists on the Rey Lake Property could be related to a possible faulted offset of the same intrusive suite present within the Lucky Mike area of its own LMSL Project. Additionally, ArcPacific says the expanded land package on its LMSL Project covers new areas of anomalous copper in soil geochemistry with selective historical rock samples grading up to 0.4% Cu in volcanic breccias located along the northeast trending structural zones spanning several kilometers from the Lucky Mike area.
ArcPacific's CEO says he fully understands the long-term economics of copper and other precious metals in a rapidly evolving and tightening landscape, "It can be said that historic resources gradually become more valuable and economically viable with time. What we have acquired at the Rey Lake Property is a good example of this. Historically, copper deposits needed to be at surface and of sufficient grade to support the metal prices and costs tied to mining at that time. Thus, the historic exploration only tested at shallow depths and dismissed lower grades as being, then, uneconomic.
"The end result for ArcPacific is the acquisition of a confirmed porphyry copper system with remaining upside to increase the overall tonnages and grades by exploring the system at greater depths and fallowing it along strike. Ultimately, this will add to the overall global resources we anticipate defining on the project while we continue to explore many additional high-priority target areas that together can make this project something special."
Location is key in the mining industry. Successful neighbors are certainly a welcomed sign that the geology in the area favors success for others as well, so being situated right in the middle of a mining hotbed, surrounded by a host of other companies that are also seeing success bodes well for ArcPacific's future.
ArcPacific is certainly in good company in the Nicola Mining District surrounded by several mining operations and new discoveries, including the Highland Valley Mine, owned by Teck Resources, the largest copper mine in Canada, the MDP Project owned by Kodiak Copper, a new discovery, the New Afton Project owned by New Gold, which is a high-grade copper-gold alkali porphyry deposit, and the Shovelnose Gold Property owned and operated by Westhaven Gold Corp.
Adrian Smith, when discussing why the Rey Lake Property acquisition is significant to the company's investors, stated, "When looking at the merits of a project, the jurisdiction is an important factor, and it is true that 'close-ology' is not always a viable way to determine prospectively, but it holds true that if a region is host to one or more significant mines/deposits, then it is often host to many. It is also true that porphyry deposits often occur in clusters. Investors can be assured that we have now acquired a known porphyry occurrence in a region where there are many, and we have scientific evidence that suggests there may be more, yet to be defined, but falling within the now expanded LMSL Project that is 100% held by ArcPacific."
Now, ArcPacific has even more to plan for in its upcoming drill season, and that is a good problem to have. This season, the company will be busy drilling in order to verify and expand upon the historic estimates of the Rey Lake Property. The company says that it anticipates the additional drilling should extend the porphyry mineralization to greater depths and expand the areas of mineralization outside of the previously identified areas. The fact that the LMSL Project was already host to several historic mines and highly prospective target areas, which could be related to one larger system, is significant and investors can look forward to drilling results and further work that is planned to take place at many of these locations this drill