Teck Resources may fund ~$200 million USD in non-dilutive exploration work. That's a fantastic endorsement of Arras' projects and gives Arras opportunity to continue exploring the Beskauga copper-gold project plus the regional exploration licenses at Stepnoe, Ekidos, Aimandai and Elemes on its own. Arras' priority targets and timeline are clearly identified (1st bullet). Au is already leading the way, and if Cu can break $4 US to the upside that will only help;
- Arras successfully collected more than 30,000 soil samples from the Elemes and Aimandai licenses during the summer field season this year.........The Company expects to have these samples analyzed and modelled in Q1 2024 and will evaluate opportunities to drill-test certain high-priority targets in 2024.
- Teck to solely fund generative exploration work through 2025 with initial expenditures of US$5 million before December 31, 2025, across Package “A” and Package “B” (see map below) totalling approximately 1,736 square kilometres. Following the initial generative exploration phase,
- Teck will have the option to select up to four Designated Properties totalling 120 square kilometres each where Teck will fund exploration expenditures of up to US$47.5 million per project to have the right to earn up to a 75% interest in each project.
https://irp.cdn-website.com/8c0a7d35/files/uploaded/7%20Dec2023_Arras%20Minerals%20Announces%20Strategic%20Alliance%20with%20Teck%20Resources_FINAL.pdf