Vancouver, British Columbia--(Newsfile Corp. - July 29, 2021) - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that Huckleberry Mines Ltd., a wholly owned subsidiary of Imperial Metals Corporation, has purchased ArcWest's Huckleberry property, located 1.8 km from Imperial Metals' past producing Huckleberry East zone open pit mine, which is currently on care and maintenance status.
ArcWest's Huckleberry claims contain multiple porphyry Cu-Mo-Au targets as well as precious metal enriched massive sulfide occurrences that have yet to be explored beyond basic prospecting and sampling. The Huckleberry property was acquired by ArcWest through staking and is surrounded by tenures owned by Huckleberry Mines Ltd.
Under the terms of transaction set out in the agreement:
- Huckleberry Mines will acquire 100% of the Property;
- Huckleberry Mines will make a cash payment to ArcWest of CAD$50,000; and
- ArcWest will retain a 1.0% net smelter return royalty ("NSR") with no buydown provisions.
ArcWest President & CEO Tyler Ruks commented: "The Huckleberry transaction provides ArcWest with a royalty on a prospective land position in close proximity to Imperial Metal's past producing Huckleberry mine, which is host to significant copper-molybdenum resources. Imperial recently announced a jointly funded ZTEM airborne geophysical survey of the Huckleberry district with Surge Copper. In the event a discovery is made on ground covered by ArcWest's NSR, given the close proximity of mining infrastructure for a which a restart plan is currently being developed, there is potential for significant, near term wealth creation for ArcWest shareholders."
ArcWest's corporate presentation is available for download here. ArcWest's technical presentation is available for download here. These presentations are also available for download from www.arcwestexploration.com.
About ArcWest Exploration Inc.
ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America. The company is in possession of nine 100% owned copper-gold projects throughout BC's premier porphyry copper-gold districts; at least four of these projects are scheduled to undergo partner funded drill testing in 2021. By conducting partner funded exploration on multiple exploration projects simultaneously, ArcWest's chances of discovery are enhanced while exposing shareholders to minimal dilution. The company is managed by an experienced technical team with a track record of discovery and a reputation for attracting well-funded senior partners, including Freeport McMoRan, Robert Friedland group companies, ITOCHU, Antofagasta and Teck.
Qualified Person
ArcWest's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Jeff Kyba, PGeo, VP Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.
Investors are cautioned that ArcWest Exploration Inc. has not verified the data from the Huckleberry East Zone deposit. Further, the presence and style of mineralization on these properties is not necessarily indicative of similar mineralization on the ArcWest Exploration Inc. property. Historical assays from drill programs on its properties have not been verified by ArcWest but have been cited from sources believed to be reliable.
This news release contains statements about ArcWest's expectations and are forward-looking in nature. As a result, they are subject to certain risks and uncertainties. Although ArcWest believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and ArcWest undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91537
