Vancouver, British Columbia--(Newsfile Corp. - March 10, 2023) - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that it has entered into an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") to advance ArcWest's Todd Creek copper-gold (Cu-Au) project (Fig. 1), located in BC's Golden Triangle (the "Todd Creek project"). ArcWest's 100% owned Todd Creek project adjoins Newcrest Mining's Brucejack mine property (Fig. 2); in March 2022, Newcrest acquired Pretium Resources and its Brucejack mine in a transaction valued at CAD $3.5 billion. The Todd Creek project is also situated approximately 40 km southeast of Seabridge Gold's giant KSM-Iron Cap porphyry Cu-Au deposits and Tudor Gold's Treaty Creek Au-Ag-Cu project. Collectively, the KSM-Iron Cap and Treaty Creek deposits represent one of the largest Au-Cu concentrations in North America. Contained metal within Proven plus Probable Reserves at KSM-Iron Cap total 38.8 million ounces (oz) Au, 183 million oz Ag and 10.2 billion pounds of copper (www.seabridgegold.com). Tudor has released a measured plus indicated resource estimate for Treaty Creek totaling 17 million oz Au and 93 million oz Ag (www.tudor-gold.com). A technical presentation for the Todd Creek project is available for download here.
Tyler Ruks, President and CEO of ArcWest, commented, "ArcWest looks forward to advancing our Todd Creek project in partnership with Freeport, one of the world's largest copper miners and a team with a track record of global copper-gold discoveries that have proceeded to mine development. ArcWest's Todd Creek project is host to one of the largest underexplored copper-gold systems in BC's Golden Triangle, and Freeport's endorsement of the project is a testament to its potential for hosting a world class copper-gold deposit. ArcWest is in discussions with multiple mining companies regarding potential earn-in agreements for our additional copper-gold projects."
Todd Creek Project Earn-In Agreement with Freeport
Under the terms of the earn-in agreement, Freeport has a two-stage option to earn up to an 80% ownership interest in the Todd Creek project over up to a 10-year period.
To earn an initial 51% interest, Freeport is required to fund CAD $20 million of work expenditures over a 5-year period and make staged cash payments to ArcWest totaling CAD $900,000. ArcWest will be the operator during the initial earn-in period.
Upon Freeport earning such 51% interest, it can elect, at its sole discretion, to earn an additional 29% ownership interest in the Todd Creek project (for a total 80% interest) by sole funding a further CAD $30 million within the following five years and make staged cash payments to ArcWest totaling CAD $750,000.
Once Freeport has finalized its earned ownership interest at either the 51% or 80% level, each party will be responsible for funding its pro rata share of project costs on a 51:49 or 80:20 basis.
ArcWest's corporate and project specific technical presentations are 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 seven 100% owned copper-gold projects throughout BC's premier porphyry copper-gold districts. These include ArcWest's Todd Creek and Oweegee Dome projects, which are two of the largest and most prospective land positions for copper-gold exploration in BC's prolific Golden Triangle. Oweegee Dome neighbours Seabridge Gold's supergiant KSM-Iron Cap-Snowfield porphyry copper-gold deposit and Todd Creek adjoins Newcrest Mining's Brucejack mine property. In March of 2022, Newcrest completed the acquisition of Pretium Resources and its high grade Brucejack gold-silver mine in a transaction valued at $3.5 billion. Several ArcWest projects are currently being advanced by partners through earn-in and joint venture agreements; this includes an agreement with mining giant Freeport-McMoRan to advance ArcWest's 100% owned Todd Creek copper-gold project. 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 Nigel Luckman, PGeo, Chief Operating Officer, 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 KSM-Iron Cap, Treaty Creek, and Brucejack deposits. 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 exploration 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/157926
