Freeport to earn into BC junior's copper/gold project
Vancouver-based junior ArcWest Exploration’s share price surged more than 50% on Friday, after the company announced an earn-in agreement with copper major Freeport-McMoRan to advance the Todd Creek copper/gold project in the Golden Triangle.
The Todd Creek project adjoins Newcrest Mining’s Brucejack mine property and is about 40 km southeast of Seabridge Gold’s KSM-Iron Cap porphyry copper/gold deposit and Tudor Gold’s Treaty Creek gold/silver/copper project.
ArcWest president and CEO Tyler Ruks commented that the Todd Creek project was one of the biggest underexplored copper/gold systems in British Columbia’s Golden Triangle.
“Freeport’s endorsement of the project is a testament to its potential for hosting a world-class copper/gold deposit,” he said.
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 C$20-million of work expenditures over a five-year period and make staged cash payments to ArcWest totalling C$900 000. ArcWest will be the operator during the initial earn-in period. Upon Freeport earning a 51% interest, it can elect, at its sole discretion, to earn an additional 29% ownership interest in the Todd Creek project by sole funding a further C$30-million within the following five years and make staged cash payments to ArcWest totalling C$750 000. Once Freeport has finalised 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 stock closed 54.6% higher at C$0.085 a share on Friday.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation