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ArcWest Exploration and Sanatana Resources Sign Earn-in Agreement for the Oweegee Dome Porphyry Copper-Gold Project, Located in BC's Golden Triangle
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2021) - ArcWest Exploration Ltd. (TSXV...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration and Sanatana Resources Sign Earn-in Agreement for the Oweegee Dome Porphyry Copper-Gold Project, Located in BC's Golden TriangleVancouver, British Columbia--(Newsfile Corp. - July 21, 2021) - ArcWest Exploration Ltd. (TSXV: AWX) (\"ArcWest\" or the \"Company\") is pleased to announce that Sanatana Resources Inc. (\"Sanatana\") (TSXV: STA) has entered into an agreement to explore ArcWest's Oweegee Dome porphyry copper-gold project in British Columbia's Golden Triangle. ArcWest's 100% owned Oweegee property is located 45 km east of Seabridge Gold's supergiant KSM-Iron Cap porphyry Cu-Au project, one of the world's largest undeveloped gold projects. Oweegee Dome is also situated 45 km east of Tudor Gold's Treaty Creek gold-silver-copper project where Tudor recently reported a measured and indicated resource estimate of 17 million oz Au and 93 million oz Ag.Sanatana can earn an initial 60% interest (\"First Option\") in the Oweegee Dome project by funding, over a four-year period, cumulative exploration expenditures of $6,600,000 and by making staged cash and share payments totaling $500,000 and 2,000,000 shares, respectively.Tyler Ruks, President and CEO of ArcWest commented, \"ArcWest welcomes the opportunity to partner with Sanatana to explore our Oweegee Dome project, which is host to one of the largest underexplored porphyry Cu-Au systems in BC's Golden Triangle. Led by Peter Miles, Buddy Doyle, and Chairman Ian Smith, the Sanatana team has a track record of global discoveries that have proceeded to mine development. This includes significant experience in northwestern British Columbia, where Ian Smith and his team at bcMetals Corp. engineered the Red Chris porphyry Cu-Au deposit for development, prior to being acquired by Imperial Metals Corp. Seventy percent of Red Chris was later purchased from Imperial by Newcrest Mining for US $804 million.The 2021 exploration program at Oweegee Dome is anticipated to include geological mapping, geochemical sampling, geophysics and a first phase diamond drilling program.\"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.Sanatana may achieve the First Option by fulfilling the following:paying to ArcWest $500,...